WARRANTS (Tables)
|
9 Months Ended |
Sep. 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 ($) | | Outstanding and exercisable, December 31, 2014 and 2013 | | | - | | | - | | Issued | | | 18,049,075 | | | 1.35 | | Outstanding and exercisable, September 30, 2015 | | | 18,049,075 | | | 1.35 | |
|
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] |
The following is a summary of common share purchase warrants outstanding as of September 30, 2015: Exercise Price ($) | | | | 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 September 30, 2015: | | | | Number of Warrants | | Value ($) | | | | | | | | | | | | Warrants issued in February 26, 2015 financing | | Note 9(vi) | | | 8,509,325 | | | 550,374 | | Warrants issued in March 27, 2015 financing | | Note 9(viii) | | | 1,333,750 | | | 1,036,325 | | Warrants issued in March 31, 2015 financing | | Note 9(ix) | | | 980,375 | | | 759,290 | | Warrants issued in April 21, 2015 financing | | Note 9(x) | | | 3,426,500 | | | 2,588,722 | | Warrants issued in May 27, 2015 financing | | Note 9(xi) | | | 1,560,625 | | | 1,025,173 | | Warrants issued in June 30, 2015 financing | | Note 9(xii) | | | 2,238,500 | | | 1,490,969 | | | | | | | | | | 7,450,853 | | Change in fair value of warrant derivative liability | | | | | | | | 1,074,794 | | Balance at September 30, 2015 | | | | | | | | 8,525,647 | |
|
Warrant [Member] |
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The key inputs used in the simulation model at inception and at September 30, 2015 are as follows: Valuation Date | | Number of Warrants | | Expected life in years | | Exercise Price ($) | | Risk free rate | | | Dividend rate | | | Expected volatility | | | Grant 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: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2015 | | | 16,408,250 | | 3.41 | | | 1.4 | | | 0.33 | % | | | 0 | % | | | 55.91 | % | | | 7,619,516 | | September 30, 2015 | | | 1,640,825 | | 3.41 | | | 0.8 | | | 0.33 | % | | | 0 | % | | | 55.91 | % | | | 906,131 | |
|