Note 11 - Capital Stock

3 Months Ended

Oct. 31, 2024

Notes to Financial Statements

Equity [Text Block]

NOTE 11: CAPITAL STOCK

Equity Financing

On November 16, 2022, we filed a Form S-3 automatic shelf registration statement under the United States Securities Act of 1933, as amended (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 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 “ATM Offering”) covering the offering, issuance and sale of up to a maximum offering of $300 million under the 2022 Shelf.

On November 16, 2022, we also entered into an at-the-market offering agreement (the “ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”) as set forth in the 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 ATM Managers selected by us.

During the three months ended October 31, 2023, we issued 10,770,000 of the Company’s common stock under the ATM Offering for gross cash proceeds of $57.57 million. The total issuance costs were $1.30 million, all of which were related to compensation paid to the ATM Managers.

During the three months ended October 31, 2024, we issued 7,595,626 of the Company’s common stock under the ATM Offering for gross cash proceeds of $62.64 million. The total issuance costs were $1.41 million, all of which were related to compensation paid to the ATM Managers.

Subsequent to October 31, 2024, we issued 3,920,749 of the Company’s common stock under the ATM Offering for gross cash proceeds of $31.76 million. The total issuance costs were $0.71 million, all of which were related to compensation paid to the ATM Managers.

Share Purchase Warrants

A continuity schedule of our outstanding share purchase warrants for the three months ended October 31, 2024, is as follows:

	Number of			Weighted Average
	Warrants			Exercise Price
Balance, July 31, 2024		1,265,319		$	3.29
Exercised		(1,065,899	)		3.21
Expired		(40,329	)		2.35
Balance, October 31, 2024		159,091		$	4.13

A summary of our share purchase warrants outstanding and exercisable as of October 31, 2024, is as follows:

		Number of		Weighted Average Remaining
Weighted Average		Warrants		Contractual
Exercise Price		Outstanding		Life (Years)		Expiry Date
	4.13		159,091		1.43	April 5, 2026

During the three months ended October 31, 2024, we received cash proceeds totaling $3.39 million from the exercise of share purchase warrants (three months ended October 31, 2023: $Nil).