STOCK OPTIONS AND WARRANTS |
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| STOCK OPTIONS AND WARRANTS [Text Block] |
9. STOCK OPTIONS AND WARRANTS Stock Options On July 15, 2014, the shareholders approved and adopted at the Annual General Meeting the Company's 2014 Stock Option Plan. On April 14, 2011, the shareholders approved and adopted at the Annual General Meeting to consolidate the Company's 2007 Equity compensation plan and the Company's 2010 Equity Compensation Plan into a new Company 2011 Stock Option Plan. The purpose of these Plans is to advance the interests of the Corporation, through the grant of Options, by providing an incentive mechanism to foster the interest of eligible persons in the success of the Corporation and its affiliates; encouraging eligible persons to remain with the Corporation or its affiliates; and attracting new Directors, Officers, Employees and Consultants. On November 12, 2020, the Company issued 500,000 stock options to one of the consultants of the Company with an exercise price of $0.05 vested immediately, expiring November 12, 2025. On December 14, 2020, the Company issued 2,100,000 stock options to consultants and officers of the Company with an exercise price of $0.05 vested immediately, expiring December 14, 2025. On January 28, 2021, the Company issued 2,000,000 stock options to one of the consultants of the Company with an exercise price of $0.14 vested immediately, expiring January 28, 2026. On February 4, 2021, the Company issued 100,000 stock options to one of the consultants of the Company with an exercise price of $0.18 vested immediately, expiring February 4, 2026. On February 5, 2021, the Company issued 300,000 stock options to three of the consultants of the Company with an exercise price of $0.18 vested immediately, expiring February 5, 2026. On April 27, 2021, the Company issued 100,000 stock options to one of the consultants of the Company with an exercise price of $0.12 vested immediately, expiring April 27, 2026.
On May 28, 2021, the Company issued 50,000 stock options to one of the consultants of the Company with an exercise price of $0.12 vested immediately, expiring May 28, 2026.
The fair value of the options granted was estimated on the date of the grant using the Black-Scholes options pricing model, with the following weighted average assumptions:
During the nine month period ended May 31, 2021, the Company recorded $297,691 (May 31, 2020 - $17,308) as stock based compensation expenses. The Company issued 2,920,000 (May 31, 2020: Nil) common shares of the Company as a result of exercised stock options for gross proceeds of $89,048. A total of 1,100,000 stock options expired without being exercised (May 31, 2020: 1,000,000).
A summary of the changes in stock options for the nine months ended May 31, 2021 is presented below:
The Company has the following options outstanding and exercisable:
*As at May 31, 2021 the market price of the Company's common shares was $0.0965 per share. A total of 7,126,776 incentive stock options were in the money with an intrinsic value of $263,198.
Warrants During the period ended May 31, 2021 the Company issued 1,500,000 warrants attached to units in a private placement, see Note 8. A summary of warrants as at May 31, 2021 and August 31, 2020 is as follows:
The Company has the following warrants outstanding:
*Each warrant entitles a holder to purchase one common share.
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