8. Share Purchase Warrants
 9 Months Ended
Jun. 30, 2017
Notes  
8. Share Purchase Warrants

8.     Share Purchase Warrants

 

On February 15, 2017, the Company issued 500,000 share purchase warrants with an exercise price of $0.15 per share of common stock for a period of five years. The fair value of the share purchase warrants was $133,295, calculated using the Black-Scholes option pricing model assuming no expected dividends, volatility of 212%, expected life of 5 years, and a risk-free rate of 1%.

 

On February 16, 2017, the Company issued 2,000,000 share purchase warrants with an exercise price of $0.001 per share of common stock for a period of five years to replace 2,000,000 shares of common stock which were cancelled and returned to treasury (refer to Note 6). The fair value of the share purchase warrants was $519,682, calculated using the Black-Scholes option pricing model assuming no expected dividends, volatility of 212%, expected life of 5 years, and a risk-free rate of 1%.

 

Number of

cashless warrants

Weighted

average

exercise price

$

 

 

 

Balance, September 30, 2016

242,000

0.50

Issued

2,500,000

0.03

 

 

 

Balance, June 30, 2017

2,742,000

0.07

 

Additional information regarding share purchase warrants as of June 30, 2017, is as follows:

 

Outstanding and exercisable

Range of

Exercise Prices

$

Number of

Warrants

Weighted

Average

Remaining

Contractual

Life (years)

 

 

 

0.001

2,000,000

4.6

0.15

500,000

4.6

0.50

242,000

4.0

 

 

 

 

2,742,000

4.5