Share Purchase Warrants

12 Months Ended

Jun. 30, 2025

Share Purchase Warrants

Share Purchase Warrants

15. Share Purchase Warrants

During the fiscal year ended June 30, 2024, there were 118,762 common shares issued related to warrants exercised, of which 85,428, common shares were issued pursuant to cashless exercise. In addition, there were 539,435 warrants vested related to previously granted stock-based compensation to officers of the Company, and of those, 171,500 warrants granted upon election by officers of the Company to receive warrants and RSUs in lieu of cash bonuses. The weighted average grant date fair value of warrants issued during the fiscal year ended June 30, 2024 totaled $1.90. The warrants have a contractual term of five years and vest over the respective employee’s requisite service period of three to five years.

During the fiscal year ended June 30, 2025, there were 14,360,308 total warrants issued. The Company issued 3,548,426 warrants pursuant to the Private Placement (see Note 14), of which 898,426 warrants were purchased by employees of the Company, 900,000 were purchased by accredited investors, and 1,750,000 warrants were cancelled per the rescission agreement executed with certain investors in November 2024 (see Note 13). The Company also issued 8,773,586 warrants in December 2024 in connection with the securities purchase agreements (see Note 14). The Company issued 196,176 warrants under its compensation arrangements (see Note 16). In February 2025, the Company issued 1,842,120 warrants to accredited investors that had previously rescinded private placement agreements (see Note 14).

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Balance, June 30, 2023		5,729,360		$	14.53
Granted		1,407,135			4.96
Exercised		(100,002	)		1.13
Expired		(107,735	)		3.75
Balance, June 30, 2024		6,928,758		$	12.95
Granted		14,360,308			1.56
Rescinded		(1,750,000	)		1.00
Exercised		(416,670	)		1.13
Expired		(1,742,246	)		10.46
Balance, June 30, 2025		17,380,150		$	5.28		3.65	$	-
Exercisable, June 30, 2025		16,810,482		$	5.26		3.63	$	-