Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Disclosure of detailed information about derivative instruments

As at December 31, 2019, the Company had in place USD:BRL put and call options (the “Collars”) with the following notional amounts, weighted average rates and maturity dates:

Dates		USD notional amount	Call options’ weighted average USD:BRL rates	Put options’ weighted average USD:BRL rates
January 1 – December 31, 2020	$	84,200	4.03	4.39
January 1 – April 30, 2021		19,100	4.07	4.51
Total	$	103,300	4.03	4.41

Detailed Information About Fair Value Adjustment And Activities In Traded Warrant Liabilities

The fair value of the warrants is determined using the Black Scholes option pricing model at the period-end date or the market price on the TSX for warrants that are trading.

Balance – December 31, 2017	$	37,784
Warrants issued		336
Warrants exercised		(257	)
Change in fair value		(19,002	)
Balance – December 31, 2018		18,861
Warrants exercised		(868	)
Change in fair value		38,153
Balance – December 31, 2019	$	56,146

Detailed Information About Weighted Average Assumptions of Non-traded Warrants

The fair value of non-traded warrants was calculated with the following weighted average assumptions:

	December 31, 2019	December 31, 2018
Risk-free rate	1.7%		1.9%
Warrant expected life	1.2 years		2.2 years
Expected volatility	45.1%		46.2%
Expected dividend	0.0%		0.0%
Share price (C$)	$10.16		$5.25