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SHARE CAPITAL (Tables)
9 Months Ended
Sep. 30, 2022
SHARE CAPITAL  
Schedule of stock option granted

A summary of the options granted under the Stock Option Plan as of September 30, 2022 and December 31, 2021 is presented below:

Nine Months Ended

Year Ended

September 30, 2022

December 31, 2021

    

    

Weighted

    

  

  

    

Weighted

    

Average

Aggregate

Average

Aggregate

Number of

Exercise Price

Intrinsic Value

Number of

Exercise Price

Intrinsic Value

Options

(C$)

(C$)

Options

(C$)

(C$)

Balance, beginning of the period

 

2,947,049

$

0.97

 

2,707,049

 

$

0.94

 

  

Granted

 

240,000

0.92

 

240,000

 

1.31

 

  

Exercised

 

(405,000)

 

0.90

 

 

 

  

Cancelled

 

(495,000)

 

1.08

 

 

 

  

Balance, end of the period

 

2,287,049

$

0.95

$

64,782

2,947,049

$

0.97

$

235,200

Schedule of stock options outstanding

Stock options outstanding as at September 30, 2022 and December 31, 2021 are as follows:

    

September 30, 2022

  

 

December 31, 2021

Exercise

Number of

  

    

Exercise

Number of

Expiry Date

    

Price (C$)

    

Options

    

Exercisable

Price (C$)

    

Options

    

Exercisable

March 25, 2022*

 

 

$

1.11

510,000

 

510,000

March 25, 2022*

 

 

$

0.73

270,000

 

270,000

March 25, 2022*

 

 

$

1.11

120,000

 

120,000

March 16, 2023

$

1.00

 

580,000

 

580,000

$

1.00

580,000

 

580,000

March 16, 2023

$

0.50

 

130,000

 

130,000

$

0.50

130,000

 

130,000

June 9, 2023

$

1.00

 

30,000

 

30,000

$

1.00

30,000

 

30,000

March 21, 2024

$

0.61

 

374,817

 

374,817

$

0.61

374,817

 

374,817

February 1, 2025

$

1.35

 

250,000

 

250,000

$

1.35

250,000

 

250,000

August 8, 2025

$

0.85

187,232

187,232

$

0.85

187,232

187,232

May 27, 2026

$

0.92

255,000

255,000

$

0.92

255,000

170,000

May 25, 2027

$

1.31

240,000

160,000

$

1.31

240,000

80,000

May 24, 2028

$

0.92

240,000

80,000

 

2,287,049

 

2,047,049

 

2,947,049

 

2,702,049

* Expiry date automatically extended to March 25, 2022, the tenth business day following the end of a blackout period imposed on the holders of the stock options, pursuant to the terms of the Stock Option Plan.

Schedule of non-vested share activity

A summary of the non-vested options as of September 30, 2022 and changes during the nine months ended September 30, 2022 is as follows:

Weighted average 

Number of

grant-date fair value

Non-vested options:

    

options

    

(C$)

Outstanding at December 31, 2021

 

245,000

$

0.91

Granted

240,000

0.60

Vested

 

(245,000)

0.78

Outstanding at September 30, 2022

 

240,000

$

0.73

Schedule of deferred share units outstanding

DSUs outstanding as at September 30, 2022 and December 31, 2021 are as follows:

    

Nine Months Ended

Year Ended

September 30, 2022

  

  

December 31, 2021

    

Weighted Average

    

Weighted

Number of

Exercise Price

Number of

Average Exercise

Units

(C$)

Units

Price (C$)

Balance, beginning of the period

 

2,151,276

$

0.88

 

1,834,481

$

0.81

Issued

 

451,085

$

0.92

 

316,795

$

1.31

Balance, end of the period

 

2,602,361

$

0.89

 

2,151,276

$

0.88

Schedule of weighted average assumptions used for Black-Scholes valuation model for stock options granted

    

YTD September 30, 2022

Expected life of options

 

6 years

Risk-free interest rate

 

2.64%

Annualized volatility

 

76.75%

Dividend rate

 

0.00%

Exercise price (C$)

$

0.92