STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2017

Stock Options Tables

Weighted average exercise price, and the weighted average remaining contractual life

	Options outstanding
	Number			Weighted average exercise price		Weighted average remaining contractual life (in years)
Outstanding December 31, 2014		5,829,500			4.39		3.92
Expired		(787,500	)		5.07
Granted		1,515,000			1.15
Cancelled		(37,500	)		6.47
Outstanding December 31, 2015		6,519,500			4.43		4.28
Expired		(859,500	)		2.99
Outstanding December 31, 2016		5,660,000			1.74		8.37
Expired		-			-		-
Cancelled		-			-		-
Granted		50,000			2.93		9.03
Outstanding December 31, 2017		5,710,000		$	1.75		7.39
Options exercisable		5,710,000		$	1.75		7.39

Fair value of the options granted

Description	2017			2016		2015
Share price	$	2.93		$	-	$	5.24
Exercise price	$	2.93		$	-	$	5.24
Risk-free interest rate		2.38	%		-%		1.41	%
Expected volatility		108.14	%		-%		58.99	%
Expected option life in years	10		Yrs.		-	5		Yrs.
Expected dividend yield		-			-		-