Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Share Capital

v3.20.1
Note 9 - Share Capital
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
9.
 Share capital:
 
The Company has authorized share capital of an unlimited number of common voting shares.
 
(a)
 Equity issuances:
 
(i)
2018
Share Purchase agreement
 
On
May 30, 2018,
the Company entered into the
2018
Aspire Purchase Agreement, which provided that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of
$20
million of Common Shares over approximately
30
months. Pursuant to the terms of this agreement, on
June 8, 2018,
the Company issued
170,261
Common Shares (“Commitment Shares”) to Aspire Capital in consideration for entering into the
2018
Aspire Purchase Agreement for a total cost of
$600
thousand. During the
three
months ended
March 31, 2019,
the Company issued
3,259,955
common shares under the
2018
Aspire Purchase Agreement at an average price of
$1.84
per share for gross and net proceeds of
$
6
million. On a cumulative basis to
March 31, 2019,
the Company has raised a total of approximately
$
7.9
million gross and net proceeds under the Aspire Purchase Agreement.
 
(ii)
2018
At-The-Market (“ATM”) Facility
 
On
March 27, 2018,
the Company entered into an “At-The-Market” Facility (“ATM”) equity distribution agreement with Cantor Fitzgerald acting as sole agent. Under the terms of this facility, the Company
may,
from time to time, sell shares of our common stock having an aggregate offering value of up to
$30
million through Cantor Fitzgerald on the Nasdaq Capital Market. During the
three
months ended
March 31, 2019,
the Company issued
77,349
shares under this ATM equity facility at an average price of
$2.37
for gross proceeds of
$183
thousand (
$178
thousand net of share issue costs). Costs associated with the proceeds consisted of a
3%
cash commission. On a cumulative basis to
March 31, 2019,
the Company has raised a total of
$11.2
million gross proceeds (
$10.9
million net of share issue costs) under the ATM Facility. The facility was terminated on
May 24, 2019
 
(b)
 Loss per share:
 
Loss per common share is calculated using the weighted average number of common shares outstanding and is presented in the table below:
 
     
Three months ended
March 31, 2020
      
Three months ended
March 31, 2019
  
                 
Net loss   $
(11,526
 )   $
(5,506
 )
Weighted-average common shares – basic and diluted    
76,227
      
39,846
  
Net loss per share – basic and diluted   $
(0.15
 )   $
(0.14
 )
 
The effect of any potential exercise of the Company’s stock options outstanding during the
three
month periods ended
March 31, 2020
and
March 31, 2019
has been excluded from the calculation of diluted loss per common share as it would be anti-dilutive.