XML 76 R15.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
- RELATED PARTY TRANSACTIONS
12 Months Ended
Oct. 31, 2019
- RELATED PARTY TRANSACTIONS [Abstract]  
- RELATED PARTY TRANSACTIONS

Note 8 - RELATED PARTY TRANSACTIONS

The company has only one officer and director who is Ian Ilsley. He is also the company's controlling shareholder. On June 12, 2019, the company entered into an assignment agreement with Ian Ilsley to assign his the rights and obligations under an option agreement to acquire exploration rights over 30 mineral claims (The Desgrobois Vanadium/Titanium Property) representing 1,789.80 hectares (4,422.69 acres) situated in Quebec.

Under the terms of the assignment agreement, the company issued 50,000 shares to Ian Ilsley on June 21, 2019 and will issue a further 50,000 shares ninety days thereafter in consideration for him having entered into the assignment agreement.

Under the terms of the option agreement, payments totaling $65,000 were made to the Optionor and 1,150,000 shares were issued to the Optionor. These payments are reflected in the accounts to July 31, 2019. In addition, the company will make the following payments and share issuances to the Optionor: The

·         500,000 shares on or before November 6, 2019

·         500,000 shares on or before April 20, 2020

·         500,000 shares on or before November 6, 2020

·         $35,000 on or before November 6, 2020

As of October 31, 2019, Mr Ilsley had provided funding by way of a loan to the company amounting to $106,481. The loan does not have any term, carries no interest and is unsecured.