CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL

12 Months Ended

Jul. 31, 2024

Disclosure Capital Stock And Additional Paid In Capital [Abstract]

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

13. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL

Private Placements

On April 29, 2024, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $954,253 through the issuance of 10,044,765 units in total at a price of $0.095 per unit with each unit consisting of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.158 for a period of three years from the date of issuance. Certain directors of the Company purchased an aggregate of 5,669,478 units of the private placement for gross proceeds of $538,600. The Company paid fees of $1,995 and issued 21,000 finder's warrants where each finder's warrant entitles the holder to acquire one share at a price of $0.158 for a period of two years. The Company paid legal fees of $4,515 in connection with this financing.

On December 7, 2023, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $967,957 through the issuance of 5,377,541 units in total at a price of $0.18 per unit with each unit consisting of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.26 for a period of two years from the date of issuance. Certain directors of the Company purchased an aggregate of 2,532,220 units of the private placement for gross proceeds of $455,800. The Company paid fees of $6,480 and issued 36,000 finder's warrants where each finder's warrant entitles the holder to acquire one share at a price of $0.26 until November 7, 2025. The Company paid legal fees of $10,624 in connection with this financing.

On February 17, 2023, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $3,000,000 through the issuance of 7,500,000 units in total at a price of $0.40 per unit, where each unit consisted of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.60 until January 31, 2025 and February 17, 2025. Certain directors of the Company purchased an aggregate of 2,394,299 units of the private placement for gross proceeds of $957,720. The Company paid fees of $4,014 and issued 10,440 finder's warrants relating to the first tranche, where each finder's warrant entitles the holder to acquire one share of common stock at a price of $0.60 until January 31, 2025 and February 17, 2025. The Company paid legal fees of $10,563 in connection with this financing.

Stock Options

On May 1, 2024, the Company granted 412,241 stock options to an officer of the Company. The options are exercisable into common shares of the Company at $0.17 (C$0.23) per share for a period of five years from the date of grant, subject to vesting, 25% vesting on the date of grant and 12% vesting every 3 months thereafter. In connection with this grant, the Company recorded share-based compensation of $31,849 on the statement of operations and comprehensive loss.

On May 1, 2024, the Company granted a total of 592,238 stock options with a fair value of $82,673 to directors of the Company. The stock options are exercisable at a price of $0.17 (C$0.23)  per share until May 1, 2029.

On December 12, 2023, the Company granted a total of 707,752 stock options with a fair value of $140,624 to directors of the Company. The stock options are exercisable at a price of $0.25 (C$0.34) per share until December 12, 2028.

On September 22, 2023, the Company granted a total of 397,780 stock options with a fair value of $90,361 to officers and directors of the Company. The stock options are exercisable at a price of $0.26 (C$0.35) per share until September 22, 2028.

On February 21, 2023, the Company granted a total of 1,045,000 stock options with a fair value of $466,527 to employees, officers, directors and consultants of the Company, exercisable at a weighted average price of $0.53 (C$0.72) per share until February 21, 2028.

The following incentive stock options were outstanding and exercisable as at July 31, 2024:

Number of Options outstanding	Weighted Average Exercise Price (C$)	Expiry Date
280,000	0.70	August 21, 2024
1,338,500	1.20	September 22, 2025
805,000	0.82	February 7, 2027
1,045,000	0.72	February 21, 2028
397,780	0.35	September 22, 2028
707,752	0.34	December 12, 2028
592,238	0.23	May 1, 2029
412,241	0.23	May 1, 2029
5,578,511	0.69

As at July 31, 2024, the aggregate intrinsic value of the Company's stock options is $Nil (2023 - $Nil). As at July 31, 2024, the Company has 5,578,511 options issued and outstanding where 5,269,330 options are exercisable as at July 31, 2024 with a weighted average exercise price of C$0.71.

Stock option transactions are summarized as follows:

	Number of Options			Weighted Average Exercise Price ($C)
Balance outstanding, July 31, 2022	3,038,500			1.02
Options granted	1,045,000			0.72
Options cancelled	(60,000	)		1.08
Options expired	(310,000	)		1.20
Options exercised	(75,000	)		0.50
Balance outstanding, July 31, 2023	3,638,500			0.93
Options granted	2,110,011			0.29
Options expired	(170,000	)		1.00
Balance outstanding, July 31, 2024	5,578,511		$	0.69

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of stock options issued during the year ended July 31:

	May 1, 2024	December 12, 2023	September 22, 2023	February 21, 2023
Risk-free interest rate	3.81%	3.53%	4.21%	3.58%
Expected life of stock options	5 years	5 years	5 years	5 years
Expected annualized volatility	133.33%	131.16%	131.87%	122.01%
Dividend	Nil	Nil	Nil	Nil
Forfeiture rate	0%	0%	0%	0%

Share-Based Payments

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.

Warrants

On June 14, 2022, the Company amended the term of 6,308,310 common share purchase warrants by extending their expiry dates by two years and adding an accelerated expiry provision. Between July 3, 2019 and September 21, 2020 the Company issued a total of 6,308,310 warrants to purchase shares of common stock of the Company in connection with various private placement financings and debt financings. 3,959,727 of these warrants were granted with an exercise price of CAD$1.00 per share ("CAD Priced Warrants") or optional currency settlement choice with amended expiry dates ranging from July 3, 2024 to September 9, 2024, and 2,348,583 of these warrants were granted with an exercise price of US$1.00 per share ("USD Priced Warrants") with amended expiry dates ranging from July 31, 2024 to September 21, 2024. All other terms and conditions of the warrants remain unchanged.

The following warrants were outstanding as at July 31, 2024:

Number of Warrants	Exercise Price (C$)	Expiry Date
2,291,321	1.00	August 19, 2024
1,150,000	1.00	September 9, 2024
166,666	1.36	September 21, 2024
2,231,429	0.80	January 31, 2025
1,529,008	0.80	February 17, 2025
575,000	0.80	February 17, 2025
1,659,214	0.36	November 7, 2025
1,065,555	0.36	December 7, 2025
1,000,000	0.22	February 5, 2028
2,873,170	0.21	April 9, 2027
9,000	0.21	April 9, 2026
2,149,212	0.21	April 29, 2027
12,000	0.21	April 29, 2026
16,711,575	0.56

Warrant transactions are summarized as follows:

	Number of Warrants			Weighted Average Exercise Price (C$)
Balance, July 31, 2022	12,337,006		$	0.95
Warrants issued	4,335,437			0.80
Warrants expired	(11,196	)		1.00
Balance, July 31, 2023	16,661,247			0.91
Warrants issued	8,768,151			0.26
Warrants expired	(8,717,823	)		0.92
Balance, July 31, 2024	16,711,575			0.56