v3.25.1
Note 12 - Capital Stock
 9 Months Ended
Apr. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

NOTE 12:

CAPITAL STOCK

 

Equity Financing

 

On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the United States Securities Act of 1933, as amended (the “Securities Act”), which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an at-the-market offering agreement prospectus (the “2022 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.

 

On November 16, 2022, we also entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “2022 ATM Managers”) as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the ATM Managers selected by us.

 

On December 20, 2024, we filed a prospectus supplement to our 2022 Shelf (the “2024 ATM Offering”) under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million pursuant to an at-the-market offering agreement (the “2024 ATM Offering Agreement”) we have with Goldman Sachs & Co. LLC and certain co-managers (collectively, the “2024 ATM Managers”). Under the 2024 ATM Offering Agreement, we may, from time to time, sell shares of our common stock through the 2024 ATM Managers selected by us.

 

During the nine months ended April 30, 2024, we issued 24,584,399 of the Company’s common stock under the 2022 ATM Offering for gross cash proceeds of $158.62 million. The total issuance costs were $3.57 million, all of which were related to compensation paid to the 2022 ATM Managers.

 

During the nine months ended April 30, 2025, we issued 11,516,375 and 11,888,516 of the Company’s common stock under the 2022 ATM Offering and the 2024 ATM Offering for gross cash proceeds of $94.40 million and $75.34 million, respectively. The total issuance costs were $2.15 million and $1.69 million, all of which were related to compensation paid to the 2022 ATM Managers and the 2024 ATM Managers, respectively.

 

Subsequent to April 30, 2025, we issued 9,306,188 of the Company’s common stock under the 2024 ATM Offering for gross cash proceeds of $56.08 million. The total issuance costs were $1.26 million, all of which were related to compensation paid to the 2024 ATM Managers.

 

Share Purchase Warrants

 

A continuity schedule of our outstanding share purchase warrants for the nine months ended April 30, 2025, is as follows:

 

   

Number of

    

Weighted Average

  
   

Warrants

    

Exercise Price

  

Balance, July 31, 2024

     1,265,319     $ 3.29  

Exercised

     (1,065,899 )     3.21  

Expired

     (40,329 )     2.35  

Balance, April 30, 2025

     159,091     $ 4.13  

 

A summary of our share purchase warrants outstanding and exercisable as of April 30, 2025, is as follows:

 

       

Number of

    

Weighted Average Remaining

    

Weighted Average

    

Warrants

    

Contractual

    

Exercise Price

    

Outstanding

    

Life (Years)

  

Expiry Date
  4.13       159,091       0.93  

April 5, 2026

 

During the nine months ended April 30, 2025, we received cash proceeds totaling $3.30 million from the exercise of share purchase warrants. During the nine months ended April 30, 2024, we received cash proceeds totaling $4.51 million from the exercise of share purchase warrants.