Restricted Share Units

3 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Restricted Share Units

9. Restricted Share Units

The Company has established a restricted share unit (RSU) incentive plan for executives, directors, and certain employees. Awards generally vest over a four-year period at a rate of 25% per annum commencing on the first anniversary of the grant date.

The fair value of the RSUs granted was estimated on the grant date using the fair value of the Company`s common shares on the date of grant.

During the period ended September 30, 2021, the Company granted 775,000 restricted share units to two employees of the Company, including an officer of the Company. The Company has recorded share-based compensation related to the restricted share units (RSUs) of $115,106 and $nil for the three months ended September 30, 2021 and September 30, 2020, respectively.

	Number of RSUs		Weighted average exercise price $
Balance, June 30, 2021		–		–
Granted		775,000		1.63
Balance, September 30, 2021		775,000		1.63

Additional information regarding restricted share units as of September 30, 2021, is as follows:

	Outstanding and exercisable
Vesting Date	Number of RSUs		Weighted Average Exercise Price $
July 1, 2022 – June 30, 2023		193,750		1.63
July 1, 2023 – June 30, 2024		193,750		1.63
July 1, 2024 – June 30, 2025		193,750		1.63
July 1, 2025 – June 30, 2026		193,750		1.63
		775,000		1.63