| NOTE 16 - |
DERIVATIVE WARRANTS LIABILITIES AND PREFUNDED WARRANTS
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A. |
From time to time the Company entered into a non-brokered private placement offering transactions or settlement agreements under which the Company issued units that consist of common shares and warrants which are exercisable into common shares over a limited period of the time at an exercise price which is denominated in foreign currency and/or as the warrants might be exercisable to variable number of shares due to cashless exercise mechanism. As a result of the above, the warrants are accounted for as a derivative warrants liability which is measured at fair value through profits and losses.
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At the initial date and subsequently, the fair value of the warrants is estimated by management using the assistance of external appraiser based on Black and Scholes option pricing model, when unrealized gains or losses are included in finance income (expense), respectively, until expiration or exercise of the warrants.
The following table summarizes the observable inputs used in the valuation of the derivative warrants liabilities as of December 31, 2024 and 2023:
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Share price (in CAD)
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3.25
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3.25
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3.25
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2.88
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2.88
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Exercise price (in CAD)
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4.32
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12.95
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62.14
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12.95
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62.14
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Expected volatility (%)
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72.2
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%
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75.7
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%
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75.7
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%
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48.43
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%
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48.43
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%
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Risk-free interest rate (%)
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2.93
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%
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4.21
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%
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4.21
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%
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4.12
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%
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4.12
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%
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Dividend yield (%)
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-
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-
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-
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-
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-
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Expected term (years)
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1.882
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1.356
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1.356
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2.342
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2.342
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Number of warrants
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742,517
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818,818
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49,058
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961,602
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49,058
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Fair value per warrant (in CAD)
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1.06
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0.14
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0.00
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0.006
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0.00
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The following tabular presentation reflects the reconciliation of the total fair value of derivative warrants liabilities during the reported periods:
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Balances at January 1, 2022
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$
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-
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$
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-
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$
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6,022
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$
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6,022
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Changes in fair value
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Balances at December 31, 2022
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-
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-
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8
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8
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Issued (see Notes 18B5-18B6 below)
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-
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7,253
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-
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7,253
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Changes in fair value
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Balances at December 31, 2023
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-
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38
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-
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38
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Issued (see Note 18B7 below)
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1,154
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-
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-
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1,154
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Changes in fair value
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Balances at December 31, 2024
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For more information regarding the prefunded warrants granted to the Company's Chief Executive Officer, Chairman of the Board and the main shareholder, see also Note 18B8 below.
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