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Common shares
 12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
7. Common shares

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

 

    # of shares     $ value  
As at December 31, 2011     34,757,396     $ 53,756,687  
Transactions during the year ended December 31, 2012:                
Issued through private placement                
financing, net of issue costs (iii)     4,258,005       2,886,024  
Value attributed to US$ Warrants issued in the                
private placement financing (iii)     -       (409,143 )
Issued on exercise of stock options     75,000       47,250  
Issued on exercise of warrants (ii)     464,558       278,760  
Transfer from contributed capital upon exercise of:                
Stock options     -       18,375  
Warrants     -       45,733  
As at December 31, 2012     39,554,959       56,623,686  
Transactions during the year ended December 31, 2013:                
Conversion of Preferred Shares (i)     2,000,000       3,256,400  
Issued on exercise of stock options     16,667       13,234  
Issued on exercise of US$ Warrants (note 11)     846,700       1,064,222  
Transfer from contributed capital upon exercise of stock options     -       8,279  
Transfer from fair value of US$ Warrants upon exercise (note 12)     -       374,500  
As at December 31, 2013     42,418,326       61,340,321  
Transactions during the year ended December 31, 2014:                
Issued on exercise of stock options     482,665       288,066  
Issued on exercise of US$ Warrants (note 11)     2,057,852       2,735,995  
Transfer from contributed capital upon exercise of stock options     -       147,125  
Transfer from fair value of US$ Warrants upon exercise (note 12)     -       1,280,800  
As at December 31, 2014     44,958,843       65,792,307  

  

  (i)   NXT also has outstanding a total of 8,000,000 Preferred Shares (see note 8) which are convertible on a 1 for 1 basis into an additional maximum of 8,000,000 common shares by December 31, 2015. An initial total of 2,000,000 of these Preferred Shares were converted into 2,000,000 common shares of the Company effective May 22, 2013.

 

  (ii)   In February, 2011 NXT closed a non-brokered private placement (the "2011 Placement") for aggregate proceeds of $1,600,300 ($1,487,827 net of finder’s fee and other costs incurred totalling $112,473). NXT issued a total of 3,200,600 units at a price of $0.50 per unit, each unit consisted of one NXT common share and one warrant, and each warrant entitled the holder to acquire an additional common share at a price of $0.60 per share until expiry on February 16, 2012.

 

Finder's fees incurred included $72,600 cash and 145,320 warrants issued. A continuity of the total warrants issued is as follows:

 

          exercise  
    # of     proceeds  
    warrants     received  
                 
Issued in the 2011 Placement     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  

 

In March and May 2012, NXT conducted private placement financings (the "2012 Financings") which consisted of units issued at a price of US $0.75 (the "Units"). Each Unit consisted of one NXT common share and one warrant (the "US$ Warrants") to purchase an additional NXT common share at a price of US $1.20 for a term of two years from the date of issue.

 

In connection with the 2012 Financings, NXT paid finder's fees totalling US $183,612 and issued a total of 244,816 finder's warrants (with the same terms as the US$ Warrants noted above). The 2012 Financings had three separate closings in March, 2012 and one on May 4, 2012, which are summarized as follows:

 

    March, 2012    

May 4, 2012

     2012 total  
                         
Proceeds (in US dollars)     2,216,005       977,500       3,193,505  
Proceeds (in Cdn $)     2,210,690       972,442       3,183,132  
Less share issue costs incurred     (187,844 )     (109,264 )     (297,108 )
Proceeds, net of issue costs     2,022,846       863,178       2,886,024  
                         
Number of common shares issued     2,954,672       1,303,333       4,258,005  
                         
Number of US$ 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  
                         
Fair value attributed to US$ Warrants     249,143       160,000       409,143  

                                                                        

Two Officers of the Company subscribed for a total of US $40,000 of the 2012 Financings.

 

The common shares issued under the 2012 Financings were recorded at a value equal to the net proceeds received of $2,886,024, and reduced by $409,143 (see note 12) which was the estimated fair value attributed to the 4,502,821 US$ Warrants (see also note 11) issued.