SUBSEQUENT EVENTS

12 Months Ended

Aug. 31, 2012

SUBSEQUENT EVENTS [Text Block]

15.	SUBSEQUENT EVENTS
	a.	On September 28, 2012, the Company closed the third tranche of a private placement of 995,000 units at a price of CAD$0.05 per unit for gross proceeds of CAD$49,750 or US$49,750. Each warrant will be exercisable into one further share at a price of US$0.10 per warrant share for a period of twelve months following closing; or at a price of US$0.20 per warrant share for a period that is twelve months and one day to thirty-six months following closing. The Company will issue 79,500 shares with 79,500 warrants attached having the same terms as above and 79,500 broker warrants in connection with the private placement.
	b.	On November 15, 2012, the Company closed the fourth tranche of a private placement of 1,013,000 units at a price of CAD$0.05 per unit for gross proceeds of CAD$50,650 or US$50,650. Each warrant will be exercisable into one further share at a price of US$0.10 per warrant share for a period of twelve months following closing; or at a price of US$0.20 per warrant share for a period that is twelve months and one day to thirty-six months following closing. The Company issued 38,000 shares and 101,300 units and 101,300 brokers’ warrants with the same terms as above in connection with the private placement.
	c.	Subsequent to August 31, 2012, the Company issued 100,000 common shares of the Company to Altar Resources at a deemed price of $0.06 and anniversary cash payment of $40,500 as per the terms of the Option Agreement.
	d.	On October 30, 2012, the Company signed a Loan Agreement with CAB Financial Services Ltd, the company controlled by a Director/ CEO of the Company, to classify outstanding balance of consulting service fee as a loan in amount of $140,000. The loan is unsecured and non-interest bearing which was due on October 30, 2013.