CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL

1 Months Ended

Sep. 23, 2020

Disclosure Capital Stock And Additional Paid In Capital [Abstract]

CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL [Text Block]

10. CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL

Private Placements

On January 31, 2022, the Company completed a non-brokered private placement for gross proceeds totalling $2,407,000 through the issuance of 6,017,500 units at a price of $0.40 per Unit, where each Unit consists of one share of common stock and one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.60 until January 28, 2024. Certain directors of the Company purchased an aggregate of 2,075,000 Units of this private placement for gross proceeds of $830,000. The Company has paid associated legal fees of $14,002 in connection with this financing.

On September 23, 2020, the Company completed a non-brokered private placement for a total of $250,000 through the issuance of 333,333 units at a price of $0.75 per Unit (C$1.02 per Unit), with each Unit comprising one share of common stock and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one share at an exercise price of $1.00 (C$1.36) until September 21, 2022. The Company paid associated legal fees of $1,802 in connection with this financing.

Stock Options

The Company has a stock option plan under which it is authorized to grant options to executive officers and directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan the exercise price of each option equals the market price of the Company's stock, less any applicable discount, as calculated on the date of grant. The options can be granted for a maximum term of 5 years with vesting determined by the board of directors.

During the period ended April 30, 2022, the Company granted a total of 805,000 stock options with a fair value of $406,790 (2021: $560,792) to employees, officers, directors, and consultants of the Company, exercisable at a weighted average price of $0.65 (C$0.82) per share for a period of five years.

On September 22, 2020, the Company granted a total of 1,338,500 stock options to the Company's President and CEO, Benjamin Mossman. The stock options are exercisable at a price of $0.90 (C$1.20) per share until September 22, 2025. The Company recorded share-based compensation of $560,792 in connection with this grant.

The following incentive stock options were outstanding and exercisable as at April 30, 2022:

Number of Options	Weighted Average Exercise Price (C$)	Expiry Date
75,000	0.50	March 17, 2023
350,000	1.20	April 19, 2023
180,000	1.00	November 30, 2023
290,000	0.70	August 21, 2024
1,338,500	1.20	September 22, 2025
805,000	0.82	February 7, 2027
3,038,500	1.02

As at April 30, 2022, the aggregate intrinsic value of the Company's stock options is $6,000 (July 31, 2021 - $1,313).

Stock option transactions are summarized as follows:

	Number of Options		Weighted Average Exercise Price (C$)
Balance outstanding and exercisable, July 31, 2020	1,005,000		1.00
Options granted	1,338,500		1.20
Options expired	(110,000	)	1.50
Balance outstanding and exercisable, July 31, 2021	2,233,500		1.09
Options granted	805,000		0.82
Balance outstanding and exercisable, April 30, 2022	3,038,500		1.02

Warrants

The following warrants were outstanding at April 30, 2022:

Number of Warrants	Exercise Price (C$)	Expiry Date
518,407	1.00	July 3, 2022
2,302,517	1.00	August 19, 2022
1,150,000	1.00	September 3, 2022
2,225,352	1.36	July 31, 2022
166,666	1.36	September 21, 2022
6,017,500	0.76	January 28, 2024
12,380,442	0.95

During the period ended April 30, 2022, a total of 488,438 warrants with an exercise price of C$1.20 expired unexercised.

Warrant transactions are summarized as follows:

	Number of Warrants			Weighted Average Exercise Price (C$)
Balance, July 31, 2019	8,196,524		$	1.57
Warrants issued	5,677,869			1.00
Warrants expired	(1,402,393	)		(2.50	)
Balance, July 31, 2020	12,472,000			1.27
Warrants issued	166,666			1.36
Warrants expired	(5,787,286	)		(1.30	)
Balance, July 31, 2021	6,851,380			1.14
Warrants issued	6,017,500			0.76
Warrants expired	(488,438	)		(1.20	)
Balance, April 30, 2022	12,380,442		$	0.95