ASSETS HELD FOR SALE

12 Months Ended

Aug. 31, 2014

ASSETS HELD FOR SALE [Text Block]

5.	ASSETS HELD FOR SALE
	Assets held for sale as August 31, 2014 and 2013 were comprised of the following:

		2014		2013
Investments in Pro-Eco	$	-	$	32,197
Energy
		-		32,197

Pro Eco Energy USA Ltd.

On April 21, 2008, the Company purchased 900,000 shares for $45,000 in Pro Eco Energy USA Ltd. (“Pro Eco Energy”) which represented 8.25% ownership. The former Chairman of the Company is a Director in Pro Eco Energy which had established the existence of significant influence in Pro Eco Energy and accordingly the equity method of accounting was adopted for the investment.

On December 2, 2013, the Company sold its investment in Pro Eco Energy Ltd. from its original purchase price of $45,000 which gave the Company 900,000 shares or 8.25% interest in the Pro Eco on April 21, 2008 to Western Standard Energy Corp. (the “Purchase”) for $40,000. The terms of the purchase are as follows: a) $10,000 on the Closing date which is December 02, 2013; b) $10,000 on or before December 31, 2013; c) $10,000 on or before January 31, 2014; d) $10,000 on or before February 28, 2014. As at August 31, 2014, $30,000 was included in receivable. The Company is confident that this amount is collectable once the Purchaser completes its ongoing financing.