WARRANTS (Tables)
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3 Months Ended |
Mar. 31, 2015 |
Warrant [Line Items] |
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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 ($) | | Outstanding and exercisable, December 31, 2014 and 2013 | | | - | | | | - | | Issued | | | 10,823,450 | | | | 1.35 | | Outstanding and exercisable, March 31, 2015 | | | 10,823,450 | | | | 1.35 | |
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Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] |
The following is a summary of common share purchase warrants outstanding as of March 31, 2015:
| Exercise Price ($) | | | | 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 | | | |
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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 ($) | | | | | | | | | | | | Warrants issued in February 26, 2015 financing | | Note 8(vi) | | | 8,509,325 | | | 550,374 | | Warrants issued in March 27, 2015 financing | | Note 8(viii) | | | 1,333,750 | | | 1,036,325 | | Warrants issued in March 31, 2015 financing | | Note 8(ix) | | | 980,375 | | | 759,290 | | Total | | | | | | | | 2,345,989 | | Change in fair value of warrant liability | | | | | | | | 6,036,659 | | Balance at March 31, 2015 | | | | | | | | 8,382,648 | |
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Warrant [Member] |
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Warrant [Line Items] |
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The key inputs and assumptions used in the simulation model at inception and at March 31, 2015 are as follows: Valuation Date | Number of Warrants | Expected life in years | Exercise Price ($) | 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 |
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