COMMON STOCK

12 Months Ended

Aug. 31, 2016

COMMON STOCK [Text Block]

10. COMMON STOCK

On February 4, 2016, the Company’s Board has appointed Olivier Vincent as an Advisor to the Board of Directors and a consultant for a term of one year. The Company issued 100,000 common shares valued at $1,000. The shares were issued at an exercise price of $0.05 per share.

On May 12, 2016, the Company issued 3,500,000 shares valued at $64,750 upon execution of the definitive agreement to purchase a 100% interest in approximately 2,560 acres of placer mining claims in Churchill, Lander and Nye Counties Nevada, USA. Also see Note 7.

On May 12, 2016, an officer of the Company, Robert McAllister, exercised 240,000 stock options at $0.05 exercise price with proceeds of $12,000.

On May 20, 2016, the Company closed the first tranche of a private placement of 6,413,333 units at a price of CAD$0.015 per unit for gross proceeds of CAD$96,200. Each unit consists of one common share of the Company and one non-transferable share purchase warrant, each full warrant entitling the holder to purchase one additional common share of the Company for a period of 36 months from the date of issuance, at a purchase price $0.05 during the first 18 months and $0.10 after eighteen months. A cash finders’ fee of CAD$7,040 and 469,333 full broker warrants that expire May 20, 2019 was paid to Canaccord Genuity and Haywood.

On June 8, 2016, the Company closed the final tranche of a private placement of 3,016,667 units at a price of CAD$0.015 per unit for gross proceeds of CAD$45,250. Each unit consists of one common share of the Company and one non-transferable share purchase warrant, each full warrant entitling the holder to purchase one additional common share of the Company for a period of 36 months from the date of issuance, at a purchase price $0.05 during the first 18 months and $0.10 after eighteen months. A cash finders’ fee of CAD$3,300 and 286,666 full broker warrants that expire June 8, 2019 was paid to Canaccord Genuity, Leede Jones Gable, PI Financial and Mackie Research.

On August 9, 2016, the Company closed the first tranche of a private placement of 4,500,000 units at a price of CAD$0.035 per unit for gross proceeds of CAD$157,500. Each unit consists of one common share of the Company and one non-transferable share purchase warrant, each full warrant entitling the holder to purchase one additional common share of the Company for a period of 24 months from the date of issuance, at a purchase price of $0.07.

On August 15, 2016, the Company issued 250,000 common shares valued at $12,500 as per the binding LOI signed with Genesis Water Technologies Inc. The shares were issued at an exercise price of $0.05 per share Also see Note 8.

As at August 31, 2016, the Company had 89,528,460 shares issued and outstanding.