Stock Options [Text Block] |
11.
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Stock Options
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For the nine months ended July 31, 2014, the Company recorded a total of $66,482
(2013: $Nil) for stock based compensation expenses.
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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.
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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.
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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.
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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.
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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.
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For the period ended July 31, 2014, the Company recorded a total of $91,915
(2013: $21,279) for stock based compensation expenses.
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The fair value of options granted has been estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
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July 31, 2014 |
October 31, 2013 |
Expected volatility |
219-252%
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142.25%
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Risk-free interest rate |
1.72-1.76%
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1.83%
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Expected life |
5
years
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5
years
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Dividend yield |
0.00%
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0.00%
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A summary of the stock options for the nine months ended July 31, 2014 is presented below:
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Options Outstanding |
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Weighted Average |
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Number of Shares |
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Exercise Price |
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Balance, October 31, 2013 |
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2,200,000
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$ |
0.23
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Expired |
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250,000
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0.35
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Exercised |
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100,000
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0.22
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Granted |
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775,000
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0.53
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Balance, July 31, 2014 |
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2,625,000
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$ |
0.24
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The Company has the following options outstanding and exercisable:
July 31, 2014
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Options outstanding
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Options exercisable
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Range of Exercise |
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Number of |
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Weighted average |
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Weighted average |
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Number of |
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Weighted average |
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prices |
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shares |
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remaining contractual life |
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exercise price |
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shares |
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exercise price |
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$0.20
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150,000
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1.04
years
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$ |
0.20
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150,000
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$ |
0.20
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$0.20
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850,000
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0.47
years
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$ |
0.20
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850,000
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$ |
0.20
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$0.35
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450,000
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1.95years |
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$ |
0.35
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450,000
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$ |
0.35
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$0.10
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400,000
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3.88
years
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$ |
0.20
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400,000
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$ |
0.10
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$0.60
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50,000
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4.65
years
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$ |
0.60
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50,000
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$ |
0.60
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$0.50
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100,000
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4.67
years
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$ |
0.50
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100,000
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$ |
0.50
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$0.25
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625,000
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4.98
years
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$ |
0.25
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625,000
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$ |
0.25
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Total |
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2,625,000
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2.54
years
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$ |
0.24
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2,625,000
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$ |
0.24
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