Quarterly report pursuant to Section 13 or 15(d)

Share Purchase Warrants

v3.21.2
Share Purchase Warrants
9 Months Ended
May 31, 2019
Share Purchase Warrants [Abstract]  
SHARE PURCHASE WARRANTS
17. SHARE PURCHASE WARRANTS

Share purchase warrants outstanding as at May 31, 2019 are:


Expiry Date   Exercise Price   Warrants Outstanding  
August 19, 2019   USD $7.50     66,665  
September 4, 2019   USD $0.87     287,356  
September 17, 2019   USD $1.10     750,000  
October 12, 2019   USD $0.86     290,500  
October 15, 2019   USD $ 0.86     290,500  
November 5, 2019   CAD $28.35     25,327  
January 25, 2020   USD $0.37     147,058  
February 27, 2020   USD $0.37     135,135  
March 9, 2020   USD $1.50     114,678  
May 22, 2020   USD $0.28     678,571  
May 22, 2020   USD $0.30     1,554,165  
June 7, 2020   USD $0.525     1,190,476  
June 14, 2020   USD $1.50     329,080  
July 26, 2020   USD $1.50     1,637,160  
August 28, 2020   USD $0.94     1,311,242  
August 28, 2020   USD $1.00     246,913  
August 28, 2020   USD $1.50     35,714  
September 6, 2020   USD $1.01     925,925  
October 11, 2020   USD $ 1.35     510,204  
October 11, 2020   USD $1.50     10,204  
November 7, 2020   USD $0.61     20,408  
November 7, 2020   USD $0.66     300,000  
November 8, 2020   USD $1.01     918,355  
December 7, 2020   USD $0.67     185,185  
December 7, 2020   USD $1.50     3,188,735  
January 10, 2021   USD $1.50     1,437,557  
January 11, 2021   USD $1.50     307,692  
Mar 29, 2021   USD $0.465     1,481,481  
April 8, 2021   CAD $4.73     57,756  
May 22, 2021   USD $0.91     6,000,000  
May 22, 2021   USD $0.30     1,133,333  
May 22, 2021   USD $1.50     65,759  
          25,633,134  
Weighted average remaining contractual life         1.45 years  
Weighted average exercise price   USD $0.99        

From September 6, 2018 to December 28, 2019, the Company issued 1,878,772 warrants to convertible debt note holders in terms of subscription unit agreements entered into with the convertible note holders (see Note 13(c) to 13 (h)). The fair value of the warrants granted was estimated using the relative fair value method at between $0.07 to $0.39 per warrant.


From September 6, 2018 to May 22, 2019, the Company issued 13,271,888 warrants in terms of common share subscription agreements entered into with various investors. The fair value of the warrants granted was estimated using the relative fair value method at between $0.09 and $0.36 per warrant.


On November 8, 2018, the Company issued 918,355 warrants to certain debt holders in settlement of certain debt. The fair value of the warrants granted was estimated using a black Scholes valuation method at $0.42 per warrant.


The warrants issued in terms of the convertible debt subscription agreements during the nine months ended May 31, 2019, were valued at $557,407 using the relative fair value method. The fair value of warrants was estimated using the Black-Scholes valuation model.


The warrants issued in terms of share subscription agreements entered into during the nine months ended May 31, 2019, were valued at $2,097,215 using the relative fair value method. The fair value of warrants was estimated using the Black-Scholes valuation model.


The following assumptions were used in the Black Scholes valuation model:


   

Nine months ended

May 31, 2019

Share price   CAD $0.40 to CAD $1.55
Exercise price   CAD $0.38 to CAD $2.01
Expected share price volatility   88% to 137%
Risk-free interest rate   1.55% to 2.34%
Expected term    1 to 2 years