WARRANTS (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Warrants and Rights Note Disclosure [Abstract] |
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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 ($) | | Outstanding and exercisable, December 31, 2014 and 2013 | | | - | | | - | | Issued | | | 18,049,075 | | | 1.35 | | Outstanding and exercisable, December 31, 2015 | | | 18,049,075 | | | 1.35 | |
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Schedule of Common Share Purchase Warrants Outstanding [Table Text Block] |
The following is a summary of common share purchase warrants outstanding as of December 31, 2015:
Exercise | | | | Number of | | | | Price ($) | | | | 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 | | | |
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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 ($) | | | | | | | | | | | Warrants issued in February 26, 2015 financing | | Note 8(vi) | | | 8,509,325 | | | | 550,374 | | Warrants issued in March 27, 2015 financing | | Note 8(viii) | | | 1,333,750 | | | | 1,036,325 | | Warrants issued in March 31, 2015 financing | | Note 8(ix) | | | 980,375 | | | | 759,290 | | Warrants issued in April 21, 2015 financing | | Note 8(x) | | | 3,426,500 | | | | 2,588,722 | | Warrants issued in May 27, 2015 financing | | Note 8(xi) | | | 1,560,625 | | | | 1,025,173 | | Warrants issued in June 30, 2015 financing | | Note 8(xii) | | | 2,238,500 | | | | 1,490,969 | | Total at inception | | | | | | | | | 7,450,853 | | Change in fair value of warrant derivative liability | | | | | | | | | (1,382,984) | | Balance at December 31, 2015 | | | | | | | | | 6,067,869 | |
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Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] |
The key inputs and assumptions used in the simulation model at inception and at December 31, 2015 are as follows: | | Number of | | Expected | | Exercise | | Risk free | | | Dividend | | | Expected | | Grant date fair | | Grant date | | Warrants | | life in years | | Price ($) | | 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 | |
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