Quarterly report pursuant to Section 13 or 15(d)

WARRANTS (Tables)

v3.3.1.900
WARRANTS (Tables)
3 Months Ended
Mar. 31, 2015
Warrant [Line Items]  
Schedule Of Share Based Compensation Stock Purchase Warrants Activity [Table Text Block]
The following is a continuity schedule of the Company’s common share purchase warrants:
 
 
 
 
 
 
 
Weighted-Average
 
 
 
Number of Warrants
 
 
Exercise Price ($)
 
Outstanding and exercisable, December 31, 2014 and 2013
 
 
-
 
 
 
-
 
Issued
 
 
10,823,450
 
 
 
1.35
 
Outstanding and exercisable, March 31, 2015
 
 
10,823,450
 
 
 
1.35
 
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
The following is a summary of common share purchase warrants outstanding as of March 31, 2015:
 
 
Exercise Price
($)
 
 
 
Number of
Warrants
 
Expiry Date
 
 
 
1.40
 
Note 8(vi)
 
 
7,735,750
 
February 26, 2019
 
 
 
0.80
 
Note 8(vi)
 
 
773,575
 
February 26, 2019
 
 
 
1.40
 
Note 8(viii)
 
 
1,212,500
 
March 27, 2019
 
 
 
0.80
 
Note 8(viii)
 
 
121,250
 
March 27, 2019
 
 
 
1.40
 
Note 8(ix)
 
 
891,250
 
March 31, 2019
 
 
 
0.80
 
Note 8(ix)
 
 
89,125
 
March 31, 2019
 
 
 
 
 
 
 
 
10,823,450
 
 
 
Schedule of Changes In The Value of The Warrant Derivative Liability [Table Text Block]
The following summarizes the changes in the value of the warrant derivative from inception until March 31, 2015:
 
 
 
 
 
Number of Warrants
 
Value ($)
 
 
 
 
 
 
 
 
 
 
 
Warrants issued in February 26, 2015 financing
 
Note 8(vi)
 
 
8,509,325
 
 
550,374
 
Warrants issued in March 27, 2015 financing
 
Note 8(viii)
 
 
1,333,750
 
 
1,036,325
 
Warrants issued in March 31, 2015 financing
 
Note 8(ix)
 
 
980,375
 
 
759,290
 
Total
 
 
 
 
 
 
 
2,345,989
 
Change in fair value of warrant liability
 
 
 
 
 
 
 
6,036,659
 
Balance at March 31, 2015
 
 
 
 
 
 
 
8,382,648
 
Warrant [Member]  
Warrant [Line Items]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The key inputs and assumptions used in the simulation model at inception and at March 31, 2015 are as follows:
 
Valuation Date
Number of Warrants
Expected life in years
Exercise Price ($)
Risk free rate
Dividend rate
Expected volatility
Valuation date fair value ($)
At inception:
 
 
 
 
 
 
 
February 26, 2015
7,735,750
4
1.4
0.44%
0%
51.83%
464,784
February 26, 2015
773,575
4
0.8
0.44%
0%
51.83%
85,590
March 27, 2015
1,212,500
3.92
1.4
0.43%
0%
52.37%
950,913
March 27, 2015
121,250
3.92
0.8
0.43%
0%
52.37%
85,412
March 31, 2015
891,250
3.91
1.4
0.41%
0%
52.45%
696,582
March 31, 2015
89,125
3.91
0.8
0.41%
0%
52.45%
62,708
At period end:
 
 
 
 
 
 
 
March 31, 2015
9,839,500
3.91
1.4
0.41%
0%
52.45%
7,690,340
March 31, 2015
983,950
3.91
0.8
0.41%
0%
52.45%
692,308