Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jul. 31, 2017 | |
Document And Entity Information | |
Entity Registrant Name | I-Minerals Inc |
Entity Central Index Key | 1,405,663 |
Document Type | S1 |
Document Period End Date | Jul. 31, 2017 |
Amendment Flag | true |
Current Fiscal Year End Date | --04-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Amendment Description | Amendment No. 1 |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 |
Current assets | |||
Cash | $ 45,193 | $ 287,282 | $ 128,353 |
Receivables | 8,889 | 7,169 | 8,889 |
Prepaids | 59,814 | 65,259 | 59,814 |
[us-gaap:AssetsCurrent] | 113,896 | 359,710 | 113,896 |
Equipment | 10,219 | 9,090 | 10,219 |
Mineral property interest | 485,813 | 305,850 | 485,813 |
Deposits | 14,932 | 14,932 | 14,932 |
TOTAL ASSETS | 624,860 | 689,582 | 624,860 |
Current liabilities | |||
Accounts payable and accrued liabilities | 844,656 | 1,168,606 | 1,023,137 |
Promissory notes | 15,373,956 | 14,147,964 | 15,373,956 |
Derivative liabilities | 770,786 | 1,188,937 | 770,786 |
[us-gaap:LiabilitiesCurrent] | 16,989,398 | 16,505,507 | 16,989,398 |
Promissory notes | 184,813 | 165,208 | 184,813 |
TOTAL LIABILITIES | 17,174,211 | 16,670,715 | 17,174,211 |
CAPITAL DEFICIT | |||
Unlimited common shares with no par value Issued and fully paid: 89,484,792 (April 30, 2017 - 89,372,359) | 18,697,493 | 18,658,118 | 18,697,493 |
Additional paid-in capital | 1,925,415 | 1,948,384 | 1,925,415 |
Commitment to issue shares | 9,000 | 29,625 | 9,000 |
Deficit | (37,181,259) | (36,617,260) | (37,181,259) |
TOTAL CAPITAL DEFICIT | (16,549,351) | (15,981,133) | (11,473,495) |
TOTAL LIABILITIES AND CAPITAL DEFICIT | $ 624,860 | $ 689,582 | $ 624,860 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 |
Statement of Financial Position [Abstract] | |||
Common Stock, par value | |||
Common Stock, shares authorized | |||
Common Stock, shares issued | 89,484,792 | 89,372,359 | 86,328,952 |
Common Stock, shares outstanding | 89,484,792 | 89,372,359 | 86,328,952 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Loss (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
OPERATING EXPENSES | ||||
Amortization | $ 803 | $ 599 | $ 2,198 | $ 6,647 |
Management and consulting fees | 34,731 | 113,653 | 319,443 | 245,755 |
Mineral property expenditures | 118,212 | 291,509 | 1,539,709 | 2,881,230 |
General and miscellaneous | 136,924 | 235,879 | 730,885 | 580,862 |
Professional fees | 95,615 | 99,236 | (92,083) | 338,644 |
[us-gaap:OperatingExpenses] | (386,285) | (740,876) | (2,500,152) | (4,053,138) |
OTHER (EXPENSES) INCOME | ||||
Foreign exchange (loss) gain | (18,637) | (915) | (2,456) | (3,377) |
Loss on settlement of liabilities | (31,512) | |||
Accretion expense | (150,925) | (125,117) | (490,531) | (372,266) |
Interest expense | (463,296) | (354,752) | (1,578,631) | (1,161,339) |
Change in fair value of derivative liabilities | 455,144 | (173,334) | (687,979) | 1,019,786 |
LOSS FOR THE PERIOD | $ (563,999) | $ (1,394,994) | $ (5,259,749) | $ (4,601,846) |
Loss per share - basic and diluted | $ (0.01) | $ (0.02) | $ (0.06) | $ (0.06) |
Weighted average number of shares outstanding | 89,398,956 | 86,818,952 | 88,064,107 | 83,299,436 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
OPERATING ACTIVITIES | ||||
Loss for the period | $ (563,999) | $ (1,394,994) | $ (5,259,749) | $ (4,601,846) |
Items not involving cash: | ||||
Amortization | 803 | 599 | 2,198 | 6,647 |
Stock-based compensation | 9,829 | 72,169 | 202,886 | 105,606 |
Loss on settlement of liabilities | 31,512 | |||
Accretion expense | 150,925 | 125,117 | 490,531 | 372,266 |
Change in fair value of derivative liabilities | (455,144) | 173,334 | 687,979 | (1,019,786) |
Unrealized foreign exchange loss | 16,950 | (3,696) | ||
Change in non-cash operating working capital items: | ||||
Receivables | (1,720) | 12,679 | 14,578 | 11,753 |
Prepaids | 5,445 | 1,680 | (19,761) | 207,321 |
Accounts payable and accrued liabilities | 526,717 | 316,992 | 1,544,846 | 1,098,391 |
Cash flows used in operating activities | (310,194) | (692,424) | (2,340,188) | (3,788,136) |
INVESTING ACTIVITIES | ||||
Additions to mineral property interest | (179,963) | |||
Purchase of equipment | (1,932) | (3,303) | ||
Cash flows used in investing activities | (181,895) | (3,303) | ||
FINANCING ACTIVITIES | ||||
Proceeds from exercise of stock options and warrants | 167,736 | 300,574 | 4,449 | |
Promissory notes received | 250,000 | 800,000 | 2,201,846 | 3,640,000 |
Cash flows from financing activities | 250,000 | 967,736 | 2,502,420 | 3,644,449 |
INCREASE (DECREASE) IN CASH | (242,089) | 275,312 | 158,929 | (143,687) |
CASH, BEGINNING OF THE PERIOD | 287,282 | 128,353 | 128,353 | 272,040 |
CASH, END OF THE PERIOD | 45,193 | 403,665 | 287,282 | 128,353 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Interest paid | ||||
Taxes paid |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Capital Deficit (Equity) (Unaudited) - USD ($) | Common Stock | Commitment to Issue Shares | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance at Apr. 30, 2015 | $ 16,586,067 | $ 136,735 | $ 1,827,780 | $ (26,755,665) | $ (8,205,083) |
Beginning Balance (in Shares) at Apr. 30, 2015 | 79,255,728 | ||||
Shares issued as a debt discount | $ 409,031 | (136,735) | 272,296 | ||
Shares issued as a debt discount (Shares) | 1,832,108 | ||||
Shares issuable as a debt discount | 81,112 | 81,112 | |||
Shares issued to settle accounts payable and accrued liabilities | $ 963,718 | 19,892 | 983,610 | ||
Shares issued to settle accounts payable and accrued liabilities (shares) | 5,216,116 | ||||
Shares issued on exercise of warrants | $ 4,449 | 4,449 | |||
Shares issued on exercise of warrants (shares) | 25,000 | ||||
Share-based payments - vesting | 3,333 | 3,333 | |||
Reallocation of vested options to liabilities | (11,366) | (11,366) | |||
Loss for the period | (4,601,846) | (4,601,846) | |||
Ending Balance at Apr. 30, 2016 | $ 17,963,265 | 81,112 | 1,839,639 | (31,357,511) | $ (11,473,495) |
Ending Balance (Shares) at Apr. 30, 2016 | 86,328,952 | 86,328,952 | |||
Shares issued on exercise of options | $ 238,462 | (70,726) | $ 167,736 | ||
Shares issued on exercise of options (shares) | 980,000 | ||||
Shares issued as a debt discount | $ 214,769 | (81,112) | 133,657 | ||
Shares issued as a debt discount (Shares) | 893,323 | ||||
Shares issuable as a debt discount | 29,625 | 29,625 | |||
Shares issued on exercise of warrants | $ 241,622 | 241,622 | |||
Shares issued on exercise of warrants (shares) | 1,170,084 | ||||
Share-based payments - vesting | 202,886 | 202,886 | |||
Reallocation of vested options to liabilities | (23,415) | (23,415) | |||
Loss for the period | (5,259,749) | (5,259,749) | |||
Ending Balance at Apr. 30, 2017 | $ 18,658,118 | 29,625 | 1,948,384 | (36,617,260) | $ (15,981,133) |
Ending Balance (Shares) at Apr. 30, 2017 | 89,372,359 | 89,372,359 | |||
Shares issued as a debt discount | $ 39,375 | (29,625) | $ 9,750 | ||
