WARRANTS |
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WARRANTS |
12.WARRANTS The following is a continuity schedule of the Company’s common share purchase warrants:
During the year ended March 31, 2020, 163,483 warrants expired in accordance with their terms (March 31, 2019 – 204,304) Due to an anti-dilution clause in the warrant agreements for such outstanding warrants during the year ended March 31, 2019, an additional 67,952 warrants were issued to the $73.02 per share warrant holders and 6,305 warrants to the $44.28 per share warrant holders. As a result of the anti-dilution clause, the exercise price of the warrants changed from $73.02 per share to $55.71 per share and from $44.28 per share to $34.50 per share because of this warrant transaction. Furthermore, due to an anti-dilution clause in the warrant agreements for such outstanding warrants during the year ended March 31, 2019, an additional 52,590 warrants were issued to the $55.71 per share warrant holders. As a result of the anti-dilution clause, the exercise price of the warrants changed from $55.71 per share to $38.91 per share because of this warrant transaction. All options with anti-dilution clause expired during the year ended March 31, 2020. The Company measured the effects of the above transactions, which triggered anti-dilution clause using the binomial option pricing model and recorded a loss for the year ended March 31, 2020 of $Nil (March 31, 2019 -$24,432) against deficit. The Company issued 2,667 warrants exercisable at $37.50 per share and expire June 27, 2020 to the firm who facilitated the warrant offer. The Company issued 15,658 warrants at $90.00 per share which expire in 5 years on March 31, 2023 and 106,709 warrants at $9.375 , 64,025 which expire August 14, 2022 and 42,684 which expire on March 31, 2022 in connection with a loan and interest conversion transaction. Common share purchase warrants The following is a summary of common share purchase warrants outstanding as of March 31, 2020:
The weighted-average remaining contractual term of the outstanding warrants was 2.28 years (March 31, 2019 – 1.51 years). |