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Common shares issued in connection with "At-the-Market" ("ATM") issuances
On April 1, 2016, the Company entered into an ATM sales agreement (the "April 2016 ATM Program"), under which the Company is able, at its discretion and from time to time, to sell up to 3 million of its common shares through ATM issuances on the NASDAQ for aggregate gross proceeds of up to approximately $10 million. The ATM program provides that common shares are to be sold at market prices prevailing at the time of sale and, as a result, prices may vary. Between April 1, 2016 and September 30, 2016 , the Company issued a total of 165,096 common shares under the April 2016 ATM Program at an average price of approximately $3.52 per share for aggregate gross proceeds of approximately $0.6 million less cash transaction costs of approximately $19,000 and previously deferred transaction costs of $20,000. In connection with these issuances and in accordance with their respective anti-dilution provisions, the exercise price of the March 2015 Series A warrants was adjusted to $3.41. Subsequent to September 30, 2016 , the Company issued an additional 426,982 common shares under the April 2016 ATM Program at an average price of approximately $4.02 per share for gross proceeds of approximately $1.7 million.
Outstanding Share Data
As at November 8, 2016 , we had 11,670,775 common shares and 950,000 pre-funded warrants exercisable for common shares issued and outstanding, as well as 324,832 stock options outstanding. Warrants outstanding as at November 8, 2016 represented a total of 3,779,245 equivalent common shares (excluding common shares issuable upon exercise of the pre-funded warrants separately disclosed above).
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