Warrants to purchase common shares

12 Months Ended

Dec. 31, 2012

Warrants To Purchase Common Shares

Warrants to purchase common shares

The following is a summary of outstanding warrants to purchase common shares:

							Exercise
		Exercise		# of			proceeds
		price		warrants			received
Outstanding as at January 1, 2009 and 2010					-		$	-
Issued on February, 2011 private placement (i)		$	0.60		3,345,920			-
Exercised in 2011					(700,000	)		420,000
Outstanding as at December 31, 2011					2,645,920			420,000
Exercised in 2012					(464,558	)		278,760
Expired on February 16, 2012					(2,181,362	)		-
					-			698,760
Issued on March and May, 2012 private placement financings (ii)		$	US 1.20		4,502,821
Outstanding as at December 31, 2012					4,502,821
These warrants expire in 2014 as follows:	March 7, 2014				2,096,175
	March 19, 2014				415,000
	March 30, 2014				605,913
	May 4, 2014				1,385,733
					4,502,821

(i)  In February, 2011 NXT closed a private placement financing of Units (see note 7(i)) which included a total of 3,345,920 warrants which had an exercise price of $0.60 and an expiry date of February 16, 2012.  The estimated fair value attributed to the warrants that were issued in 2011 was $329,386 (see note 12(2)).

(ii) The estimated fair value attributed to the 4,502,821 total US$ Warrants that were issued in the 2012 Financing (see note 7(ii)) was $409,143, determined using the weighted average assumptions listed in note 12(2).