Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

Warrants (Tables)

v3.20.1
Warrants (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Schedule of Warrant Activity

Option activity for the years ended December 31, 2019 and 2018 was as follows:

2019 2018
Weighted Weighted
average average
Number exercise price Number exercise price
# $ # $
Outstanding - Beginning of year 1,474,477 4.12 1,498,052 2.26
Granted 343,100 6.39 619,505 6.65
Exercised (139,877 ) 1 2.32 (626,875 )1 2.18
Forfeited (91,789 ) 6.81 (5,569 ) 1.80
Expired (12,500 ) 2.37 (10,636 ) 4.92
Outstanding - End of year 1,573,411 4.63 1,474,477 4.12

1 Of the 139,877 (2018 - 626,875) options exercised, 98,408 (2018 - 443,748) elected the cashless exercise, under which 63,727 shares (2018 - 297,626) were issued. These options would have otherwise been exercisable for proceeds of $229 (2018 - $975) on the exercise date.
Schedule of Weighted Average Assumptions
2019 2018
Risk-free interest rate 1.81% 2.02%
Expected volatility 64% 77%
Expected life (years) 4.2 4.2
Forfeiture rate 5% 5%
Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Schedule of Warrant Activity

Warrant activity for the years ended December 31, 2019 and 2018 was as follows:

2019 2018
Weighted Weighted
average average
exercise exercise
Number price Amount Number price Amount
# $ $ # $ $
Opening balance 192,458 5.84 415 2,087,598 2.46 674
Granted – – – 134,766 6.53 332
Exercised (14,423 ) 4.22 (21 ) (2,029,905 ) 2.41 (591 )
Expired (43,269 ) 4.22 (62 ) – – –
Closing balance 134,7661 6.53 332 192,459 5.84 415

1 The 134,766 warrants outstanding expired on February 15, 2020.
Schedule of Weighted Average Assumptions

The weighted average assumptions used in the Black-Scholes valuation model for the periods presented were as follows:

2018
Risk-free interest rate 1.84%
Expected volatility 68%
Expected dividend yield –
Expected life (years) 2