| SHARE CAPITAL [Text Block] |
8. SHARE CAPITAL
a) Authorized:
Unlimited common shares without par value.
b) Share capital transactions:
2023 Transactions
During the year ended April 30, 2023, the Company issued 263,537 common shares pursuant to the exercise of stock options for total gross proceeds of $0.7 million. A value of $0.8 million was transferred from contributed surplus to share capital as a result.
During the year ended April 30, 2023, the Company issued 309,877 common shares with a value of $1.3 million pursuant to the conversion of $1.3 million principal balance of convertible debentures.
2024 Transactions
The Company did not issue common shares during the six months ended October 31, 2023.
c) Options:
The following table summarizes stock option awards during the six months ended October 31, 2023 and the year ended April 30, 2023, including the grant date fair value determined using the Black-Scholes option pricing model:
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Black-Scholes Option Pricing Model Inputs |
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| Grant date |
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Stock
options
granted |
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Exercisable
price/option
$ |
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Awarded to |
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Share price on
grant date
$ |
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Dividend
yield |
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Expected
volatility |
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Risk-free
rate |
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Expected life |
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Fair value |
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May 15, 2022(1)
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80,000 |
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5.79 |
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Employees
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5.79 |
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0% |
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77% |
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2.73% |
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5.0 years |
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$ |
0.3 million |
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February 19, 2023(2)
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29,060 |
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4.10 |
(3) |
Directors
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4.10 |
(3) |
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0% |
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77% |
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3.57% |
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4.0 years |
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$ |
0.1 million |
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February 19, 2023(1)
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609,452 |
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4.10 |
(3) |
Officers and employees
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4.10 |
(3) |
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0% |
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77% |
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3.57% |
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5.0 years |
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$ |
2.2 million |
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(1)
Vesting conditions are as follows: one-third 6 months after grant date; one-third 12 months after grant date; and one-third 18 months after grant date.
(2)
Vesting conditions are as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date; and one-quarter 12 months after grant date.
(3) Priced in US dollars
Expected volatility of options granted is based on the historical volatility of the company from January 1, 2019 to the option grant date.
During the six months ended October 31, 2023 the Company has recorded $1.1 million (2022 - $1.1 million) of share-based payments expense.
The changes in the stock options for the six months ended October 31, 2023 and the year ended April 30, 2023 are as follows:
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Number of
options
# |
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Weighted
average
exercise price
$ |
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Weighted
average life
remaining
(years) |
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| Balance, April 30, 2022 (outstanding) |
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1,624,150 |
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7.93 |
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3.11
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| Granted |
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718,512 |
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7.98 |
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- |
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| Exercised |
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(318,725 |
) |
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3.26 |
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- |
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| Expired |
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(115,174 |
) |
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10.75 |
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- |
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| Forfeited |
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(24,335 |
) |
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20.30 |
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- |
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| Balance, April 30, 2023 (outstanding) |
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1,884,428 |
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8.29 |
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2.88
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| Expired |
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(47,332 |
) |
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9.55 |
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- |
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| Forfeited |
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(55,756 |
) |
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4.20 |
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- |
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| Balance, October 31, 2023 (outstanding) |
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1,781,340 |
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8.09 |
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2.75
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| Unvested |
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(395,566 |
) |
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5.68 |
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4.22
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| Exercisable, October 31, 2023 |
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1,385,774 |
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8.77 |
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2.33
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Details of the options outstanding as of October 31, 2023 are as follows:
| Expiry Date |
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Exercise
price $ |
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Remaining
life (year) |
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Options
outstanding |
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Unvested |
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Vested |
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November 7, 2023
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4.10 |
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0.02
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20,000 |
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- |
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20,000 |
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December 31, 2023
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5.00 |
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0.17
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180,000 |
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- |
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180,000 |
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January 11, 2024
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5.00 |
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0.20
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60,000 |
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- |
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60,000 |
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September 1, 2025
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8.50 |
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1.84
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250,000 |
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- |
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250,000 |
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January 6, 2026
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20.30 |
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2.19
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199,000 |
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- |
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199,000 |
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May 9, 2026(1)
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10.59 |
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2.52
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10,000 |
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3,333 |
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6,667 |
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January 2, 2026
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6.89 |
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2.18
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28,250 |
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- |
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28,250 |
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January 7, 2027
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7.94 |
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3.19
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314,000 |
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- |
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314,000 |
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January 13, 2027
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8.30 |
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3.21
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31,000 |
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- |
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31,000 |
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February 22, 2024
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6.35 |
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0.31
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25,000 |
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- |
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25,000 |
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May 15, 2027
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5.79 |
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3.54
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80,000 |
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26,667 |
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53,333 |
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February 19, 2027(2)
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5.63 |
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3.31
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26,638 |
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7,265 |
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19,373 |
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February 19, 2028(2)
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5.63 |
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4.31
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557,452 |
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358,301 |
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199,151 |
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8.09 |
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2.75
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1,781,340 |
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395,566 |
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1,385,774 |
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(1) Exercise price of US $7.72. The figure in the table above is translated at the October 31, 2023 rate.
(2) Exercise price of US $4.10. The figure in the table above is translated at the October 31, 2023 rate.
d) Finder's Warrants
There were no changes in the finder's warrants during the six months ended October 31, 2023 or the year ended April 30, 2023. Details of the finder's warrants outstanding as of October 31, 2023 are as follows:
| Expiry Date |
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Exercise price
$ |
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Remaining life
(year) |
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Warrants
outstanding |
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February 3, 2026(1)
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23.07 |
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2.26
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130,111 |
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(1) Exercise price of US $16.81. The figure in the table above is translated at the October 31, 2023 rate.
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