| Stock Options |
| 12. |
Stock Options |
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The Company has established its 2007 Equity Incentive Plan, whereby the board of directors may grant up to 2,000,000 stock options to eligible employees and directors, the 2010 Stock Option Plan whereby the board of directors may, from time to time, grant up to 1,980,000 stock options to officers and employees, and its 2014 Stock Option Plan whereby the board of directors may, from time to time, grant up to 3,850,000 stock options to directors, officers, employees, and consultants. Stock options granted must be exercised no later than five years from the date of grant or such lesser period as determined by the Company’s board of directors. The exercise price of an option is equal to or greater than the closing market price of the Company’s common shares on the day preceding the date of grant. The vesting terms of each grant are set by the board of directors.
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Fiscal 2019 Activity
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The Company granted 390,000 stock options on common shares of the Company at a price of $1.27 for a period of five years, vesting over a period of three years during the period ended November 30, 2018.
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Fiscal 2018 Activity
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No stock options were granted during the period ended November 30, 2017.
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A continuity schedule for stock options is presented below:
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Options
Outstanding
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Weighted
Average
Exercise Price
$
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Balance, August 31, 2017
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3,320,875 |
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0.15
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Exercised
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(545,875 |
) |
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0.17
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Granted
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2,025,000 |
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1.49
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Balance , August 31, 2018
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4,800,000 |
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0.71
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Exercised
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(330,000 |
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0.10
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Granted
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390,000 |
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1.27
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Balance, November 30, 2018
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4,860,000 |
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0.80
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The fair value of compensation options granted was estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
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November 30
2018
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Expected volatility
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144 |
% |
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Risk-free interest rate
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2.89 |
% |
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Expected life
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5.00 years
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Dividend yield
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0.00 |
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Estimated fair value per option
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$ |
1.07 |
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A summary of the stock options as at November 30 2018, is presented below:
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Number of
Stock Options
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Number of Stock
Options Exercisable
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Weighted
Average
Remaining
Contractual Life
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Weighted Average
Exercise Price
$
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Aggregate
Intrinsic Value
$
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660,000
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660,000 |
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1.06 years
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0.10
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686,400 |
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275,000
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275,000 |
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1.18 years
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0.09
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288,500 |
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550,000
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550,000 |
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1.32 years
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0.09
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577,000 |
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110,000
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110,000 |
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1.80 years
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0.17
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106,400 |
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300,000
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300,000 |
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2.38 years
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0.11
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309,000 |
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200,000
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200,000 |
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3.51 years
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0.37
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154,000 |
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350,000
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150,000 |
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3.56 years
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0.29
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295,750 |
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200,000
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200,000 |
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4.01 years
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0.83
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62,000 |
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1,725,000
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1,725,000 |
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4.50 years
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1.53
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- |
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100,000
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100,000 |
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4.75 years
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2.06
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- |
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390,000
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60,000 |
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4.99 years
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1.27
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- |
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4,860,000
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4,330,000 |
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3.21 years
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0.80
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2,479,050 |
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