| Share Capital Disclosure |
NOTE 8 - SHARE CAPITAL On July 30, 2020, the Company issued 988,000 units of its common stock for gross proceeds of $247,000, of which $80,000 were received during the year ended May 31, 2020. Each unit consisted of one common share of the Company and one warrant allowing its holder to acquire an additional common share at $0.35 until January 30, 2021, and at $0.50 per share from January 30, 2021 to July 30, 2022. On August 13, 2020, the Company issued 1,250,000 shares of its common stock to Ms. Arnett, the Company’s 10% shareholder, on the exercise of 1,250,000 options at $0.05 per option. Ms. Arnett chose to apply $62,500 the Company owed to her on account of past services against the exercise price of the shares. Ms. Arnett transferred the remaining $24,712 the Company owed to her as at August 13, 2020, to Mr. Hargreaves, the Company’s director of VP; Technology and Operations, in a private transaction. On August 13, 2020, the Company issued 1,234,855 shares of its common stock to Mr. Hargreaves, the Company’s VP; Technology and Operations, on the exercise of 1,234,855 shares at $0.05 per option. Mr. Hargreaves chose to apply $61,743 the Company owed to him against the exercise price of the shares. Options The changes in the number of stock options outstanding during the six-month period ended November 30, 2020, and for the year ended May 31, 2020, are as follows: | Six months ended November 30, 2020 | | Year ended May 31, 2020 | | Number of options | Weighted average exercise price | | Number of options | Weighted average exercise price | Options outstanding, beginning | 7,050,000 | $ | 0.24 | | 7,050,000 | $ | 0.24 | Options exercised | (2,484,855) | $ | 0.05 | | - | $ | n/a | Options expired | (1,015,145) | $ | 0.34 | | - | $ | n/a | Options outstanding, ending | 3,550,000 | $ | 0.35 | | 7,050,000 | $ | 0.24 |
Details of options outstanding and exercisable as at November 30, 2020, are as follows: Number of options outstanding and exercisable | Exercise price | Grant date | Expiry date | 500,000 | $0.35 | August 5, 2015 | January 1, 2021 | 500,000 | $0.35 | August 5, 2015 | April 1, 2021 | 500,000 | $0.35 | August 5, 2015 | July 1, 2021 | 2,050,000 | $0.35 | August 24, 2017 | August 23, 2022 | 3,550,000 | $0.35 | | |
At November 30, 2020, the weighted average remaining contractual life of the stock options outstanding was 1.14 years. Warrants The changes in the number of warrants outstanding during the six-month period ended November 30, 2020, and for the year ended May 31, 2020, are as follows: | Six months ended November 30, 2020 | | Year ended May 31, 2020 | | Number of warrants | Weighted average exercise price | | Number of warrants | Weighted average exercise price | Warrants outstanding, beginning | 18,864,605 | $ | 0.94 | | 20,297,565 | $ | 0.78 | Warrants issued | 988,000 | $ | 0.35/$0.50 | | 6,050,000 | $ | 0.38 | Warrants exercised | - | $ | n/a | | 7,482,960 | $ | 0.05 | Warrants expired | 1,480,000 | $ | 1.50 | | - | $ | n/a | Warrants outstanding, ending | 18,372,605 | $ | 0.86 | | 18,864,605 | $ | 0.94 |
Details of warrants outstanding as at November 30, 2020, are as follows: Number of warrants exercisable | Grant date | Exercise price | 2,000,000 | March 3, 2016 | $0.75 expiring on March 3, 2021 | 9,094,605 | October 12, 2016 | $1.50 expiring on October 12, 2021 | 240,000 | February 7, 2018 | $1.50 expiring on February 7, 2021 | 3,950,000 | June 24, 2019 | $0.20 expiring on June 24, 2021 | 100,000 | July 22, 2019 | $0.20 expiring on July 22, 2021 | 1,000,000 | January 29, 2020 | $0.50 expiring on March 12, 2023 | 1,000,000 | January 29, 2020 | $1.00 expiring on March 12, 2023 | 988,000 | July 30, 2020 | $0.35 during the period from July 30, 2020 to January 30, 2021 $0.50 during the period from January 30, 2021 to July 30, 2022 | 18,372,605 | | |
At November 30, 2020, the weighted average life of the warrants was 0.86 years.
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