Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 8-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | Rare Element Resources Ltd | |
Entity Central Index Key | 1419806 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,937,986 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $7,505 | $10,139 |
Interest receivable | 14 | 6 |
Accounts receivable | 25 | 21 |
Prepaid expenses | 182 | 315 |
Total Current Assets | 7,726 | 10,481 |
Equipment, net | 299 | 344 |
Land | 980 | 980 |
Mineral properties | 27 | 27 |
Total assets | 9,032 | 11,832 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 700 | 1,098 |
Asset retirement obligation, current portion | 164 | 164 |
Total Current Liabilities | 864 | 1,262 |
Asset retirement obligation, non-current portion | 202 | 202 |
Total liabilities | 1,066 | 1,464 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY: | ||
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2015 - 47,707,216, December 31, 2014 - 47,707,216 | 100,652 | 100,652 |
Additional paid in capital | 23,259 | 23,186 |
Accumulated deficit | -115,945 | -113,470 |
Total Shareholders' Equity | 7,966 | 10,368 |
Total Liabilities and Shareholders' Equity | $9,032 | $11,832 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Statement of Financial Position [Abstract] | ||||
Common Stock, Par Value | $0 | $0 | ||
Common Stock, Shares Authorized | 0 | [1] | 0 | [1] |
Common Stock, Shares Outstanding | 47,707,216 | 47,707,216 | ||
[1] | unlimited shares authorized |
CONSOLIDATED_UNAUDITED_STATEME
CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating income (expenses): | ||
Exploration and evaluation | ($1,118) | ($2,821) |
Corporate administration | -1,010 | -1,348 |
Depreciation | -45 | -52 |
Total operating expenses | -2,173 | -4,221 |
Non-operating income (expenses): | ||
Interest income | 9 | 29 |
Gain/(loss) on currency translation | -311 | -346 |
Gain/(loss) on derivatives | 0 | 107 |
Total non-operating income (expense) | -302 | -210 |
Net loss | -2,475 | -4,431 |
Other comprehensive loss | ||
Realized loss on available-for-sale securities | 0 | 0 |
Unrealized (gain)/loss on available-for-sale securities | 0 | 0 |
COMPREHENSIVE LOSS | ($2,475) | ($4,431) |
LOSS PER SHARE - BASIC AND DILUTED | ($0.05) | ($0.09) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 47,707,216 | 47,704,550 |
CONSOLIDATED_UNAUDITED_STATEME1
CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the period | ($2,475) | ($4,431) |
Adjustments to reconcile net loss for the period to net cash and cash equivalents used in operating activities: | ||
Depreciation | 45 | 52 |
Realized gain on derivatives | 0 | -5 |
Unrealized (gain)/loss on derivatives | 0 | -103 |
Stock-based compensation | 73 | 188 |
Adjustments Total | -2,236 | -4,299 |
Changes in non-cash working capital | ||
Accounts receivable | -4 | 9 |
Interest receivable | -8 | 4 |
Prepaid expenses | 133 | 89 |
Accounts payable and accrued liabilities | -398 | 135 |
Net cash and cash equivalents used in operating activities | -2,634 | -4,062 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of equipment | 0 | -33 |
Net cash and cash equivalents used in investing activities | 0 | -33 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash received for common shares, net of share issuance costs | 0 | -42 |
Net cash and cash equivalents used in financing activities | 0 | -42 |
Decrease in cash and cash equivalents | -2,634 | -4,137 |
Cash and cash equivalents - beginning of the period | 10,139 | 23,902 |
Cash and cash equivalents - end of the period | $7,505 | $19,765 |
1_NATURE_OF_OPERATIONS
1. NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | Rare Element Resources Ltd. (collectively, “we,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999. |
We are focused on advancing the Bear Lodge Rare Earth Element (“REE”) Project located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large disseminated REE deposits and a proposed hydrometallurgical plant to be located near Upton, Wyoming. The REE deposit is one of the highest grade REE deposits identified in North America and one of the highest grade europium deposits in the world. In addition, the Bear Lodge REE Project has a favorable distribution of the remaining critical rare earth elements (“CREEs”), which the Company defines as neodymium, europium, dysprosium, praseodymium, terbium and yttrium. At present, we are undertaking advanced engineering, process confirmation, elemental separation test work, geological modeling and technical studies while working toward obtaining the necessary permits and licenses to enable us to develop the Bear Lodge REE Project. Based on review of current permitting timetables and other factors, the Company currently anticipates Project commissioning to begin as early as mid-2017, subject to permitting, FS finalization, financing and other factors, including, but not limited to, production of marketable products from the larger-scale demonstration project and contractual arrangements with potential off-take customers. | |
