Stock Purchase Warrants

6 Months Ended

Jun. 30, 2014

Stock Purchase Warrants [Text Block]

12.	Stock Purchase Warrants
	a)	In September, 2013, as a component of a public offering of Units, the Company issued 4,275,000 common share purchase warrants, exercisable for $1.60 per share during the thirty month period ending March 5, 2016. The Company has the right to accelerate the expiry date of the warrants in the event that the underlying common shares trade at a closing price on the NYSE market of greater than $2.75 per share for a period of 20 consecutive trading days. As at June 30, 2014, 125,000 warrants have been exercised.
	b)	In June, 2013 as additional consideration for a loan, the Company issued non-transferable common stock purchase warrants entitling the holders to purchase from the Company 1,600,000 common shares at an exercise price of $1.60 per share, of which 1,200,000 warrants were immediately exercisable and 400,000 additional warrants exercisable only if the Notes remain outstanding after August 15, 2013. The loan was repaid in December 2013. The warrants expire 30 months from the date of issue, subject to an acceleration option exercisable by the Company in the event that the Company’s common shares trade at a closing price on the NYSE MKT of greater than $2.75 per share for 20 consecutive trading days. No warrants have been exercised as at June 30, 2014.
	c)	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 expired June 30, 2014. (Refer to Note 5(k)).

A summary of the changes in the Company’s common share purchase warrants is presented below:

				Weighted Average
	Number			Exercise Price
			$
Balance December 31, 2013	7,875,000			1.96
Expired	(2,000,000	)		3.00
Exercised	(125,000	)		1.60
Balance June 30, 2014	5,750,000			1.60

As at June 30, 2014, the following common share purchase warrants were outstanding and exercisable:

Number of Warrants	Exercise Price	Expiry Date
	$
1,600,000	1.60	December 5, 2015
4,150,000	1.60	March 5, 2016