12. |
Common Stock Purchase Warrants |
During the year ended May 31, 2013, there were no stock purchase warrants granted and 40,162,262 stock purchase warrants expired. |
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Pursuant to a release and indemnification agreement, the Company granted 300,000 stock purchase warrants on July 7, 2011 to acquire 300,000 common shares at a price of $0.30 per share exercisable for one year period. The fair value of the granted warrants was $81,158 estimated at the date of grant using the Black-Scholes option-pricing model. |
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The following table summarizes the continuity of the Company’s share purchase warrants: |
Weighted | Weighted Average | |||||||||
Average | Remaining Contractual | |||||||||
Number of Warrants | Exercise Price | Life | ||||||||
# | $ | (years) | ||||||||
Balance, May 31, 2011 | 53,416,417 | 0.33 | 1.68 | |||||||
Issued | 300,000 | 0.30 | 0.10 | |||||||
Balance, May 31, 2012 | 53,716,417 | 0.33 | 0.67 | |||||||
Expired | (40,162,262 | ) | 0.26 | - | ||||||
Balance, May 31, 2013 | 13,554,155 | 0.52 | 0.33 |
As at May 31, 2013, the following common share purchase warrants were outstanding:
Remaining | ||
Number of | Exercise | Contractual |
Warrants (#) | Price ($) | Life (years) |
13,554,155 | 0.52 | 0.33 |