v3.26.1
Common shares
 12 Months Ended
Dec. 31, 2025
Shareholders' equity (deficit)  
Common Shares

16. Common shares

 

The Company is authorized to issue an unlimited number of common shares, of which the following are issued and outstanding:

 

 

 

For the years ended December 31,

 

 

 

2025

 

 

2024

 

 

 

# of shares

 

 

$ amount

 

 

# of shares

 

 

$ amount

 

As at the beginning of the year

 

 

78,495,184

 

 

 

98,262,510

 

 

 

78,025,237

 

 

 

98,179,271

 

Private placement, net of issuance costs

 

 

7,050,500

 

 

 

2,777,168

 

 

 

-

 

 

 

-

 

Employee Share Purchase Plan (Note 18)

 

 

265,808

 

 

 

86,990

 

 

 

469,947

 

 

 

83,239

 

Restricted Stock Units (Note 18)

 

 

194,206

 

 

 

39,035

 

 

 

-

 

 

 

-

 

Exercise of Stock Options (Note 18)

 

 

310,799

 

 

 

108,427

 

 

 

-

 

 

 

-

 

Conversion of convertible debentures (Note 11)

 

 

31,645,292

 

 

 

14,114,800

 

 

 

-

 

 

 

-

 

Equity based transaction with non-employee (Note 18)

 

 

634,439

 

 

 

108,455

 

 

 

-

 

 

 

-

 

As at the end of the year                                            

 

 

118,596,228

 

 

 

115,497,385

 

 

 

78,495,184

 

 

 

98,262,510

 

 

 

 

      For the year ended December 31,

 

 

 

2023

 

 

 

# of shares

 

 

$ amount

 

As at the beginning of the year

 

 

68,949,109

 

 

 

96,423,648

 

Private placement, net of issuance costs

 

 

8,510,000

 

 

 

1,622,057

 

Employee Share Purchase Plan (Note 18)

 

 

309,509

 

 

 

66,755

 

Restricted Stock Units (Note 18)

 

 

256,619

 

 

 

66,811

 

As at the end of the year                                            

 

 

78,025,237

 

 

 

98,179,271

 

 

Private Placements

 

On November 24, 2025, the Company finalized a private placement for $0.40 per share.  The Company issued 7,050,500 common shares for gross proceeds of approximately $2,821,272 (US$2,000,000) less issuance costs of $44,104.

 

On December 22, 2022, the Company announced a multi-tranche private placement (the “2022 Private Placement”) at $0.195 per share.  At December 22, 2022, the Company issued 1,148,282 common shares for gross proceeds of $223,915 in the first tranche, less issuance costs of $7,732.  On January 25, 2023, the Company closed the 2022 Private Placement by issuing an additional 8,510,000 common shares, at $0.195 per common share, for additional aggregate gross proceeds of approximately $1,659,450, less issuance costs of $37,393.

Equity based transaction with non-employee:

 

On October 1, 2023, the Company entered into a service agreement with a marketing consultant (the “Consultant”) to provide sales and marketing services to introduce potential customers to the Company’s SFD® technology, attend trade shows, and update the Company’s marketing systems.  The Consultant agreed to be compensated in Common Shares only for approximately US$16,000 per month, based on the five-day volume average price at the end of each month until February 29, 2024.  634,439 common shares issued to the Consultant on January 29, 2025.