Note 13 - Capital Stock

3 Months Ended

Oct. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 13: CAPITAL STOCK

Equity Financing

On May 17, 2021, we filed a Form S-3 shelf registration statement under the Securities Act, which was declared effective by the SEC on June 1, 2021, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of up to an aggregate offering amount of $200 million (the “2021 Shelf”), which included an at-the-market offering agreement prospectus (the “May 2021 ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $100 million as part of the $200 million under the 2021 Shelf.

On May 14, 2021, we entered into an at-the-market offering agreement (the “2021 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “2021 ATM Managers”) as set forth in the 2021 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the 2021 ATM Managers selected by us.

On November 26, 2021, we filed a prospectus supplement to our 2021 Shelf with respect to the continuation of the May 2021 ATM Offering Agreement with the 2021 ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to an additional $100 million for a total of $200 million through the 2021 ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with the May 2021 ATM Offering, the “2021 ATM Offering”). 

On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the Securities Act, which became effective upon filing, providing for the public offer and sale of certain securities of the Company from time to time, at our discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”), which included an at-the-market offering agreement prospectus (the “2022 ATM Offering”; and, collectively, with the 2021 ATM Offering, the “ATM Offerings”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.

On November 16, 2022, we entered into an at-the-market offering agreement (the “2022 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “2022 ATM Managers”) as set forth in the 2022 ATM Offering Agreement under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $300 million through the 2022 ATM Managers selected by us.

During the three months ended October 31, 2022, we issued 5,218,890 shares of the Company’s common stock under the 2021 ATM Offering for net cash proceeds of $21,714.

Subsequent to October 31, 2022, we issued 3,687,663 common shares of the Company’s common stock under our ATM Offerings for net cash proceeds of $13,505.

Share Purchase Warrants

A continuity schedule of our outstanding share purchase warrants for the three months ended October 31, 2022, is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, July 31, 2022		3,615,454		$	1.92
Issuance of Replacement Warrants (Note 3,12)		4,660,580			2.80
Exercised		(3,410,898	)		1.80
Expired		(27,550	)		1.80
Balance, October 31, 2022		4,837,586		$	2.85

A summary of our share purchase warrants outstanding and exercisable as of October 31, 2022, is as follows:

Weighted Average Exercise Price		Number of Warrants Outstanding		Weighted Average Remaining Contractual Life (Years)		Expiry Date
$	1.71		144,194		0.55	May 20, 2023
	1.64		25,000		0.55	May 21, 2023
	1.43		811,362		0.59	June 2, 2023
	3.15		3,675,212		1.85	September 7, 2024
	4.13		181,818		3.43	April 5, 2026
$	2.85		4,837,586		1.65

As at October 31, 2022, outstanding Replacement Warrants issued in connection with UEX Acquisition, which are dominated in CAD, were 4,630,768.

During the three months ended October 31, 2022, we received cash proceeds totaling $6,140 from the exercise of share purchase warrants.

Stock Options

As of October 31, 2022, we had one stock option plan, our 2022 Stock Incentive Plan (the “2022 Plan”), which superseded and replaced the Company’s 2021 Stock Incentive Plan (collectively the “Stock Incentive Plan”), such that no further shares are issuable under the prior plan.

A continuity schedule of our outstanding stock options for the three months ended October 31, 2022, is as follows:

	Number of Stock Options			Weighted Average Exercise Price
Balance, July 31, 2022		8,880,527		$	1.58
Issuance of Replacement Options (Note 3)		2,301,750			1.90
Granted		5,000			4.23
Exercised		(2,331,222	)		1.61
Balance, October 31, 2022		8,856,055		$	1.65

The table below sets forth the number of shares issued and cash received upon exercise of our stock options:

