	Number of shares		Ascribed value $
November 30, 2017		105,684,523		136,525
Bought deal financing		24,784,482		28,750
Share issuance costs		-		(1,805	)
Exercise of options		315,148		140
Restricted share units		800,000		457
NovaGold DSU conversion		1,459		2
November 30, 2018		131,585,612		164,069
Exercise of options		145,294		81
Restricted share units		412,501		424
May 31, 2019, issued and outstanding		132,143,407		164,574

On April 30, 2012, under the NovaGold Arrangement, Trilogy committed to issue common shares to satisfy holders of NovaGold deferred share units (“NovaGold DSUs”) on record as of the close of business April 27, 2012. When vested, Trilogy committed to deliver one Common Share to the holder for every six shares of NovaGold the holder is entitled to receive, rounded down to the nearest whole number. As of May 31, 2019, there remains 11,927 NovaGold DSUs outstanding representing a right to receive 1,988 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board.

On April 20, 2018, the Company completed a bought-deal financing for gross proceeds of $28.7 million by issuing 24,784,482 common shares at $1.16 per common share. Expenses including bank commissions, legal fees, stock exchange and other fees totaled $1.8 million for net proceeds of $26.9 million.

During the period ended May 31, 2019, the Company granted 2,527,500 options (2018 – 2,125,000 options) at a weighted-average exercise price of CAD$2.96 (2018 – CAD$1.04) to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to over a two-year period. The weighted-average fair value attributable to options granted in the period was $1.08 (2018 - $0.37).

For the period ended May 31, 2019, Trilogy recognized a stock-based compensation charge of $1.94 million (2018– $0.58 million) for options granted to directors, employees and service providers, net of estimated forfeitures.

The recognized fair value of the stock options granted in the period has been estimated using the Black-Scholes option pricing model.

	May 31, 2019
Risk-free interest rates		2.03	%
Exercise price		CAD$3.01
Expected life		3.0 years
Expected volatility		75.0	%
Expected dividends		Nil

As of May 31, 2019, there were 1,841,672 non-vested options outstanding with a weighted average exercise price of $1.79; the non-vested stock option expense not yet recognized was $0.90 million. This expense is expected to be recognized over the next two years.

	May 31, 2019
	Number of options			Weighted average exercise price $
Balance – beginning of the period		8,821,434			0.60
Granted		2,527,500			2.19
Exercised		(219,153	)		0.77
Balance – end of period		11,129,781			0.95

	Outstanding						Exercisable				Unvested
Range of price	Number of outstanding options		Weighted average years to expiry		Weighted average exercise price $		Number of exercisable options		Weighted average exercise price $		Number of unvested options
$0.33 to $0.50		3,920,614		1.22		0.38		3,920,614		0.38		-
$0.51 to $1.00		4,346,667		2.45		0.71		3,898,331		0.70		448,336
$1.01 to $1.50		225,000		3.87		1.31		125,000		1.22		100,000
$1.51 to $2.00		120,000		4.11		1.79		86,666		1.76		33,334
$2.01 to $2.52		2,517,500		4.53		2.19		1,257,498		2.19		1,260,002
		11,129,781		2.53		0.95		9,288,109		0.79		1,841,672

The aggregate intrinsic value of vested share options (the market value less the exercise price) at May 31, 2019 was $17.6 million (2018 - $5.9 million) and the aggregate intrinsic value of exercised options for the six months ended May 31, 2019 was $0.3 million (2018 - $0.1 million).

The Company has a Restricted Share Unit Plan (“RSU Plan”) and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to provide long-term incentives to employees, officers and directors. Awards under the RSU Plan and DSU Plan may be settled in cash and/or common shares of the Company at the Company’s election with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company or equivalent value. All units are accounted for as equity-settled awards.

	Number of RSUs			Number of DSUs
Balance – beginning of the period		400,002			1,182,106
Granted		225,000			104,489
Vested/paid		(412,501	)		-
Balance – end of period		212,501			1,286,595

For the period ended May 31, 2019, Trilogy recognized a stock-based compensation charge of $0.66 million (2018- $0.49 million), net of estimated forfeitures.

As part of the annual incentive payout for the 2018 fiscal year, 225,000 RSUs were granted to officers, vesting half on the grant date and half on the first anniversary of the grant date. RSUs vesting in December 2018 were settled on December 21, 2018 through the issuance of 412,501 common shares.

	Number of warrants		Years to expiry		Exercise price $
Balance – beginning of the period		6,521,740		0.59		1.52
Balance – end of period		6,521,740		0.09		1.52