Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2015

The table below shows comparative data related to derivative fair value for the last five quarters.

	Fair Value at Various Balance Sheet Dates
	September 30,		June 30,		March 31,		December 31,		September 30,
Derivative Instrument	2015		2015		2015		2014		2014
April 30, 2015 warrant^*		-		-		10		411		1,587
March 29, 2016 warrant		38		225		595		789		1,754
Contractor options		55		84		89		119		158
Total		93		309		694		1,319		3,499

^{^* On April 30, 2015, 1,307 warrants with an exercise price of CAD$4.32 expired unexercised.}

Unrealized Gain on Derivatives

	Three Months Ended				Nine Months Ended
Gain/(Loss) on Derivative Instruments	September 30,				September 30,
	2015		2014		2015		2014
Warrants expiring April 30, 2015⁽¹⁾		-		272		411		(440)
Warrants expiring April 30, 2015⁽²⁾		-		210		-		210
Warrants expiring March 29, 2016⁽¹⁾		187		333		751		(1,281)
Warrants expiring March 29, 2016⁽²⁾		-		138		-		138
Options to contractors		29		45		64		(103)
Gain/(loss) on Derivative Instruments		216		998		1,226		(1,476)

(1)Change in derivative liability resulting from the fluctuation in the price of Fennec’s shares used to value the derivative instrument.

(2)As a result of the warrant exchange concluded on July 29, 2014, holders of warrants expiring April 30, 2015 and March 29, 2016 (the “Existing (or Eligible) Warrants”) could elect to exchange their Eligible Warrants for “New Warrants”. New Warrants were denominated in the Company’s functional currency and thus, no longer considered derivative instruments under ASCA 815-40. Eligible Warrants participating in the exchange were valued on July 29, 2014 using the Black-Scholes Model and the resulting gain from the extinguishment of derivative liability was realized.

Schedule of Other Share-based Compensation, Activity

The table below summarizes Canadian dollar denominated contractor option activity, since their issuance (in thousands):

	Canadian Denominated		Weighted Average
Contractor Options in $CAD	Contractor Options		Exercise Price $CAD
Outstanding at December 31, 2014		55	$	1.84
Exercised		(10)		2.04
Outstanding at March 31, 2015		45	$	1.79
Forfeited		(1)		1.82
Outstanding at June 30, 2015		44	$	1.79
Exercised		(4)		1.62
Outstanding at September 30, 2015		40	$	1.81