Thursday, February 09, 2023 11:15:29 AM
you are dead right for anybody looking at this stock. From the filing:
On February 2, 2022, the Company closed the initial public offering (the “Offering”) of 46,000,000 units of the Company (the “Units”) at a price of $0.39 (C$0.50) per Unit (the “Offering Price”), for gross proceeds of $18,142,400 (C$23,000,000). The Company also issued an additional 6,900,000 Units at the Offering Price, for additional gross proceeds of $2,721,360 (C$3,450,000), in connection with the exercise in full of the over- allotment option.
Each Unit is comprised of one common share (a “Common Share”) and one half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant is exercisable into one Common Share at a price of $0.55 (C$0.70) per Common Share and expires on February 2, 2024. The fair value of the Warrants upon issuance was determined to be $3,127,478 using the Black-Scholes option pricing model with the following assumptions: stock price of $0.37 (C$0.47), dividend yield of 0%, expected volatility of 80%, risk free interest rate of 1.24% and expected life of 2 years.
These warrants are considered a derivative liability since the currency denomination
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