Warrants
 12 Months Ended
Feb. 29, 2020
Operating leases commencement date  
Warrants
7. Warrants

 

The following table summarizes the continuity of the Company’s warrants:

 

    Number of
warrants		     Weighted
average
exercise
price
$		  
             
Balance, February 28, 2018     2,020,000       3.51  
                 
Expired     (2,020,000 )     3.51  
                 
Balance, February 28, 2019     —       —  
                 
Issued     40,000       0.40  
Extended*     2,000,000       3.50  
Expired     (20,000 )     0.40  
                 
Balance, February 28, 2020     2,020,000       3.47  

 

* On November 19, 2019, the Company extended the expiry date of 2,000,000 warrants, which originally had an expiry date of December 5, 2018. The amended warrants have an exercise price of $3.50 and expire on December 6, 2020. The Company estimated the fair value of the modified warrants using the Black-Scholes option pricing model and determined that the incremental fair value of the modification was immaterial.

 

The following table summarizes information about warrants outstanding and exercisable at February 29, 2020:

 

Exercise price     Expiry     Warrants     Weighted average
remaining contracted life		  
$     date     outstanding     (years)  
                     
  0.40       March 15, 2020       20,000       0.04  
  3.50       December 6, 2020       2,000,000       0.77  
                             
                  2,020,000       0.76