Shares issued as a debt discount (Shares) | 112,433 | ||||
Shares issuable as a debt discount | 9,000 | 9,000 | |||
Share-based payments - vesting | 9,829 | 9,829 | |||
Reallocation of vested options to liabilities | (32,798) | (32,798) | |||
Loss for the period | (563,999) | (563,999) | |||
Ending Balance at Jul. 31, 2017 | $ 18,697,493 | $ 9,000 | $ 1,925,415 | $ (37,181,259) | $ (16,549,351) |
Ending Balance (Shares) at Jul. 31, 2017 | 89,484,792 | 89,484,792 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Accounting Policies [Abstract] | ||
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY: I-Minerals Inc. (the “Company”) was incorporated under the laws of British Columbia, Canada, in 1984. The Company is listed for trading on the TSX Venture Exchange under the symbol “IMA” and the OTCQX marketplace under the symbol “IMAHF”. The Company’s principal business is the development of the Helmer-Bovill industrial mineral property (“the Property”) located in Latah County, Idaho. Since inception, the Company has been in the exploration stage but moved into the development stage in fiscal 2018. The Helmer-Bovill property is comprised of eleven mineral leases that host potentially economic deposits of feldspar, quartz and kaolinitic clays, primarily kaolinite and halloysite. Basis of Presentation and Liquidity The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information as well as Article 10 of Regulation S-X on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next year Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At July 31, 2017, the Company had not yet achieved profitable operations, had an accumulated deficit of $37,181,259 since inception and expects to incur further losses in the development of its business, all of which casts substantial doubt upon the Company’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of our management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three months ended July 31, 2017 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2018. All amounts presented are in US dollars except where otherwise indicated. For further information refer to the financial statements and footnotes thereto for the year ended April 30, 2017 included in the Company’s Annual Report on Form 10-K filed on July 27, 2017. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to develop the Property and to meet its obligations and repay its liabilities arising from normal business operations when they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. The Company is currently receiving funds from a company controlled by a director of the Company through promissory notes (Notes 5 and 11). | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY: I-Minerals Inc. (the “Company”) was incorporated under the laws of British Columbia, Canada, in 1984. The Company is listed for trading on the TSX Venture Exchange under the symbol “IMA” and the OTCQX marketplace under the symbol “IMAHF”. The Company’s principal business is the development of the Helmer-Bovill industrial mineral property (“the Property”) located in Latah County, Idaho. The Helmer-Bovill property is comprised of eleven mineral leases that host potentially economic deposits of feldspar, quartz and kaolinitic clays, primarily kaolinite and halloysite. Basis of Presentation and Liquidity The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next year Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At April 30, 2017, the Company had not yet achieved profitable operations, had an accumulated deficit of $36,617,260 since inception and expects to incur further losses in the development of its business, all of which casts substantial doubt upon the Company’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to develop the Property and to meet its obligations and repay its liabilities arising from normal business operations when they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. The Company is currently receiving funds from a company controlled by a director of the Company through promissory notes (Notes 5 and 12). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Mineral Property and Exploration Costs Costs related to the development of our mineral reserves are capitalized when it has been determined an ore body can be economically developed. The development stage begins when an ore body is determined to be economically recoverable based on proven and probable reserves and appropriate permits are in place, and ends when the production stage or exploitation of reserves begins. Major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, tailings impoundment, development of water supply and infrastructure developments. Exploration costs include those relating to activities carried out (a) in search of previously unidentified mineral deposits, or (b) at undeveloped concessions. Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production that are expensed due to the lack of evidence of economic development, which is necessary to demonstrate future recoverability of these expenses. Secondary development costs are incurred for preparation of an ore body for production in a specific ore block or work area, providing a relatively short-lived benefit only to the mine area they relate to, and not to the ore body as a whole. Drilling and related costs are either classified as exploration or secondary development, as defined above, and charged to operations as incurred, or capitalized, based on the following criteria: · Whether the costs are incurred to further define mineralization at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; · Whether the drilling costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and · Whether, at the time that the cost is incurred, the expenditure: (a) embodies a probable future benefit that involves a capacity, singly or in combination, with other assets to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. If all of these criteria are met, drilling and related costs are capitalized. Drilling costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and capitalization of drilling costs is appropriate: · Completion of a favourable economic study and mine plan for the ore body targeted; · Authorization of development of the ore body by management and/or the Board of Directors; and · All permitting and/or contractual requirements necessary for us to have the right to or control of the future benefit from the targeted ore body have been met. Once production has commenced, capitalized costs will be depleted using the units-of-production method over the estimated life of the proven and probable reserves. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to the Consolidated Statements of Loss in that period. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the future undiscounted cash flows are less than the carrying value of the property, a write down to the estimated fair value is charged to the Consolidated Statements of Loss for the period. Where estimates of future net cash flows are not available and where other conditions suggest impairment, management assesses if the carrying value can be recovered. Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s promissory notes are based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using rates representative of current borrowing rates. At July 31, 2017, the promissory notes had a fair value of $15,552,183 (April 30, 2017 – $13,781,276). The Company had certain Level 3 liabilities required to be recorded at fair value on a recurring basis in accordance with US GAAP as at July 31, 2017 and April 30, 2017. As at July 31, 2017, the Company’s Level 3 liabilities consisted of the warrants issued in connection with the Company’s offering of equity units in a private placement and warrants issued as financing fees as well as the grant of share purchase options to non-employees. The resulting Level 3 liabilities have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable. A summary of the Company’s Level 3 liabilities for the three months ended July 31, 2017 and 2016 is as follows: 2017 $ 2016 $ Warrants (Note 6) Beginning fair value 742,583 326,595 Issuance 4,195 27,750 Change in fair value (306,893) 111,311 Ending fair value 439,885 465,656 Non-employee options (Note 7(c)) Beginning fair value 446,354 189,207 Fair value of options granted - - Fair value of options on vesting 32,798 - Change in fair value (148,251) 62,023 Ending fair value 330,901 251,230 Total Level 3 liabilities 770,786 716,886 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended July 31, 2017 and 2016. Earnings (Loss) Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the three months ended July 31, 2017, loss per share excludes 10,992,130 (2016 – 12,524,012) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the Third Promissory Notes) as their effect was anti-dilutive. | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, i-Minerals USA, Inc. and CKD Ventures Ltd. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is April 30 th Use of Estimates The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long lived assets, stock-based compensation, amortization of Promissory Notes and Second Promissory Notes financing fees, valuation of derivative liabilities, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at April 30, 2017 and 2016, the Company had no cash equivalents. Equipment Equipment is carried at cost and is amortized over the estimated useful economic lives using the declining balance method at an annual rate of 30%. Mineral Property Acquisition Costs Mineral property acquisition costs are capitalized when incurred and will be amortized using the units-of-production method following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. The Company’s property has yet to reach the production stage. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral property claims. Mineral Property Exploration Costs Mineral property exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves and all permits are received, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated useful life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. Impairment of Long-Lived Assets Management tests long-lived assets to be held and used for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Impairment is considered to exist if the future cash flows on an undiscounted basis are less than the carrying amount of the long-lived asset. An impairment loss is measured and recorded based on the difference between book value and fair value of the asset group, as determined through the application of a present value technique using expected future cash flows to estimate fair value in the absence of a market price. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of cash flows from other asset groups. Debt Issuance Costs Debt issue costs in connection with debt financings are capitalized as an asset and amortized over the term of the debt using the effective interest method. Debt issuance costs paid to the purchaser of the debt are considered to be a reduction of the debt proceeds and a component of debt discount. Subsequently, the costs comprising this debt discount are amortized as financing fees over the term of the promissory notes using the effective interest method. During the year ended April 30, 2017, the Company amortized financing fees totaling $490,531 (2016 – $372,266). Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s promissory notes are based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using rates representative of current borrowing rates. At April 30, 2017, the promissory notes had a fair value of $13,781,276 (2016 – $10,703,836). The Company had certain Level 3 liabilities required to be recorded at fair value on a recurring basis in accordance with US GAAP as at April 30, 2017 and 2016. As at April 30, 2017, the Company’s Level 3 liabilities consisted of the warrants issued in connection with the Company’s offering of equity units in a private placement and warrants issued as financing fees as well as the grant of share purchase options to non-employees. The resulting Level 3 liabilities have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable. A summary of the Company’s Level 3 liabilities for the years ended April 30, 2017 and 2016 is as follows: 2017 $ 2016 $ Warrants (Note 6) Beginning fair value 326,595 1,128,841 Issuance 70,525 176,493 Reallocation on exercises of warrants (108,784) - Change in fair value 454,247 (978,739) Ending fair value 742,583 326,595 Non-employee options (Note 7(c)) Beginning fair value 189,207 116,615 Fair value of options granted - 102,273 Fair value of options on vesting 23,415 11,366 Change in fair value 233,732 (41,047) Ending fair value 446,354 189,207 Total Level 3 liabilities 1,188,937 515,802 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the years ended April 30, 2017 and 2016. Earnings (Loss) Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the year ended April 30, 2017, loss per share excludes 10,993,021 (2016 – 12,027,780) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the Third Promissory Notes) as their effect was anti-dilutive. Foreign Currency Translation The Company’s functional and reporting currency is the US dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date and non-monetary items are translated at exchange rates prevailing when the assets were acquired or obligations incurred. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has adopted the provisions of FASB ASC 740 "Income Taxes" regarding accounting for uncertainty in income taxes. The Company initially recognizes tax positions in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority, assuming full knowledge of the position and all relevant facts. Application requires numerous estimates based on available information. