| WARRANTS |
12. WARRANTS
As
at August 31, 2011, the Company had a total of 33,011,733 warrants (February 28, 2011 – 25,826,733) outstanding to purchase
common stock. Each warrant entitles the holder to purchase one share of the Company’s common stock. The Company has reserved
33,011,733 shares of common stock in the event that these warrants are exercised.
During
the six months ended August 31, 2011, the Company received $nil from warrants exercised.
The
following table summarizes the continuity of the Company’s share purchase warrants:
| |
Number
of
Warrants |
Weighted
Average Exercise Price |
| |
|
|
|
| Balance,
February 28, 2010 |
25,380,900 |
$ |
0.43 |
| Issued |
3,000,000 |
|
0.25 |
| Cancelled/expired |
(2,554,167) |
|
0.44 |
| Exercised |
- |
|
- |
| |
|
|
|
| Balance,
February 28, 2011 |
25,826,733 |
$ |
0.41 |
| |
|
|
|
| Issued |
8,360,000 |
|
0.30 |
| Cancelled |
(1,175,000) |
|
0.33 |
| Exercised |
- |
|
- |
| |
|
|
|
| August
31, 2011 |
33,011,733 |
$ |
0.38 |
| |
|
|
|
As
at August 31, 2011, the following share purchase warrants were outstanding:
| Number
of Warrants |
Exercise
Price |
|
Expiry
Date |
| |
$ |
|
|
| |
|
|
|
| 3,000,000 |
0.25 |
|
July
26, 2012 |
| 300,000 |
0.25 |
|
August
22, 2013 |
| 166,666 |
0.30 |
|
May
8, 2012 |
| 325,000 |
0.30 |
|
November
5, 2011 |
| 11,375,000 |
0.30 |
|
December
30, 2011 |
| 500,000 |
0.30 |
|
December
31, 2012 |
| 3,325,000 |
0.30 |
|
March
17, 2013 |
| 1,735,000 |
0.30 |
|
April
13, 2013 |
| 500,000 |
0.30 |
|
April
29, 2013 |
| 1,500,000 |
0.30 |
|
June
2, 2013 |
| 500,000 |
0.30 |
|
July
21, 2013 |
| 200,000 |
0.40 |
|
March
24, 2012 |
| 525,000 |
0.50 |
|
August
15, 2012 |
| 5,000,000 |
0.50 |
|
December
24, 2012 |
| 1,666,667 |
0.50 |
|
November
5, 2012 |
| 200,000 |
0.65 |
|
June
30, 2012 |
| 1,793,400 |
0.75 |
|
April
2012 to August, 2013 |
| 200,000 |
1.30 |
|
June
30, 2012 |
| 200,000 |
2.00 |
|
June
30, 2012 |
| 33,011,733 |
|
|
|
|