Share capital and reserves (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share capital and reserves |
|
| Summary of changes in warrants |
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Number of |
|
Average |
|
|
Warrants |
|
Exercise price |
Balance, December 31, 2020 |
|
1,555,317 |
|
$ |
2.94 |
Granted – February 9, 2021 |
|
2,085,687 |
|
$ |
4.70 |
Granted – October 15, 2021 |
|
2,431,900 |
|
|
US$4.77 |
Granted – October 15, 2021 |
|
910,000 |
|
|
(1)US$1.17 |
Exercised |
|
(640,012) |
|
$ |
3.34 |
Expired |
|
(1,215,816) |
|
$ |
2.94 |
Balance, December 31, 2021 |
|
5,127,076 |
|
$ |
5.58 |
Granted – October 7, 2022 |
|
5,000,000 |
|
|
US$1.22 |
Balance, December 31, 2022 |
|
10,127,076 |
|
$ |
3.34 |
|
| Schedule of information on warrants outstanding |
The following table summarizes information on warrants outstanding at December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining |
|
|
Number |
|
|
|
Contractual |
Exercise Price |
|
Outstanding |
|
Expiry date |
|
Life |
$4.70 |
|
1,785,176 |
|
February 9, 2026 |
|
3.11 years |
US$4.77 |
|
2,431,900 |
|
October 15, 2026 |
|
3.79 years |
US$1.17 |
|
910,000 |
|
October 15, 2026 |
|
3.79 years |
US$1.22 |
|
5,000,000 |
|
October 7, 2027 |
|
4.77 years |
|
| Schedule of the changes in pre-funded warrants |
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Number of |
|
Average |
|
|
Warrants |
|
Exercise price |
Balance, December 31, 2020 and 2021 |
|
— |
|
— |
Granted – October 7, 2022 |
|
3,600,000 |
|
US$0.0001 |
Exercised |
|
(641,000) |
|
US$0.0001 |
Balance, December 31, 2022 |
|
2,959,000 |
|
US$0.0001 |
|
| Schedule of changes in finders' warrants |
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Number of |
|
Average |
|
|
Warrants |
|
Exercise price |
Balance, December 31, 2020 |
|
11,896 |
|
$ |
1.64 |
Granted – February 9, 2021 |
|
58,288 |
|
$ |
4.70 |
Granted – October 15, 2021 |
|
145,300 |
|
|
US$4.77 |
Exercised |
|
(11,571) |
|
$ |
1.87 |
Expired |
|
(1,193) |
|
$ |
1.64 |
|
|
|
|
|
|
Balance, December 31, 2021 |
|
202,720 |
|
$ |
5.66 |
Granted – October 7, 2022 – finders’ warrants |
|
250,000 |
|
|
US$1.22 |
Balance, December 31, 2022 |
|
452,720 |
|
$ |
3.58 |
|
| Schedule of information on finders' warrants outstanding |
The following table summarizes information on finders’ warrants outstanding at December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining |
|
|
Number |
|
|
|
Contractual |
Exercise Price |
|
Outstanding |
|
Expiry date |
|
Life |
$4.70 |
|
57,420 |
|
February 9, 2026 |
|
3.11 years |
US$4.77 |
|
145,300 |
|
October 15, 2026 |
|
3.79 years |
US$1.22 |
|
250,000 |
|
October 7, 2027 |
|
4.77 years |
|
| Schedule of fair value of stock options granted was estimated on the date of grant using the Black-Scholes mode |
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
Dividend yield |
|
Nil |
|
Nil |
|
Annualized volatility |
|
100 |
% |
100 |
% |
Risk-free interest rate |
|
1.44%-3.32 |
% |
0.36% - 1.19 |
% |
Expected life |
|
5 years |
|
5 years |
|
|
| Schedule of the changes in stock options for the years |
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Number of |
|
Average |
|
|
Options |
|
Exercise price |
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 |
Granted – January 12, 2022 |
|
127,500 |
|
$ |
2.54 |
Granted – June 6, 2022 |
|
394,822 |
|
$ |
1.60 |
Granted – November 25, 2022 |
|
70,000 |
|
$ |
1.38 |
Expired |
|
(44,070) |
|
$ |
3.19 |
Balance, December 31, 2022 |
|
1,154,319 |
|
$ |
2.42 |
Vested and exercisable, December 31, 2022 |
|
872,055 |
|
$ |
2.58 |
|
| Schedule of information on stock options outstanding and contractual remaining life |
The following table summarizes information on stock options outstanding at December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
Number |
|
Number |
|
|
|
Remaining |
Exercise Price |
|
Outstanding |
|
Exercisable |
|
Expiry Date |
|
Contractual Life |
$5.87 |
|
114,984 |
|
114,984 |
|
March 19, 2023 |
|
0.21 years |
$5.87 |
|
21,294 |
|
21,294 |
|
November 5, 2023 |
|
0.85 years |
$1.64 |
|
170,354 |
|
150,479 |
|
June 23, 2025 |
|
2.48 years |
$2.82 |
|
12,776 |
|
12,776 |
|
August 27, 2025 |
|
2.66 years |
$3.29 |
|
59,624 |
|
59,624 |
|
January 11, 2026 |
|
3.03 years |
$1.88 |
|
21,294 |
|
21,294 |
|
May 12, 2026 |
|
3.36 years |
$1.76 |
|
21,294 |
|
21,294 |
|
June 16, 2026 |
|
3.46 years |
$2.41 |
|
63,882 |
|
30,166 |
|
July 14, 2026 |
|
3.54 years |
$2.54 |
|
86,495 |
|
86,495 |
|
December 21, 2026 |
|
3.98 years |
$2.54 |
|
117,500 |
|
35,902 |
|
January 12, 2027 |
|
4.04 years |
$1.60 |
|
394,822 |
|
315,803 |
|
June 6, 2027 |
|
4.43 years |
$1.38 |
|
70,000 |
|
1,944 |
|
November 25, 2027 |
|
4.90 years |
|
|
1,154,319 |
|
872,055 |
|
|
|
|
|
| Schedule of the derivative warrant liabilities |
|
|
|
|
Balance at December 31, 2020 |
|
$ |
— |
Warrants issued February 9, 2021 |
|
|
5,358,000 |
Warrants exercised |
|
|
(425,900) |
Fair value reclassified to reserves |
|
|
(4,460,000) |
Warrants issued October 15, 2021 |
|
|
7,425,000 |
Fair value adjustment |
|
|
(3,299,768) |
Balance at December 31, 2021 |
|
$ |
4,597,332 |
Warrants issued October 7, 2022 |
|
|
5,093,593 |
Fair value adjustment |
|
|
(4,470,276) |
Balance at December 31, 2022 |
|
$ |
5,220,649 |
|
| Schedule of significant on assumptions used in determining the fair value of the derivative warrant liabilities |
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
2021 |
|
Share price |
|
$0.81 |
|
$2.05 |
|
Risk-free interest rate |
|
3.55 |
% |
1.23 |
% |
Dividend yield |
|
— |
% |
— |
% |
Expected volatility |
|
100 |
% |
100 |
% |
Remaining term (in years) |
|
3.8-4.8 |
|
4.8 |
|
|