Our continuing operations and the recoverability of the carrying values of our mineral property interests are dependent upon the development, mining and processing of economic mineral reserves at the Bear Lodge REE Project, our ability to obtain the necessary permits and licenses to mine and process these mineral reserves, and on the future profitable production of these mineral reserves. Development and start-up of the Bear Lodge REE Project are also dependent upon our ability to obtain the necessary financing to construct and complete the Bear Lodge REE Project. Although we have been successful in raising capital in the past, there can be no assurance that we will be able to do so in the future. |
2_BASIS_OF_PRESENTATION
2. BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2014, which were included in our Annual Report on Form 10-K for the period ended December 31, 2014. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of March 31, 2015, and the results of our operations and cash flows for the three-months ended March 31, 2015 and 2014 in conformity with U.S. GAAP. Interim results of operations for the three-months ended March 31, 2015, may not be indicative of results that will be realized for the full year ending December 31, 2015. |
Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact that adoption of ASU 2014-15 will have on our financial statements and related disclosures. | |
In June 2014, the FASB issued ASU No. 2014-10, which amended Accounting Standards Codification (ASC) Topic 915 Development Stage Entities. The amendment eliminates certain financial reporting requirements surrounding development stage entities, including an amendment to the variable interest entities guidance in ASC Topic 810, Consolidation. The amendment removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other entities under U.S. GAAP. Consequently, the amendment eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose the first year in which the entity is no longer a development stage entity. This amendment is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company made the election to early adopt this amendment effective December 31, 2014 and, as a result, the Company is no longer presenting or disclosing the information previously required under Topic 915. The early adoption was made to reduce data maintenance by removing all incremental financial reporting requirements for development stage entities. The adoption of this amendment alters the disclosure requirements of the Company, but it does not have any impact on the Company’s financial position or results of operations for the current or any prior reporting periods. |
3_FAIR_VALUE_OF_FINANCIAL_INST
3. FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | Our financial instruments can consist of cash and cash equivalents, marketable securities, accounts receivable, restricted cash, accounts payable and accrued liabilities. Included, at times, within cash and cash equivalents is an enhanced yield deposit account that contains an embedded derivative in the form of a foreign currency option. Due to the short-term nature of the option contract and the relatively low volatility between the U.S. dollar and Canadian dollar, the liability portion of the derivative instrument is de minimis. As of March 31, 2015, the Company had no such deposits. U.S. GAAP defines “fair value” as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): | |||||||
· | Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||
· | Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. | |||||||
· | Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable. | |||||||
The Company considers all highly liquid instruments purchased with an original maturity of three-months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Periodically throughout the year, the Company has maintained balances in various U.S. operating accounts in excess of U.S. federally insured limits. | ||||||||
