RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2016

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 10   RELATED PARTY TRANSACTIONS

For the three months ended March 31, 2016, the Company incurred and paid $20,482 (March 31, 2015 - $16,137) to an entity affiliated with the Company’s Chairman and Chief Executive Officer for the use of an aircraft.

For the three months ended March 31, 2016, legal fees of $23,100 (March 31, 2015 – $nil) were incurred with REVlaw, a company owned by Ms. Carmen Diges, General Counsel of the Company, and an outstanding balance of $103,100 is included within accounts payable at March 31, 2016 (December 31, 2015 - $80,000). The services of Ms. Diges as General Counsel are provided by REVlaw.  These legal fees have been recorded at their exchange amount, being the amount agreed to by the parties.

The Company agreed to share services with Lexam VG Gold Inc. (“Lexam”) including rent, personnel, office expenses and other administrative services.  The Company’s Chairman and Chief Executive Officer is the Non-Executive Chairman of Lexam and holds a 27% ownership in Lexam. 

For the three months ended March 31, 2016 the Company reimbursed Lexam $23,177 for net shared services. During the comparable period in 2015, Lexam paid $4,312 to the Company. These transactions are in the normal course of business.