Warrants

3 Months Ended

Mar. 31, 2018

Warrants and Rights Note Disclosure [Abstract]

Warrants

8. Warrants

During the period, the Company closed several private placements with the issuance of 6,550,000 shares of common stock. Each common share having ½ of one share purchase warrant attached, resulting in the issuance of 3,275,000 warrants. Each whole share purchase warrant is exercisable for a period of 24 months at an exercise price of $0.30 per share of common stock.

The fair values for warrants issued have been estimated using the Black-Scholes option pricing model assuming no expected dividends and the following weighted average assumptions:

	2018
Risk-free interest rate		2.17	%
Expected life (in years)		2.0
Expected volatility		216	%
Weighted average fair value per share	$	0.26

The fair value of the warrants issued was $414,983. The fair value is allocated to additional paid-in capital.

The following table summarizes the share purchase warrants:

Outstanding, December 31, 2017	10,895,000
Expired	(5,395,000	)
Issued	3,275,000
Outstanding, March 31, 2018	8,775,000

The weighted average remaining life of the warrants are 0.95 years (December 31, 2017: 0.35). The weighted average exercise price at the period ended March 31, 2018 is $0.30 (December 31, 2017: $0.35).