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

Share capital (Tables)

v3.19.3.a.u2
Share capital (Tables)
12 Months Ended
Dec. 31, 2019
Share capital [Abstract]  
Disclosure of classes of share capital
Issued

Common shares

Number
(in thousands)

 
$

Balance as at January 1, 2019
85,500

 
504,650

Issued pursuant to Public Offering
12,782

 
179,918

Issued pursuant to At The Market (ATM) Facilities
6,953

 
43,200

Issued pursuant to exercise of derivative liability warrants (note 13)
2,983

 
40,507

Issued pursuant to exercise of stock options
3,580

 
22,197

Balance as at December 31, 2019
111,798

 
790,472

 
 
 
 
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

Disclosure of outstanding warrants
Warrants
 
Warrants
 
Number
(in thousands)

 
$

Balance as at January 1, 2018
1,172

 
906

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

 

Disclosure of number and weighted average exercise prices of share options
A summary of the stock options outstanding as at December 31, 2019 and 2018 and changes during the years ended on those dates is presented below:
 
2019

2018

Number

 
Weighted
average
exercise
price in
CA$

 
Number

 
Weighted
average
exercise
price in
CA$

Outstanding – Beginning of year
7,591

 
5.51

 
4,864

 
4.80

Granted pursuant to Stock Option Plan
2,520

 
8.14

 
3,003

 
6.54

Granted pursuant to Section 613(c) of TSX manual
1,600

 
8.45

 

 

Exercised
(3,580
)
 
5.09

 
(276
)
 
4.40

Forfeited
(309
)
 
6.88

 

 

Outstanding – End of year
7,822

 
7.04

 
7,591

 
5.51

Options exercisable – End of year
3,417

 
6.10

 
4,510

 
5.03

Disclosure of stock options granted
A summary of the stock options granted pursuant to the Stock Option Plan for the years ended December 31, 2019 and 2018 is presented below:
Year ended December 31, 2019
Grant date
Grant price(6)
US$

Grant price(6)
CA$

Number
(in thousands)

January 29, 2019 - Directors(1)
6.06

8.04

210

January 29, 2019 - Officers(4)
6.06

8.04

875

January 29, 2019 - Employees(2)
6.06

8.04

260

January 29, 2019 - Employees(3)
6.06

8.04

20

March 29, 2019 - Employees(3)
6.42

8.62

10

April 2, 2019 - Employees(3)
6.72

8.97

30

April 24, 2019 - Employees(3)
6.29

8.48

5

April 29, 2019 - Chief Executive Officer(5)
6.28

8.45

1,600

April 29, 2019 - Directors(1)
6.28

8.45

60

April 29, 2019 - Employees(3)
6.28

8.45

10

July 3, 2019 - Directors(1)
6.42

8.39

140

July 3, 2019 - Employees(3)
6.42

8.39

25

August 19, 2019 - Employees(3)
5.90

7.85

455

September 4, 2019 - Employees(3)
5.70

7.56

15

September 26, 2019 - Employees(3)
5.63

7.47

10

October 2, 2019 - Employee(3)
5.11

6.79

5

October 22, 2019 - Employee(3)
4.91

6.43

10

October 28, 2019 - Employees(3)
4.74

6.19

300

November 19, 2019 - Director(1)
5.73

7.59

50

December 13, 2019 - Employees(3)
18.20

23.99

15

December 17, 2019 - Employee(3)
18.69

24.59

15

 
 
 
4,120


Year ended December 31, 2018
Grant date
Grant price(6)
US$

Grant price(6)
CA$

Number
(in thousands)

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


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.
These options vest in equal amounts over 24 months and are exercisable for a term of ten years.
5.
These options vest 25% on the 12-month anniversary date and thereafter 75% vest 1/36 per month over the next 36 months and are exercisable for a term of ten years.
6.
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:

2019

2018

Annualized volatility
52
%
55
%
Risk-free interest rate
1.61
%
2.04
%
Expected life of options in years
4 years

4 years

Estimated forfeiture rate
15.6
%
22.4
%
Dividend rate
0.0
%
0.0
%
Exercise price
$
6.14

$
5.29

Market price on date of grant
$
6.14

$
5.29

Fair value per common share option
$
2.56

$
2.89

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, 2019:
Options outstanding
 
Options exercisable
Range of
exercise prices
CA$
Number outstanding
(in thousands)

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

3.50 - 3.96
268

 
1.91
 
267

4.21 - 4.73
1,107

 
4.82
 
1,020

6.19 - 6.92
2,325

 
7.85
 
1,143

7.06 - 7.85
715

 
9.27
 
95

8.04 - 8.97
3,301

 
9.07
 
842

9.45 - 9.45
76

 
7.32
 
50

23.99 - 24.59
30

 
9.96
 


7,822

 
7.86
 
3,417