Investments in and Advances to Affiliates

3 Months Ended

Sep. 30, 2011

Investments in and Advances to Affiliates

Investments in and Advances to Affiliates [Table Text Block]

Note 6- Common shares Issued and to be Issued

During the quarter, the Company issued 533,333 shares of common stock in settlement of $40,000 of stockholder advances.

Private placements

During the quarter the Company completed several private placements consisting of 630,000 units at a price of $0.075 per unit for gross proceeds of $47,250. Each unit consisted of one common share and one non-transferable share purchase warrant entitling the holder to purchase one common share at an exercise price of $0.10 per share for a period of 12 months.

      The fair value of $13,973 of the warrants issued was determined using the Black-Scholes option pricing model with the following assumptions:

Risk-free interest rate	4.0%
Expected life of warrants	1 years
Expected volatility	100%
Expected dividend yield	0%

Warrants

As at September 30, 2011, the following stock warrants were outstanding:

Number of Shares	Exercise Price	Expiry Date
333,334 296,666	$0.10 $0.10	August 11, 2012 September 11, 2012