chicagoest – I can’t explain the ‘Amount’ column in the statements  but there are numbers there that just don’t work. I wouldn’t trust that column but you can ask RVX for explanation if you wish. I feel comfortable that the super low prices you arrived at are correct for the numbers used but not correct for what was actually paid. Looking at the July 31 statement, the 577,632 shares issued in PP were actually from two issues at $0.85 CAD and $0.72 CAD (rather than $0.33 USD) for an average of $0.83 CAD. The first paragraph copied below from Note 7 explains this. This totals $479,648 CAD while the paragraph below says 0.35 million USD were received which would be about a 0.71 conversion ratio. Cash Flows in the statement also say $341,000 USD were received. I don’t know where they came up with $188,000 USD. The price paid was $0.83 CAD/share.

“In May 2020, the Company issued 490,410 equity units at CAD$0.85 per unit pursuant to a private placement for gross proceeds of $0.3 million (CAD$0.4 million). Each equity unit consisted of one common share and one common share purchase warrant. Each warrant is exercisable at a price of CAD$1.00 per underlying common share for a period of two years from the closing of the private placement. The Company also issued 87,222 shares at CAD$0.72 per share pursuant to a private placement for gross proceeds of $0.05 million (CAD$0.1 million).”

For the year ended Apr.30/20, there was a PO for 3,798,936 shares @ $4.00 CAD that raised $15,195,744 CAD. The two paragraphs below from the April 30/20 statements explain this. It says $11.4 million USD were raised which would be about a 0.75 conversion ratio. Cash flows in those statements say $11,444,000 USD were received. The ‘Amount’ column only states $9,241,000 USD received. They actually paid $4.00 CAD or about $3.00 USD. There were also three PP’s totalling 2,110,744 shares @ $1.33, $1.30 & $1.00 CAD for an average of $1.21 CAD that raised $2,564,131 CAD. The second paragraph copied below from the April 30/20 statements explains this and states that $1.9 million USD were received. The Cash Flows states that $1,894,000 USD were received. This is about a 0.74 conversion rate. The ‘Amount’ column only says 845,000 USD received. They actually paid $1.21 CAD or about $0.90 USD/share.

“In June 2019, the Company issued 3,798,936 equity units at CAD$4.00 per unit pursuant to a prospectus offering for gross proceeds of $11.4 million (CAD$15.2 million). Each equity unit consisted of one common share and one common share purchase warrant. Each warrant is exercisable at a price of CAD$4.60 per underlying common share for a period of four years from the closing of the offering. All of the 3,798,936 warrants issued were listed for trading.

In November 2019, the Company issued 1,252,006 equity units at CAD$1.33 per unit pursuant to a private placement for gross proceeds of $1.3 million (CAD$1.7 million). Each equity unit consisted of one common share and one common share purchase warrant. Each warrant is exercisable at a price of CAD$1.40 per underlying common share for a period of three years from the closing of the private placement. In March 2020, the Company issued 134,100 equity units at CAD$1.30 per unit pursuant to a private placement for gross proceeds of $0.1 million (CAD$0.2 million). Each equity unit consisted of one common share and one-half of a common share purchase warrant. Each warrant is exercisable at a price of CAD$1.75 per underlying common share for a period of one year from the closing of the private placement. In March 2020, the Company also issued 724,638 equity units at CAD$1.00 per unit pursuant to a private placement for gross proceeds of $0.5 million (CAD$0.7 million). Each equity unit consisted of one common share and one-half of a common share purchase warrant. Each warrant is exercisable at a price of CAD$1.25 per underlying common share for a period of two years from the closing of the private placement.”