| WARRANT DERIVATIVE LIABILITY |
9. WARRANT DERIVATIVE LIABILITY
The warrant derivative liability arises from Company’s common share purchase warrants in connection with historical equity offerings. These warrants are priced in non-functional currency which resulted in having exercise prices that are not fixed and include features that have a cashless exercise option or a ratchet down provision. Under IFRS 9 Financial Instruments and IAS 32 Financial Instruments: Presentation, warrants with an exercise price denominated in a currency that differs from the Company’s functional currency are treated as a derivative measured at fair value with subsequent changes in fair value accounted for through Net Loss and Comprehensive Loss. There is no cash flow impact as a result of the accounting treatment for changes in the fair value of the warrant derivative or when warrants expired unexercised.
|
|
|
Number of Warrants Outstanding |
|
|
Fair Value of Warrant Derivative |
| |
|
|
|
|
|
$ |
| |
As at December 31, 2019 |
|
|
21,203,411 |
|
|
|
3,621 |
| |
Issuance |
|
|
15,257,252 |
|
|
|
10,692 |
| |
Exercised |
|
|
(7,257,252 |
) |
|
|
(5,948 |
) | |
Items that were classified to net loss: |
|
|
|
|
|
|
|
| |
Expired |
|
|
(233,740 |
) |
|
|
(26 |
) | |
Change in fair value |
|
|
- |
|
|
|
27,882 |
| |
Foreign exchange impact |
|
|
- |
|
|
|
96 |
| |
As at December 31, 2020 |
|
|
28,969,671 |
|
|
|
36,317 |
| |
Exercised |
|
|
(8,000,000 |
) |
|
|
(15,722 |
) | |
Items that were classified to net loss: |
|
|
|
|
|
|
|
| |
Expired |
|
|
(2,014,390 |
) |
|
|
(274 |
) | |
Change in fair value |
|
|
- |
|
|
|
(15,434 |
) | |
Foreign exchange impact |
|
|
- |
|
|
|
43 |
| |
As at December 31, 2021 |
|
|
18,955,281 |
|
|
|
4,930 |
| |
|
|
|
|
|
|
|
|
|
|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
Year ended December 31, 2021, 2020 and 2019 | |
(in thousands of US dollars, except share and per share amounts, unless otherwise stated) | |
|
As at December 31, 2021, the following derivative warrants were outstanding:
|
Issue Date |
Expiry Date |
|
Exercise Price |
|
|
Currency |
|
|
Number Issued |
|
|
Number Outstanding |
| |
|
|
|
$ |
| |
29-Jun-17 |
29-Jun-22 |
|
|
6.00 |
|
|
|
CAD |
|
|
|
1,612,955 |
|
|
75,810 |
| |
21-Jul-17 |
29-Jun-22 |
|
|
6.00 |
|
|
|
CAD |
|
|
|
370,567 |
|
|
370,567 |
| |
24-Aug-17 |
24-Aug-22 |
|
|
6.00 |
|
|
|
CAD |
|
|
|
563,067 |
|
|
563,067 |
| |
5-Dec-17 |
5-Dec-22 |
|
|
18.00 |
|
|
|
CAD |
|
|
|
1,533,333 |
|
|
1,533,333 |
| |
10-Apr-18 |
10-Apr-23 |
|
|
10.50 |
|
|
|
CAD |
|
|
|
1,126,665 |
|
|
1,126,665 |
| |
10-May-18 |
10-Apr-23 |
|
|
10.50 |
|
|
|
CAD |
|
|
|
168,889 |
|
|
168,889 |
| |
10-Aug-18 |
10-Aug-23 |
|
|
2.92 |
|
|
|
USD |
|
|
|
7,679,574 |
|
|
6,661,068 |
| |
21-Mar-19 |
21-Mar-24 |
|
|
3.95 |
|
|
|
USD |
|
|
|
8,455,882 |
|
|
8,445,882 |
| |
Balance at December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
21,510,932 |
|
|
18,955,281 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|