SHAREHOLDERS' EQUITY	3 Months Ended
Mar. 31, 2020
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 12 SHAREHOLDERS’ EQUITY Equity Issuances March 2019 Registered Offering On March 29, 2019, the Company issued 14,193,548 Units at $1.55 per Unit, for net proceeds of $20.3 million (net of issuance costs of $1.7 million). Each Unit consisted of one common share and one-half of one warrant. Each whole warrant is exercisable at any time for one share of common stock at a price of $2.00, subject to customary adjustments, expiring three years from the date of issuance. The warrants issued under the offering are not listed for trading. The net proceeds of $20.3 million were allocated as $17.8 million to common stock and $2.5 million to warrants. On March 29, 2019, the Company also issued 1,935,484 Subscription Receipts at $1.55 per Subscription Receipt to certain of our executive officers, directors, employees and consultants. Upon shareholder and NYSE approval on May 23, 2019, the Subscription Receipts were converted into 1,935,484 Units for net proceeds of $2.6 million (net of issuance costs of $0.4 million). All Units issued under the offering have consistent terms. At-the-market (“ATM”) Offering Pursuant to an equity distribution agreement dated November 8, 2018, the Company was permitted to offer and sell from time to time shares of its common stock having an aggregate offering price of up to $90.0 million, with the net proceeds to fund working capital and general corporate purposes. During the three months ended March 31, 2019, the Company issued an aggregate of 1,010,545 common shares for gross and net proceeds of $1.9 million. The Company terminated the agreement on March 13, 2019. Stock Options During the three months ended March 31, 2020, the Company issued 60,000 common shares for proceeds of $0.1 million upon the exercise of the same number of stock options at a weighted average exercise price of $1.06 per share. During the same period in 2019, the Company issued 221,500 common shares for proceeds of $0.2 million upon the exercise of the same number of stock options at a weighted average exercise price of $1.00 per share. Shareholders’ Distributions No distributions were paid during the three months ended March 31, 2020 or 2019. Pursuant to the term loan facility dated August 10, 2018 (Note 10), the Company is limited on the distributions it is authorized to declare and pay. The Company may declare and pay distributions in any fiscal year that do not exceed the amount of dividends per share made in the fiscal year ended December 31, 2017 ($0.01 per share).

SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2020

NOTE 12 SHAREHOLDERS’ EQUITY

Equity Issuances

March 2019 Registered Offering

On March 29, 2019, the Company issued 14,193,548 Units at $1.55 per Unit, for net proceeds of $20.3 million (net of issuance costs of $1.7 million). Each Unit consisted of one common share and one-half of one warrant. Each whole warrant is exercisable at any time for one share of common stock at a price of $2.00, subject to customary adjustments, expiring three years from the date of issuance. The warrants issued under the offering are not listed for trading. The net proceeds of $20.3 million were allocated as $17.8 million to common stock and $2.5 million to warrants.

On March 29, 2019, the Company also issued 1,935,484 Subscription Receipts at $1.55 per Subscription Receipt to certain of our executive officers, directors, employees and consultants. Upon shareholder and NYSE approval on May 23, 2019, the Subscription Receipts were converted into 1,935,484 Units for net proceeds of $2.6 million (net of issuance costs of $0.4 million). All Units issued under the offering have consistent terms.

At-the-market (“ATM”) Offering

Pursuant to an equity distribution agreement dated November 8, 2018, the Company was permitted to offer and sell from time to time shares of its common stock having an aggregate offering price of up to $90.0 million, with the net proceeds to fund working capital and general corporate purposes. During the three months ended March 31, 2019, the Company issued an aggregate of 1,010,545 common shares for gross and net proceeds of $1.9 million. The Company terminated the agreement on March 13, 2019.

Stock Options

During the three months ended March 31, 2020, the Company issued 60,000 common shares for proceeds of $0.1 million upon the exercise of the same number of stock options at a weighted average exercise price of $1.06 per share. During the same period in 2019, the Company issued 221,500 common shares for proceeds of $0.2 million upon the exercise of the same number of stock options at a weighted average exercise price of $1.00 per share.

Shareholders’ Distributions

No distributions were paid during the three months ended March 31, 2020 or 2019.

Pursuant to the term loan facility dated August 10, 2018 (Note 10), the Company is limited on the distributions it is authorized to declare and pay. The Company may declare and pay distributions in any fiscal year that do not exceed the amount of dividends per share made in the fiscal year ended December 31, 2017 ($0.01 per share).