Quarterly report pursuant to Section 13 or 15(d)

Share Purchase Warrants

v3.21.4
Share Purchase Warrants
 3 Months Ended
Nov. 30, 2021
Share Purchase Warrants Disclosure [Abstract]  
SHARE PURCHASE WARRANTS
18. SHARE PURCHASE WARRANTS

 

During August 2021 the company received $750,000 from a private investor in terms of an irrevocable subscription agreement for the issue of 6,250,000 units, at an issue price of $0.12 per unit. Each unit consists of one common share and one transferable share purchase warrant exercisable at $0.12 per share, for a period of twenty four months from closing. Due to the suspension of trading by the TSXV, these warrants have not been issued as yet.

 

A summary of the Company’s warrant activity during the period September 1, 2020 and November 30, 2021 is as follows:

 

    Three months ended
November 30, 2021		     Year ended
August 31, 2021		  
    Number of
Options		     Weighted average
exercise price		     Number of
options		     Weighted average
exercise price		  
Balance, beginning of period     73,148,824     $ 0.1053       48,342,714     $ 0.4254  
Warrants granted    
-
      
-
       66,496,016       0.1021  
Warrants exercised    
-
      
-
       (14,690,739 )     0.0433  
Warrants forfeited     (2,777,777 )     0.2300       (26,999,167 )     0.7042  
Balance, end of period     70,371,047     $ 0.1004       73,148,824     $ 0.1053  

 

The following table summarizes information about warrants outstanding as of November 30, 2021:

 

    Warrants outstanding and exercisable  
Exercise price   Number of shares     Weighted average
remaining years		  
$0.0550     8,582,500       2.19  
$0.0562     12,846,973       3.08  
$0.0800     392,500       2.33  
$0.1000     276,512       1.16  
$0.1200     47,827,077       3.27  
$0.1400     151,785       3.14  
$0.1700     293,700       2.00  
$0.1004     70,371,047       3.09  

 

The warrants exercisable for 151,785 shares at $0.14 per share have not been approved by the TSXV at the date of this report.

 

In terms of a subscription agreement entered into with Cantone, a warrant exercisable for 2,500,000 shares at $0.12 per share, have not been approved by the TSXV as of the date of this report.