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RELATED PARTY TRANSACTIONS
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6 Months Ended | ||
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May 31, 2014
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| RELATED PARTY TRANSACTIONS [Text Block] |
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. Six months ended May 31, 2014 The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $125,233 as management fees to its two directors and expensed a total of $3,600 as automobile allowance. The Company expensed $12,000 for services provided by the CFO of the Company and $114,573 for services provided by a corporation in which the Chief Operating Officer has an interest. The Company reimbursed $66,763 to directors and officers for travel and entertainment expenses incurred for the Company. Six months ended May 31, 2013 The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $147,600 as management fees to its three directors and expensed a total of $3,600 as automobile allowance. The Company expensed $24,250 for services provided by the CFO of the Company and $120,000 for services provided by a corporation in which the Chief Operating Officer has an interest. The Company reimbursed $87,019 to directors and officers for travel and entertainment expenses incurred for the Company. On March 4, the board of directors granted 100,000 warrants as an incentive to a director who provided a working capital loan of $96,700 (CAD $100,000). These warrants were issued at an exercise price of $0.50 per share and vest immediately with an expiry term of two years. The Company expensed $15,637 as compensation expense. |