Note 3. Related Party Transactions

12 Months Ended

May. 31, 2015

Notes

Note 3. Related Party Transactions

Note 3. RELATED PARTY TRANSACTIONS

During the year ended May 31, 2015, the Company issued 1,250,000 shares of Company stock, valued at $72,500, to its directors.

During the year ended May 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 expirations date.

During the year ended May 31, 2014, the Company borrowed $60,000 from the Company president and his wife (see Note 8), issuing convertible notes in return.  In addition, it received advances of $76,000 from the Company president and one other director; of this amount, $18,000 was repaid during the year.

The Company received shareholder loans during the current year that totaled $113,825; repayments of these loans totaled $18,500 during the current year.

Note 14 provides additional information concerning transactions with related parties.

The president of AIVN de Mexico owns the land where AIVN de Mexico has its mining camp.  The Company paid $9,800 during the year in rent.  Rent paid for this property during the prior year was $9,800.