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Long Term Investment

3 Months Ended

Jun. 30, 2018

Long Term Investments

			Fair Value as at
	Number		June 30, 2018		March 31, 2018
FVTPL
Share purchase warrants		3,333,333	$	118,907	$	48,375
		1,000,000		35,672		-
				154,579		48,375
Available-for-sale
Common shares		3,333,333		139,223		64,633
		1,000,000		41,767		-
				180,990		64,633
Total investment:			$	335,569	$	113,008

On April 16, 2018, the Company participated in a private placement offering by its strategic partner, Ashanti Sankofa Inc (TSX.V- ASI), which shares the same management group and board of directors as the Company. The Company purchased 1,000,000 units at CAD$0.03 per unit for a total cost of $23,850 (CAD$30,000). Each unit consists of one common share and one transferable share purchase warrant with each warrant entitling the holder to acquire one additional common share at a price of CAD$0.05 for a period of 24 months from the closing of the private placement. On the date of issuance, the Company determined the fair value of the common share and warrants to be $13,420 and $10,430, respectively.

As at June 30, 2018, the fair value of common shares was $180,990 which resulted in an unrealized gain of $102,937 that was recorded in other comprehensive income. In addition, the fair value of warrants was $154,579, which resulted in an unrealized gain of $95,774 that was recorded in net income.

The June 30, 2018 fair value of the warrants was determined with the Black-Scholes option pricing model using the following assumptions: risk free interest rate of 1.92%, volatility of 200.6%, annual rate of dividend of 0%, and expected life of 2 years.