As at March 31, 2017

As at December 31, 2016

$

Face value of convertible promissory notes issued

2,455,000

2,230,000

Day one derivative loss recognized during the year

35,249

26,309

Discount recognized at issuance due to embedded derivatives

(1,389,256)

(1,155,660)

Cash financing costs

(174,800)

(155,300)

Accretion expense

630,797

363,363

Accreted value of convertible promissory notes

1,556,990

1,308,712