SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Jul. 31, 2015

SUPPLEMENTAL CASH FLOW INFORMATION [Text Block]

NOTE 14: SUPPLEMENTAL CASH FLOW INFORMATION

During Fiscal 2015, the Company issued 1,108,390 (Fiscal 2014: 635,303; Fiscal 2013: 60,000) restricted shares with a fair value of $1,851,074 (Fiscal 2014: $1,101,932; Fiscal 2013: $120,000) for consulting services.

During Fiscal 2015, the Company issued 174,437 bonus shares to the Company’s directors, officers, employees and consultants under the 2015 Plan. During Fiscal 2014, the Company issued 30,386 restricted shares with a fair value of $55,000 to two directors of the Company for bonuses.

During Fiscal 2015, the Company paid $1,484,444 (Fiscal 2014:$1,372,222; Fiscal 2013: $6,667) in cash for interest and fees on the long-term debt. During Fiscal 2015, the Company paid $112,681 for the surety bond premium.

During Fiscal 2014, the Company issued 30,304 restricted shares with a fair value of $34,850 as part of an annual advance royalty payment for the Workman Creek Project.

During Fiscal 2013, the Company issued 75,000 restricted shares of the Company with a fair value of $190,500 for the Settlement Agreement relating to the Yuty Project.

During Fiscal 2013, the Company issued 55,000 restricted shares with a fair value of $194,700 to settle share issuance obligation for the Everest Settlement Agreement.

During Fiscal 2013, in connection with the Credit Agreement for the debt financing, the Company issued 407,239 shares in escrow to various lenders of the Company as bonus shares with a total value of $900,000. During Fiscal 2014, the Company released the initial 407,239 shares from escrow and issued a further 187,079 shares for a total of 594,318 shares as the final number of bonus shares with a total value of $900,000. Refer to Note 8.