Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
 3 Months Ended
Feb. 28, 2013
RELATED PARTY TRANSACTIONS [Text Block]
8.

RELATED PARTY TRANSACTIONS
   
 

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.
   
 

Three months ended February 28, 2013

   
 

The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $73,800 as management fees to its three directors and expensed a total of $1,800 as automobile allowance.

   
 

The Company expensed $6,610 for services provided by the CFO of the Company and $60,000 for services provided by a corporation in which the Chief Operating Officer has an interest.

   
 

The Company reimbursed $44,759 to directors and officers for travel and entertainment expenses incurred for the Company.

   
 

Three months ended February 29, 2012

   
 

The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $54,000 as management fees to its three directors and expensed a total of $1,200 as automobile allowance.

   
 

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 $5,000 for services provided by the CFO of the Company and $30,000 for services provided by a corporation in which the Chief Operating Officer has an interest.

   
 

The Company reimbursed $36,574 to directors and officers for travel and entertainment expenses incurred for the Company.