Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v2.4.0.6
Stock Options
 3 Months Ended
Jan. 31, 2013
Stock Options [Text Block]
10.

Stock Options

   
 

For the three months ended January 31, 2013, the Company recorded a total of $nil (2012: $11,336) for stock based compensation expenses.

   
 

The fair value of each option granted has been estimated as of the date of the grant using the Black-Scholes option pricing model with the following assumptions:

    Year ended October 31, 2012 Quarter ended January 31, 2013
  Expected volatility 129.14% - 152.92% -
  Risk-free interest rate 2.75% -
  Expected life 5 years -
  Dividend yield 0.0% -

A summary of the stock options for as at January 31, 2013 is presented below:

      Options Outstanding  
            Weighted Average  
      Number of Shares     Exercise Price  
  Balance, January 31, 2013 and October 31, 2012   1,725,000   $ 0.26  

The Company has the following options outstanding and exercisable:

  January 31, 2013         Options outstanding     Options exercisable  
                                 
            Weighted     Weighted           Weighted  
            average     Average           Average  
  Range of   Number     remaining     Exercise     Number     Exercise  
  Exercise prices   of shares     contractual life     Price     of shares     Price  
  $0.20   150,000     2.55 years   $ 0.20     150,000   $ 0.20  
  $0.20   850,000     1.98 years   $ 0.20     850,000   $ 0.20  
  $0.35   700,000     3.45years   $ 0.35     700,000   $ 0.35  
  $0.20   25,000     4.66 years   $ 0.20     25,000   $ 0.20  
  Total   1,725,000     2.66 years   $ 0.26     1,725,000   $ 0.26