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Related Party Transactions
 6 Months Ended
May 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14. Related Party Transactions

 

During the periods presented, we shared personnel, including key management personnel, office space, equipment, and various administrative services with other companies, including GoldMining. Costs incurred by GoldMining were allocated between its related subsidiaries based on an estimate of time incurred and use of services and are charged at cost. During the three and six months ended May 31, 2023, the allocated costs from GoldMining to the Company were $30,818 and $77,028, respectively ($26,702 and $46,530 for the three and six months ended May 31, 2022, respectively). Out of the allocated costs, $18,102 and $46,468 for the three and six months ended May 31, 2023, respectively, were noncash share-based compensation costs ($10,643 and $21,828 for the three and six months ended May 31, 2022, respectively). The allocated costs from GoldMining were treated as a capital contribution, as there is no obligation or intent regarding the repayment of such amounts by the Company.

 

For the three and six months ended May 31, 2023, the amounts advanced to us and paid on our behalf by GoldMining totaled $178,013 and $1,003,142, respectively ($246,777 and $290,408 for the three and six months ended May 31, 2022, respectively). In May 2023, the Company repaid GoldMining $1,680,925, for amounts previously advanced to the Company. The amount paid represented the full amount of the outstanding loan from GoldMining at the time.

 

During the three and six months ended May 31, 2023, we incurred $30,354 and $32,487, respectively, and during the three and six months ended May 31, 2022, $5,848 and $5,848, respectively, in general and administrative costs, paid to Blender Media Inc. (Blender), a company controlled by a direct family member of the co-chairman and a director of GoldMining, for various services, including information technology, financial subscriptions, corporate branding, media, website design, maintenance and hosting, provided by Blender to the Company. As at May 31, 2023, prepaid expenses and deferred costs included service fees prepaid to Blender in the amount of $368,649 (November 30, 2022: $Nil) (Note 5).

 

During the three and six months ended May 31, 2023, share-based compensation costs included $23,291 and $24,476, respectively (2022, $Nil), in amounts incurred for the co-chairman and a director of GoldMining for Restricted Shares granted in September 2022 (Note 10.3).

 

GoldMining acquired 122,490 Units in the IPO at a price of $10 per Unit for a total consideration of $1,224,900 (Note 10.1).

 

Related party transactions are based on the amounts agreed to by the parties. During the quarters ended May 31, 2023 and 2022, we did not enter into any contracts or undertake any commitment or obligation with any related parties other than as described herein.