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Common Shares and Warrants
 12 Months Ended
Aug. 31, 2025
Common Shares and Warrants  
Common Shares and Warrants

12. Common Shares and Warrants

 

Fiscal 2025 Activity

 

The Company entered into a Securities Purchase Agreement whereby on April 28, 2025, the Company issued 2,000,000 shares of common stock at a $1.00 per share in a registered direct offering. The Company also agreed to compensate the placement agent through the issuance of warrants to purchase up to 70,000 shares of common stock. Such warrants will expire five years from the issuance date and have an exercise price of $1.25 per share. The net proceeds to the Company from the registered direct offering was $1.7 million, after deducting placement agent fees and other offering expenses paid by the Company.

 

In February 2025, the Company sold 6,585 shares of common stock through an At the Market (ATM) offering for net proceeds of $11,720. On September 19, 2025 the Company terminated the ATM and the associated share issuance costs of $94,000 will be charged to additional paid-in capital during the first quarter of fiscal year 2026.

 

On January 7, 2025, the Company issued 100,000 Restricted Stock Awards ('RSAs') with a fair value of $224,000 and having a vesting period of six months to its Strategic Executive Consultant. The RSAs fully were vested as of August 31, 2025.

 

In October 2024, the Company sold 8,402 shares of common stock through an ATM offering for gross proceeds of $26,146. Share issuance costs related to the ATM offering of $144,812 were charged to additional paid in capital.

 

On October 16, 2024, the Company, pursuant to a Securities Purchase Agreement, issued 1,633,987 shares of common stock at a purchase price of $3.06 per share for gross and net proceeds of $5.0 million and $4.5 million, respectively. Concurrently, the Company issued, by way of a private placement transaction, 4,551,019 share purchase warrants, entitling the holder thereof to purchase up to 4,551,019 shares of common stock at a price of $3.06 per share for a period of five years from January 14, 2025, the date of shareholder approval for such warrant issuance. The shares were registered pursuant to a take down of the Company’s Form S-3 registration statement and the warrants and related warrant shares were registered pursuant to a Form S-3 registration statement. As part of the terms and conditions of the warrant issuance, the sole investor agreed to cancel the 2,917,032 share purchase warrants bearing an exercise price of $4.75 that were issued to them in the April 30, 2024 financing. We also issued the placement agent warrants to purchase up to 57,190 shares for a period of five years from the date of issuance shares at an exercise price of $3.825 per share.

 

Presented below is a continuity schedule for warrants: 

 

 

 

Number of

Warrants

 

 

Weighted

Average

Exercise

Price

 

Balance, August 31, 2023

 

 

4,520,483

 

 

$4.71

 

Issued

 

 

7,093,208

 

 

 

2.76

 

Expired

 

 

(300,000 )

 

 

7.67

 

Exercised

 

 

(5,382,042 )

 

 

1.11

 

Balance, August 31, 2024

 

 

5,931,649

 

 

$5.50

 

Issued

 

 

4,678,209

 

 

 

3.04

 

Cancelled/Expired

 

 

(3,311,687 )

 

 

5.90

 

Balance, August 31, 2025

 

 

7,298,171

 

 

$3.75

 

 

Presented below is a summary of warrants outstanding as of August 31, 2025:

 

Number of Warrants

 

 

Weighted Average

Exercise Price

 

 

Weighted Average Remaining

Contractual Life in Years

 

 

1,719,828

 

 

$

6.58

 

 

 

0.38

 

 

483,750

 

 

 

0.95

 

 

 

2.70

 

 

314,287

 

 

 

2.31

 

 

 

3.47

 

 

102,097

 

 

 

5.94

 

 

 

3.47

 

 

4,551,019

 

 

 

3.06

 

 

 

4.38

 

 

57,190

 

 

 

3.83

 

 

 

4.38

 

 

70,000

 

 

 

1.25

 

 

 

4.65

 

 

7,298,171

 

 

$

3.75

 

 

 

3.27

 

 

Fiscal 2024 Activity

 

During the year ended August 31, 2024, the Company completed the following issuances of common shares and warrants:

 

 

1.

1,558,443 units were sold at a price of $2.31 per unit, with each unit consisting of one common share and one warrant exercisable to purchase an additional common share at $2.185 per share, for net proceeds of $3,000,000. The 1,558,443 warrants are exercisable for a period of five (5) years.

 

 

 

 

2.

1,618,330 units were sold at a price of $0.97 per unit, with each unit consisting of one common share and one warrant exercisable to purchase an additional common share at $0.97 per share, for net proceeds of $1,250,000. The 1,618,330 warrants are exercisable for a period of five (5) years.

 

 

 

 

3.

2,917,032 warrants were issued as part of a Warrant Exercise Agreement having a five (5) year exercise period at an exercise price of $4.75.

 

 

 

 

4.

5,382,042 warrants were exercised for gross proceeds of $6,103,601 and 300,000 warrants expired during the year ended August 31, 2024.