| Schedule of Purchase Price |
The purchase price is allocated as follows:
| Fair value of shares retained by former shareholders of the Company (515,920 post 1:0.9692 consolidation shares at $6.10 (CAD$8.50)) |
|
$ |
3,147,117 |
|
|
Fair value of replacement warrants of the Company
|
|
|
7,196,286 |
|
|
Total consideration
|
|
$
|
10,343,403 |
|
| |
|
|
|
|
|
Net assets (liabilities) acquired of the Company:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,661,645 |
|
|
Accounts payable and accrued liabilities
|
|
|
(11,867,129 |
)
|
|
Promissory note payable (Note 10)
|
|
|
(3,000,000 |
)
|
|
Total net assets (liabilities)
|
|
$
|
(13,205,484 |
)
|
| |
|
|
|
|
|
Reduction to additional paid in capital as a result of the recapitalization
|
|
$
|
23,548,887 |
|
|
The purchase price is allocated as follows:
| Fair value of shares retained by former shareholders of the Company (515,920 post 1:0.9692 consolidation shares at $6.10 (CAD$8.50)) |
|
$ |
3,147,117 |
|
|
Fair value of replacement warrants of the Company
|
|
|
7,196,286 |
|
|
Total consideration
|
|
$
|
10,343,403 |
|
| |
|
|
|
|
|
Net assets (liabilities) acquired of the Company:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,661,645 |
|
|
Accounts payable and accrued liabilities
|
|
|
(11,867,129 |
)
|
|
Promissory note payable (Note 9)
|
|
|
(3,000,000 |
)
|
|
Total net assets (liabilities)
|
|
$
|
(13,205,484 |
)
|
| |
|
|
|
|
|
Reduction to additional paid in capital as a result of the recapitalization
|
|
$
|
23,548,887 |
|
|