SHARE CAPITAL (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Statement Line Items [Line Items] |
|
| Summary of Common Shares Reserves Issue |
Titan has reserved and set aside up to 15% of the issued and outstanding Common Shares for the granting of stock options and restricted share units to eligible employees, officers, consultants, and advisors. The Company’s compensation plan includes the Share Unit Plan (the “SU Plan”), the Deferred Unit Plan (the “DSU Plan”), the Stock Option Plan (the “Option Plan”), collectively the “Compensation Plan”. At September 30, 2021, 8,632,824 Common Shares were remaining available to issue under the Compensation Plan.
|
Common shares outstanding |
|
|
|
|
|
|
111,127,690 |
| |
Available for issuance – 15% of common shares outstanding |
|
|
|
|
|
|
16,669,154 |
| |
Reserved for stock options |
|
|
|
|
|
|
(5,783,290 |
) | |
Reserved for RSUs |
|
|
|
|
|
|
(2,253,040 |
) | |
Remainder available to reserve for future grants |
|
|
|
|
|
|
8,632,824 |
| |
|
|
|
|
|
|
|
|
|
|
| Summary of Stock-Based Compensation Expense |
During Q3, 2021, the Company granted 693,809 stock options and 338,059 RSUs to Directors, Officers and Employees. The stock-based compensation expense is included in R&D and G&A as follows:
|
|
|
Three Months Ended
September 30 |
|
|
Nine Months Ended
September 30 |
| |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Stock options |
|
$ |
706 |
|
|
$ |
286 |
|
|
$ |
1,661 |
|
|
$ |
721 |
| |
RSUs |
|
|
595 |
|
|
|
- |
|
|
|
1,591 |
|
|
|
- |
| |
G&A - Stock options & RSUs |
|
|
1,301 |
|
|
|
286 |
|
|
|
3,252 |
|
|
|
721 |
| |
R&D - Stock options |
|
|
121 |
|
|
|
- |
|
|
|
368 |
|
|
|
- |
| |
Stock-based compensation expense |
|
$ |
1,422 |
|
|
$ |
286 |
|
|
$ |
3,620 |
|
|
$ |
721 |
|
|
| Summary of Options and Terms |
During Q3, 2021, the company granted 693,809 stock options with the terms outlined below:
|
Grant date / recipient |
|
|
Number of
options |
|
|
|
Exercise
price |
|
|
Vesting conditions |
|
Contractual
life of options |
| |
August 20, 2021, options A |
|
|
520,000 |
|
|
|
$1.58 |
|
|
Options vest as to ¼ of the total number of options granted on the first anniversary of the grant date, and monthly for the remaining ¾ in equal amounts |
|
7 years |
| |
August 20, 2021, options B |
|
|
170,000 |
|
|
|
$1.58 |
|
|
Options vest as to ¼ of the total number of options granted on each annual anniversary of the grant date, beginning on the first year anniversary of the grant date |
|
7 years |
| |
August 10, 2021, options C |
|
|
3,809 |
|
|
|
$1.58 |
|
|
Options vest immediately |
|
7 years |
| |
Total options granted in Q3, 2021 |
|
|
693,809 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Granted Restricted Share Units |
|
Grant date / recipient |
|
|
Vesting conditions |
|
Number of RSUs |
| |
August 20, 2021 RSUs A |
|
|
RSUs vest as to ¼ of the total number of units granted, on each of four anniversaries from the grant date |
|
330,000 |
| |
August 20, 2021 RSUs C |
|
|
RSUs vested immediately |
|
8,059 |
| |
Total RSUs granted in Q3, 2021 |
|
|
|
|
338,059 |
| |
|
|
|
|
|
|
|
|
| Summary of Contributed Surplus-Warrant Reserve |
As at September 30, 2021, the Company has 9,912,633 equity warrants that are issued, outstanding and exercisable (December 31, 2020: 2,131,716). These equity warrants expire between January 26, 2023, and November 6, 2025. Due to the equity classification, the equity warrants are not revalued each reporting period.
|
|
|
Equity warrant
units |
|
|
Average
exercise price
$ |
|
|
Warrant Reserve
$ |
| |
Balance at January 1, 2021 |
|
|
2,131,716 |
|
|
|
1.72 |
|
|
|
1,671 |
| |
January 2021 Equity Offering |
|
|
3,709,677 |
|
|
|
2.00 |
|
|
|
3,164 |
| |
January 2021 Equity Offering-broker
warrants |
|
|
518,234 |
|
|
|
1.94 |
|
|
|
1,384 |
| |
February 2021 Equity Offering |
|
|
4,792,625 |
|
|
|
3.00 |
|
|
|
5,928 |
| |
February 2021 Equity Offering-broker
warrants |
|
|
670,967 |
|
|
|
3.00 |
|
|
|
1,238 |
| |
Exercised |
|
|
(1,318,675 |
) |
|
|
1.51 |
|
|
|
- |
| |
Expired |
|
|
(591,911 |
) |
|
|
3.40 |
|
|
|
- |
| |
Equity warrants as at September 30, 2021 |
|
|
9,912,633 |
|
|
|
2.67 |
|
|
|
13,385 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options [member] |
|
| Statement Line Items [Line Items] |
|
| Summary of Options Outstanding |
A summary of the status of the Company’s outstanding RSUs as of September 30, 2021, is presented in the following table:
|
|
|
Three Months Ended
September 30, 2021 |
|
|
Nine Months Ended
September 30, 2021 |
| |
|
|
Number
of RSUs |
|
|
Weighted
Average
Exercise
Price |
|
|
Number
of RSUs |
|
|
Weighted
Average
Exercise
Price |
| |
Balance, Opening |
|
|
1,914,981 |
|
|
$ |
2.24 |
|
|
|
- |
|
|
$ |
- |
| |
Granted |
|
|
338,059 |
|
|
|
1.52 |
|
|
|
2,253,040 |
|
|
|
2.13 |
| |
Balance, September 30, 2021 |
|
|
2,253,040 |
|
|
$ |
2.13 |
|
|
|
2,253,040 |
|
|
$ |
2.13 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RSUs [Member] |
|
| Statement Line Items [Line Items] |
|
| Summary of Options Outstanding |
A summary of the status of the Company’s outstanding stock options as of September 30, 2021, is presented in the following table:
|
|
|
Three Months Ended
September 30, 2021 |
|
|
Nine Months Ended
September 30, 2021 |
| |
Stock options outstanding |
|
Number
stock
options |
|
|
Weighted
Average
Exercise
Price |
|
|
Number of
stock
options |
|
|
Weighted
Average
Exercise
Price |
| |
Balance, Opening |
|
|
5,396,145 |
|
|
$ |
1.93 |
|
|
|
2,923,770 |
|
|
$ |
1.76 |
| |
Granted |
|
|
693,809 |
|
|
|
1.58 |
|
|
|
3,316,195 |
|
|
|
1.99 |
| |
Exercised |
|
|
- |
|
|
|
- |
|
|
|
(19,568 |
) |
|
|
0.73 |
| |
Expired |
|
|
(75,164 |
) |
|
|
3.58 |
|
|
|
(84,974 |
) |
|
|
3.58 |
| |
Forfeited |
|
|
(231,500 |
) |
|
|
1.85 |
|
|
|
(352,133 |
) |
|
|
1.71 |
| |
Balance, September 30, 2021 |
|
|
5,783,290 |
|
|
$ |
1.87 |
|
|
|
5,783,290 |
|
|
$ |
1.87 |
| |
|
|
|
|
|
|
|
|
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