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, and its recognized tax positions and tax benefits may not accurately anticipate actual outcomes. As additional information is obtained, there may be a need to periodically adjust the recognized tax positions and tax benefits. These periodic adjustments may have a material impact on the consolidated statements of operations. When applicable, the Company classifies penalties and interest associated with uncertain tax positions as a component of income tax expense in its consolidated Statement of Loss. Stock-Based Compensation The Company accounts for all stock-based payments and awards under the fair value based method. Stock-based payments to non-employees are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The fair value of stock-based payments to non-employees is periodically re-measured until the counterparty performance is complete, and any change therein is recognized over the vesting period of the award and in the same manner as if the Company had paid cash instead of paying with or using equity based instruments. The cost of the stock-based payments to non-employees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. The Company accounts for the granting of stock options to employees using the fair value method whereby all awards to employees will be recorded at fair value on the date of the grant. The fair value of all stock options is expensed over their vesting period with a corresponding increase to additional paid-in capital. Compensation costs for stock-based payments that do not include performance conditions are recognized on a straight-line basis. Compensation cost associated with a share based award having a performance condition is only recognized over the requisite service period if it is probable. Share based awards with a performance condition are accrued on an award by award basis. The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimates. Derivative Liabilities The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the consolidated statement of loss. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the balance sheet date. The Company uses the Black-Scholes option valuation model to value derivative liabilities. This model uses Level 3 inputs in the fair value hierarchy established by ASC 820 Fair Value Measurement. Concentration of Risk The Company is subject to interest rate risk on its debt financings. The Company generally uses fixed interest rates for sources of debt financing with the objective of minimizing its cost of borrowing. Comparative Figures Certain of the prior period’s figures may have been reclassified in conformity with the current period’s financial statement presentation. New Accounting Pronouncements (i) If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following: 1. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans). 2. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations. 3. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern 1. Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. 2. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations. 3. Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. This update will come into effect for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company has adopted this standard in its financial statements as at December 31, 2016. See Note 2. (ii) |
MINERAL PROPERTY INTEREST
MINERAL PROPERTY INTEREST | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Extractive Industries [Abstract] | ||
MINERAL PROPERTY INTEREST | 3. MINERAL PROPERTY INTEREST: Helmer-Bovill Property – Latah County, Idaho In May 2017, the Idaho Department of Lands accepted our operation and reclamation plan. Together with a water rights permit from the Idaho Department of Water Resources, we are able to proceed with development and construction of the mine, subject to obtaining sufficient financing. As a result, Management made the decision to begin capitalizing all development expenditures directly related to the Helmer-Bovill Property. $ Balance at April 30, 2017 305,850 Engineering and consulting 90,028 Metallurgy 74,226 Permitting and environmental 6,000 Other direct costs 9,709 179,963 Balance at July 31, 2017 485,813 The Company has an undivided 100% interest in 11 State of Idaho mineral leases. The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. | 3. MINERAL PROPERTY INTEREST: Helmer-Bovill Property – Latah County, Idaho The Company has an undivided 100% interest in 11 State of Idaho mineral leases. The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Payables and Accruals [Abstract] | ||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: July 31, 2017 $ April 30, 2017 $ Trade payables 327,118 265,116 Amounts due to related parties (Note 8) 198,844 197,954 Interest payable on promissory notes (Note 5) 318,694 705,536 Total accounts payable and accrued liabilities 844,656 1,168,606 | 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: April 30, 2017 $ April 30, 2016 $ Trade payables 265,116 307,316 Amounts due to related parties (Note 9) 197,954 189,501 Interest payable on promissory notes (Note 5) 705,536 526,320 Total accounts payable and accrued liabilities 1,168,606 1,023,137 |
PROMISSORY NOTES
PROMISSORY NOTES | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Debt Disclosure [Abstract] | ||
PROMISSORY NOTES | 5. PROMISSORY NOTES: July 31, 2017 $ April 30, 2017 $ Third promissory notes 15,373,956 14,147,964 Fourth promissory notes 184,813 165,208 Total promissory notes 15,558,769 14,313,172 Current 15,373,956 14,147,964 Non-current 184,813 165,208 Third Promissory Notes Effective August 31, 2016, the Company entered into an agreement (dated June 1, 2016) with a company controlled by a director of the Company (the “Lender”) pursuant to which up to an additional $2,965,000 will be advanced to the Company in tranches (the “Third Promissory Notes”). In addition, the First Promissory Notes and the Second Promissory Notes were amended and combined with the Third Promissory Notes with a modified maturity date of December 2, 2017. All other terms of the First Promissory Notes and the Second Promissory Notes remained unchanged. During the year ended April 30, 2017, the Company received $1,815,000 in advances pursuant to the Third Promissory Notes. During the three months ended July 31, 2017, the Company received $250,000 in advances. Subsequent to July 31, 2017, the Company received $300,000 in advances. The following table outlines the estimated cash payments required in order to repay the principal balance of the Third Promissory Notes: 2018 $ 2019 $ 2020 $ 2021 $ 2022 $ Total $ 15,559,324 - - - - 15,559,324 Certain conditions may result in early repayment including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. Debt issuance costs will be amortized over the estimated maturity life of the promissory notes. The promissory notes bear interest at the rate of 12% per annum and during the three months ended July 31, 2017, the Company recorded interest of $457,567 (2016 - $354,752). Interest