Note 12 - Subsequent Event

12 Months Ended

May 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

12. SUBSEQUENT EVENT

a) On May 21, 2019, the Company entered into an agreement with EMX Royalty Corporation (“EMX”) for a $900,000 private placement and sale of royalties to EMX for $350,000.

On

June 5, 2019,

the Company issued

500,000

common shares at a price of

$1.80

per common share to EMX for gross proceeds of

$900,000.

On

June 7, 2019,

the Company completed the sale of the royalties where

four

non-core Alaskan royalty interest owned by Corvus was sold to EMX for a purchase price of

$350,000.

The general terms of the Alaskan royalty package sale include:

· Chisna project 1% NSR

· LMS project 3% NSR

· Goodpaster District 1% NSR

· West Pogo project 2% NSR. The Company has retained a 1% NSR in the West Pogo project which is immediately west of the operating Pogo mine in the Goodpaster District of Alaska.

b) On June 13, 2019, the Company granted incentive stock options to officers, directors, consultants and employees of the Company to purchase 1,115,000 common shares in the share capital of the Company. The options are exercisable on or before June 13, 2024 at a price of $2.18 per share. The options will vest as to 33.3% on June 13, 2020, 33.3% on June 13, 2021, and 33.4% on June 13, 2022.