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

Share capital (Tables)

v3.19.1
Share capital (Tables)
12 Months Ended
Dec. 31, 2018
Share capital [Abstract]  
Disclosure of classes of share capital
Issued

Common shares

Number
(in thousands)

 
$

Balance as at January 1, 2018
84,052

 
499,200

Issued pursuant to exercise of warrants
1,172

 
3,977

Issued pursuant to exercise of stock options
276

 
1,473

Balance as at December 31, 2018
85,500

 
504,650

 
 
 
 
Balance as at January 1, 2017
52,808

 
299,815

Issued pursuant to Public Offering
25,645

 
162,324

Issued pursuant to exercise of warrants
85

 
297

Issued pursuant to exercise of derivative liability warrants (note 10)
4,020

 
29,953

Issued pursuant to exercise of stock options
1,494

 
6,811

Balance as at December 31, 2017
84,052

 
499,200

Disclosure of warrants issued
Issued
 
Warrants
 
Number
(in thousands)

 
$

Balance as at January 1, 2018
1,172

 
906

Warrants exercised
(1,172
)
 
(906
)
Balance as at December 31, 2018

 

 
 
 
 
Balance as at January 1, 2017
1,257

 
971

Warrants exercised
(85
)
 
(65
)
Balance as at December 31, 2017
1,172

 
906

Disclosure of outstanding warrants
A summary of the outstanding warrants as at December 31, 2018 is presented below:
Expiry date
Number
(in thousands)

 
Weighted average exercise price
$

February 14, 2019 (notes 11 and 23)
1,738

 
3.22

December 28, 2021 (note 11)
3,523

 
3.00


5,261

 
3.07

Disclosure of number and weighted average exercise prices of share options
A summary of the stock options outstanding as at December 31, 2018 and 2017 and changes during the years ended on those dates is presented below:
 
2018

2017

Number

 
Weighted
average
exercise
price in
CA$

 
Number

 
Weighted
average
exercise
price in
CA$

Outstanding – Beginning of year
4,864

 
4.80

 
4,052

 
3.74

Granted pursuant to Stock Option Plan
3,003

 
6.54

 
2,729

 
5.44

Exercised
(276
)
 
4.40

 
(1,494
)
 
3.42

Forfeited

 

 
(423
)
 
3.54

Outstanding – End of year
7,591

 
5.51

 
4,864

 
4.80

Options exercisable – End of year
4,510

 
5.03

 
2,834

 
4.25

Disclosure of stock options granted
A summary of the stock options granted pursuant to the Stock Option Plan for the years ended December 31, 2018 and 2017 is presented below:
Year ended December 31, 2018
Grant date
Grant price(5)
US$

Grant price(5)
CA$

Number

February 1, 2018 - Employees(2)
5.30

6.52

503

February 1, 2018 - Officers(2)
5.30

6.52

1,675

February 5, 2018 - Chief Executive Officer(2)
5.19

6.42

400

February 5, 2018 - Directors(1)
5.19

6.42

150

February 9, 2018 - Director(1)
5.09

6.40

50

February 22, 2018 - Director(1)
5.46

6.92

50

March 21, 2018 - Officer (3)
5.40

7.06

150

October 17, 2018 - New Employees (3)
5.93

7.70

25

 
 
 
3,003


Year ended December 31, 2017
Grant date
Grant price(5)
US$

Grant price(5)
CA$

Number

January 20, 2017 - New Director (1)
2.74

3.65

10

January 27, 2017 - Employee (2)
3.02

3.96

25

February 9, 2017 - Chief Executive Officer (4)
3.20

4.21

1,050

February 9, 2017 - Officers(2)
3.20

4.21

747

February 9, 2017 - Employees (2)
3.20

4.21

89

February 16, 2017 - Directors (1)
3.62

4.73

50

April 26, 2017 - Officer (5)
6.95

9.45

50

April 26, 2017 - Employees (3)
6.95

9.45

183

April 26, 2017 - Directors (3)
6.95

9.45

100

June 23, 2017 - New Director (3)
6.40

8.48

50

July 5, 2017 - New Officer (3)
6.24

8.10

280

September 20, 2017 - New Employees (3)
6.19

7.59

60

October 25, 2017 - New Employee (3)
5.72

7.30

5

November 20, 2017 - New Employees (3)
5.13

6.56

30

 
 
 
2,729


1.
These options vest in equal amounts over 12 months and are exercisable for a term of ten years
2.
These options vest in equal amounts over 36 months and are exercisable for a term of ten years.
3.
These options vest 12/36 on the 12-month anniversary date and thereafter 1/36 per month over the next 24 months and are exercisable for a term of ten years.
4.
One quarter of the options vested immediately, with the remainder of the options vesting each month in equal amounts over a period of 36 months and are exercisable for a term of ten years.
5.
Stock options are granted at a Canadian Dollar (CA$) exercise price, and converted to US Dollars (US$) based on the exchange rate when these stock options are granted.
Disclosure of weighted average assumptions used to estimate fair values of options granted
The following weighted average assumptions were used to estimate the fair value of the options granted during the year ended December 31:

2018

2017

Annualized volatility
55
%
74
%
Risk-free interest rate
2.04
%
1.31
%
Expected life of options in years
4 years

6.6 years

Estimated forfeiture rate
22.4
%
25.5
%
Dividend rate
0.0
%
0.0
%
Exercise price
$
5.29

$
4.12

Market price on date of grant
$
5.29

$
4.12

Fair value per common share option
$
2.89

$
2.79

Disclosure of number and weighted average remaining contractual life of outstanding share options
The following table summarizes information on stock options outstanding as at December 31, 2018:
Options outstanding
 
Options exercisable
Range of
exercise prices
CA$
Number outstanding
(in thousands)

 
Weighted average
remaining contractual
life (years)
 
Number outstanding
(in thousands)

3.39 - 4.00
828

 
3.37
 
764

4.21 - 5.19
3,075

 
5.42
 
2,446

6.40 - 6.92
2,805

 
9.09
 
882

7.06 - 9.45
883

 
8.61
 
418


7,591

 
6.92
 
4,510