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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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Six months ended May 31, 2013
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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.
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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.
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The Company reimbursed $87,019
to directors and officers for travel and entertainment expenses incurred for the Company.
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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.
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Six months ended May 31, 2012
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The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $126,000
as Management fees for payment to its three directors and expensed a total of $3,000
as automobile allowance.
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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.
The Company reimbursed $84,731
to directors and officers for travel and entertainment expenses incurred for the Company.
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