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SUBSEQUENT EVENTS
12 Months Ended
Aug. 31, 2016
SUBSEQUENT EVENTS [Text Block]
15.

SUBSEQUENT EVENTS


  a)

On September 19, 2016, the Company entered into a one year Investor Relations Consulting agreement with Duncan McKay. Based on the terms of the agreement, Mr. McKay can earn up to a maximum of 10% commissions on capital raised. The Company issued 800,000 stock options with an exercise price of $0.07.

     
  b)

On September 23, 2016, the Company closed the final tranche of a private placement of 3,858,571 units at a price of CAD$0.035 per unit for gross proceeds of CAD$135,050. 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 US$0.07. A cash finders’ fee of CAD$3,300 and 286,666 full broker warrants that expire June 8, 2019 was paid to Canacorrd Genuity and Leede Jones Gable.

     
  c)

On October 7, 2016, the Company issued 175,000 shares of the Company and made cash payments of $5,000 to Foster Wilson as part of the compensation as per Definitive Agreement signed on May 12, 2016. Also see note 7.