XML 30 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statement of Changes in Equity - CAD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Total
Balance (in shares) at May. 31, 2017 92,369,582        
Balance at May. 31, 2017 $ 72,670,170 $ 12,480,784 $ 1,348,070 $ (80,971,763) $ 5,527,261
Net loss for the year (9,298,163) (9,298,163)
Private placement (in shares) 10,603,933        
Private placement $ 9,903,499       $ 9,903,499
Exercise of stock options (in shares) 256,660       256,660
Exercise of stock options $ 169,863 $ 169,863
Share issued for capitalized acquisition costs (in shares) 1,025,000        
Share issued for capitalized acquisition costs $ 847,000 847,000 [1]
Exchange difference on translating foreign operations     (224,660) (224,660)
Share issuance costs (107,348)       (107,348)
Reclassification of contributed surplus on exercise of stock options $ 123,302 (123,302)
Stock-based compensation   673,233   673,233
Balance (in shares) at May. 31, 2018 104,255,175        
Balance at May. 31, 2018 $ 83,606,486 13,030,715 1,123,410 (90,269,926) 7,490,685
Net loss for the year (10,858,005) (10,858,005)
Private placement (in shares) 2,530,770        
Private placement $ 6,580,002 $ 6,580,002
Exercise of stock options (in shares) 4,651,900       4,651,900
Exercise of stock options $ 4,314,924 $ 4,314,924
Share issued for capitalized acquisition costs (in shares) 25,000        
Share issued for capitalized acquisition costs $ 59,500 59,500 [1]
Exchange difference on translating foreign operations 258,813 258,813
Share issuance costs (31,059) (31,059)
Reclassification of contributed surplus on exercise of stock options 3,196,919 (3,196,919)
Stock-based compensation 1,633,957 1,633,957
Balance (in shares) at May. 31, 2019 111,462,845        
Balance at May. 31, 2019 $ 97,726,772 $ 11,467,753 $ 1,382,223 $ (101,127,931) $ 9,448,817
[1] Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH (USD 10,000 paid on November 15, 2018 and 50,000 common shares of ITH, purchased for $34,116 in the market by the Company, were delivered on November 6, 2018). Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company, all future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (issued 25,000 shares of the Company on November 26, 2018). Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce.