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OWNED SECURITIES
 9 Months Ended
May. 31, 2015
OWNED SECURITIES [Text Block]
4.

OWNED SECURITIES

As at May 31, 2015 owned securities consist of 375,000 common shares of Cheetah Oil & Gas Ltd. obtained through the disposal of the Company’s oil and gas properties in Mississippi in 2010. The Company classified the securities owned as held-for-trade and recorded at fair value.

The fair value of the common shares of Cheetah Oil & Gas Ltd. was $0.01 per share as at May 31, 2015 (August 31, 2014 - $0.01) .

As at May 31, 2015 owned securities consist of 1,000,000 common shares of Lexaria Corp. obtained through Definitive Agreements as per Note 6 (c). The Company classified the securities owned as held-for-trade and recorded at fair value.

The fair value of the common shares of Lexaria Corp. was $0.18 per share as at May 31, 2015.

As at May 31, 2015 owned securities consist of 500,000 restricted common shares of Lexaria Corp. at deemed price of $0.40 per share. Such shares to be released to the Company when a valid license from Health Canada, which designate Enertopia as a Licensed Producer pursuant to Canada's Marijuana for Medical Purposes Regulations (the “MMPR license”), has been received. In the event of MMPR license has not been received within 24 months of the date of this agreement, such shares will be cancelled and returned to treasury. Restricted shares are not within the scope of ASC 320-10 and are therefore accounted for at cost less other than temporally impairment if the restriction does not terminated within one year. No other than temporally impairment incurred as at May 31, 2015. Subsequent to quarter end, Enertopia has sold its interest in the Burlington project and therefore this agreement has been terminated as at June 11, 2015. The 500,000 common shares of Lexaria Corp. are being returned back to treasury and cancelled. As at May 31, 2015, the Company reversed out total amount of $200,000 with respect to 500,000 restricted common shares from owned securities and deferred revenue. Also see Note 6 (d) and 13 (a).