SHARE CAPITAL

6 Months Ended

Oct. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE CAPITAL

7.       SHARE CAPITAL:

Common shares

a) Authorized:

Unlimited number of common shares, without par value.

The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets.

b) Stock transactions:

During the six months ended October 31, 2020 or 2019, the Company did not complete any stock transactions.

c) Stock options:

The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at October 31, 2020, the Company had 6,623,021 stock options available for grant pursuant to the Plan (April 30, 2020 – 6,423,021).

The Company’s stock options outstanding as at October 31, 2020 and the changes for the period then ended are as follows:

	Number Outstanding	Weighted Average Exercise Price (in CAD$)
Balance outstanding at April 30, 2020	2,950,000	0.26
Expired	(200,000)	0.25
Balance outstanding at October 31, 2020	2,750,000	0.26
Balance exercisable at October 31, 2020	1,500,000	0.26

Summary of stock options outstanding at October 31, 2020:

Security	Number Outstanding	Number Exercisable	Exercise Price (CAD$)	Expiry Date	Remaining Contractual Life (years)
Stock options	300,000	300,000	0.30	July 21, 2021	0.72
Stock options	1,000,000	1,000,000	0.25	April 20, 2022	1.47
Stock options	(1)1,450,000	(1)200,000	0.25	August 9, 2023	2.77

Notes:

⁽¹⁾ 1,250,000 stock options vest on the completion of certain milestones including equity financing, project financing, mine construction and achieving commercial production. 200,000 stock options vested as to 25% every three months from the date of grant.

As at October 31, 2020, the unamortized compensation cost of options is $93,382 and the intrinsic value of options expected to vest is $nil.

Share-based payments are classified in the Company’s Statement of Loss during the six months ended October 31, 2020 and 2019 as follows:

	2020 $	2019 $
Management and consulting fees	-	888
	-	888