Stock Options

9 Months Ended

Nov. 30, 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		283,368		17.00		-
Granted		52,941		17.00
Balance, November 30, 2021		336,309		17.00		-

Additional information regarding stock options outstanding as at November 30, 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		336,309		3.8		17.00		336,309		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:

	Nine months ended November 30, 2021			Nine months ended November 30, 2020
Risk-free interest rate		0.90	%		0.27	%
Expected life (in years)		5			5
Expected volatility		284	%		284	%

The fair value of stock options recognized during the nine months ended November 30, 2021 was $106,103 (2020 - $477,384), which was recorded as additional paid-in capital and charged to operations. The weighted average fair value of stock options granted during the nine months ended November 30, 2021 was $0.48 (2020 – $17.00) per option.