Annual report pursuant to Section 13 and 15(d)

Note 11 - Share Capital

v3.21.1
Note 11 - Share Capital
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
11.
 Share capital:
The Company has authorized share capital of an unlimited number of common voting shares.
(a)
 Equity issuances:
 
(i)
 July/August
2020
Confidentially Marketed Public Offering (CMPO)
 
On
July 20, 2020
and
August 10, 2020,
the Company completed a confidentially marketed public offering through the issuance of
11,854,472
common shares at a price of
$5.25
per share for gross proceeds of
$62.236
million (approximately
$58.234
million net of share issue costs). Costs associated with the proceeds consisted of a
6%
cash commissions and share issue costs, which consisted of agent commission, legal and professional fees and listing fees.
(ii)
December 2019
Confidentially Marketed Public Offering (CMPO)
On
December 19, 2019,
the Company completed a confidentially marketed public offering through the issuance of
18,543,750
common shares at a price of
$4.00
per share for gross proceeds of
$74.175
million (approximately
$68.588
million net of share issue costs). Costs associated with the proceeds consisted of a
7%
cash commissions and share issue costs, which consisted of agent commission, legal and professional fees and listing fees.
(iii)
June 2019
Confidentially Marketed Public Offering (CMPO)
On
June 3, 2019,
the Company completed a confidentially marketed public offering through the issuance of
11,500,000
common shares at a price of
$1.85
per share for gross proceeds of
$21.275
(approximately
$19.594
million net of share issue costs). Costs associated with the proceeds consisted of a
7%
cash commissions and share issue costs, which consisted of agent commission, legal and professional fees and listing fees.
(iv)
2019
Share Purchase agreement
On
May 7, 2019,
the Company entered into the
2019
Aspire Purchase Agreement, which provided that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital was committed to purchase up to an aggregate of
$20
million of Common Shares over approximately
30
months. Pursuant to the terms of this agreement, on
May 13, 2019,
the Company issued
171,428
Common Shares (“Commitment Shares”) to Aspire Capital in consideration for entering into the
2019
Aspire Purchase Agreement for a total cost of
$360
thousand. During the period from
May 7, 2019
up to
December 16, 2019,
the date the
2019
Aspire Purchase Agreement was terminated, the Company issued
1,800,000
common shares under the agreement at an average price of
$2.43
per share for gross and net proceeds of
$4.37
million.
(v)
2018
Share Purchase agreement
On
May 30, 2018,
the Company entered into the
2018
Aspire Purchase Agreement, which provided that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital was committed to purchase up to an aggregate of
$20
million of Common Shares over approximately
30
months. Pursuant to the terms of this agreement, on
June 8, 2018,
the Company issued
170,261
Common Shares (“Commitment Shares”) to Aspire Capital in consideration for entering into the
2018
Aspire Purchase Agreement for a total cost of
$600
thousand. During the period from
January 1, 2019
up to
May 24, 2019,
the date the
2018
Aspire Purchase Agreement was terminated, the Company issued
5,502,433
common shares under the agreement at an average price of
$1.82
per share for gross and net proceeds of
$10
million. On a cumulative basis up to
May 24, 2019,
the Company raised a total of approximately
$11.9
million gross and net proceeds under the
2018
Aspire Purchase Agreement. As of
May 24, 2019,
the Company has issued
6,409,980,
the maximum number of shares issuable under this facility without shareholder approval.
 
(vi)
2020
At-The-Market (“ATM”) Facility
On
May 5, 2020,
the Company entered into an equity distribution agreement with Piper Sandler and Canaccord Genuity acting as co-agents in connection with the
2020
ATM Facility. Under the terms of the
2020
ATM Facility, the Company
may,
from time to time, sell Common Shares having an aggregate offering value of up to
$75
million through Piper Sandler and Canaccord Genuity on the Nasdaq Capital Market. During the year ended
December 31, 2020,
the Company did
not
issue any shares under the
2020
ATM Facility.
(vii)
2019
At-The-Market (“ATM”) Facility
On
May 24, 2019,
the Company entered into an “At-The-Market” Facility (“ATM”) equity distribution agreement with Piper Jaffray and Canaccord Genuity acting as co-agents. Under the terms of this facility, the Company
may,
from time to time, sell shares of our common stock having an aggregate offering value of up to
$40
million through Piper Jaffray and Canaccord Genuity on the Nasdaq Capital Market. During the period from
May 24, 2019
to
December 16, 2019,
the date the “ATM” Facility was terminated, the Company did
not
issue any shares under this ATM equity.
(viii)
2018
At-The-Market (“ATM”) Facility
On
March 27, 2018,
the Company entered into an “At-The-Market” Facility (“ATM”) equity distribution agreement with Cantor Fitzgerald acting as sole agent. Under the terms of this facility, the Company
may,
from time to time, sell shares of our common stock having an aggregate offering value of up to
$30
million through Cantor Fitzgerald on the Nasdaq Capital Market. During the period from
January 1, 2019
to
May 24, 2019,
the date the Agreement was terminated, the Company issued
77,349
shares under this ATM equity facility at an average price of
$2.37
for gross proceeds of
$183
thousand (
$178
thousand net of share issue costs). Costs associated with the proceeds consisted of a
3%
cash commission. As of
May 24, 2019,
the Company has raised a total of
$11.2
million gross proceeds (
$10.9
million net of share issue costs) under the 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:
(in thousands)     Year ended
December 31, 2020		       Year ended
December 31, 2019		  
                 
Net loss   $
(55,238
 )   $
(26,277
 )
Weighted-average common shares – basic and diluted    
81,837
      
50,160
  
Net loss per share – basic and diluted   $
(0.67
 )   $
(0.52
 )
 
The effect of any potential exercise of the Company's stock options outstanding during the year has been excluded from the calculation of diluted loss per common share as it would be anti-dilutive.