Annual report pursuant to Section 13 and 15(d)

WARRANTS (Tables)

v3.3.1.900
WARRANTS (Tables)
12 Months Ended
Dec. 31, 2015
Warrants and Rights Note Disclosure [Abstract]  
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, December 31, 2015
 
 
18,049,075
 
 
1.35
 
Schedule of Common Share Purchase Warrants Outstanding [Table Text Block]
The following is a summary of common share purchase warrants outstanding as of December 31, 2015:
 
Exercise
 
 
 
Number of
 
 
 
Price ($)
 
 
 
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
 
1.40
 
Note 8(x)
 
 
3,115,000
 
April 21, 2019
 
0.80
 
Note 8(x)
 
 
311,500
 
April 21, 2019
 
1.40
 
Note 8(xi)
 
 
1,418,750
 
May 27, 2019
 
0.80
 
Note 8(xi)
 
 
141,875
 
May 27, 2019
 
1.40
 
Note 8(xii)
 
 
2,035,000
 
June 30, 2019
 
0.80
 
Note 8(xii)
 
 
203,500
 
June 30, 2019
 
 
 
 
 
 
18,049,075
 
 
 
Schedule Of Warrant derivative liability [Table Text Block]
The following summarizes the changes in the value of the warrant derivative liability from inception until December 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
 
Warrants issued in April 21, 2015 financing
 
Note 8(x)
 
 
3,426,500
 
 
 
2,588,722
 
Warrants issued in May 27, 2015 financing
 
Note 8(xi)
 
 
1,560,625
 
 
 
1,025,173
 
Warrants issued in June 30, 2015 financing
 
Note 8(xii)
 
 
2,238,500
 
 
 
1,490,969
 
Total at inception
 
 
 
 
 
 
 
 
7,450,853
 
Change in fair value of warrant derivative liability
 
 
 
 
 
 
 
 
(1,382,984)
 
Balance at December 31, 2015
 
 
 
 
 
 
 
 
6,067,869
 
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
The key inputs and assumptions used in the simulation model at inception and at December 31, 2015 are as follows:
 
 
 
Number of
 
Expected
 
Exercise
 
Risk free
 
 
Dividend
 
 
Expected
 
Grant date fair
 
Grant date
 
Warrants
 
life in years
 
Price ($)
 
rate
 
 
rate
 
 
volatility
 
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 Year End:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
16,408,250
 
 
3.16
 
 
1.4
 
 
0.65
%
 
 
0
%
 
 
53.58
%
 
5,315,536
 
December 31, 2015
 
 
1,640,825
 
 
3.16
 
 
0.8
 
 
0.65
%
 
 
0
%
 
 
53.58
%
 
752,333