is payable semi-annually as calculated on May 31 st th The Company and the Lender agreed that the Lender is to receive bonus shares equal to 7.5% of each loan tranche advanced under the Third Promissory Notes divided by the Company’s common share market price. In addition, the Company will issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant will entitle the Lender to purchase one common share of the Company at a price equal to the greater of (a) the market price of the Company’s common shares on the date of the advance and (b) the volume weighted average price of the Company’s common shares over the twenty trading days immediately prior to the date of the advance. The bonus share purchase warrants expire on the earlier of (a) December 31, 2018 and (b) the date the advance has been repaid in full, including interest. During the three months ended July 31, 2017, the Company issued 112,433 bonus shares to the Lender at the fair value of $39,375, based on their quoted market price at the date the advances were received, including 88,089 shares having a fair value of $29,625 that the Company had committed to issue as at April 30, 2017. At July 31, 2017, the Company was committed to issuing an additional 31,427 bonus shares to the Lender at the fair value of $9,000. The fair value of the bonus shares was determined by reference to the trading price of the Company’s common shares on the date the advances were received. The fair value of 55,771 bonus share purchase warrants committed to be issued (based on advances received during the period) during the three months ended July 31, 2017 of $4,195 was estimated using the The aggregate finance fees (bonus shares and bonus warrants) are recorded against the promissory notes balance and are being amortized to the Statement of Loss over the life of the promissory notes using the effective interest method. The accretion expense in respect of the debt discount recorded on the issuance of bonus shares and warrants totalled $148,270 for the three months ended July 31, 2017 (2016 - $125,117). The unamortized debt discount as at July 31, 2017 is $185,368 (April 30, 2017 $310,693). The promissory notes are collateralized by the Company’s Helmer-Bovill Property. Fourth Promissory Notes On March 13, 2017, the Company entered into a loan agreement with an arm’s-length lender pursuant to which CAD$250,000 ($186,846) was advanced to the Company (the “Fourth Promissory Notes”). As at July 31, 2017, the balance of the Fourth Promissory Notes was CAD$250,000 ($200,100). The loan bears interest at a rate of 12% per annum and during the three months ended July 31, 2017, the Company recorded interest of $5,729. The Fourth Promissory Notes are unsecured The Company issued 40,761 bonus shares at the fair value of $14,013 and 40,761 bonus share purchase warrants at the fair value of $4,814. The aggregate finance fees (bonus shares and bonus warrants) are recorded against the Fourth Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Fourth Promissory Notes using the effective interest method. The accretion expense in respect of the debt discount recorded on the issuance of bonus shares and warrants totalled $2,655 for the three months ended July 31, 2017. The unamortized debt discount as at July 31, 2017 is $15,287 (April 30, 2017 - $17,942). | 5. PROMISSORY NOTES: April 30, 2017 $ April 30, 2016 $ First promissory notes - 5,678,107 Second promissory notes - 4,780,814 Third promissory notes 14,147,964 - Fourth promissory notes 165,208 Total promissory notes 14,313,172 10,458,921 Current 14,147,964 6,587,526 Non-current 165,208 3,871,395 First, Second and Third Promissory Notes On September 13, 2013, January 27, 2014 and December 4, 2014, the Company entered into agreements with a company controlled by a director of the Company (the “Lender”) pursuant to which $5,787,280 was advanced to the Company in tranches (the “First Promissory Notes”). The First Promissory Notes were to mature as to $3,000,000 on December 2, 2016 and the balance due on December 31, 2016. On February 18, 2015 and December 1, 2015, the Company entered into agreements with the Lender pursuant to which $5,457,000 was advanced to the Company in tranches (the “Second Promissory Notes”). The Second Promissory Notes mature were to mature as to $1,000,000 on December 2, 2016, $2,000,000 on June 2, 2017 and the balance due on December 2, 2017. Effective August 31, 2016, the Company entered into an agreement (dated June 1, 2016) with the Lender pursuant to which up to an additional $2,965,000 will be advanced to the Company in tranches (the “Third Promissory Notes”). In addition, the First Promissory Notes and the Second Promissory Notes were amended and combined with the Third Promissory Notes with a modified maturity date of December 2, 2017. All other terms of the First Promissory Notes and the Second Promissory Notes remained unchanged. In accordance with the guidance of ASC 470-50 and ASC 470-60, the Company determined that the June 1, 2016 agreement resulted in a debt modification, not a debt extinguishment or a troubled debt restructuring. The aggregate finance fees relating to the promissory notes are now being amortized to the Statement of Loss over the revised life of the promissory notes using the effective interest method. During the year ended April 30, 2017, the Company received $1,815,000 in advances pursuant to the Third Promissory Notes and the final $200,000 in advances pursuant to the Second Promissory Notes. The following table outlines the estimated cash payments required in order to repay the principal balance of the Third Promissory Notes: 2017 $ 2018 $ 2019 $ 2020 $ 2021 $ Total $ - 14,458,657 - - - 14,458,657 Certain conditions may result in early repayment including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. Debt issuance costs will be amortized over the estimated maturity life of the promissory notes. The promissory notes bear interest at the rate of 12% per annum and during the year ended April 30, 2017, the Company recorded interest of $1,576,365 (2016 - $1,161,339). Interest is payable semi-annually as calculated on May 31 st th In July 2015, the Company settled $395,665 of interest payable on the promissory notes by the issuance of 2,267,685 common shares at the fair value of $427,177 based on their quoted market price at the date of issuance. Accordingly, the Company recorded a loss on settlement of liabilities of $31,512. The interest settled was for the period from December 1, 2014 to May 31, 2015. In December 2015, the Company settled $556,433 of interest payable by the issuance of 2,948,431 common shares at the fair value of $536,541. The Company recorded an increase in additional paid-in capital on extinguishment of debt of $19,892. The interest settled was for the period from June 1, 2015 to November 30, 2015. The Company and the Lender agreed that the Lender is to receive bonus shares equal to 7.5% of each loan tranche advanced