Quarterly report pursuant to Section 13 or 15(d)

SHARE CAPITAL (Tables)

v3.6.0.2
SHARE CAPITAL (Tables)
9 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
 
 
December 31, 2016
 
March 31, 2016
 
 
 
Number of
 
 
 
Number of
 
 
 
 
 
shares
 
$
 
Shares
 
$
 
Exchangeable Shares:
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance beginning and end of period
 
 
50,000,000
 
 
50,000
 
 
50,000,000
 
 
50,000
 
Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of the period
 
 
22,591,292
 
 
22,591
 
 
22,428,313
 
 
22,428
 
Shares issued on acquisition (Note 3)
 
 
23,650,000
 
 
23,650
 
 
-
 
 
-
 
Shares issued for services (v)
 
 
70,000
 
 
70
 
 
117,471
 
 
117
 
Cashless exercise of warrants (iv)
 
 
51,249
 
 
51
 
 
45,508
 
 
46
 
Balance at end of the period
 
 
46,362,541
 
 
46,362
 
 
22,591,292
 
 
22,591
 
TOTAL COMMON SHARES
 
 
96,362,541
 
 
96,362
 
 
72,591,292
 
 
72,591
 
 
(i)
On April 21, 2015, the Company issued 3,115,000 Units for gross proceeds of $2,492,000 to accredited investors in a fourth closing (the “Fourth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other related to the Fourth Closing of $338,960 and issued 311,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $435,682 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.
 
(ii)
On May 27, 2015, the Company issued 1,418,750 Units for gross proceeds of $1,135,000 to accredited investors in a fifth closing (the “Fifth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Fifth Closing of $147,566 and issued 141,875 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $37,739 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.
 
(iii)
On June 30, 2015, the Company issued 2,035,000 Units for gross proceeds of $1,628,000 to accredited investors in a sixth and final closing (the “Sixth Closing”) of its private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Sixth Closing of $211,656 and issued 203,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $74,625 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.
 
(iv)
During the nine-month period ended December 31, 2016, 51,249 common shares were issued as a result of a cashless exercise of 262,045 warrants with an exercise price of $0.80. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562.
 
(v)
The Company issued 70,000 common shares during the nine-month period ended December 31, 2016 for consulting services and recognized $59,500 of share-based compensation expense.