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Related Party Transactions
 6 Months Ended
Mar. 31, 2015
Related Party Transactions [Text Block]
Note 8 Related Party Transactions
   
 

During the three and six months ended March 31, 2015, the Company was charged general and administrative expenses totaling $16,082 and $32,465, respectively (2014: $Nil and $Nil, respectively) in respect of directors fees and stock option based compensation charges paid or accrued to directors and officers of the Company, inclusive of amounts noted below.

 

 
 

As at March 31, 2015, included in accounts payable and accrued liabilities was $40,016 (September 30, 2014: $28,232) owing to directors and officers of the Company for director fees and reimbursable expenses, and a former director and officer of the Company for unpaid fees.

 

 
 

During the year ended September 30, 2013, pursuant to an employment agreement with the President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer, and Director, of the Company, the Company:

  i)

granted 2,000,000 fully vested share purchase options exercisable at $0.40 per share until July 5, 2023.

     
  ii)

issued 4,000,000 shares of restricted common stock that vest as follows:


  •

25% upon the Company starting a Phase Ib/IIb human study

  •

25% upon the Company in-licensing additional assets in clinical or pre-clinical stage (vested during the year ended September 30, 2014 at a value of $610,000)

  •

25% upon the Company securing additional non-dilutive equity funding in 2013 of at least $5,000,000 with a share price higher than the previous funding

  •

25% upon the Company obtaining a listing on a major stock exchange