15.	Share capital and reserves

 

(a)	Share capital

 

(i)	Common Shares

The Company is authorized to issue an unlimited number of no par value common shares.

The holders of the common shares are entitled to receive dividends which may be declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets.

During the year ended December 31, 2016, 75,289,565 common shares were issued in private placements, 32,432,425 of which were issued as units, where the holder received one common share and one common share purchase warrant. Total consideration raised through private placements in 2016 was $20,928, of which $129 was recognized as share-based payment expense in lieu of compensation (Note 18).

During the year ended December 31, 2016, convertible loans were converted, resulting in the issuance of 1,150,000 common shares at a value of $115.

During the year ended December 31, 2017, the Company issued 7,705,000 common shares for aggregate gross proceeds of $17,336, and 5,476,190 common shares for aggregate gross proceeds of $17,248, through bought deals. In addition, 6,671,112 common shares were issued in private placements, for aggregate gross proceeds of $15,010.

As at December 31, 2017, none of the Company’s shares were held in escrow (2016 - 3,233,992). The release of the shares held in escrow at December 31, 2016 was subject to regulatory approval.

 

(ii)	Special Shares

The Company is authorized to issue an unlimited number of special shares, issuable in series.

The special shares may be issued in one or more series and the directors are authorized to fix the number of shares in each series and to determine the designation, right, privileges, restrictions and conditions attached to the shares in each series. No special shares have been issued since the Company’s inception.

(b)

Warrants

The following is a summary of the changes in warrants for the period from January 1, 2016 to December 31, 2017:

 

										Number of
		Grant date				Exercise price				warrants				Amount
Balance at January 1, 2016											15,795,422			$	1,329
Issuance of warrants (i)
May			May 13 and 27, 2016			$	0.245				32,432,425				2,832
Exercise of warrants
July			January 18, 2013				0.08				(55,000	)			—
August			October 1, 2013				0.24				(100,000	)			(15	)
October			October 1, 2013				0.24				(661,505	)			(96	)
November			October 25, 2015				0.31				(460,877	)			(31	)
November			January 18, 2013				0.08				(422,443	)			(28	)
December			December 18, 2013				0.24				(53,347	)			(1	)
December			January 18, 2013				0.08				(511,252	)			(7	)
Expiry of warrants											(78,251	)			—
Balance at December 31, 2016											45,885,172			$	3,983
Exercise of warrants
January			January 30, 2014				0.71				(375,565	)			(164	)
January			January 18, 2013				0.08				(298,066	)			—
March			October 8, 2015				0.31				(1,140,351	)			(117	)
April			October 28, 2015				0.31				(350,877	)			(66	)
April			January 18, 2013				0.08				(744,198	)			—
May			January 18, 2013				0.08				(165,377	)			—
May			October 28, 2015				0.31				(192,982	)			(36	)
June			January 18, 2013				0.08				(50,000	)			—
July			January 18, 2013				0.08				(248,066	)			—
July			October 28, 2015				0.31				(157,894	)			(30	)
August			May 13, 2016				0.245				(2,300,000	)			(202	)
September			May 27, 2016				0.245				(48,720	)			(4	)
September			January 18, 2013				0.08				(951,064	)			—
November			January 18, 2013				0.08				(133,022	)			—
December			January 18, 2013				0.08				(55,126	)			—
Expiry of warrants											(19,210	)			—
Balance at December 31, 2017											38,654,654			$	3,364

 

(i)	32,432,425 units were issued in two private placements. Each unit consisted of one common share and one common share purchase warrant, for total consideration of $5,978.

 

As at December 31, 2017, the Company has outstanding warrants as follows:

 

Grant date		Number of warrants				Exercise price				Expiry
January 18, 2013			2,981,476			$	0.08			January 18, 2018
October 8, 2015			4,101,680				0.31			October 8, 2020
October 23, 2015			1,478,245				0.31			October 23, 2020
October 28, 2015			9,548				0.31			October 28, 2020
May 13, 2016			8,510,812				0.245			May 13, 2021
May 27, 2016			21,572,893				0.245			May 27, 2021
			38,654,654			$	0.242