| Stock Options [Text Block] |
|
11.
|
Stock Options
|
| |
|
| |
For the nine months ended July 31, 2014, the Company recorded a total of $66,482
(2013: $Nil) for stock based compensation expenses.
|
| |
|
| |
On March 25, 2014, the Company accepted and received gross proceeds of $17,500, for the exercise of
50,000
stock options at $0.35
into
50,000
common shares of the Company.
|
| |
|
| |
On March 25, 2014, Jason Springett has joined the Company as an advisor and the Company granted
50,000
stock options with an exercise price of $0.60, vesting immediately and expiring on March 25, 2019.
|
| |
|
| |
On April 1, 2014, the Company entered into a
90
day agreement with Ken Faulkner as a Corporate Development Manager. The Company granted
100,000
stock options with an exercise price of $0.50, vesting immediately and expiring on April 1, 2019.
|
| |
|
| |
On May 29, 2014, the Company accepted and received gross proceeds of $5,000
for the exercise of
50,000
stock options at $0.10
into
50,000
common shares of the Company.
|
| |
|
| |
On July 24, 2014, the Company granted
100,000
stock options to Ron Struthers,
500,000
stock options to Robert McAllister, and
25,000
stock options to Taven White with an exercise price of $0.25, vesting immediately and expiring on July 24, 2019.
|
| |
|
| |
For the period ended July 31, 2014, the Company recorded a total of $91,915
(2013: $21,279) for stock based compensation expenses.
|
| |
|
| |
The fair value of options granted has been estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
|
| |
July 31, 2014 |
October 31, 2013 |
| Expected volatility |
219-252%
|
142.25%
|
| Risk-free interest rate |
1.72-1.76%
|
1.83%
|
| Expected life |
5
years
|
5
years
|
| Dividend yield |
0.00%
|
0.00%
|
A summary of the stock options for the nine months ended July 31, 2014 is presented below:
| |
|
|
Options Outstanding |
|
| |
|
|
|
|
|
Weighted Average |
|
| |
|
|
Number of Shares |
|
|
Exercise Price |
|
| |
Balance, October 31, 2013 |
|
2,200,000
|
|
$ |
0.23
|
|
| |
Expired |
|
250,000
|
|
|
0.35
|
|
| |
Exercised |
|
100,000
|
|
|
0.22
|
|
| |
Granted |
|
775,000
|
|
|
0.53
|
|
| |
Balance, July 31, 2014 |
|
2,625,000
|
|
$ |
0.24
|
|
The Company has the following options outstanding and exercisable:
|
July 31, 2014
|
|
|
Options outstanding
|
|
|
Options exercisable
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Range of Exercise |
|
Number of |
|
|
Weighted average |
|
|
Weighted average |
|
|
Number of |
|
|
Weighted average |
|
| prices |
|
shares |
|
|
remaining contractual life |
|
|
exercise price |
|
|
shares |
|
|
exercise price |
|
|
$0.20
|
|
150,000
|
|
|
1.04
years
|
|
$ |
0.20
|
|
|
150,000
|
|
$ |
0.20
|
|
|
$0.20
|
|
850,000
|
|
|
0.47
years
|
|
$ |
0.20
|
|
|
850,000
|
|
$ |
0.20
|
|
|
$0.35
|
|
450,000
|
|
|
1.95years |
|
$ |
0.35
|
|
|
450,000
|
|
$ |
0.35
|
|
|
$0.10
|
|
400,000
|
|
|
3.88
years
|
|
$ |
0.20
|
|
|
400,000
|
|
$ |
0.10
|
|
|
$0.60
|
|
50,000
|
|
|
4.65
years
|
|
$ |
0.60
|
|
|
50,000
|
|
$ |
0.60
|
|
|
$0.50
|
|
100,000
|
|
|
4.67
years
|
|
$ |
0.50
|
|
|
100,000
|
|
$ |
0.50
|
|
|
$0.25
|
|
625,000
|
|
|
4.98
years
|
|
$ |
0.25
|
|
|
625,000
|
|
$ |
0.25
|
|
| Total |
|
2,625,000
|
|
|
2.54
years
|
|
$ |
0.24
|
|
|
2,625,000
|
|
$ |
0.24
|
|
|