Warrants
 9 Months Ended
Nov. 30, 2021
Warrants  
18. Warrants

18. Warrants

 

During the nine-month period ended November 30, 2021, the Company issued warrants to purchase 7,550,698 shares of our common stock. 25,000 warrants were exercised with a weighted average exercise price of $9.43 and no warrants were forfeited, nor expired in the nine-month period ended November 30, 2021. The table below summarizes the warrants granted during the nine-month period ended November 30, 2021:

 

Number of warrants

 

Exercise Price

 

Expiration date

4,714,813

 

$

15.00

 

July 29, 2024

2,357,407

 

 

20.00

 

(1)

461,298

 

 

11.00

 

June 14, 2022

17,180

 

$

11.00

 

August 26, 2024

 

(1)

Expiration date is the earlier of (A) the date that is the third anniversary of the First Plant Milestone (as defined in the Second Tranche Warrants), (B) the expiration of the JV Negotiation Period (as defined in the Second Tranche Warrants), provided that the Joint Venture Transaction Agreements (as defined in the Second Tranche Warrants) have not been executed by the expiration of the JV Negotiation Period and (C) the third anniversary of the BDP Date (as defined in the Second Tranche Warrants), provided that the First Plant Milestone has not occurred as of such date.

 

During the nine-month period ended November 30, 2020, the Company issued, in exchange for consulting services, a warrant to purchase 25,000 shares of our common stock at the price of $9.43 per share expiring May 12, 2022 and warrants to issue 200,000 shares of our common stock with an exercise price of $11.00 expired. During the nine-month periods ended November 30, 2020, 159,664 warrants were exercised at the price of $8.55 per share and 30,864 warrants were exercised at the price of $9.32 per share. No warrants were forfeited in the nine-month period ended November 30, 2020.