under the Second Promissory Notes and Third Promissory Notes divided by the Company’s common share market price. In addition, the Company will issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant will entitle the Lender to purchase one common share of the Company at a price equal to the greater of (a) the market price of the Company’s common shares on the date of the advance and (b) the volume weighted average price of the Company’s common shares over the twenty trading days immediately prior to the date of the advance. The bonus share purchase warrants expire on the earlier of (a) December 31, 2018 and (b) the date the advance has been repaid in full, including interest. Advances received under the First Promissory Notes had the same terms other than the number of bonus shares and bonus share purchase warrants being based on 6% of each loan tranche advanced and the bonus share purchase warrants were to expire on December 1, 2016. During the year ended April 30, 2017, the Company issued 852,562 bonus shares to the Lender at the fair value of $200,756, based on their quoted market price at the date the advances were received, including 349,325 shares having a fair value of $81,112 that the Company had committed to issue as at April 30, 2016. At April 30, 2017, the Company was committed to issuing an additional 88,089 bonus shares to the Lender at the fair value of $29,625. The fair value of the bonus shares was determined by reference to the trading price of the Company’s common shares on the date the advances were received. During the year ended April 30, 2016, the Company issued 1,832,108 bonus shares to the Lender at the fair value of $409,031, based on their quoted market price at the date the advances were received, including 693,573 shares having a fair value of $136,735 that the Company had committed to issue as at April 30, 2015. The fair value of 622,569 bonus share purchase warrants committed to be issued (based on advances received during the period) during the year ended April 30, 2017 of $65,711 was estimated using the The aggregate finance fees (bonus shares and bonus warrants) are recorded against the promissory notes balance and are being amortized to the Statement of Loss over the life of the promissory notes using the effective interest method. The accretion expense in respect of the debt discount recorded on the issuance of bonus shares and warrants totalled $489,646 for the year ended April 30, 2017 (2016 - $372,266). The unamortized debt discount as at April 30, 2017 is $310,693 (2016 $585,359). The promissory notes are collateralized by the Company’s Helmer-Bovill Property. Fourth Promissory Notes On March 13, 2017, the Company entered into a loan agreement with an arm’s-length lender pursuant to which CAD$250,000 ($186,846) was advanced to the Company (the “Fourth Promissory Notes”). The loan bears interest at a rate of 12% per annum and during the year ended April 30, 2017, the Company recorded interest of $2,266. The Fourth Promissory Notes are unsecured The Company issued 40,761 bonus shares at the fair value of $14,013 and 40,761 bonus share purchase warrants at the fair value of $4,814. The fair value of the share purchase warrants was estimated using the Black-Scholes option pricing model with the following assumptions: stock price – CAD$0.470; exercise price – CAD$0.460; expected risk-free interest rate – 1.15%; expected life – 1.77 years; expected volatility – 62% and expected dividend rate – 0%. The aggregate finance fees (bonus shares and bonus warrants) are recorded against the Fourth Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Fourth Promissory Notes using the effective interest method. The accretion expense in respect of the debt discount recorded on the issuance of bonus shares and warrants totalled $885 for the year ended April 30, 2017. The unamortized debt discount as at April 30, 2017 is $17,942. |
WARRANT LIABILITIES
WARRANT LIABILITIES | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
WARRANT LIABILITIES | 6. WARRANT LIABILITIES: The Company has share purchase warrants exercisable into common shares at an exercise price denominated in Canadian dollars. As a variable amount of US dollars are exercisable into a fixed number of common shares, the share purchase warrants are classified as derivative liabilities. The Company records the fair value of the share purchase warrants in accordance with ASC 815, “Derivatives and Hedging”. The Company uses the Black-Scholes option pricing model to calculate the fair values of the derivative liabilities. The fair value of the derivative liability is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statement of loss. $ Balance, April 30, 2017 742,583 Bonus warrants issuable pursuant to promissory notes (Note 5) 4,195 Change in fair value of warrant derivatives (306,893) Balance, July 31, 2017 439,885 Warrant Derivative Liabilities At July 31 439,885 742,583 July 31 2017 April 30, 2017 Stock price (CAD$) 0.38 0.48 Exercise price (CAD$) 0.31 0.31 Risk-free interest rate (%) 0.73 1.15 Expected life (years) 1.45 1.70 Expected volatility (%) 51 61 Expected dividends ($) Nil Nil | 6. WARRANT LIABILITIES: The Company has share purchase warrants exercisable into common shares at an exercise price denominated in Canadian dollars. As a variable amount of US dollars are exercisable into a fixed number of common shares, the share purchase warrants are classified as derivative liabilities. The Company records the fair value of the share purchase warrants in accordance with ASC 815, “Derivatives and Hedging”. The Company uses the Black-Scholes option pricing model to calculate the fair values of the derivative liabilities. The fair value of the derivative liability is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statement of loss. $ Balance, April 30, 2015 1,128,841 Bonus warrants issuable pursuant to promissory notes (Note 5) 176,493 Change in fair value of warrant derivatives (978,739) Balance, April 30, 2016 326,595 Bonus warrants issuable pursuant to promissory notes (Note 5) 70,525 Reallocation on exercise of warrants (108,784) Change in fair value of warrant derivatives 454,247 Balance, April 30, 2017 742,583 Warrant Derivative Liabilities At April 30 742,583 April 30 2017 April 30, 2016 Stock price (CAD$) 0.48 0.23 Exercise price (CAD$) 0.31 0.27 Risk-free interest rate (%) 1.15 0.96 Expected life (years) 1.70 1.41 Expected volatility (%) 61 76 Expected dividends ($) Nil Nil |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
