Warrants

12 Months Ended

Dec. 31, 2024

12.

WARRANTS

Outstanding equity-classified warrants to purchase common shares consisted of the following:


	December 31, 2024				December 31, 2023
Expiration	Number of Shares Issued and Exercisable		Exercise Price (Canadian Dollars)		Number of Shares Issued and Exercisable		Exercise Price (Canadian Dollars)
September 21, 2026		11,122,105	$	1.96		11,122,105	$	1.96
October 1, 2025		648,783		8.12		648,783		8.12
April 26, 2024		—		—		5,394,945		10.35

		11,770,888	$	2.30		17,165,833	$	4.83

Warrant activity during the years ended December 31, 2024, and 2023 is summarized in the table below:


	Warrants			Weighted average (Canadian Dollars)		Warrants		Weighted average (U.S. Dollars)
Balance as of December 31, 2022		11,482,766			7.22		—		—
Issued		11,479,075			1.90
Exercised		(356,970	)		—
Expired		(5,439,038	)		4.01		—		—

Balance as of December 31, 2023		17,165,833			4.83		—		—
Expired		(5,394,945	)		10.35		—		—

Balance as of December 31, 2024		11,770,888		$	2.30	$	—	$	—

In January 2022, 180,000 warrants with an exercise price of $2.95 were exercised, resulting in the issue of 180,000 common shares. In 2023, 11,479,075 warrants were issued, in connection with the unit offering described in Note 5, Debt Transactions, of which 356,970 were prefunded and exercised in December 2023, resulting in the issue of 356,970 common shares.