Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
 9 Months Ended
May 31, 2016
Related Party Transactions [Text Block]
13.

Related Party Transactions

   
 

For the nine months ended May 31, 2016, the Company accrued/paid $90,000 to C.A.B Financial Services (“CAB”) (2015 - $84,000); to BKB Management Ltd. (“BKB”) $44,952 (2015 - $51,884) for management, consulting and accounting services; to a senior vice president $18,000 (2015 - $33,000) for executive management consulting; and to Docherty Management Limited $118,651 (2015 - $15,909). All fees incurred were included as consulting on the Company’s statement of operations. CAB is owned by the CEO of the Company, BKB is owned by the CFO of the Company and Docherty Management Limited (“Docherty Management”) is owned by the President of the Company. The CFO of the Company resigned effective April 29, 2016.

   
 

During the nine months ended May 31, 2016, the Company also granted 210,000 restricted common shares with a value of $0.10 per share to Mr. Docherty for his services. Additional consulting fees of $21,000 was therefore recognized in the Company’s statement of operations.

   
 

The Company granted a total of 400,000 incentive stock options to the directors and officers of the Company with a fair value of $51,642 (Note 11).

   
 

As at May 31, 2016, $256,883 was payable to the related parties (August 31, 2015 - $22,052).

   
 

The related party transactions are recorded at the exchange amount established and agreed to between the related parties.