Annual report pursuant to Section 13 and 15(d)

WARRANTS

v3.20.2
WARRANTS
12 Months Ended
Mar. 31, 2020
WARRANTS  
WARRANTS

12.WARRANTS

The following is a continuity schedule of the Company’s common share purchase warrants:

 

 

 

 

 

 

 

    

 

    

Weighted 

 

 

Number of

 

Average

 

 

Warrants

 

Exercise Price

 

 

 

 

($)

Outstanding and exercisable, March 31, 2018

 

365,974

 

53.19

Issued in connection with anti-dilution provision connected warrant transaction

 

67,952

 

55.71

Issued in connection with anti-dilution provision connected warrant transaction

 

6,305

 

34.50

Issued in connection with anti-dilution provision connected warrant transaction

 

52,590

 

38.91

Expired

 

(204,304)

 

(51.85)

Outstanding and exercisable, March 31, 2019

 

288,517

 

40.27

Expired

 

(163,483)

 

(38.91)

Outstanding and exercisable, March 31, 2020

 

125,034

 

20.07

 

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:

 

 

 

 

 

 

Exercise

    

Number of

    

 

Price ($)

 

Warrants

 

Expiry Date

90.00

 

15,658

 

March 31, 2023

37.50

 

2,667

 

June 27, 2020

9.375

 

64,025

 

August 14, 2022

9.375

 

42,684

 

March 31, 2022

 

 

125,034

 

 

 

The weighted-average remaining contractual term of the outstanding warrants was 2.28 years (March 31, 2019 – 1.51 years).