The following table outlines the carrying value of warrants outstanding as of April 30, 2013 and 2012:
| April 30, 2013 | April 30, 2012 | |||||||
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Warrants issued in connection with government funding (1) |
$ | 39.1 | $ | 39.1 | ||||
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Warrants issued in connection with Senior Secured Convertible Notes (2) |
— | 10.5 | ||||||
|
Warrants issued in connection with Class 1 Preferred Shares (3) |
— | 6.0 | ||||||
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| $ | 39.1 | $ | 55.6 | |||||
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| (1) | At April 30, 2013, there were 2.48 million warrants outstanding that were issued in connection with government funding (April 30, 2012—2.48 million). The warrants have an exercise price of nil, are exercisable at any time at the option of the holder and have no expiry date. |
| (2) | At April 30, 2012, there were 1.35 million warrants outstanding that were issued in connection with the issuance of Senior Secured Convertible Notes. The warrants had an exercise price of $15.69 per share and expired in August 2012. |
| (3) | At April 30, 2012, there were 1.87 million warrants outstanding that were issued in connection with the issuance of Class 1 Preferred Shares. The warrants had an exercise price of $15.91 per share and expired in August 2012. |