Warrants

6 Months Ended

Jun. 30, 2021

Warrants

Warrants

14. Warrants

During the six months ended June 30, 2021, a total of 1,448,635 (28,972,694 pre-stock split) warrants were exercised for 1,448,635 (28,972,694 pre-stock split) common shares. 1,409,122 (28,182,451 pre-stock split) warrants were exercised at $4.00 ($0.20 pre-stock split) per share, the remaining 39,512 (790,243 pre-stock split) warrants were exercised on a cashless basis, refer to note 5. As of June 30, 2021 1,350,906 (27,018,120 pre-stock split) common shares were issued with the remaining 97,729 (1,954,575 pre-stock split) common shares issued subsequent to the period ended.

During the six months ended June 30, 2021, the Company issued 1,502,410 (30,048,199 pre-stock split) and 2,040,990 (40,819,800 pre-stock split) warrants convertible to 1 and 2 common shares each exercisable for a period of 12 and 18 months respectively. The warrants were issued in connection with the Reg-A public offering and private placement offering respectively. The exercise price of the warrants is $4.00 ($0.20 pre-stock split) per share.

During the six months ended June 30, 2021 the Company and warrant holder reached an agreement to amend a previous warrant agreement. The Company will issue an additional 150,000 warrants for a total of 250,000 warrants. The exercisable period of the warrants was also amended to a period of five years beginning on January 14, 2021. The warrants are convertible to 1 common share each exercisable at $2 per share.

As of June 30, 2021, the Company has the following warrants outstanding:

Exercise price		Number outstanding		Remaining Contractual Life (Years)		Expiry date
$	4.00		563		0.42	December 1, 2021
$	4.00		29,568		0.55	February 24, 2022
$	40.00		12,500		4.55	January 14, 2026
$	2.00		247		3.66	February 25, 2025
$	2.40		3,125		3.72	March 20, 2025
$	4.00		102,050		1.25	October 1, 2022
			148,079		1.76

	June 30, 2021						December 31, 2020
	Number of warrants			Weighted average price			Number of warrants		Weighted average price
Balance, beginning of year		716,815		$	4.00			-	$	-
Issuance		3,643,400		$	4.20			716,815	$	4.00
Exercise		(1,448,635	)	$	(4.00	)		-	$	-
Balance, end of period		2,961,580		$	4.20			716,815	$	4.00