Note 14 - Capital Stock

12 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 14: 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. 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 Valuation 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
Fair Value of Share Purchase Warrants		1,446
Total Fair Value Before Allocation to Net Proceeds	$	13,446
Gross Proceeds	$	15,000
Share Issuance Costs - Cash		(878	)
Net Cash Proceeds Received	$	14,122
Relative Fair Value Allocation to:
Shares	$	12,603
Share Purchase Warrants		1,519
	$	14,122

During Fiscal 2021, we issued 13,668,906 shares of the Company’s common stock under our 2020 ATM Offering for net cash proceeds of $29,321.

On March 19, 2021, we completed a registered direct offering of 10,000,000 shares of the Company’s common stock for net proceeds of $29,084.

On April 8, 2021, we completed a registered direct offering of 3,636,364 shares of the Company’s common stock for net proceeds of $11,316. 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 Valuation 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 stocks under our May 2021 ATM Offering for net cash proceeds of $6,157.

During Fiscal 2022, we issued 47,507,536 shares of the Company’s common stocks under our 2021 ATM Offerings for net cash proceeds of $163,814.

Subsequent to July 31, 2022, we issued a further 3,510,100 shares of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $14,808.

Share Purchase Warrants

A continuity schedule of outstanding share purchase warrants as at July 31, 2022, 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
Exercised		(1,771,869	)		1.88
Balance, July 31, 2022		3,615,454		$	1.92

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

Weighted Average Exercise Price		Number of Warrants Outstanding		Weighted Average Remaining Contractual Life (Years)		Expiry Date
$	1.80		3,408,636		0.15	September 23, 2022
	1.64		25,000		0.80	May 21, 2023
	4.13		181,818		3.68	April 5, 2026
$	1.92		3,615,454		0.33

During Fiscal 2022, Fiscal 2021 and Fiscal 2020, we received cash proceeds totaling $3,325, $3,589 and $Nil, respectively, from the exercise of share purchase warrants.

Subsequent to July 31, 2022, we received cash proceeds totaling $6,141 from the exercise of share purchase warrants.