The following table presents information about financial instruments recognized at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, and indicates the fair value hierarchy: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||
Assets | ||||||||
Cash and cash equivalents | $7,505 | $ - | $7,505 | $10,139 | $ - | $10,139 | ||
Total financial assets | $7,505 | $ - | $7,505 | $10,139 | $ - | $10,139 | ||
Liabilities | ||||||||
Accounts payable and other accrued liabilities | $ 700 | $ - | $ 700 | $ 1,098 | $ - | $ 1,098 | ||
Asset retirement obligation | - | 366 | 366 | - | 366 | 366 | ||
Derivative liabilities | - | - | - | - | - | - | ||
Total financial assets and liabilities | $8,205 | $ 366 | $8,571 | $11,237 | $ 366 | $11,603 |
4_EQUIPMENT
4. EQUIPMENT | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
EQUIPMENT | March 31, 2015 | December 31, 2014 | ||||||
Cost | Accumulated depreciation | Net book value | Cost | Accumulated depreciation | Net book value | |||
Computer equipment | $ 189 | $ 175 | $ 14 | $ 189 | $ 168 | $ 21 | ||
Furniture | 111 | 68 | 43 | 111 | 64 | 47 | ||
Geological equipment | 488 | 343 | 145 | 488 | 319 | 169 | ||
Vehicles | 221 | 124 | 97 | 221 | 114 | 107 | ||
$ 1,009 | $ 710 | $ 299 | $ 1,009 | $ 665 | $ 344 |
5_SHAREHOLDERS_EQUITY
5. SHAREHOLDERS' EQUITY | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Equity [Abstract] | |||||
5. SHAREHOLDERS' EQUITY | Common Shares | ||||
Number of shares issued | Common shares ($) | ||||
As of December 31, 2014 | 47,707,216 | $ 100,652 | |||
Exercise of stock options - cash | - | - | |||
Exercise of stock options - fair value | - | - | |||
Issued during the three-months ended March 31, 2015 | - | - | |||
As of March 31, 2015 | 47,707,216 | $ 100,652 | |||
Warrants | |||||
Outstanding warrants include 1,338,688 warrants, each exercisable for one of the Company’s common shares, issued to investors in connection with the September 27, 2013 registered direct offering. The exercise price and exercise period of each warrant are $4.15 and three years, respectively. | |||||
In addition, the Company issued to an agent in connection with the September 27, 2013 financing 133,869 warrants, under the same terms as those issued to investors. |
6_ADDITIONAL_PAID_IN_CAPITAL
6. ADDITIONAL PAID IN CAPITAL | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Additional Paid in Capital [Abstract] | |||||||||
ADDITIONAL PAID IN CAPITAL | Stock-based compensation | ||||||||
We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option Plan (“FSOP”) and the 10% Rolling Stock Option Plan (“RSOP”). | |||||||||
The FSOP was originally approved by shareholders on December 11, 2002, and subsequently approved by shareholders on December 7, 2009 following certain amendments to the FSOP. The FSOP expired upon the adoption of the RSOP that was approved by shareholders on December 2, 2011, and as such, we may no longer grant options under the FSOP. However, the terms of the FSOP continue to govern all prior awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the terms thereof. As of March 31, 2015, we had 1,809,000 options outstanding under our FSOP, as amended, and 2,802,800 options outstanding under our RSOP. | |||||||||
The fair value of each employee stock option award is estimated at the grant date using a Black-Scholes option pricing model and the price of our common shares on the date of grant. The Company did not issue any stock option awards during the three-months ended March 31, 2014. The significant assumptions used to estimate the fair value of stock options awarded during the three-months ended March 31, 2015, using a Black-Scholes model are as follows: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Risk-free interest rate | 1.00% | n/a | |||||||
Expected volatility | 73% | n/a | |||||||
Expected dividend yield | nil | n/a | |||||||
Expected term in years | 3.4 | n/a | |||||||
Estimated forfeiture rate | 3.60% | n/a | |||||||
The compensation expense recognized in our consolidated financial statements for the three-months ended March 31, 2015 and 2014 for stock option awards was $73 and $188, respectively. As of March 31, 2015, there was $77 of total unrecognized compensation cost related to 599,800 unvested stock options that is expected to be recognized over a weighted-average remaining vesting period of 0.7 years. | |||||||||
The following table summarizes our stock option activity for each of the three-month periods ended March 31, 2015 and 2014: | |||||||||
