Quarterly report pursuant to Section 13 or 15(d)

Share Purchase Warrants

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Share Purchase Warrants
9 Months Ended
Dec. 31, 2019
Share Purchase Warrants [Abstract]  
Share Purchase Warrants
15. Share Purchase Warrants

 

    Number of
warrants
    Weighted
average
exercise price
$
 
             
Balance, March 31, 2018     1,500,000       1.00  
                 
Issued     3,300,000       2.50  
Exercised     (500,000 )     1.00  
Balance, March 31, 2019     4,300,000       2.15  
                 
Settled with warrant holder     (1,000,000 )     1.00  
                 
Balance, December 31, 2019     3,300,000       2.50  

 

On November 10, 2019, the Company entered into an agreement with a warrant holder for the settlement of 1,000,000 share purchase warrants, with an exercise price of $1.00 per share and expiry of November 23, 2019. Under the terms of the settlment agreement, the Company will pay $750,000 for the surrender and cancellation of these warrants, with $375,000 due on November 17, 2019 (Paid) and $375,000 due by January 2, 2020 (Subsequently paid)(Note 13).

 

As at December 31, 2019, the following share purchase warrants were outstanding:

 

Number of warrants outstanding     Exercise
price
$
    Expiry date
             
  3,300,000       2.50     July 1, 2020
                 
  3,300,000