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RELATED PARTY TRANSACTIONS
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The following transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.
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Three months ended February 29, 2016
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The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $51,370
as management fees to its two directors, in their role as officers in accordance with their consulting contracts and expensed a total of $1,300
as automobile allowance. In addition, the Company expensed $34,490
as a consulting fee to an independent director for services provided. This amount for $34,490
is outstanding as of February 29, 2016 and included in accounts payable and accrued liabilities in the Balance Sheet.
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The Company expensed $4,415
for services provided by the CFO of the Company and $51,780
for services provided by a Corporation in which the Chief Operating Officer has an ownership interest, in accordance with the consulting contract.
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The Company reimbursed $10,780
to directors and officers for travel and entertainment expenses incurred for the Company.
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Three months ended February 28, 2015
The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $54,900
as management fees to its two directors, in their role as officers in accordance with their consulting contracts and expensed a total of $1,500
as automobile allowance.
The Company expensed $5,000
for services provided by the CFO of the Company and $57,800
for services provided by a corporation in which the Chief Operating Officer has an interest, in accordance with the consulting contract.
The Company reimbursed $12,460
to directors and officers for travel and entertainment expenses incurred for the Company.
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