WARRANT LIABILITIES

12 Months Ended

Apr. 30, 2020

Share-based Payment Arrangement [Abstract]

WARRANT LIABILITIES

6.       WARRANT LIABILITIES:

The Company had share purchase warrants exercisable into common shares at an exercise price denominated in Canadian dollars. As a variable amount of US dollars were exercisable into a fixed number of common shares, the share purchase warrants were classified as derivative liabilities.

The Company recorded the fair value of the share purchase warrants in accordance with ASC 815, “Derivatives and Hedging”. The Company used the Black-Scholes option pricing model to calculate the fair values of the derivative liabilities. The fair value of the derivative liability was revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statement of loss. All of the warrants expired during the year ended April 30, 2019.

	$
Balance, April 30, 2018	95,570
Bonus warrants issuable pursuant to promissory notes (Note 5)	1,602
Change in fair value of warrant derivatives	(97,172)
Balance, April 30, 2019	-