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9. Related Party Transactions
9 Months Ended
Feb. 28, 2015
Notes  
9. Related Party Transactions

9. RELATED PARTY TRANSACTIONS

 

During the nine month period ended February 28, 2015, 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 current nine month period that totaled $105,325.

 

Note 7 refers to additional transactions involving related parties.