Stock Purchase Warrants

9 Months Ended

Sep. 30, 2013

Stock Purchase Warrants [Text Block]

12.	Stock Purchase Warrants
	On August 13, 2010, the Company issued warrants to purchase 2,000,000 shares of common stock to a third party in exchange for the acquisition of intellectual property related to certain uranium prospects. Each warrant entitles the holder to acquire one common share of the Company for $3.00. The warrants have a four year term and vest as to 25% in July 2010, 2011, 2012 and 2013, respectively. (Refer to Note 5(k)). The warrants expire on June 30, 2014. None of these warrants have been exercised as at September 30, 2013.
	On June 5, 2013, the Company issued warrants to purchase 1,600,000 shares of common stock to investors loaning the Company $6,000,000. The warrants are exercisable for $1.60 per share, have a 30 month term subject to an acceleration clause and vested as to 1,200,000 on issue and 400,000 on August 16, 2013 when certain conditions were not met. See Note 8. None of these warrants have been exercised as at September 30, 2013.
	On September 5, 2013, the Company issued warrants to purchase 4,275,000 shares of common stock pursuant to a bought deal financing (see Note 10). The warrants are exercisable for $1.60 per share, have a 30 month term subject to an acceleration clause and vested on issue. None of these warrants have been exercised as at September 30, 2013.
	A summary of the changes in the Company’s common share purchase warrants is presented below:

		Weighted Average
	Number	Exercise Price
		$
Balance December 31, 2012	2,000,000	3.00
Issued	5,875,000	1.60
Balance September 30, 2013	7,875,000	1.96

As at September 30, 2013, the following common share purchase warrants were outstanding, all of which were exercisable:

Number of Warrants	Exercise Price	Expiry Date
	$
2,000,000	3.00	June 30, 2014
1,600,000	1.60	December 5, 2015
4,275,000	1.60	March 5, 2016
7,875,000