Stock Options [Text Block] |
On September 16, 2015, the Company granted
100,000
stock options to an Officer of the Company. The exercise price of the stock options is $0.19, vesting immediately and expiring on September 16, 2020.
For the three months ended November 30, 2015, the Company recorded $18,873
(November 30,
2014
– $Nil) stock based compensation expenses which has been included in consulting fees.
A summary of the changes in stock options for the three months ended November 30, 2015 is presented below:
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Options Outstanding |
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Weighted |
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Average |
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|
|
|
Number |
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|
Exercise |
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of Shares |
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Price |
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Balance, August 31, 2015
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3,700,000
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|
$ |
0.17
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|
Expired
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(50,000
|
) |
|
0.60
|
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|
Granted
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|
100,000
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|
0.19
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|
Balance, November 30, 2015
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|
3,750,000
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$ |
0.17
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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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November 30, |
August 31, |
|
|
2015 |
2015 |
|
Expected volatility
|
243%-
249%
|
243%-
249%
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|
Risk-free interest rate
|
1.47
-
1.68%
|
1.47
-
1.68%
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Expected life
|
5.00
years
|
5.00
years
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|
Dividend yield
|
0.00%
|
0.00%
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|
Estimated fair value per option
|
$0.08
-$0.10
|
$0.08
-$0.10
|
A summary of the stock options as at ended November 30, 2015 is presented below:
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November 30, 2015
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Options outstanding
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Options exercisable
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Range of Exercise |
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Number |
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Weighted |
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Weighted |
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Number |
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|
Weighted average |
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Weighted |
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|
prices |
|
of shares |
|
|
average |
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|
average exercise |
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|
of shares |
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|
remaining |
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|
average |
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|
remaining |
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|
price |
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|
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contractual life |
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|
exercise price |
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|
contractual life |
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$0.35
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|
450,000
|
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|
0.61
years
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|
$
|
0.35
|
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|
450,000
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|
0.86years |
|
$ |
0.35
|
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|
$0.10
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|
400,000
|
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|
2.55
years
|
|
$
|
0.10
|
|
|
400,000
|
|
|
2.80
years
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|
$ |
0.10
|
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$0.25
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|
625,000
|
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|
3.65
years
|
|
$
|
0.25
|
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625,000
|
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3.90
years
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|
$ |
0.25
|
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$0.11
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1,425,000
|
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|
4.06
years
|
|
|
0.11
|
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|
1,325,000
|
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|
4.30
years
|
|
|
0.11
|
|
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$0.10
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|
250,000
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|
4.18
years
|
|
$
|
0.10
|
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|
250,000
|
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|
4.43
years
|
|
$ |
0.10
|
|
|
$0.10
|
|
500,000
|
|
|
4.32
years
|
|
$
|
0.10
|
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|
500,000
|
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|
4.57
years
|
|
$ |
0.10
|
|
|
$0.19
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|
100,000
|
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|
4.80
years
|
|
$
|
0.19
|
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|
100,000
|
|
|
4.80
years
|
|
$ |
0.19
|
|
|
|
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$
|
|
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|
|
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$ |
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Total |
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3,750,000
|
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|
3.48
years
|
|
$
|
0.16
|
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|
3,650,000
|
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|
3.47
years
|
|
$ |
0.16
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August 31, 2015
|
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Options outstanding
|
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Options exercisable
|
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Range of |
|
Number |
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Weighted average |
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|
Weighted |
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|
Number |
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|
Weighted average |
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|
Weighted |
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Exercise prices |
|
of shares |
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|
remaining |
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|
average exercise |
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|
of shares |
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|
remaining |
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|
average |
|
|
|
|
|
|
|
contractual life |
|
|
price |
|
|
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|
|
contractual life |
|
|
exercise price |
|
|
|
|
450,000
|
|
|
0.86
years
|
|
$ |
0.35
|
|
|
450,000
|
|
|
0.86
years
|
|
$ |
0.35
|
|
|
$0.10
|
|
400,000
|
|
|
2.80
years
|
|
$ |
0.10
|
|
|
400,000
|
|
|
2.80
years
|
|
$ |
0.10
|
|
|
$0.60
|
|
50,000
|
|
|
3.57
years
|
|
$ |
0.60
|
|
|
50,000
|
|
|
3.57
years
|
|
$ |
0.60
|
|
|
$0.25
|
|
625,000
|
|
|
3.90
years
|
|
$ |
0.25
|
|
|
625,000
|
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|
3.90
years
|
|
$ |
0.25
|
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|
$0.11
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|
1,425,000
|
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4.31
years
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|
$ |
0.11
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|
1,325,000
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4.30
years
|
|
$ |
0.11
|
|
|
$0.10
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|
250,000
|
|
|
4.43
years
|
|
$ |
0.10
|
|
|
250,000
|
|
|
4.43
years
|
|
$ |
0.10
|
|
|
$0.10
|
|
500,000
|
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|
4.57
years
|
|
|
0.10
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|
|
500,000
|
|
|
4.57
years
|
|
|
0.10
|
|
|
Total |
|
3,700,000
|
|
|
3.69
years
|
|
$ |
0.17
|
|
|
3,600,000
|
|
|
3.68
years
|
|
$ |
0.17
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|