At December 31, 2013, the Company had the following warrants outstanding to purchase common stock priced in Canadian dollars with a weighted average exercise price of $1.44 and a weighted average remaining life of 2.6 years. The Company also had warrants outstanding to purchase common stock priced in U.S. dollars with a weighted average price of $0.50 and a weighted average remaining life of 6.9 years:
| Warrant Description | | Common Shares Issuable Upon
Exercise of Outstanding | | | | | | |
| (Warrants in thousands) | | Warrants at December 31, 2013 | | Exercise Price CND/USD | | Expiration Date | |
| Investor Warrants (1) | | | 13,337 | | $ | 1.44 CND | | April 30, 2015 | |
| Investor Warrants (2) | | | 4,698 | | $ | 1.44 CND | | March 29, 2016 | |
| Investor Warrants (3) | | | 4,000 | | $ | 0.50 USD | | November 22, 2020 | |
| | | | 22,035 | | | | | | |
(1) On April 30, 2010, the Company announced that it had completed a first closing of a non-brokered private placement (“Private Placement”) of 240,066 units, at a price of $0.03 CAD per unit for net proceeds of CAD$7,200. Each unit consisted of one common share and one common share purchase warrant (a “Warrant”). As a result of the Share Consolidation, each eighteen (18) Warrants now entitle the holder thereof to purchase one common share of the Company at a purchase price of CAD$1.44 per whole share for a period of five years from the issue date.
(2) On March 29, 2011, the Company announced that it had completed a non-brokered rights offering of 84,559 units, at a price of $0.03 CAD per unit for total net proceeds of $2,547. Each unit consisted of one common share and one common share purchase warrant (a “Warrant”). As a result of the Share Consolidation, each eighteen (18) Warrants now entitle the holder thereof to purchase one common share of the Company at a purchase price of CAD$1.44 per whole share for a period of five years from the issue date.
