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ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN (Tables)
 9 Months Ended
Jul. 31, 2012
Options Granted December 13, 2010 [Member]
  
Schedule of fair value assumptions used for stock options
 
An external consultant has calculated the fair value of the 2,500,000 options using the Binomial valuation method using the following inputs:
 
 
Grant date
  
Dec 13,
2010
    
Dec 13,
2010
    
Dec 13,
2010
  
 
Grant date share price
     US$1.10       US$1.10       US$1.10  
 
Vesting date
  
Dec 13,
2010
    
Nov 17,
2011
    
Nov 17,
2012
  
 
Expected life in years
     4.5       5.0       5.5  
 
Risk-free rate
     1.91 %     1.91 %     1.91 %
 
Volatility
     95 %     95 %     95 %
 
Exercise price
     US$1.00       US$1.00       US$1.00  
 
Call option value
     US$0.78       US$0.81       US$0.83  
Schedule of stock option activity
 
Options
Option Price
Per Share
US$
Weighted Average
Exercise Price
US$
Outstanding at November 1, 2010
-
-
-
Granted
2,500,000
1.00
1.00
Outstanding at October 31, 2011 and Jul 31, 2012
2,500,000
1.00
1.00
Options Granted May 2011 [Member]
  
Schedule of fair value assumptions used for stock options
An external consultant has calculated the fair value of the 750,000 options using the Binomial valuation method using the following inputs:
 
 
Grant date
 
May 1,
2011
May 1,
2011
May 1,
2011
 
Grant date share price
US$1.30
US$1.30
US$1.30
 
Vesting date
May 1,
2011
Feb 1,
2012
Feb 1,
2013
 
Expected life in years
3.5
4.0
4.5
 
Risk-free rate
1.04%
2.02%
2.02%
 
Volatility
100%
100%
100%
 
Exercise price
US$1.00
US$1.00
US$1.00
 
Call option value
US$0.91
US$0.95
US$0.99
Schedule of stock option activity
 
Options
Option Price
Per Share
US$
Weighted Average Exercise Price
US$
Outstanding at November 1, 2010
-
-
-
Granted
750,000
1.00
1.00
Outstanding at October 31, 2011 and July 31, 2012
750,000
1.00
1.00