7. RELATED PARTIES TRANSACTION

For the nine month period ended May 31, 2021, the Company was party to the following related party transactions:

• The Company incurred $Nil (May 31, 2020: $10,500) to the President of the Company in consulting fees.
• During the nine months ended May 31, 2021, the Company repaid $50,925 of amounts outstanding resulting in accounts payable to the President of the Company of $137,909 as at May 31, 2021 (August 31, 2020: $188,834).
• On December 14, 2020 the Company issued 500,000 stock options valued at $10,926 to the President of the Company (Note 9).

The related party transactions are recorded at the exchange amount established and agreed to between the related parties.