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

Warrants (Tables)

v3.19.1
Warrants (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of Warrant Activity

Option activity for the year ended December 31, 2018 and 2017 was as follows:

      2018       2017  
      Weighted     Weighted
      average     average
  Number   exercise price Number   exercise price
      $     $
Outstanding - Beginning of year 1,498,052   2.26 1,961,791   2.23
 
Granted 619,505   6.65 266,814   2.40
Exercised (626,875 )1 2.18 (627,256 )1 2.21
Expired (5,569 ) 1.80 (64,068 ) 2.19
Forfeited (10,636 ) 4.92   (39,229 ) 2.37
 
Outstanding - End of year 1,474,477   4.12   1,498,052   2.26

1 Of the 626,875 (2017 - 627,256) options exercised, 443,748 (2017 - 548,833) elected the cashless exercise, under which 297,626 shares (2017 - 238,130) were issued. These options would have otherwise been exercisable for proceeds of $975 (2017 - $1,227) on the exercise date.

Schedule of Weighted Average Assumptions
  2018 2017
Risk-free interest rate 2.02% 2.70%
Expected volatility 77% 98%
Expected life (years) 4.2 4.4
Forfeiture rate 5% 4%
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, 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  
Schedule of Weighted Average Assumptions

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