RELATED PARTY TRANSACTIONS
 6 Months Ended
Jan. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

Included in accounts payable and accrued liabilities is $2,732 (July 31, 2016 – $6,700) in amounts due to companies with common management and to a company owned by the CEO of the Company.

 

The Company shares office space with other companies in order to take advantage of cost sharing opportunities and management services. Two of these companies are: Kel-Ex Developments Ltd., a significant shareholder of the Company, which shares the services of the Chief Financial Officer; and Metalex Ventures Ltd., a publicly traded company which shares the services of the CEO and the CFO. During the six month period ended January 31, 2017, the related parties invoiced the Company for the following services and amounts:

 

 

 

 

Three month period ended

 

 

Six month period ended

 

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Administrative fees (10%)

 

 $ 434

 

 

 $ 380

 

 

 $ 595

 

 

 $ 744

 

Geological consulting fees

 

 

 -

 

 

 

 46

 

 

 

 -

 

 

 

 46

 

Shared office and administrative costs

 

 

 1,925

 

 

 

 1,931

 

 

 

 4,878

 

 

 

 3,141

 

Shared project expenditures

 

 

 -

 

 

 

 2,929

 

 

 

 -

 

 

 

 4,531

 

 

 

 $ 2,359

 

 

 $ 5,286

 

 

 $ 5,473

 

 

 $ 8,462

 

 

 

 

Three month period ended

 

 

 Six month period ended

 

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Element 29 Ventures Ltd.

 

 $ 42

 

 

 $ 2,177

 

 

 $ 42

 

 

 $ 2,177

 

Kel-Ex Developments Ltd.

 

 

 1,656

 

 

 

 2,444

 

 

 

 3,320

 

 

 

 4,940

 

Metalex Ventures Ltd.

 

 

 661

 

 

 

 665

 

 

 

 2,111

 

 

 

 1,345

 

 

 

 $ 2,359

 

 

 $ 5,286

 

 

 $ 5,473

 

 

 $ 8,462

 

 

 As at January 31, 2017, the following balances have been included within accounts payable:

 

 

 

As at

 

 

 

January 31,

2017

 

 

July 31,

2016

 

Element 29 Ventures Ltd.

 

 $ 43

 

 

 $ -

 

Kel-Ex Developments Ltd.

 

 

 2,525

 

 

 

 5,341

 

Metalex Ventures Ltd.

 

 

 164

 

 

 

 1,359

 

 

 

 $ 2,732

 

 

 $ 6,700

 

 

As at January 31, 2017, the cumulative $451,971 in management fees earned by the Chief Executive Officer and the $118,535 in management fees earned by the Chief Financial Officer pursuant to the Employment Agreements were included as due to related parties (see Note 5).