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Stock Options
 12 Months Ended
Feb. 28, 2019
Notes to Financial Statements  
Note 9 - Stock Options

  The following table summarizes the continuity of stock options:

   

   

Number of

options

    

Weighted average exercise price

$

    

Aggregate intrinsic value

$

  
                   
Balance, February 28, 2017     –       –        
                       
Granted     5,606,500       0.20        
                       
Balance, February 28, 2018     5,606,500       0.20       –  
                         
Granted     3,100,000       0.22          
Cancelled     (3,000,000 )     0.22          
                         
Balance, February 28, 2019     5,706,500       0.20       –  

 

Additional information regarding stock options outstanding as at February 28, 2019 is as follows:

 

      Outstanding and exercisable  

Range of

exercise prices

$

     Number of shares     Weighted average remaining contractual life (years)    

Weighted average

exercise price

$

  
                     
  0.20       5,706,500       3.5       0.20  
                             

 

The fair value of stock options granted was estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:

 

    2019     2018  
             
Risk-free interest rate     2.52 %     1.49 %
Expected life (in years)     5       5  
Expected volatility     238 %     290 %

 

The fair value of stock options recognized during the year ended February 28, 2019 was $203,454 (2018 - $880,475), which was recorded as additional paid-in capital and charged to operations. The weighted average fair value of stock options granted during the year ended February 28, 2019 was $0.19 (2018 – $0.20) per option.