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WARRANTS
 12 Months Ended
Dec. 31, 2019
Warrants  
NOTE 14 - WARRANTS

On December 16, 2014, in connection with the convertible notes private placement financing referred to in note 9, the Corporation issued 107,000 warrants to the placement agent as partial consideration for the placement fees. Each warrant entitled the holder to acquire one common share of the Corporation at an exercise price of $0.54 prior to December 16, 2017. The debt holder had exercised all 107,000 warrants as of December 31, 2017.

 

On January 23, 2015 and on March 12, 2015, the Corporation completed two $200,000 private placements for a total of $400,000. A total of 883,058 units were issued at a weighted average price of $0.39 per unit. Each Unit was comprised of one common share and a warrant to purchase one-half of one common share. A total of 441,529 warrants were issued. Each Warrant entitled the holder to acquire one common share of the Corporation at a price per share equal to U.S. $2.00 for a period 24 month following the subscription date. By the year end of December 31, 2017, the warrant holder has exercised all these warrants.

 

In the first quarter of 2019, the Corporation issued 2,500,000 warrants in connection with one private placement. Each warrant entitles the holder to acquire one common share of the Corporation at an exercise price of $8.00 with a five year term. The warrant was valued at $200,000 and recorded as part of additional paid in capital.

 

 

A detail of warrant activity for the years ended December 31, 2019, 2018 and 2017 is as follows:

 

Description   Number    

Weighted average

exercise price

    

Weighted average

remaining contractual

life (in years)

  
Outstanding 31-Dec-16     548,529     $ 1.72       1.31  
Exercised     548,529       1.72       -  
Granted     -       -       -  
Expired     -       -       -  
Cancelled     -       -       -  
Outstanding 31-Dec-17     -     $ -       -  
Exercised     -       -       -  
Granted     -       -       -  
Expired     -       -       -  
Cancelled     -       -       -  
Outstanding 31-Dec-18     -     $ -       -  
Exercised     -       -       -  
Granted     2,500,000       8.00       -  
Expired     -       -       -  
Cancelled     -       -       -  
Outstanding 31-Dec-19     2,500,000      $ 8.00       4.04