| STOCK OPTIONS AND WARRANTS [Text Block] | 12.
STOCK OPTIONS AND WARRANTS At April 30, 2015, the Company had the following stock option plans available:
2013 Stock Incentive Plan
On March 25, 2015, the Company granted non-qualified stock options under the 2013 Plan for the purchase of
6,500,000
shares of common stock at $0.01
per share. The nonqualified stock options were granted to various officers, directors and consultants, are fully vested and expire March 25, 2020. The Company calculated the value of the options using the Black-Scholes option pricing model using the following assumptions: a bond equivalent yield of
1.41%, volatility of
291%, estimated life of
5
years and closing stock price of $0.01
per share on the date of grant. The value for the
6,500,000
stock options is $90,915.
On April 16, 2014, the Company granted non-qualified stock options under the 2013 Plan for the purchase of
1,500,000
shares of common stock at $0.05
per share. The nonqualified stock options were granted to one consultant, are fully vested and expire April 16, 2019. The Company calculated the value of the options using the Black-Scholes option pricing model using the following assumptions: a bond equivalent yield of
1.67%, volatility of
290%, estimated life of
5
years and closing stock price of $0.05
per share on the date of grant. The value for the
1,500,000
stock options is $29,485.
On October 29, 2013, the Company granted non-qualified stock options under the 2013 Plan for the purchase of
18,100,000
shares of common stock at $0.03
per share. The nonqualified stock options were granted to various officers, directors and consultants, are fully vested and expire October 29, 2018. The Company calculated the value of the options using the Black-Scholes option pricing model using the following assumptions: a bond equivalent yield of
1.29%, volatility of
298%, estimated life of
5
years and closing stock price of $0.03
per share on the date of grant. The value for the
18,100,000
stock options is $542,487.
From the date of inception through April 30, 2015, compensation expense related to the granting of stock options under the 2013 Plan was $636,448, of which $109,754
was recorded in minerals exploration and evaluation expenses, $19,839
was recorded in minerals exploration and evaluation expenses – related parties, $128,391
was recorded in general and administrative and $378,464
was recorded in general and administrative – related parties. The Company calculated the value of the options using the Black-Scholes option pricing model. As of April 30, 2015,
26,100,000
of the options granted were outstanding.
The following is a summary of option activity during the years ended April 30, 2015 and 2014:
Weighted
Average Exercise
Number of Shares Price
Balance, April 30, 2013
6,000,000
$
0.02
Options granted and assumed
19,600,000
0.03
Options expired
-
0.00
Options exercised
-
0.00
Balance, April 30, 2014
25,600,000
0.03
Options granted and assumed
6,500,000
0.01
Options expired
(3,600,000
)
0.02
Options exercised
(2,400,000
)
0.02
Balance, April 30, 2015
26,100,000
$
0.03
As of April 30, 2015, all stock options outstanding are exercisable.
Extension of Warrants On July 2, 2013, the Company extended the expiration dates of the following warrants:
a)
23,020,000
warrants previously issued on July 13, 2011 from an expiration date of July 12, 2013 to July 12, 2014. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share; and
b)
1,000,000
warrants previously issued on September 26, 2011, from an expiration date of September 25, 2013 to September 25, 2014. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share.
On January 16, 2014, the Company extended the expiration dates of the following warrants:
a)
22,476,840
warrants previously issued on February 24 2009, from an expiration date of February 23, 2014 to February 23, 2015. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share;
b)
11,455,500
warrants previously issued on January 31, 2010, from an expiration date of January 30, 2014 to January 30, 2015. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share;
c)
32,070,000
warrants previously issued on January 18, 2011, from an expiration date of January 17, 2014 to January 17, 2015. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share; and
d)
11,742,789
warrants previously issued on January 30, 2012, from an expiration date of January 29, 2014 to January 29, 2015. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share.
On July 10, 2014, the Company extended the expiration dates of
23,020,000
warrants previously issued on July 13, 2011, from an expiration date of July 12, 2014 to July 12, 2015. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share.
On January 15, 2015, the Company extended the expiration dates of the following warrants:
a)
22,476,840
warrants previously issued on February 24 2009, from an expiration date of February 23, 2015 to February 23, 2016. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share;
b)
11,455,500
warrants previously issued on January 31, 2010, from an expiration date of January 30, 2015 to January 30, 2016. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share;
c)
32,070,000
warrants previously issued on January 18, 2011, from an expiration date of January 17, 2015 to January 17, 2016. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share; and
d)
11,742,789
warrants previously issued on January 30, 2012, from an expiration date of January 29, 2015 to January 29, 2016. Each warrant entitles the holder to purchase an additional share of our common stock at a price of $0.10
per share.
The following is a summary of warrants activity during the years ended April 30, 2015 and 2014:
Weighted
Average Exercise
Number of Shares Price
Balance, April 30, 2013
103,195,129
$
0.10
Warrants granted and assumed
27,220,000
0.10
Warrants canceled
-
0.00
Warrants expired
(1,030,000
)
0.00
Balance, April 30, 2014
129,385,129
0.10
Warrants granted and assumed
5,600,000
0.10
Warrants canceled
-
0.00
Warrants expired
(1,300,000
)
0.10
Balance, April 30, 2015
133,685,129
$
0.10
All warrants outstanding as of April 30, 2015 are exercisable. |