2015 | 2014 | ||||||||
Number of Stock Options | Weighted Average Exercise Price | Number of Stock Options | Weighted Average Exercise Price | ||||||
Outstanding, beginning of period | 4,345,500 | $ 5.16 | 4,700,500 | $ 5.51 | |||||
Granted | 399,000 | 0.32 | - | - | |||||
Cancelled | -132,700 | 6.73 | -280,000 | 6.74 | |||||
Exercised | - | - | (150,000) | 0.52 | |||||
Outstanding, end of period | 4,611,800 | $ 4.43 | 4,270,500 | $ 5.44 | |||||
Exercisable, end of period | 4,012,000 | $ 5.00 | 3,649,000 | $ 6.06 | |||||
Weighted-average fair value per share of options granted during period | $ 0.16 | $ n/a |
7_COMMITMENTS_AND_CONTINGENCIE
7. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Our commitments and contingencies include the following items: |
Potential environmental contingency | |
Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive over time. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain. |
8_SUBSEQUENT_EVENTS
8. SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | On April 29, 2015, the Company closed a $3,400 offering of common shares and warrants in a registered direct offering in the United States resulting in estimated net proceeds of $3,167, after expenses. The Company sold an aggregate of 5,230,770 common shares and 2,615,385 warrants at a price of $0.65 per unit. Each unit consists of one common share and half of a warrant to purchase one common share. |
The warrants issued in connection with the April 29, 2015 registered direct offering are each exercisable upon issuance for one common share of the Company’s common stock at $0.85 per share. The exercise period of each warrant is three years. | |
The Company also issued to a placement agent in connection with the financing 261,539 warrants under the same terms as those issued to the investor. |
3_FAIR_VALUE_OF_FINANCIAL_INST1
3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
SCHEDULE OF FAIR VALUE OF INSTRUMENTS | 31-Mar-15 | 31-Dec-14 | ||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||
Assets | ||||||||
Cash and cash equivalents | $7,505 | $ - | $7,505 | $10,139 | $ - | $10,139 | ||
Total financial assets | $7,505 | $ - | $7,505 | $10,139 | $ - | $10,139 | ||
Liabilities | ||||||||
Accounts payable and other accrued liabilities | $ 700 | $ - | $ 700 | $ 1,098 | $ - | $ 1,098 | ||
Asset retirement obligation | - | 366 | 366 | - | 366 | 366 | ||
Derivative liabilities | - | - | - | - | - | - | ||
Total financial assets and liabilities | $8,205 | $ 366 | $8,571 | $11,237 | $ 366 | $11,603 |
4_EQUIPMENT_Tables
4. EQUIPMENT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
SCHEDULE OF EQUIPMENT | March 31, 2015 | December 31, 2014 | ||||||
Cost | Accumulated depreciation | Net book value | Cost | Accumulated depreciation | Net book value | |||
Computer equipment | $ 189 | $ 175 | $ 14 | $ 189 | $ 168 | $ 21 | ||
Furniture | 111 | 68 | 43 | 111 | 64 | 47 | ||
Geological equipment | 488 | 343 | 145 | 488 | 319 | 169 | ||
Vehicles | 221 | 124 | 97 | 221 | 114 | 107 | ||
$ 1,009 | $ 710 | $ 299 | $ 1,009 | $ 665 | $ 344 |
5_SHAREHOLDERS_EQUITY_Tables
5. SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Equity [Abstract] | |||||
SCHEDULE OF SHARES ACTIVITY | Number of shares issued | Common shares ($) | |||
As of December 31, 2014 | 47,707,216 | $ 100,652 | |||
Exercise of stock options - cash | - | - | |||
Exercise of stock options - fair value | - | - | |||
Issued during the three-months ended March 31, 2015 | - | - | |||
As of March 31, 2015 | 47,707,216 | $ 100,652 |
6_ADDITIONAL_PAIDIN_CAPITAL_Ta
6. ADDITIONAL PAID-IN CAPITAL (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Additional Paid in Capital [Abstract] | |||||||||
Fair value assumptions | March 31, | ||||||||
2015 | 2014 | ||||||||
Risk-free interest rate | 1.00% | n/a | |||||||
Expected volatility | 73% | n/a | |||||||
Expected dividend yield | nil | n/a | |||||||
Expected term in years | 3.4 | n/a | |||||||
Estimated forfeiture rate | 3.60% | n/a | |||||||
Stock option activity | 2015 | 2014 | |||||||
Number of Stock Options | Weighted Average Exercise Price | Number of Stock Options | Weighted Average Exercise Price | ||||||
Outstanding, beginning of period | 4,345,500 | $ 5.16 | 4,700,500 | $ 5.51 | |||||
Granted | 399,000 | 0.32 | - | - | |||||
Cancelled | -132,700 | 6.73 | -280,000 | 6.74 | |||||
Exercised | - | - | (150,000) | 0.52 | |||||
Outstanding, end of period | 4,611,800 | $ 4.43 | 4,270,500 | $ 5.44 | |||||
