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6. Share Capital
 12 Months Ended
Feb. 28, 2015
Notes  
6. Share Capital

6.  Share Capital

 

(a)     On April 7, 2014, the Company issued 105,470 shares of common stock with a fair value of $79,103 to settle debt of $52,735 owed to a company controlled by the President of the Company. This resulted in a loss on settlement of debt of $26,368. Refer to Note 5(e).

(b)    On April 7, 2014, the Company issued 328,620 shares of common stock with a fair value of $246,646 to settle debt of $164,310 owed to a company controlled by the President and a director of the Company. This resulted in a loss on settlement of debt of $82,155. Refer to Note 5(f).

(c)     On April 7, 2014, the Company issued 46,200 shares of common stock with a fair value of $34,650 to settle debt of $23,100 owed to a company controlled by a director of the Company. This resulted in a loss on settlement of debt of $11,550. Refer to Note 5(g).

(d)    On April 7, 2014, the Company issued 202,980 shares of common stock with a fair value of $152,235 to settle debt of $101,490 owed to the spouse of the President of the Company. This resulted in a loss on settlement of debt of $50,745. Refer to Note 5(d).

(e)     On April 7, 2014, the Company issued 107,520 shares of common stock with a fair value of $80,640 to settle debt of $53,760 owed to the spouse of a director of the Company. This resulted in a loss on settlement of debt of $26,880. Refer to Note 5(h).

(f)      On October 22, 2014, the Company effected a ten-for-one reverse split of its issued and outstanding common shares. All share amounts have been restated on a retroactive basis.

(g)    On December 12, 2014, the Company issued 10,000,000 units at $0.05 per unit for proceeds of $500,000. Of this amount, the Company issued 400,000 units to the spouse of the President of the Company for proceeds of $20,000 and 100,000 units to the spouse of a director of the Company for proceeds of $5,000. Each unit consisted of one share of common stock and one share purchase warrant exercisable at $0.15 per share expiring on December 12, 2015.