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ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN (Tables)
 6 Months Ended
Apr. 30, 2013
Options Granted December 13, 2010
  
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, 2012
and April 30, 2013
     2,500,000       1.00       1.00  
Options Granted May 2011
  
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
2.02%
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, 2012
and April 30, 2013
     750,000       1.00       1.00