Note 8 - Warrants

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Class of Warrant or Right [Text Block]

8. WARRANTS  

The changes in warrants are as follows:

	Number of warrants		Weighted average exercise price
Warrants outstanding, December 31, 2020		12,500,000	$	0.001
Granted		4,900,000		1.00
Warrants outstanding, December 31, 2021 and March 31, 2022		17,400,000	$	0.28

Details of warrants outstanding as at December 31, 2021 are as follows:

Exercise price			Number of warrants outstanding		Expiry date	Number of warrants exercisable		Remaining contractual life (years)
$	1.00	(CAD)		4,900,000	April 19, 2023		4,900,000		1.05
$	0.001	(1)  (USA)		12,500,000	June 4, 2025		-		3.18
				17,400,000			4,900,000

⁽¹⁾ No share purchase warrants are exercisable until specific performance criteria have been met. Such criteria being 1) revenue sales projections per CTI’s 5 year proformas, or 2) listing on a major US exchange, or 3) change of control.