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9. Related Party Transactions
3 Months Ended
Aug. 31, 2014
Notes  
9. Related Party Transactions

9. RELATED PARTY TRANSACTIONS

 

During the three month period ended August 31, 2014, the Company issued 1,250,000 shares (valued at $72,500) to its directors.  In addition, options to purchase 1,500,000 shares of common stock, valued at $90,000, were issued to the directors.  Options to purchase the same number of shares, which had been issued to the same directors in 2012, were cancelled.  The exercise price of the new options is $.07 per share; these options do not have an expiration date. 

 

The Company received shareholder loans during the quarter that totaled $51,000.