| Schedule of common shares issued and outstanding |
| |
|
Number of common shares |
|
|
Amount
|
|
| |
|
# |
|
|
$ |
|
| Balance, June 30, 2019 |
|
|
13,007,956 |
|
|
|
5,745,215 |
|
| Shares issued from exercise of warrants (a) |
|
|
50 |
|
|
|
154 |
|
| Balance, June 30, 2020 |
|
|
13,008,006 |
|
|
|
5,745,369 |
|
| Shares issued from exercise of warrants (b) |
|
|
2,170 |
|
|
|
4,883 |
|
| Balance, June 30, 2021 |
|
|
13,010,176 |
|
|
|
5,750,252 |
|
| Shares issued on initial public offering (c) |
|
|
3,680,000 |
|
|
|
34,988,520 |
|
| Shares issue costs (b) |
|
|
- |
|
|
|
(4,233,129 |
) |
| Shares issued on conversion of debentures (d) |
|
|
751,163 |
|
|
|
857,399 |
|
| Shares issued on vesting of restricted share units (e) |
|
|
240,000 |
|
|
|
1,950,645 |
|
| Shares issued from exercise of warrants (f) |
|
|
243,419 |
|
|
|
419,946 |
|
| Balance, June 30, 2022 |
|
|
17,924,758 |
|
|
|
39,733,633 |
|
|
(a) |
During the year ended June 30, 2020, 50 common shares were issued as a result of the exercise of Warrants
for cash proceeds of $113. |
|
(b) |
During the year ended June 30, 2021, 2,170 common shares were issued as a result of the exercise of Warrants
for cash proceeds of $4,883. |
|
(c) |
On November 23, 2021, the Company completed the IPO through the issuance
of 3,680,000 common shares, including 480,000 common shares issued under the underwriters’ over-allotment option, at a price of
$9.51 (USD $7.50) per share for gross proceeds of $34,988,520 (USD $27,600,000). In connection with the IPO, the Company granted the underwriters
184,000 Finders’ Warrants with each Finders’ Warrant exercisable into one common share of the Company at the price of USD
$9.375 until November 23, 2026 (see Notes 10 and 14). In addition, the Company paid total issuance costs of $2,995,448 comprised of (i)
a cash commission of $2,624,139 to the underwriters, (ii) underwriters’ fees of $304,248, and (iii) other closing expenses of $67,061. |
|
(d) |
On November 23, 2021, the Company also issued 751,163 common shares for the conversion of all outstanding
Debentures at a conversion price of $1.25 per common share. The total amount of $863,294 was transferred from derivative liability to
share capital. |
|
(e) |
On January 9, 2022, the Company issued 240,000 common shares as a result of the vesting of restricted
share units (“RSUs”). These common shares were valued at an amount of $1,950,645. See Note 12 for more details. |
|
(f) |
During the year ended June 30, 2022, 243,419 common shares were also issued as a result of the exercise
of Warrants for cash proceeds of $365,114. |
|