	Three Months Ended October 31,
	2022		2021
Number of Options Exercised on Cash Basis		138,537		344,998
Number of Options Exercised on Forfeiture Basis		2,192,685		685,545
Total Number of Options Exercised		2,331,222		1,030,543
Number of Shares Issued on Cash Exercise		138,537		344,998
Number of Shares Issued on Forfeiture Basis		1,266,064		408,992
Total Number of Shares Issued Upon Exercise of Options		1,404,601		753,990
Cash Received from Exercise of Stock Options	$	206	$	384
Total Intrinsic Value of Options Exercised	$	5,595	$	1,905

A continuity schedule of our outstanding unvested stock options as of October 31, 2022, and the changes during the period, is as follows:

	Number of Unvested Stock Options			Weighted Average Grant-Date Fair Value
Balance, July 31, 2022		2,186,154		$	1.79
Issuance of Replacement Options (Note 3)		2,301,750			1.75
Granted		5,000			2.70
Vested		(2,467,341	)		1.79
Balance, October 31, 2022		2,025,563		$	1.74

As at October 31, 2022, the aggregate intrinsic value of all of our outstanding stock options was estimated at $22,631 (vested: $19,868 and unvested: $2,763). As at October 31, 2022, our unrecognized compensation cost related to unvested stock options was $2,715, which is expected to be recognized over 1.10 years.

A summary of our stock options outstanding and exercisable as at October 31, 2022, is as follows:

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Outstanding at October 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Exercisable at October 31, 2022		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
$0.80	to	$0.99		3,688,374	$	0.92		7.28		3,688,374	$	0.92		7.28
$1.00	to	$1.99		2,703,500		1.30		4.47		2,261,832		1.34		3.83
$2.00	to	$2.99		1,028,814		2.22		7.91		554,643		2.22		7.23
$3.00	to	$3.99		1,430,367		3.80		8.68		325,643		3.77		5.81
$4.00	to	$4.23		5,000		4.23		9.98		-		4.23		9.98
				8,856,055	$	1.65		6.72		6,830,492	$	1.30		6.06

Restricted Stock Units

A summary of our outstanding and unvested restricted stock units (“RSU”s) as of October 31, 2022, is as follows:

Grant Date	Number of Restricted Stock Units		Grant Date Fair Value		Remaining Life (Years)		Aggregate Intrinsic Value
July 16, 2020		217,498	$	0.91		0.71	$	916
July 21, 2021		271,746		2.15		1.72		1,144
May 01, 2022		58,824		4.25		2.50		248
July 29, 2022		287,966		3.98		2.75		1,212
		836,034	$	2.61		1.87	$	3,520

During the three months ended October 31, 2022 and 2021, our stock-based compensation related to RSUs were $293 and $189, respectively.  As at October 31, 2022, our unrecognized compensation costs related to unvested RSUs totaled $1,456, which is expected to be recognized over a period of approximately 1.67 years.

Performance Based Restricted Stock Units

During the three months ended October 31, 2022 and 2021, our stock-based compensation relating to amortization of target performance based restricted stock units (“PRSU”s) totaled $99 and $73, respectively. As at October 31, 2022, our outstanding unvested PRSUs were 734,582 ( July 31, 2022: 734,582), and our unrecognized compensation costs relating to unvested PRSUs totaled $881 ( July 31, 2022: $981), which is expected to be recognized over a period of approximately 2.17 years ( July 31, 2022: 2.41 years).

Stock-Based Compensation

A summary of our stock-based compensation expense is as follows:  

	Three Months Ended October 31,
	2022		2021
Stock-Based Compensation for Consultants
Common stock issued to consultants	$	148	$	305
Amortization of stock option expenses		228		80
		376		385
Stock-Based Compensation for Management
Amortization of stock option expenses		133		166
Amortization of RSU and PRSU expenses		354		262
		487		428
Stock-Based Compensation for Employees
Common stock issued to employees		247		272
Amortization of stock option expenses		673		296
Amortization of RSU expenses		38		-
		958		568
	$	1,821	$	1,381