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

Warrants

v3.19.1
Warrants
12 Months Ended
Dec. 31, 2018
Disclosure of warrants [Abstract]  
Warrants
14 Warrants

Warrant activity for the years ended December 31, 2018 and 2017 was as follows:

           2018           2017  
      Weighted         Weighted    
      average         average    
      exercise         exercise    
  Number   price Amount   Number   price Amount  
      $ $       $ $  
Opening balance 2,087,598   2.46 674   2,725,596   2.27 660  
Granted 134,766   6.53 332   144,231   4.22 208  
Exercised (2,029,905 ) 2.41   (591 ) (782,229 ) 2.18 (194 )
Closing balance 192,459       415   2,087,598     674  

The fair values of warrants are estimated using the Black-Scholes option pricing model. The weighted average grant date value per warrant of warrants issued in 2018 was $2.47 (2017 - $1.44), determined using the Black-Scholes valuation model and the following weighted average assumptions:

  2018 2017
Risk-free interest rate 1.84% 2.70%
Expected volatility 68% 72%
Expected dividend yield
Expected life (years) 2 2