RELATED PARTY TRANSACTIONS
|6 Months Ended|
May 31, 2012
|RELATED PARTY TRANSACTIONS [Text Block]||
On January 4, 2012, the board of directors granted options to three directors to acquire a total of 775,000 common shares and one officer to acquire 20,000 common shares. All these 795,000 options were issued at an exercise price of $0.13 per share and vest immediately with an expiry term of four years. The Company expensed stock based compensation cost of $99,522 for these options.
The Company expensed $10,950 for services provided by the CFO of the Company and $101,600 for services provided by a corporation in which the Chief Operating Officer has an interest.
Six months ended May 31, 2011
The Company expensed a total of $43,000 as Management fee for payment to its two directors for the six month period ended May 31, 2011.
The Company expensed $7,000 for services provided by the CFO of the Company and $48,000 for services provided by COO of the Company.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef