Compensation Options

12 Months Ended

Jan. 31, 2022

Compensation Options

14. Compensation Options

The following table summarizes the continuity of compensation options:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Outstanding, January 31, 2020		–		–		–
Granted		471,178		0.50		3.00
Outstanding and exercisable, January 31, 2021		471,178		0.50		2.83
Granted (Notes 12(f), 12(g) and 12(h))		2,015,625		0.40		3.00
Outstanding and exercisable, January 31, 2022		2,486,803		0.42		2.23

At January 31, 2022, the following compensation options were outstanding and exercisable:

					Exercisable Into
Number of Compensation Options		Exercise Price $		Expiry Date	Common Shares		Share Purchase Warrants		Exercise Price		Expiry Date
	471,178		0.50	December 2, 2023		537,143		537,143	$	0.60	December 2, 2023
	1,967,750		0.40	May 28, 2024		1,967,750		1,967,750	$	0.50	May 28, 2024
	47,875		0.50	May 28, 2024		47,875		–		–		–
	2,486,803					2,552,768		2,504,893

The fair values of compensation options were determined using the Monte Carlo option pricing model, using the following assumptions:

· Risk free interest rates: 0.50% to 0.61%

· Volatility: 114% to 119%

· Market prices of common shares on valuation date: $0.295 to $0.40

· Expected dividends: Nil%

· Expected life: Three (3) years

· Exercise prices: $0.40 to $0.50