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Share Capital
 9 Months Ended
Sep. 30, 2016
Stockholders Equity Note [Abstract]  
Share Capital

7.

Share Capital

 

(a)

Financing:

On September 13, 2016, the Company completed an underwritten public offering of 3,450,000 of its common shares at a public offering price of $7.50 per common share. The Company received approximately $24.3 million of proceeds, net of underwriting discounts and commissions but before offering expenses.

 

(b)

Stock option plan:

The following table presents stock option activity for the period:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Outstanding, beginning of period

 

 

1,983,674

 

 

 

1,745,018

 

 

 

1,721,472

 

 

 

1,484,218

 

Granted

 

 

22,044

 

 

 

4,100

 

 

 

321,444

 

 

 

384,538

 

Exercised(1)

 

 

(42,012

)

 

 

(110,039

)

 

 

(72,541

)

 

 

(209,850

)

Forfeited and expired

 

 

(4,753

)

 

 

(1,905

)

 

 

(11,422

)

 

 

(21,732

)

Outstanding, end of period

 

 

1,958,953

 

 

 

1,637,174

 

 

 

1,958,953

 

 

 

1,637,174

 

Exercisable, end of period

 

 

1,200,614

 

 

 

1,052,955

 

 

 

1,200,614

 

 

 

1,052,955

 

 

 

(1)

During the nine months ended September 30, 2016, 30,176 stock options were exercised for the same number of common shares for cash (nine months ended September 30, 2015 – 62,469). In the same period, the Company issued 27,421 common shares (nine months ended September 30, 2015 – 100,465) for the cashless exercise of 42,365 stock options (nine months ended September 30, 2015 – 147,381).

The fair value of each option granted to employees and non-employees is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Average risk-free interest rate

 

 

1.33

%

 

 

1.74

%

 

 

1.58

%

 

 

1.71

%

Average expected term (in years)

 

 

6.19

 

 

 

6.25

 

 

 

6.22

 

 

 

6.23

 

Expected volatility

 

 

75

%

 

 

67

%

 

 

75

%

 

 

75

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

The weighted-average fair value of options granted during the nine months ended September 30, 2016 was $4.93 (nine months ended September 30, 2015 – $11.50) per option.