Note 13 - Capital Stock

12 Months Ended

Jul. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

13:

         

CAPITAL STOCK

Equity Financing

On

September 23, 2020,

we completed our

September 2020

Offering of

12,500,000

units at a price of

$1.20

for gross proceeds of

$15,000,000.

Each unit was comprised of

one

share of our Company and

one

-half of

one

share purchase warrant, and each whole warrant entitles its holder to acquire

one

share at an exercise price of

$1.80

per share, exercisable immediately upon issuance and expiring

24

months from the date of issuance. In connection with the

September 2020

Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase

583,333

shares of our Company exercisable at an exercise price of

$1.80

per share and expiring

24

months from the date of issuance.

The shares were valued at the Company's closing price of

$0.96

per share on

September 23, 2020.

The share purchase warrants were valued at

$0.23

per warrant using the Black-Scholes option pricing model with the following assumptions.

Expected Risk Free Interest Rate	0.14	%
Expected Annual Volatility	76.81	%
Expected Contractual Life in Years	2.00
Expected Annual Dividend Yield	0.00	%

Net proceeds from the

September 2020

Offering were allocated to the fair values of the shares and share purchase warrants as presented below:

Fair Value of Shares	$	12,000,000
Fair Value of Share Purchase Warrants		1,445,756
Total Fair Value Before Allocation to Net Proceeds	$	13,445,756
Gross Proceeds	$	15,000,000
Share Issuance Costs - Cash		(878,344	)
Net Cash Proceeds Received	$	14,121,656
Relative Fair Value Allocation to:
Shares	$	12,603,224
Share Purchase Warrants		1,518,432
	$	14,121,656

During Fiscal

2021,

we issued

13,668,906

shares of the Company's common stock at a weighted average price of

$2.19

per share under our

2020

ATM Offering for net cash proceeds of

$29,320,949.

On

March 19, 2021,

we completed a registered direct offering of

10,000,000

shares of the Company's common stock at a price of

$3.05

per share for net proceeds of

$29,083,710.

On

April 8, 2021,

we completed a registered direct offering of

3,636,364

shares of the Company's common stock at a price of

$3.30

per share for net proceeds of

$11,315,966.

In connection with the

April 2021

Offering, we also issued, on a private placement basis,

181,818

common stock purchase warrants (each, an “Agent Warrant”) to the agent as partial compensation, and each Agent Warrant entitles its holder to acquire

one

share of common stock at an exercise price of

$4.125

per share and expiring

five

years from the date of issuance.

The Agent Warrants were valued at

$1.80

per warrant using the Black-Scholes option pricing model with the following assumptions.

Expected Risk Free Interest Rate	0.85	%
Expected Annual Volatility	72.17	%
Expected Contractual Life in Years	5.00
Expected Annual Dividend Yield	0.00	%

During Fiscal

2021,

we issued

2,265,700

shares of the Company's common stock at a weighted average price of

$2.78

per share under our

2021

ATM Offering for net cash proceeds of

$6,156,690.

Subsequent to

July 31, 2021,

we issued a further

20,743,878

shares of the Company's common stock at a weighted average price of

$3.09

per share under our

2021

ATM Offering for net cash proceeds of

$62,671,103.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants as at

July 31, 2021,

and the changes during the periods, is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2019		19,443,910		$	1.94
Issued		300,000			1.38
Expired		(12,021,929	)		1.87
Balance, July 31, 2020		7,721,981			2.03
Issued in connection with September 2020 Offering		6,833,333			1.80
Issued in connection with April 2021 Offering		181,818			4.13
Exercised		(8,240,505	)		1.99
Expired		(1,109,304	)		1.87
Balance, July 31, 2021		5,387,323		$	1.90

During Fiscal

2021

and Fiscal

2020,

we received cash proceeds totaling

$3,588,291

and

$Nil,

respectively, from the exercise of share purchase warrants.

A summary of share purchase warrants outstanding and exercisable as at

July 31, 2021

is as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Weighted Average Remaining Contractual Life (Years)		Expiry Date
$	2.30		271,546		1.02	August 9, 2022
	1.64		25,000		1.80	May 21, 2023
	1.80		4,908,959		1.15	September 23, 2022
	4.13		181,818		4.68	April 5, 2026
$	1.90		5,387,323		1.26