Exercisable, end of period | 4,012,000 | $ 5.00 | 3,649,000 | $ 6.06 | |||||
Weighted-average fair value per share of options granted during period | $ 0.16 | $ n/a |
3_FAIR_VALUE_OF_FINANCIAL_INST2
3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $7,505 | $10,139 | $19,765 | $23,902 |
Total financial assets | 7,505 | 10,139 | ||
Liabilities | ||||
Accounts payable and other accrued liabilities | 700 | 1,098 | ||
Asset retirement obligation | 366 | 366 | ||
Derivative liabilities | 0 | 0 | ||
Total financial assets and liabilities | 8,571 | 11,603 | ||
Level 1 | ||||
Assets | ||||
Cash and cash equivalents | 7,505 | 10,139 | ||
Total financial assets | 7,505 | 10,139 | ||
Liabilities | ||||
Accounts payable and other accrued liabilities | 700 | 1,098 | ||
Asset retirement obligation | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Total financial assets and liabilities | 8,205 | 11,237 | ||
Level 2 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Liabilities | ||||
Accounts payable and other accrued liabilities | 0 | 0 | ||
Asset retirement obligation | 366 | 366 | ||
Derivative liabilities | 0 | 0 | ||
Total financial assets and liabilities | $366 | $366 |
4_EQUIPMENT_Details
4. EQUIPMENT (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cost | $1,009 | $1,009 |
Accumulated depreciation | 710 | 665 |
Net book value | 299 | 344 |
Computer equipment | ||
Cost | 189 | 189 |
Accumulated depreciation | 175 | 168 |
Net book value | 14 | 21 |
Furniture | ||
Cost | 111 | 111 |
Accumulated depreciation | 68 | 64 |
Net book value | 43 | 47 |
Geological equipment | ||
Cost | 488 | 488 |
Accumulated depreciation | 343 | 319 |
Net book value | 145 | 169 |
Vehicles | ||
Cost | 221 | 221 |
Accumulated depreciation | 124 | 114 |
Net book value | $97 | $107 |
5_SHAREHOLDERS_EQUITY_Details
5. SHAREHOLDERS' EQUITY (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Shareholders Equity Details | ||
Number of shares issued, beginning | 47,707,216 | |
Shares issued amount, beginning | $100,652 | |
Exercise of stock options - cash, shares | 0 | -150,000 |
Exercise of stock options - cash, amount | 0 | |
Exercise of stock options - fair value, shares | 0 | |
Exercise of stock options - fair value, amount | 0 | |
Shares issued, shares | 0 | |
Shares issued, amount | 0 | |
Number of shares issued, ending | 47,707,216 | |
Shares issued amount, ending | $100,652 |
6_ADDITIONAL_PAIDIN_CAPITAL_De
6. ADDITIONAL PAID-IN CAPITAL (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Risk free interest rate | 1.00% | 0.00% |
Expected volatiility | 73.00% | 0.00% |
Expected dividend yield | 0.00% | 0.00% |
Expected term in years | 3 years 4 months 24 days | 0 years |
Estimated forfeiture rate | 3.60% | 0.00% |
6_ADDITIONAL_PAIDIN_CAPITAL_De1
6. ADDITIONAL PAID-IN CAPITAL (Details 1) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Number of Stock Options | ||
Outstanding, beginning of period | 4,345,500 | 4,700,500 |
Granted | 399,000 | 0 |
Cancelled | -132,700 | -280,000 |
Exercised | 0 | -150,000 |
Outstanding, end of period | 4,611,800 | 4,270,500 |
Exercisable, end of period | 4,012,000 | 3,649,000 |
Weighted Average Exercise Price | ||
Outstanding, beginning of period | $5.16 | $5.51 |
Granted | $0.32 | $0 |
Cancelled | $6.73 | $6.74 |
Exercised | $0 | $0.52 |
Outstanding, end of period | $4.43 | $5.44 |
Exercisable, end of period | $5 | $6.06 |
Weighted-average fair value per share of options granted during period | $0.16 | $0 |
6_ADDITIONAL_PAID_IN_CAPITAL_D
6. ADDITIONAL PAID IN CAPITAL (Details Narrative) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Options outstanding | 4,611,800 | 4,270,500 | 4,345,500 | 4,700,500 |
Compensation Expense | $73 | $188 | ||
Unrecognized compensation cost related to unvested stock options | $77 | |||
Unvested stock options | 599,800 | |||
Unrecognized compensation cost, Period for Recognition | 8 months 12 days | |||
FSOP | ||||
Options outstanding | 1,809,000 | |||
RSOP | ||||
Options outstanding | 2,802,800 |
8_SUBSEQUENT_EVENTS_Details_Na
8. SUBSEQUENT EVENTS (Details Narrative) (Subsequent Event, USD $) | 1 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 29, 2015 |
Subsequent Event | |
Offering of common shares and warrants in a registered direct offering | $3,400 |
Net proceeds from offerings | $3,167 |
Common shares issued | 5,230,770 |
Warrants issued | 2,615,385 |
Price per unit | $0.65 |
Price per share | $0.85 |
Warrants issued to a placement agent in connection with financing | 261,539 |