Quarterly report pursuant to Section 13 or 15(d)

WARRANTS (Tables)

v3.3.1.900
WARRANTS (Tables)
6 Months Ended
Jun. 30, 2015
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:
 
 
 
Number of
Warrants
 
Weighted-Average
Exercise Price ($)
 
Outstanding and exercisable, December 31, 2014 and 2013
 
 
-
 
 
-
 
Issued
 
 
18,049,075
 
 
1.35
 
Outstanding and exercisable, June 30, 2015
 
 
18,049,075
 
 
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 June 30, 2015:
 
 
 
Exercise
Price ($)
 
 
 
Number of
Warrants
 
Expiry Date
 
 
 
1.40
 
Note 9(vi)
 
 
7,735,750
 
February 26, 2019
 
 
 
0.80
 
Note 9(vi)
 
 
773,575
 
February 26, 2019
 
 
 
1.40
 
Note 9(viii)
 
 
1,212,500
 
March 27, 2019
 
 
 
0.80
 
Note 9(viii)
 
 
121,250
 
March 27, 2019
 
 
 
1.40
 
Note 9(ix)
 
 
891,250
 
March 31, 2019
 
 
 
0.80
 
Note 9(ix)
 
 
89,125
 
March 31, 2019
 
 
 
1.40
 
Note 9(x)
 
 
3,115,000
 
April 21, 2019
 
 
 
0.80
 
Note 9(x)
 
 
311,500
 
April 21, 2019
 
 
 
1.40
 
Note 9(xi)
 
 
1,418,750
 
May 27, 2019
 
 
 
0.80
 
Note 9(xi)
 
 
141,875
 
May 27, 2019
 
 
 
1.40
 
Note 9(xii)
 
 
2,035,000
 
June 30, 2019
 
 
 
0.80
 
Note 9(xii)
 
 
203,500
 
June 30, 2019
 
 
 
 
 
 
 
 
18,049,075
 
 
 
Schedule of Derivative Liabilities at Fair Value [Table Text Block]
The following summarizes the changes in the value of the warrant derivative liability from inception until June 30, 2015:
 
 
 
 
 
Number of
Warrants
 
Value ($)
 
 
 
 
 
 
 
 
 
 
 
Warrants issued in February 26, 2015 financing
 
Note 9(vi)
 
 
8,509,325
 
 
550,374
 
Warrants issued in March 27, 2015 financing
 
Note 9(viii)
 
 
1,333,750
 
 
1,036,325
 
Warrants issued in March 31, 2015 financing
 
Note 9(ix)
 
 
980,375
 
 
759,290
 
Warrants issued in April 21, 2015 financing
 
Note 9(x)
 
 
3,426,500
 
 
2,588,722
 
Warrants issued in May 27, 2015 financing
 
Note 9(xi)
 
 
1,560,625
 
 
1,025,173
 
Warrants issued in June 30, 2015 financing
 
Note 9(xii)
 
 
2,238,500
 
 
1,490,969
 
 
 
 
 
 
 
 
 
7,450,853
 
Change in fair value of warrant derivative liability
 
 
 
 
 
 
 
4,570,864
 
Balance at June 30, 2015
 
 
 
 
 
 
 
12,021,717
 
Warrant [Member]  
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 June 30, 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
 
April 21, 2015
 
 
3,115,000
 
 
3.85
 
 
1.4
 
 
0.68
%
 
 
0
%
 
 
51.54
%
 
 
2,371,956
 
April 21, 2015
 
 
311,500
 
 
3.85
 
 
0.8
 
 
0.68
%
 
 
0
%
 
 
51.54
%
 
 
216,766
 
May 27, 2015
 
 
1,418,750
 
 
3.76
 
 
1.4
 
 
0.46
%
 
 
0
%
 
 
51.74
%
 
 
933,065
 
May 27, 2015
 
 
141,875
 
 
3.76
 
 
0.8
 
 
0.46
%
 
 
0
%
 
 
51.74
%
 
 
92,108
 
June 30, 2015
 
 
2,035,000
 
 
3.66
 
 
1.4
 
 
0.37
%
 
 
0
%
 
 
52.94
%
 
 
1,356,512
 
June 30, 2015
 
 
203,500
 
 
3.66
 
 
0.8
 
 
0.37
%
 
 
0
%
 
 
52.94
%
 
 
134,457
 
At period end:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2015
 
 
16,408,250
 
 
3.66
 
 
1.4
 
 
0.37
%
 
 
0
%
 
 
52.94
%
 
 
10,937,586
 
June 30, 2015
 
 
1,640,825
 
 
3.66
 
 
0.8
 
 
0.37
%
 
 
0
%
 
 
52.94
%
 
 
1,084,131