| Disclosure of derivative warrant liabilities |
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December 28, 2016
Warrants |
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February 14, 2014
Warrants |
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Total |
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# of warrants
(in thousands) |
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$ |
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# of warrants
(in thousands) |
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$ |
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# of warrants
(in thousands) |
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$ |
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Balance at January 1, 2018 |
3,523 |
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8,948 |
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1,738 |
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2,845 |
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5,261 |
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11,793 |
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Revaluation of derivative warrant liability |
— |
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6,527 |
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— |
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3,427 |
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— |
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9,954 |
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Balance at December 31, 2018 |
3,523 |
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15,475 |
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1,738 |
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6,272 |
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5,261 |
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21,747 |
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Balance at January 1, 2017 |
6,388 |
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7,405 |
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3,748 |
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1,733 |
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10,136 |
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9,138 |
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Conversion to equity (common shares) upon exercise of warrants |
(2,865 |
) |
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(12,421 |
) |
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(2,010 |
) |
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(8,848 |
) |
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(4,875 |
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(21,269 |
) |
Revaluation of derivative warrant liability upon exercise of warrants |
— |
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(3,844 |
) |
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— |
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(1,013 |
) |
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— |
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(4,857 |
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Revaluation of derivative warrant liability |
— |
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17,808 |
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— |
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10,973 |
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— |
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28,781 |
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Balance at December 31, 2017 |
3,523 |
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8,948 |
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1,738 |
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2,845 |
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5,261 |
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11,793 |
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| 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.
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2018 |
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2017 |
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Annualized volatility |
45 |
% |
48 |
% |
Risk-free interest rate |
2.56 |
% |
1.76 |
% |
Life of warrants in years |
0.12 |
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1.12 |
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Dividend rate |
0.0 |
% |
0.0 |
% |
Market price |
6.82 |
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4.53 |
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Fair value per Warrant |
3.61 |
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1.64 |
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The following assumptions were used to estimate the fair value of the derivative warrant liability on December 31, 2018 and December 31, 2017.
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2018 |
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2017 |
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Annualized volatility |
55 |
% |
55 |
% |
Risk-free interest rate |
2.45 |
% |
2.08 |
% |
Life of warrants in years |
2.99 |
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3.99 |
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Dividend rate |
0.0 |
% |
0.0 |
% |
Market price |
6.82 |
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4.53 |
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Fair value per Warrant |
4.39 |
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2.54 |
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