|
|
|
|
Common Shares |
|
|
|
|||||
|
|
|
|
Contributed |
|
|||||||
|
|
|
|
Number |
|
Amount |
|
|||||
|
|
Balance, January 1, 2015 |
|
|
53,842,344 |
|
$ |
89,357,061 |
|
$ |
17,632,809 |
|
|
|
Issued for cash pursuant to an underwritten public offering(i) |
|
|
10,415,000 |
|
|
74,883,850 |
|
|
— |
|
|
|
Share issue costs(i) |
|
|
— |
|
|
(5,004,640 |
) |
|
— |
|
|
|
Issued for cash on exercise of options |
|
|
2,507,603 |
|
|
2,268,766 |
|
|
(1,177,864 |
) |
|
|
Share-based payments |
|
|
— |
|
|
— |
|
|
4,114,165 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Balance, January 1, 2016 |
|
|
66,764,947 |
|
$ |
161,505,037 |
|
$ |
20,569,110 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Issued for cash pursuant to a private placement(ii) |
|
|
11,817,000 |
|
|
7,090,200 |
|
|
— |
|
|
|
Share issue costs(ii) |
|
|
— |
|
|
(35,540 |
) |
|
— |
|
|
|
Issued for cash on exercise of options |
|
|
101,398 |
|
|
152,976 |
|
|
(77,784 |
) |
|
|
Share-based payments |
|
|
— |
|
|
— |
|
|
1,810,111 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Balance, December 31, 2016 |
|
|
78,683,345 |
|
$ |
168,712,673 |
|
$ |
22,301,437 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Issued from Series A and Series B units(iii) |
|
|
22,102,538 |
|
|
— |
|
|
— |
|
|
|
Common shares issued from exercise of Series D Warrants(iv) |
|
|
1,874,989 |
|
|
1,127,057 |
|
|
— |
|
|
|
Issued for cash on exercise of options |
|
|
254,702 |
|
|
1,964,086 |
|
|
(1,729,134 |
) |
|
|
Share-based payments |
|
|
— |
|
|
— |
|
|
2,484,543 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Balance, December 31, 2017 |
|
|
102,915,574 |
|
$ |
171,803,816 |
|
$ |
23,056,846 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
(i) On February 3, 2015, the Company closed an underwritten public offering of 12,075,000 common shares of the Company (of which 10,415,000 common shares were issued from treasury) at a price per share of $7.19 for aggregate gross proceeds of $74,883,850 for the Company and $11,935,400 for the selling security holders (including some directors, officers and employees). The share issue costs incurred by the Company were $5,004,640. |
|
(ii) On December 12, 2016, the Company closed a non-brokered private placement of 11,817,000 common shares of the Company at a price per share of $0.60 for aggregate gross proceeds of $7,090,200. All of the shares issued were purchased by Boston Scientific Corporation ("Boston Scientific"). Immediately following the closing of the private placement Boston Scientific owned 15% of the issued and outstanding common shares of the Company. The share issue costs incurred by the Company were $35,540. Concurrent to, and contingent upon, the non-brokered private placement Boston Scientific purchased certain assets from the Company. |
|
(iii) On November 17, 2017, Neovasc completed an underwritten public offering of 6,609,588 Series A Units and 19,066,780 Series B Units of the Company, at a price of $1.46 per Unit for gross proceeds of $37,487,497. No amount has been recognized with respect to the common shares within equity because the fair value of the derivative instruments issued (being the warrants which form part of the Units issued) exceeded the cash proceeds received. |
|
(iv) On December 27, 2017, 1,874,989 of the Series D Warrants that were issued as part of the Series B Units were exercised for cash proceeds of $18,750. In addition, the fair value of the related derivative liability of $1,108,306 (see Note 15) was recognized within equity upon conversion. The holders of Series D Warrants have the option to purchase one common share of Neovasc at a nominal exercise price of $0.01 per share for each Series D warrant held. |