STOCK OPTIONS AND WARRANTS [Text Block] | 9. STOCK OPTIONS AND WARRANTS Stock Options On July 15, 2014, the shareholders approved and adopted at the Annual General Meeting the Company's 2014 Stock Option Plan. The purpose of these Plans is to advance the interests of the Corporation, through the grant of Options, by providing an incentive mechanism to foster the interest of eligible persons in the success of the Corporation and its affiliates; encouraging eligible persons to remain with the Corporation or its affiliates; and attracting new Directors, Officers, Employees and Consultants. The aggregate number of Common Shares that may be reserved, allotted and issued pursuant to Options shall not exceed 17,400,000 shares of common stock, less the aggregate number of shares of common stock then reserved for issuance pursuant to any other share compensation arrangement. For greater certainty, if an Option is surrendered, terminated or expires without being exercised, the Common Shares reserved for issuance pursuant to such Option shall be available for new Options granted under this Plan. The options are deemed as vested and exercisable on issuance and the maximum life of the options granted under this Plan may not exceed 5 years. At the Annual General Meeting held March 22, 2023, a new 2023 Stock Option Plan was approved. Under the 2023 Stock Option Plan (the "2023 Plan") the Company may grant options to purchase shares of common stock, $0.001 par value per share, of the Company. The stock subject to options granted under the 2023 Plan shall be shares of authorized but unissued or reacquired common stock. The maximum number of shares of common stock of the Company which may be issued and sold under the 2023 Plan shall be 31,000,000, subject to adjustment for stock splits or consolidations with a maximum life of 5 years and vesting at the discretion of the Board of Directors. Management plans to issue all new option grants under the 2023 Plan and to cancel the 2014 Plan once all currently issued options are either exercised or expire. During the nine month ended May 31, 2024 the Company did not issue any options. During the nine month period ended May 31, 2024 and 2023, the Company recorded $0 as stock based compensation expenses. A summary of the changes in stock options for the nine month ended May 31, 2024 is presented below: Options Outstanding Number of Options Weighted Exercise Price Weighted Remaining Life (Years) Aggregate Balance, August 31, 2022 9,900,000 0.08 Expired (1,750,000 ) 0.06 Balance, August 31, 2023 8,150,000 0.09 Expired - - Balance, May 31, 2024 (Outstanding & Exercisable) 8,150,000 0.09 2.16 - The Company has the following options outstanding and exercisable as at May 31, 2024: Issue Date Expiry Exercise Price Number of Remaining Life 14-Dec-20 14-Dec-25 0.05 2,100,000 1.54 28-Jan-21 28-Jan-26 0.14 2,000,000 1.66 4-Feb-21 4-Feb-26 0.18 100,000 1.68 5-Feb-21 5-Feb-26 0.18 300,000 1.68 27-Apr-21 27-Apr-26 0.12 100,000 1.91 28-May-21 28-May-26 0.12 50,000 1.99 1-Sep-21 1-Sep-26 0.08 500,000 2.25 6-Dec-21 6-Dec-26 0.07 1,000,000 2.52 18-Aug-22 18-Aug-27 0.06 2,000,000 3.22 Balance outstanding and exercisable 8,150,000 2.16 Warrants There were no warrants issued during the period ended May 31, 2024. A summary of warrants as at May 31, 2024 is as follows: Number of Warrants Weighted Average Exercise Price Balance, August 31, 2022 4,973,369 $ 0.04 Forfeited (4,923,369 ) 0.04 Exercised (50,000 ) 0.04 Balance, August 31, 2023 - - Issued - - Balance, August 31, 2024 - - |