Note 10 - Share Capital |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share capital |
10.
Share capital:
The Company has authorized share capital of an unlimited number of common voting shares.
a.
Equity issuances:
(i)
2022 At-The-Market ("ATM") Facility
On December 9, 2022, the Company entered into an equity distribution agreement with Jones Trading acting as the agent under which the Company may, from time to time, sell Common Shares having an aggregate offering value of up to $50 million through Jones Trading on Nasdaq (the "2022 ATM Facility"). During the year ended December 31, 2022, the Company issued 72,541 shares under this 2022 ATM Facility at an average price of $0.72 for gross proceeds of $52 thousand ($51 thousand net of share issuance costs). Costs associated with the proceeds consisted of 3% cash commission. During the three months ended March 31, 2023, the Company issued 46,427 shares under this 2022 ATM Facility at an average price of $0.75 for gross proceeds of $35 thousand ($34 thousand net of share issuance costs). Costs associated with the proceeds consisted of 3% cash commission. On a cumulative basis to March 31, 2023, the Company has raised a total of $87 thousand gross proceeds ($85 thousand, net of share issue costs) under the 2022 ATM Facility.
(ii)
2020 ATM Facility
On May 5, 2020, the Company entered an “at-the-market” equity distribution agreement with Piper Sandler & Co. (“Piper Sandler”) and Canaccord Genuity LLC (“Canaccord Genuity”) acting as co-agents (the “2020 ATM Facility”). Under the terms of the 2020 ATM Facility, the Company could, from time to time, sell Common Shares having an aggregate offering value of up to $75 million through Piper Sandler and Canaccord Genuity on Nasdaq. During the year ended December 31, 2022, the Company issued 54,687 shares under the 2020 ATM Facility at an average price of $0.95 for gross proceeds of $52 thousand ($50 thousand net of share issue costs). Costs associated with the proceeds consisted of a 3% cash commission. During the year ended December 31, 2021, the Company issued 15,315 shares under the 2020 ATM Facility at an average price of $2.446 for gross proceeds of $37 thousand ($36 thousand net of share issue costs). As of October 31, 2022, the date the Agreement was terminated, the Company had raised a total of $89 thousand gross proceeds ($86 thousand net of share issuance costs) under the 2020 ATM Facility. Costs associated with the proceeds consisted of a 3% cash commission. During the three-month period ended March 31, 2022, the Company did not issue any shares under the 2020 ATM Facility.
b.
Loss per share:
Loss per common share is calculated using the weighted average number of common shares outstanding and is presented in the table below:
The effect of any potential exercise of the Company’s stock options outstanding during the three-month periods ended March 31, 2023, and March 31, 2022 has been excluded from the calculation of diluted loss per common share, since such securities would be anti‑dilutive. |
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