| Equity [Text Block] |
18. Equity
(a) Authorized
Unlimited common shares without par value
Unlimited preferred shares without par value
(b) Issued and fully paid common shares
During the period ended June 30, 2026, the Company:
- On November 25, 2025, the Company entered into an equity distribution agreement ("November 2025 Equity Distribution Agreement"). Under the November 2025 Equity Distribution Agreement, the Company may, from time to time, sell up to $300 million of common shares in the capital of the Company (the "November 2025 ATM Equity Program"). The Company issued 9,855,902 common shares (the "November 2025 ATM Shares") pursuant to the November 2025 ATM Equity Program for gross proceeds of $31.1 million. The November 2025 ATM shares were sold at prevailing market prices, for an average price per November 2025 ATM Share of $3.16 (C$4.37). Pursuant to the November 2025 Equity Distribution Agreement, a cash commission of $0.9 million on the aggregate gross proceeds raised was paid to the Agents in connection with its services under the November 2025 Equity Distribution Agreement. In addition, the Company incurred $156 thousand in fees related to its November 2025 ATM Equity Program.
- Issued 1,797,375 common shares upon the vesting of restricted share units (Note 19 (b)).
During the period ended June 30, 2025, the Company:
- The Company issued 38,109,822 October 2024 ATM Shares pursuant to the October 2024 ATM Equity Program for gross proceeds of $70 million. The October 2024 ATM shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of $1.84 (C$2.54). Pursuant to the October 2024 Equity Distribution Agreement, a cash commission of $1.8 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the October 2024 Equity Distribution Agreement. In addition, the Company incurred $145 in fees related to its October 2024 ATM Equity Program.
- The Company issued 600,000 common shares for total proceeds of $738 pursuant to the exercise of 500,000 options at a price of $1.25 per stock option and 100,000 options at a price of $1.10 per stock option.
Following is a summary of changes in warrants outstanding for the period ended June 30, 2026:
| |
|
Warrants outstanding |
|
Weighted average
exercise price
|
| |
|
|
|
|
| Balance, March 31, 2024 |
|
5,243,727 |
$ |
15.20 |
| Reclassified to warrant liability |
|
(4,898,727) |
|
(15.91) |
| Balance, March 31, 2025 |
|
345,000 |
$ |
5.00 |
| Exercised |
|
(215,625) |
|
(5.00) |
| Balance, March 31, 2026 |
|
129,375 |
$ |
5.00 |
| Exercised |
|
- |
|
- |
| Balance, June 30, 2026 |
|
129,375 |
$ |
5.00 |
|