Convertible debt and loans payable (Tables)

6 Months Ended

12 Months Ended

Apr. 30, 2022

Oct. 31, 2021


	April 30, 2022 $			October 31, 2021 $
Principal of convertible note at beginning of period		100,000,000			—
Issuance of convertible notes		1,827,778			100,000,000

Principal of convertible note at end of period		101,827,778			100,000,000

Conversion feature at beginning of period		29,028,938			—
Conversion feature issued		—			27,681,043
Fair value (gain) loss on embedded derivative		(17,559,830	)		1,347,895

Conversion feature at end of period		11,469,108			29,028,938

Debt component at beginning of period		71,848,900			—
Debt component issued		1,827,778			72,318,957
Transaction costs		—			(1,599,737	)
Accrued interest paid in kind		(1,827,778	)		—
Accrued interest expense		5,208,363			1,129,680

Debt component at end of period		77,057,263			71,848,900

Total Convertible Debt at end of period		88,526,371			100,877,838

The assumptions used in the model were as follows:


	September 29, 2021 (issuance date)	October 31, 2021	April 30, 2022
Risk free interest rate	1.06%	1.23%	3.07%
Expected life of options	5 years	4.92 years	4.42 years
Expected dividend yield	0.0%	0.0%	0.0%
Expected stock price volatility	66%	62%	65%
Share Price	12.56	12.94	6.49


	October 31, 2021			October 31, 2020			October 31, 2019
	$			$			$
Proceeds of issue of convertible debt		100,000,000			386,190			386,190
Transaction costs		(1,599,737	)		—			—

Net Proceeds from issue of convertible debt		98,400,263			386,190			386,190

Conversion feature at date of issue		27,681,043			96,548			96,548
Fair value (gain) loss on embedded derivative		1,347,895			—			—
Conversion into common shares		—			(96,548	)		—

Conversion feature at end of period		29,028,938			—			96,548

Debt component at date of issue (net of transaction costs)		70,719,220			289,642			289,642
Prior year interest plus accretion		—			99,549			39,212
Amortization of transaction costs		26,662			—			—
Accrued interest at 7% (2020 – 8%)		641,667			4,956			30,114
Accretion expense during the year		461,351			4,975			30,223
Conversion into common shares		—			(395,861	)		—
Foreign exchange on translation		—			(3,261	)		(4,984	)

Debt component at end of period		71,848,900			—			384,207

The embedded derivatives were valued using the Barrier option pricing model. The assumptions used in the model were as follows:


	September 29, 2021 (issuance date)	October 31, 2021
Risk free interest rate	1.06%	1.23%
Expected life of options	5 years	4.92 years
Expected dividend yield	0.0%	0.0%
Expected stock price volatility	66%	62%
Share Price	12.56	12.94