Common shares (Tables)

12 Months Ended

Dec. 31, 2012

Common Shares Tables

Common shares

The Company is authorized to issue an unlimited number of common shares, of which the following are issued and outstanding:

	# of Shares		$ Amount
As at December 31, 2009		30,726,796	$	51,934,360
Transactions during the year ended December 31, 2010
Issued on exercise of stock options		100,000		54,518
Transfer from contributed surplus upon exercise of stock options		-		42,557
As at December 31, 2010		30,826,796		52,031,435
Transactions during the year ended December 31, 2011
Issued through private placement, net of issue costs (i)		3,200,600		1,487,827
Value attributed to warrants issued in the private placement financing (i)		-		(329,826	)
Issued on exercise of stock options		30,000		18,900
Issued on exercise of warrants		700,000		420,000
Transfer from contributed surplus upon exercise of stock options and warrants		-		127,911
As at December 31, 2011		34,757,396		53,756,247
Transactions during the year ended December 31, 2012
Issued through private placement financings, net of issue costs (ii)		4,258,005		2,886,024
Value attributed to warrants issued in the private placement financings (ii)		-		(409,143	)
Issued on exercise of stock options		75,000		47,250
Issued on exercise of warrants		464,558		278,760
Transfer from contributed surplus upon exercise of stock options and warrants		-		64,108
As at December 31, 2012		39,554,959	$	56,623,246

Financings 2012

The 2012 Financings had three separate closings in March, 2012 and one on May 4, 2012, which are summarized as follows:

	March,		May 4,
	2012		2012		total
Proceeds (in US dollars)	$	2,216,005	$	977,500	$	3,193,505
Number of common shares issued		2,954,672		1,303,333		4,258,005
Number of Warrants issued		2,954,672		1,303,333		4,258,005
Number of finder's warrants issued		162,416		82,400		244,816
		3,117,088		1,385,733		4,502,821