Share capital and reserves (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| A summary of the changes in warrants for the years ended December 31, 2021 and 2020 is presented below: |
A summary of the changes in
warrants for the years ended December 31, 2021 and 2020 is presented below:
| |
|
Number of
Warrants |
|
|
Exercise
price |
|
| |
|
|
|
|
|
|
| Balance, December 31, 2019 |
|
|
341,119 |
|
|
$ |
9.39 |
|
| Granted – February 28, 2020 |
|
|
1,555,317 |
|
|
$ |
2.94 |
|
| Expired – January 10, 2020 |
|
|
(341,119 |
) |
|
$ |
9.39 |
|
| |
|
|
|
|
|
|
|
|
| Balance, December 31, 2020 |
|
|
1,555,317 |
|
|
$ |
2.94 |
|
| Granted – February 9, 2021 |
|
|
2,085,687 |
|
|
$ |
4.70 |
|
| Granted – October 15, 2021 |
|
|
3,341,900 |
|
|
|
*US$4.77 |
|
| Exercised |
|
|
(640,012 |
) |
|
$ |
3.34 |
|
| Expired |
|
|
(1,215,816 |
) |
|
$ |
2.94 |
|
| Balance, December 31, 2021 |
|
|
5,127,076 |
|
|
$ |
5.58 |
|
| *$6.05 |
|
as at December 31, 2021 |
|
| The following table summarizes information on warrants outstanding at December 31, 2021: |
The following table summarizes
information on warrants outstanding at December 31, 2021:
| Exercise Price |
|
|
Number
Outstanding |
|
|
Expiry
date |
|
Average Remaining
Contractual Life |
| |
$4.70
|
|
|
|
1,785,176 |
|
|
February 9, 2026 |
|
4.11 years |
| |
US$4.77 |
|
|
|
3,341,900 |
|
|
October 15, 2026 |
|
4.79 years |
|
| A summary of the changes in finders’ warrants for the years ended December 31, 2021 and 2020 is presented below: |
A summary of the changes in
finders’ warrants for the years ended December 31, 2021 and 2020 is presented below:
| |
|
Number of
Warrants |
|
|
Exercise
price |
|
| |
|
|
|
|
|
|
| Balance, December 31, 2019 |
|
|
— |
|
|
|
— |
|
| Granted – February 28, 2020 – finders’ warrants |
|
|
11,896 |
|
|
$ |
1.64 |
|
| Balance, December 31, 2020 |
|
|
11,896 |
|
|
$ |
1.64 |
|
| Granted – February 9, 2021 – finders’ warrants |
|
|
58,288 |
|
|
$ |
4.70 |
|
| Granted – October 15, 2021 – finders’ warrants |
|
|
145,300 |
|
|
|
US$4.77 |
|
| Exercised |
|
|
(11,571 |
) |
|
$ |
1.87 |
|
| Expired |
|
|
(1,193 |
) |
|
$ |
1.64 |
|
| |
|
|
|
|
|
|
|
|
| Balance, December 31, 2021 |
|
|
202,720 |
|
|
$ |
5.66 |
|
*$6.05 as at December 31, 2021
|
| The following table summarizes information on finders’ warrants outstanding at December 31, 2021: |
The following table summarizes
information on finders’ warrants outstanding at December 31, 2021:
| Exercise Price |
|
|
Number
Outstanding |
|
|
Expiry
date |
|
Average Remaining
Contractual Life |
| |
$4.70
|
|
|
|
57,420 |
|
|
February 9, 2026 |
|
4.11 years |
| |
US$4.77 |
|
|
|
145,300 |
|
|
October 15, 2026 |
|
4.79 years |
|
| The fair value of stock options granted was estimated on the date of grant using the Black-Scholes model with the following data and assumptions: |
The fair value of stock options
granted was estimated on the date of grant using the Black-Scholes model with the following data and assumptions:
| |
2021 |
2020 |
