Capital Stock

3 Months Ended

Sep. 30, 2012

Equity [Abstract]

Capital Stock

The authorized common stock of the Company consists of 90,000,000 shares of common stock with par value of $0.001 and 10,000,000 shares of preferred stock with a par value of $0.001. As of September 30, 2012 the Company had 41,695,778 (June 30, 2012 – 41,089,296) common stock and zero (June 30, 2012 – zero) preferred stock outstanding.

a) Issued

As part of the Company’s non-brokered private placement the Company is offering up to 14,500,000 Stock Units at $0.70 per Unit. Each Unit consists of one share of common stock of the Company and one warrant. Each warrant may be exercised at $1.10 into one common stock of the Company for a period of 48 months subsequent to issuance.

Pursuant to this non-brokered private placement the Company issued 130,000 units on August 8, 2012 and 50,000 units on August 28, 2012 for aggregate gross proceeds of $126,000.

On August 29, 2012, the Company issued an additional 121,482 common shares pursuant to subscription agreements at $0.70 per share for total share proceeds of $85,000.

On September 12, 2012, the Company issued an additional 305,000 common shares pursuant to subscription agreements at $0.70 per share for total share proceeds of $213,500.

As of September 30, 2012, the Company has received subscriptions to acquire 85,000 common shares at $0.70 for aggregate proceeds of $59,500.

Note 8 Capital Stock

b) Share Purchase Warrants

A summary of changes in share purchase warrants for the three month period ended September 30, 2012 and the year ended June 30, 2012 is presented below:

	Three Months Ended				Year Ended
	September 30, 2012				June 30, 2012
	Number		Weighted Average Exercise Price		Number		Weighted Average Exercise Price
Balance, beginning of period		—	$	—		—	$	—
Issued		180,000		1.10		—		—
Exercised		—		—		—		—
Balance, end of period		180,000	$	1.10		—	$	—

As at September 30, 2012, share purchase warrants were outstanding for the purchase of common shares as follows:

				Number
Number				Exercisable
of		Exercise		at		Expiry
Shares		Price		September 30, 2012		Date
	130,000	$	1.10		130,000		August 8, 2016
	50,000	$	1.10		50,000		August 28, 2016
	180,000				180,000