Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Warrant Derivative (Tables)

v3.20.4
Warrant Derivative (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract]  
Reconciliation of change in fair value of warrant derivative
A reconciliation of the change in fair value of the warrant derivative is as follows:
Number of Warrants Outstanding Fair Value of Warrant Derivative
$
Issued, August 16, 2019 4,619,773  1,657,214 
Exercised (2,935,647) (5,687,003)
Change in fair value —  12,608,808 
Foreign exchange impact —  (70,255)
As at December 31, 2019 1,684,126  8,508,764 
Exercised (1,418,369) (4,636,317)
Change in fair value —  (3,491,928)
Foreign exchange impact —  150,709 
As at December 31, 2020 265,757  531,228 
The estimated fair value of the warrant derivative was determined using the following assumptions:
December 31, 2020 December 31, 2019
Fair value per warrant US$1.57 US$3.89
Underlying share price US$2.38 US$4.76
Risk-free interest rate 0.10% 1.59%
Expected hold period to exercise 1.0 year 1.0 year
Expected share price volatility 90.00% 90.00%
Expected dividend yield Nil Nil