Quarterly report pursuant to Section 13 or 15(d)

SHARE CAPITAL

v3.8.0.1
SHARE CAPITAL
9 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
10.
SHARE CAPITAL
 
 
 
December 31, 2017
 
March 31, 2017
 
 
 
Number of
 
 
 
 
Number of
 
 
 
 
 
 
shares
 
$
 
shares
 
$
 
Exchangeable Shares:
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance beginning of period/year
 
 
47,909,336
 
 
47,910
 
 
50,000,000
 
 
50,000
 
Converted into common shares
 
 
(2,000,000)
 
 
(2,000)
 
 
(2,090,664)
 
 
(2,090)
 
Balance at the end of period/year
 
 
45,909,336
 
 
45,910
 
 
47,909,336
 
 
47,910
 
Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of the period
 
 
48,885,107
 
 
48,884
 
 
22,591,292
 
 
22,591
 
Shares issued on acquisition (Note 3)
 
 
-
 
 
-
 
 
23,650,000
 
 
23,650
 
Shares issued to exchangeable shares
 
 
2,000,000
 
 
2,000
 
 
2,090,664
 
 
2,090
 
Shares issued for services
 
 
-
 
 
-
 
 
217,047
 
 
217
 
Options exercised
 
 
-
 
 
-
 
 
110,096
 
 
110
 
Warrants exercise (a)
 
 
5,000,172
 
 
5,000
 
 
174,759
 
 
175
 
Cashless exercise of warrants
 
 
-
 
 
-
 
 
51,249
 
 
51
 
Balance at end of the period
 
 
55,885,279
 
 
55,884
 
 
48,885,107
 
 
48,884
 
TOTAL COMMON SHARES
 
 
101,794,615
 
 
101,794
 
 
96,794,443
 
 
96,794
 
 
(a)
During the nine month period ended December 31, 2017, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $0.25 per share, and as a result, 5,000,172 common shares were issued for net proceeds of $1,125,038 (Note 12).
 
(b)
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.
 
(c)
The Company has a commitment to issue 250,000 common shares to a consultant during the nine months ended December 31, 2017 and recognized $60,000 as compensation expense in general and administrative investor related services. The Company issued 70,000 common shares during the nine months period ended December 31, 2016 for consulting services and recognized $59,500 of share compensation expense.
 
Special Voting Preferred Share
 
In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one share of the Special Voting Preferred Stock, par value $0.001 per share, of the Company (the Special Voting Preferred Share”) to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries have voting rights in the Company equivalent to what they would have had, had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries.
 
In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as the Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement.
 
The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation, and is not convertible into common shares of the Company.
 
The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement. The Special Voting Preferred Share will be automatically cancelled at such time as no Exchangeable Shares are held by a Beneficiary.