Notes to Consolidated Financial Statements  Year ended December 31, 2011  Equipment consists of leasehold improvements, furniture and fixtures, and computer equipment.  The amounts are net of accumulated depreciation of $137,234 (December 31, 2010 - $121,327).  During the year ended December 31, 2011, the Corporation acquired assets with a cost of $12,979.  42  2011 Annual Report  Alaris Royalty Corp. 7. Equipment:  8. Share capital:  Issued Common Shares  Number of Shares  Amount  Balance at December 31, 2009 (Voting shares)  10,799,098  $ 103,663,148  Issued in lieu of dividends on restricted share units  14,191  138,050 Issued upon RSUs vesting to Directors  31,250  375,000  Warrants exercised in the period  598,400  4,488,000  Fair value of warrants exercised in the period  -  439,694  Issued by short form prospectus in May 2010  1,840,000  16,560,000  Short form prospectus costs in May 2010  -  (1,239,548)  Income tax benefit of share issue costs  -  326,373 Issued by short form prospectus in Dec 2010  2,477,000  26,008,500  Short form prospectus costs in Dec 2010  -  (1,839,035)  Income tax benefit of share issue costs  -  476,567  Tax rate reconciliation of share issue costs  -  5,579  Balance at December 31, 2010 (Voting shares)  15,759,939  $ 149,402,328  Non-voting shares  666,665  8,000,000  Balance at December 31, 2010 (Voting, non-voting)  16,426,604  $ 157,402,328  Issued in lieu of dividends on restricted share units  10,331  152,550 Warrants exercised in the period  531,850  3,988,875  Fair value of warrants exercised in the period  -  390,794  Options exercised in the period  10,375  126,696  Non-voting shares converted to voting  (666,665)  -  Non-voting shares converted to voting  666,665  -  Issued by short form prospectus in Dec 2011  2,464,800  40,053,000  Short form prospectus costs in Dec 2011  -  (2,222,777)  Income tax benefit of share issue costs  -  555,694  Issued upon RSUs vesting to Directors  31,250  375,000  Balance at December 31, 2011 (Voting) 19,475,210  $ 200,822,160 Issued Warrants  Number of  Warrants  Amount  Balance at December 31, 2009  1,150,000  $ 845,000  Exercised during 2010  (598,400)  (439,694)  Balance at December 31, 2010  551,600  $ 405,306 Exercised during 2011  (531,850)  (390,794)  Expired during 2011  (19,750)  (14,512)  Balance at December 31, 2011  -  $ - 