Examples of PP Warrants in a sentence
A total of$6.3 million was allocated to the 2019 PP Warrants liability based on their fair value determined using the trading price at the date of closing of the transaction and the remaining $5.1 million of the gross proceeds was allocated to the common shares and recorded as a share capital.
The gross proceeds were allocated $8.4 million to the fair value of the 2020 PP Warrants and $21.7 million to the common shares.
Transaction costs related to 2020 Private Placement amounted to $0.6 million, of which $0.1 million was allocated to the 2020 PP Warrants and was recognized as a finance cost in the statement of operations (Note 21).
A total of $21.7 million of the gross proceeds was allocated to the common shares and $8.4 million was allocated to the fair value of the 2020 PP Warrants.
Pursuant to a private placement of share purchase warrants of the Company (“PP Warrants”) that closed on February 3, 2021, the Company issued an aggregate of 15,150,000 PP Warrants at a price of $0.001 per warrant for gross proceeds of $15,150, with each PP Warrant being exercisable into one Common Share at a price of $0.20 per Common Share for a period beginning on the Listing Date and ending on the date that is two (2) years following the Listing Date.
During the three months period ended December 31, 2021, the Company received instructions to exercise 1,160,000 PP Warrants resulting in the issuance of an equal number of common shares and aggregate proceeds to the Company of $163 (equivalent to CAD$209).
If the Company fails to list its Common Shares on the Exchange within two years of the date of issuance of the PP Warrants, the PP Warrants will expire automatically on that date.
The Common Shares underlying the PP Warrants are subject to resale restrictions for a period of four months beginning on the Listing Date, with 20% of such resale restrictions being released each month, commencing on the Listing Date.
A total of $6.3 million was allocated to the 2019 PP Warrants liability based on their fair value determined using the trading price at the date of closing of the transaction and the remaining $5.1 million of the gross proceeds was allocated to the common shares and recorded as a share capital.
Transaction costs related to 2020 Private Placement amounted to $0.6 million, of which $0.1 million was allocated to the 2020 PP Warrants and was recognized as a finance cost in the statement of operations (Note 17).