US$ Warrants to purchase common shares

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

11. Warrants to purchase common shares

The following is a continuity of the US$ Warrants issued in the 2012 Financings (see note 7 (iii)) and which had an exercise price of US $1.20 per common share and expiry in 2014:

				exercise
	# of US$			proceeds
	Warrants			received
Outstanding as at January 1, 2012
Issued in the 2012 Financings		4,502,821			-
US$ Warrants exercised in 2013		(846,700	)	$	1,064,222
Outstanding as at December 31, 2013		3,656,121			1,064,222
Activity in 2014:
US$ Warrants exercised in 2014		(2,057,852	)		2,735,995
US$ Warrants expired in 2014		(1,598,269	)		-
Outstanding as at December 31, 2014		-		$	3,800,217