| 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 six months ended February 29, 2016, the Company recorded $37,948
(February 29, 2015– $174,720) stock based compensation expenses which has been included in consulting fees.
A summary of the changes in stock options for the six months ended February 29, 2016 is presented below:
| |
|
|
|
|
|
Options Outstanding |
|
| |
|
|
|
|
|
Weighted |
|
| |
|
|
|
|
|
Average |
|
| |
|
|
Number |
|
|
Exercise |
|
| |
|
|
of Shares |
|
|
Price |
|
| |
Balance, August 31, 2015 |
|
3,700,000
|
|
$ |
0.17
|
|
| |
Expired |
|
(50,000
|
) |
|
0.60
|
|
| |
Granted |
|
100,000
|
|
|
0.19
|
|
| |
Forward split |
|
375,000
|
|
|
|
|
| |
Balance, February 29, 2016 |
|
4,125,000
|
|
$ |
0.16
|
|
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:
| |
|
|
February 29, |
|
|
August 31, |
|
| |
|
|
2016 |
|
|
2015 |
|
| |
Expected volatility |
|
243%-
249%
|
|
|
243%-
249%
|
|
| |
Risk-free interest rate |
|
1.47
-
1.68%
|
|
|
1.47
-
1.68%
|
|
| |
Expected life |
|
5.00
years
|
|
|
5.00
years
|
|
| |
Dividend yield |
|
0.00%
|
|
|
0.00%
|
|
| |
Estimated fair value per option |
|
$0.08
-$0.10
|
|
|
$0.08
-$0.10
|
|
A summary of the stock options as at ended February 29, 2016 is presented below:
| |
February 29, 2016
|
|
Options outstanding
|
|
|
Options exercisable
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Range of Exercise
|
|
Number
|
|
|
Weighted
|
|
|
Weighted
|
|
|
Number
|
|
|
Weighted average
|
|
|
Weighted
|
|
| |
prices
|
|
of shares
|
|
|
average
|
|
|
average exercise
|
|
|
of shares
|
|
|
remaining
|
|
|
average
|
|
| |
|
|
|
|
|
remaining
|
|
|
price
|
|
|
|
|
|
contractual life
|
|
|
exercise price
|
|
| |
|
|
|
|
|
contractual life
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$0.35
|
|
495,000
|
|
|
0.36
years
|
|
$ |
0.35
|
|
|
495,000
|
|
|
0.36
years
|
|
$ |
0.35
|
|
| |
$0.10
|
|
440,000
|
|
|
2.30
years
|
|
$ |
0.10
|
|
|
440,000
|
|
|
2.30
years
|
|
$ |
0.10
|
|
| |
$0.25
|
|
687,500
|
|
|
3.40
years
|
|
$ |
0.25
|
|
|
687,500
|
|
|
3.40
years
|
|
$ |
0.25
|
|
| |
$0.11
|
|
1,567,500
|
|
|
3.81
years
|
|
$ |
0.11
|
|
|
|
|
|
3.81
years
|
|
$ |
0.11
|
|
| |
$0.10
|
|
275,000
|
|
|
3.93
years
|
|
$ |
0.10
|
|
|
1,567,500
|
|
|
3.93
years
|
|
$ |
0.10
|
|
| |
$0.10
|
|
550,000
|
|
|
4.07
years
|
|
$ |
0.10
|
|
|
275,000
|
|
|
4.07
years
|
|
$ |
0.10
|
|
| |
$0.19
|
|
110,000
|
|
|
4.55
years
|
|
$ |
0.19
|
|
|
550,000
|
|
|
4.55
years
|
|
$ |
0.19
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
110,000
|
|
|
|
|
|
|
|
| |
Total |
|
4,125,000
|
|
|
3.23
years
|
|
$ |
0.16
|
|
|
4,125,000
|
|
|
3.23
years
|
|
$ |
0.16
|
|
| |
August 31, 2015
|
|
Options outstanding
|
|
|
Options exercisable
|
|
| |
Range of
|
|
Number
|
|
|
Weighted average
|
|
|
Weighted
|
|
|
Number
|
|
|
Weighted average
|
|
|
Weighted
|
|
| |
Exercise prices
|
|
of shares
|
|
|
remaining
|
|
|
average exercise
|
|
|
of shares
|
|
|
remaining
|
|
|
average
|
|
| |
|
|
|
|
|
contractual life
|
|
|
price
|
|
|
|
|
|
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
|
|
|
3.90
years
|
|
$ |
0.25
|
|
| |
$0.11
|
|
1,425,000
|
|
|
4.31
years
|
|
$ |
0.11
|
|
|
1,325,000
|
|
|
4.30
years
|
|
$ |
0.11
|
|
| |
$0.10
|
|
250,000
|
|
|
4.43
years
|
|
$ |
0.10
|
|
|
250,000
|
|
|
4.43
years
|
|
$ |
0.10
|
|
| |
$0.10
|
|
500,000
|
|
|
4.57
years
|
|
|
0.10
|
|
|
500,000
|
|
|
4.57
years
|
|
|
0.10
|
|
| |
Total |
|
3,700,000
|
|
|
3.69
years
|
|
$ |
0.17
|
|
|
3,600,000
|
|
|
3.68
years
|
|
$ |
0.17
|
|
|