| Dividend yield |
Nil |
Nil |
| Annualized volatility |
100% |
151.64% - 152.24% |
| Risk-free interest rate |
0.36% - 1.19% |
0.33% |
| Expected life |
5 years |
5 years |
|
| A summary of the changes in stock options for the years ended December 31, 2021 and 2020 is presented below: |
A summary of the changes in
stock options for the years ended December 31, 2021 and 2020 is presented below:
| |
|
Number of
Options |
|
|
Exercise
price |
|
| Balance, December 31, 2019 |
|
|
183,124 |
|
|
$ |
5.87 |
|
| Granted – June 23, 2020 |
|
|
268,307 |
|
|
$ |
1.64 |
|
| Granted – August 25, 2020 |
|
|
12,776 |
|
|
$ |
2.82 |
|
| Balance, December 31, 2020 |
|
|
464,207 |
|
|
$ |
3.29 |
|
| Granted – January 11, 2021 |
|
|
59,624 |
|
|
$ |
3.29 |
|
| Granted – May 12, 2021 |
|
|
42,588 |
|
|
$ |
1.88 |
|
| Granted – June 16, 2021 |
|
|
21,294 |
|
|
$ |
1.76 |
|
| Granted – July 14, 2021 |
|
|
63,882 |
|
|
$ |
2.41 |
|
| Granted – December 21, 2021 |
|
|
86,495 |
|
|
$ |
2.54 |
|
| Exercised |
|
|
(51,106 |
) |
|
$ |
1.64 |
|
| Expired |
|
|
(80,917 |
) |
|
$ |
3.40 |
|
| Balance, December 31, 2021 |
|
|
606,067 |
|
|
$ |
3.10 |
|
| Vested and exercisable, December 31, 2021 |
|
|
482,683 |
|
|
$ |
3.38 |
|
|
| The following table summarizes information on stock options outstanding at December 31, 2021: |
The following table summarizes
information on stock options outstanding at December 31, 2021:
|
Exercise Price
|
Number Outstanding |
Number Exercisable |
Average remaining Contractual Life |
| $5.87 |
127,760 |
127,760 |
1.21 years |
| $5.87 |
21,294 |
21,294 |
1.85 years |
| $1.64 |
170,354 |
114,991 |
3.48 years |
| $2.82 |
12,776 |
12,776 |
3.66 years |
| $3.29 |
59,624 |
59,624 |
4.03 years |
| $1.88 |
42,588 |
27,801 |
4.36 years |
| $1.76 |
21,294 |
21,294 |
4.46 years |
| $2.41 |
63,882 |
10,648 |
4.54 years |
| $2.54 |
86,495 |
86,495 |
4.98 years |
| |
606,067 |
482,683 |
|
|
| The balance of the derivative warrant liabilities (level 3) is as follows: |
The balance of the derivative warrant
liabilities (level 3) is as follows:
| |
|
December 31 2021
|
|
| |
|
|
|
| Balance at December 31, 2019 and 2020 |
|
$ |
— |
|
| Warrants issued February 9, 2021 |
|
|
5,358,000 |
|
| Warrants exercised |
|
|
(425,900 |
) |
| Fair value adjustment |
|
|
(472,100 |
) |
| Fair value reclassified to reserves |
|
|
(4,460,000 |
) |
| Warrants issued October 15, 2021 |
|
|
7,425,000 |
|
| Fair value adjustment |
|
|
(2,827,668 |
) |
| Balance at December 31, 2021 |
|
$ |
4,597,332 |
|
|
| Significant assumptions used in determining the fair value of the derivative warrant liabilities at December 31, 2021 are as follows: |
Significant assumptions used
in determining the fair value of the derivative warrant liabilities at December 31, 2021 are as follows:
| |
|
December 31, 2021 |
|
| Share price |
|
$ |
2.05 |
|
| Risk-free interest rate |
|
|
1.23 |
% |
| Dividend yield |
|
|
0 |
% |
| Expected volatility |
|
|
100 |
% |
| Remaining term (in years) |
|
|
4.8 |
|
|