Stock Options

6 Months Ended

Aug. 31, 2021

Stock Options

7. Stock Options

7.	Stock Options
	The following table summarizes the continuity of stock options:

	Number of options		Weighted average exercise price $		Aggregate intrinsic value $
Balance, February 28, 2021		301,015		17.00		-
Granted		17,647		17.00
Balance, August 31, 2021		318,662		17.00		-

Additional information regarding stock options outstanding as at August 31, 2021 is as follows:

		Outstanding						Exercisable
Range of exercise prices $		Number of shares		Weighted average remaining contractual life (years)		Weighted average exercise price $		Number of shares		Weighted average exercise price $
	17.00		318,662		3.7		17.00		318,662		17.00

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:

	Six months ended August 31, 2021			Six months ended August 31, 2020
Risk-free interest rate		0.78	%		0.23	%
Expected life (in years)		5			5
Expected volatility		286	%		284	%

The fair value of stock options recognized during the six months ended August 31, 2021 was $95,605 (2020 - $394,307), which was recorded as additional paid-in capital and charged to operations. The weighted average fair value of stock options granted during the six months ended August 31, 2021 was $0.52 (2020 – $17.00) per option.