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| CAPITAL STOCK | On April 25, 2016, the Company consolidated its share capital on a 250:1 basis. All common shares and per share amounts have been restated to reflect this share consolidation.
The Company has authorized 250,000,000 shares of common stock with a par value of $0.001 per share and 1,000,000 shares of preferred stock with a par value of $0.001 per share.
At February 28, 2018, 1,134,375,275 shares of common stock were issued and outstanding, and 100,000 shares of preferred stock were issued and outstanding.
Six months ended February 28, 2018
During the six months ended February 28, 2018, the Company issued 410,004,555 common shares pursuant to the exercise of the option attached to outstanding convertible notes.
Year ended August 31, 2017
On September 14, 2016, the Company issued an additional 220,000,000 to Percana to bring their post-consolidation shareholdings to 235,750,000 common shares. The value of these additional shares is $462,000 which is based on fair market value. These shares were issued in connection with the acquisition of certain mining property. (Note 4)
During the year ended August 31, 2017, the Company issued 27,305,206 common shares pursuant to the exercise of the option attached to outstanding convertible notes and 400,000 common shares pursuant to the exercise of the option attached to outstanding related party convertible notes.
During the year ended August 31, 2017, the Company issued 25,000,000 common shares in connection with services rendered. Such services had a fair value of $75,000.
During the year ended August 31, 2017, the Company issued 219,444,444 common shares in connection with director’s compensation. Such services had a fair value of $395,000. Of this amount $323,000 was expensed during the current period and $72,000 reduced an amount due to a related party.
During the year ended August 31, 2017, the Company issued 206,505,000 common shares in connection with paying down $206,505 of debt to a related party.
During the year ended August 31, 2017, the Company issued 3,343,341 common shares in connection with a private placement offering. The common shares were issued at a fair value of $0.03 per share for gross proceeds of $99,700.
Share purchase warrants
As at February 28, 2018, the following share purchase warrants issued in connection with convertible notes were outstanding:
A summary of the changes in warrants for the period ended February 28, 2018 and year ended August 31, 2017 is presented below:
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