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

Derivative warrant liabilities (Tables)

v3.19.1
Derivative warrant liabilities (Tables)
12 Months Ended
Dec. 31, 2018
Derivative warrant liabilities [Abstract]  
Disclosure of derivative warrant liabilities
 
December 28, 2016
Warrants
 
February 14, 2014
Warrants
 
Total
 
# of warrants
(in thousands)

 
$

 
# of warrants
(in thousands)

 
$

 
# of warrants
(in thousands)

 
$

Balance at January 1, 2018
3,523

 
8,948

 
1,738

 
2,845

 
5,261

 
11,793

Revaluation of derivative warrant liability

 
6,527

 

 
3,427

 

 
9,954

Balance at December 31, 2018
3,523

 
15,475

 
1,738

 
6,272

 
5,261

 
21,747

 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2017
6,388

 
7,405

 
3,748

 
1,733

 
10,136

 
9,138

Conversion to equity (common shares) upon exercise of warrants
(2,865
)
 
(12,421
)
 
(2,010
)
 
(8,848
)
 
(4,875
)
 
(21,269
)
Revaluation of derivative warrant liability upon exercise of warrants

 
(3,844
)
 

 
(1,013
)
 

 
(4,857
)
Revaluation of derivative warrant liability

 
17,808

 

 
10,973

 

 
28,781

Balance at December 31, 2017
3,523

 
8,948

 
1,738

 
2,845

 
5,261

 
11,793

Disclosure of the estimated fair value of the derivative warrant liability
The following assumptions were used to estimate the fair value of the derivative warrant liability on December 31, 2018 and December 31, 2017.

2018

2017

Annualized volatility
45
%
48
%
Risk-free interest rate
2.56
%
1.76
%
Life of warrants in years
0.12

1.12

Dividend rate
0.0
%
0.0
%
Market price
6.82

4.53

Fair value per Warrant
3.61

1.64

The following assumptions were used to estimate the fair value of the derivative warrant liability on December 31, 2018 and December 31, 2017.

2018

2017

Annualized volatility
55
%
55
%
Risk-free interest rate
2.45
%
2.08
%
Life of warrants in years
2.99

3.99

Dividend rate
0.0
%
0.0
%
Market price
6.82

4.53

Fair value per Warrant
4.39

2.54