SHARE CAPITAL | 7. SHARE CAPITAL: Common shares a) Authorized: Unlimited number of common shares, without par value. The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets. b) Stock transactions: During the three months ended July 31, 2017, the Company completed the following stock transactions: i) On July 11, 2017, the Company issued 112,433 common shares with a fair value of $39,375 including 88,089 common shares having a fair value of $29,625 which the Company had committed to issue at April 30, 2017. The common shares were issued as debt discounts pursuant to the Third Promissory Notes (Note 5). c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at July 31, 2017, the Company had 2,393,479 stock options available for grant pursuant to the Plan (April 30, 2017 - 2,382,236). The Company’s stock options outstanding as at July 31, 2017 and April 30, 2017 and the changes for the periods then ended are as follows: Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2017 6,555,000 0.22 Balance outstanding at July 31, 2017 6,555,000 0.22 Balance exercisable at July 31, 2017 5,925,000 0.22 Summary of stock options outstanding at : Security Number Outstanding Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,300,000 0.10 July 30, 2018 1.00 Stock options 260,000 0.15 July 30, 2018 1.00 Stock options 300,000 0.25 July 30, 2018 1.00 Stock options 200,000 0.25 November 19, 2018 1.30 Stock options 150,000 0.25 January 8, 2019 1.44 Stock options 300,000 0.25 May 23, 2019 1.81 Stock options 150,000 0.25 December 16, 2017 0.38 Stock options 1,975,000 0.25 January 29, 2020 2.50 Stock options 200,000 0.25 August 4, 2020 3.01 Stock options 1,000,000 0.25 February 25, 2018 0.57 Stock options 20,000 0.22 May 19, 2018 0.80 Stock options 300,000 0.30 July 21, 2021 3.98 Stock options 400,000 0.30 November 3, 2021 4.26 Non-Employee Stock Options In accordance with the guidance of ASC 815-40-15, stock options awarded to non-employees that are fully vested and exercisable in Canadian dollars are required to be accounted for as derivative liabilities because they are considered not to be indexed to the Company’s stock due to their exercise price being denominated in a currency other than the Company’s functional currency. Stock options awarded to non-employees that are not vested are accounted for as equity awards until the terms associated with their vesting requirements have been met. As at July 31, 2017, there were 200,000 (April 30, 2017 – 300,000) non-employee stock option awards that had not yet vested. The non-employee stock options are accounted for at their respective fair values and are summarized as follows for the three months ended July 31, 2017 and 2016: 2017 $ 2016 $ Fair value of non-employee options, beginning of the period 446,354 189,207 Fair value of options on vesting 32,798 - Change in fair value of non-employee stock options during the period (148,251) 62,023 Fair value of non-employee options, end of the period 330,901 251,230 The Company determined the fair value of its non-employee stock options as at July 31, 2017 and April 30, 2017 using the Black-Scholes option pricing model with the following weighted average assumptions: July 31, 2017 April 30, 2017 Stock price (CAD$) 0.38 0.48 Exercise price (CAD$) 0.23 0.23 Risk-free interest rate (%) 0.90 0.83 Expected life (years) 1.44 1.56 Expected volatility (%) 58 59 Expected dividends ($) Nil Nil The non-employee options are required to be re-valued with the change in fair value of the liability recorded as a gain or loss on the change of fair value of derivative liability and included in other items in the Company’s Consolidated Statements of Loss at the end of each reporting period. The fair value of the options will continue to be classified as a liability until such time as they are exercised, expire or there is an amendment to the respective agreements that renders these financial instruments to be no longer classified as a liability. As at , the unamortized compensation cost of options is $60,675 and the intrinsic value of options expected to vest is $740,304 (CAD$924,225). Share-based payments are classified in the Company’s Statement of Loss during the three months ended July 31, 2017 and 2016 as follows: 2017 $ 2016 $ Management and consulting fees 9,829 72,169 9,829 72,169 d) Share purchase warrants: A summary of fully-exercisable share purchase warrants as at and April 30, 2017 and the changes for the periods then ended are as follows: Number Outstanding Weighted Average Exercise Price (CAD$) Balance at April 30, 2017 4,349,932 0.31 Issued 55,771 0.50 Balance at July 31, 2017 4,405,703 0.31 Summary of warrants outstanding and issuable at : Security Number Outstanding Exercise Price ($CAD) Expiry Date Warrants 730,848 0.22 December 31, 2018 (1) Warrants 242,545 0.23 December 31, 2018 (1) Warrants 194,344 0.24 December 31, 2018 (1) Warrants 37,203 0.245 December 31, 2018 (1) Warrants 393,058 0.255 December 31, 2018 (1) Warrants 192,206 0.259 December 31, 2018 (1) Warrants 126,843 0.265 December 31, 2018 (1) Warrants 198,750 0.272 December 31, 2018 (1) Warrants 95,781 0.291 December 31, 2018 (1) Warrants 100,373 0.295 December 31, 2018 (1) Warrants 101,095 0.298 December 31, 2018 (1) Warrants 49,294 0.299 December 31, 2018 (1) Warrants 150,246 0.310 December 31, 2018 (1) Warrants 58,496 0.335 December 31, 2018 (1) Warrants 30,139 0.405 December 31, 2018 (1) Warrants 40,761 0.460 December 31, 2018 (1) Warrants 25,621 0.470 December 31, 2018 (1) Warrants 63,756 0.475 December 31, 2018 (1) Warrants 24,344 0.540 December 31, 2018 (1) Warrants 1,550,000 0.40 January 31, 2019 Notes: (1) The warrants are exercisable until the earlier of the date disclosed or the date that the promissory note advance, including interest, is repaid (Note 5). | 7. SHARE CAPITAL: Common shares a) Authorized: Unlimited number of common shares, without par value. The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets. b) Stock transactions: During the year ended April 30, 2017, the Company completed the following stock transactions: i) On June 14, 2016, the Company issued 980,000 common shares on the exercise of stock options with an exercise price of CAD$0.22 per common share resulting gross proceeds of CAD$215,600 ($167,736). ii) On September 23, 2016, the Company issued 486,346 common shares with a fair value of $116,756 including 349,325 shares having a fair value of $81,112 which the Company had committed to issue at April 30, 2016. The common shares were issued as debt discounts pursuant to the Second Promissory Notes and the Third Promissory Notes (Note 5). iii) On December 1, 2016, the Company issued 1,170,084 common shares on the exercise of share purchase warrants with exercise prices ranging from CAD$0.14 to CAD$0.185 for gross proceeds of $132,838. iv) On January 25, 2017, the Company issued 366,216 common shares with a fair value of $84,000. The common shares were issued as debt discounts pursuant to the Third Promissory Notes (Note 5). v) On March 28, 2017, the Company issued 40,761 common shares with a fair value of $14,013. The common shares were issued as debt discounts pursuant to the Fourth Promissory Notes (Note 5). During the year ended April 30, 2016, the Company completed the following stock transactions: i) On July 10, 2015, the Company issued 1,085,297 common shares with a fair value of $228,775 including 693,573 shares having a fair value of $136,735 which the Company had committed to issue at April 30, 2015. The common shares were issued as debt discounts pursuant to the Promissory Notes and the Second Promissory Notes (Note 5). ii) On July 14, 2015, the Company issued 2,267,685 common shares with a fair value of $427,177 as settlement of accrued interest payable on Promissory Notes and Second Promissory Notes (Note 5). iii) On December 15, 2015, the Company issued 2,948,431 common shares with a fair value of $536,541 as settlement of accrued interest payable on Promissory Notes and Second Promissory Notes (Note 5). iv) On January 5, 2016, the Company issued 746,811 common shares with a fair value of $180,256. The common shares were issued as debt discounts pursuant to the Second Promissory Notes (Note 5). v) On January 29, 2016, the Company issued 25,000 shares on the exercise of share purchase warrants. c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at April 30, 2017, the Company had 2,382,236 stock options available for grant pursuant to the Plan (2016 - 2,797,895). The Company’s stock options outstanding as at April 30, 2017 and 2016 and the changes for the years then ended are as follows: Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2015 5,135,000 0.22 Granted 1,200,000 0.25 Expired (500,000) 0.40 Balance outstanding at April 30, 2016 5,835,000 0.21 Granted 1,700,000 0.25 Exercised (980,000) 0.22 Balance outstanding at April 30, 2017 6,555,000 0.22 Balance exercisable at April 30, 2017 5,825,000 0.22 The intrinsic value of options exercised during the year ended was CAD$88,200 based on a stock price of CAD$0.31 on the date of exercise. Summary of stock options outstanding at : Security Number Outstanding Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,300,000 0.10 July 30, 2018 1.25 Stock options 260,000 0.15 July 30, 2018 1.25 Stock options 300,000 0.25 July 30, 2018 1.25 Stock options 200,000 0.25 November 19, 2018 1.56 Stock options 150,000 0.25 January 8, 2019 1.69 Stock options 300,000 0.25 May 23, 2019 2.06 Stock options 150,000 0.25 December 16, 2017 0.63 Stock options 1,975,000 0.25 January 29, 2020 2.75 Stock options 200,000 0.25 August 4, 2020 3.27 Stock options 1,000,000 0.25 February 25, 2018 0.82 Stock options 20,000 0.22 May 19, 2018 1.05 Stock options 300,000 0.30 July 21, 2021 4.23 Stock options 400,000 0.30 November 3, 2021 4.52 The weighted average grant date fair value of stock options granted during the year ended April 30, 2017 of CAD$0.14 (2016 – CAD$0.11) was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: 2017 2016 Stock price (CAD$) 0.25 0.23 Exercise price (CAD$) 0.25 0.25 Risk-free interest rate (%) 1.1 1.0 Expected life (years) 3.2 2.5 Expected volatility (%) 85 86 Expected dividends ($) Nil Nil Expected volatility was determined by reference to the historical volatility of the Company’s common shares trading on the TSX Venture Exchange. Non-Employee Stock Options In accordance with the guidance of ASC 815-40-15, stock options awarded to non-employees that are fully vested and exercisable in Canadian dollars are required to be accounted for as derivative liabilities because they are considered not to be indexed to the Company’s stock due to their exercise price being denominated in a currency other than the Company’s functional currency. Stock options awarded to non-employees that are not vested are accounted for as equity awards until the terms associated with their vesting requirements have been met. As at April 30, 2017, there were 300,000 (2016 - nil) non-employee stock option awards that had not yet vested. The non-employee stock options are accounted for at their respective fair values and are summarized as follows for the years ended April 30, 2017and 2016: 2017 $ 2016 $ Fair value of non-employee options, beginning of the period 189,207 116,615 Fair value of options granted - 102,273 Fair value of options on vesting 23,415 11,366 Change in fair value of non-employee stock options during the period 233,732 (41,047) Fair value of non-employee options, end of the period 446,354 189,207 The Company determined the fair value of its non-employee stock options as at April 30, 2017 and 2016 using the Black-Scholes option pricing model with the following weighted average assumptions: 2017 2016 Stock price (CAD$) 0.48 0.23 Exercise price (CAD$) 0.23 0.23 Risk-free interest rate (%) 0.83 1.34 Expected life (years) 1.56 2.43 Expected volatility (%) 59 87 Expected dividends ($) Nil Nil The non-employee options are required to be re-valued with the change in fair value of the liability recorded as a gain or loss on the change of fair value of derivative liability and included in other items in the Company’s Consolidated Statements of Loss at the end of each reporting period. The fair value of the options will continue to be classified as a liability until such time as they are exercised, expire or there is an amendment to the respective agreements that renders these financial instruments to be no longer classified as a liability. As at , the unamortized compensation cost of options is $76,732 and the intrinsic value of options expected to vest is $1,098,333 (CAD$1,499,225). Share-based payments are classified in the Company’s Statement of Loss during the years ended April 30, 2017 and 2016 as follows: 2017 $ 2016 $ Management and consulting fees 202,886 105,606 202,886 105,606 d) Share purchase warrants: A summary of fully-exercisable share purchase warrants as at and April 30, 2016 and the changes for the years then ended are as follows: Number Outstanding Weighted Average Exercise Price (CAD$) Balance at April 30, 2015 24,555,595 0.37 Issued 1,456,617 0.25 Expired (20,175,000) 0.40 Exercised (25,000) 0.25 Balance at April 30, 2016 5,812,212 0.27 Issued 663,330 0.33 Exercised (1,170,084) 0.15 Expired (955,526) 0.26 Balance at April 30, 2017 4,349,932 0.31 Summary of warrants outstanding and issuable at : Security Number Outstanding Exercise Price ($CAD) Expiry Date Warrants 730,848 0.22 December 31, 2018 (1) Warrants 242,545 0.23 December 31, 2018 (1) Warrants 194,344 0.24 December 31, 2018 (1) Warrants 37,203 0.245 December 31, 2018 (1) Warrants 393,058 0.255 December 31, 2018 (1) Warrants 192,206 0.259 December 31, 2018 (1) Warrants 126,843 0.265 December 31, 2018 (1) Warrants 198,750 0.272 December 31, 2018 (1) Warrants 95,781 0.291 December 31, 2018 (1) Warrants 100,373 0.295 December 31, 2018 (1) Warrants 101,095 0.298 December 31, 2018 (1) Warrants 49,294 0.299 December 31, 2018 (1) Warrants 150,246 0.310 December 31, 2018 (1) Warrants 58,496 0.335 December 31, 2018 (1) Warrants 30,139 0.405 December 31, 2018 (1) Warrants 40,761 0.460 December 31, 2018 (1) Warrants 25,621 0.470 December 31, 2018 (1) Warrants 32,329 0.475 December 31, 2018 (1) Warrants 1,550,000 0.40 January 31, 2019 Notes: (1) The warrants are exercisable until the earlier of the date disclosed or the date that the promissory note advance, including interest, is repaid (Note 5). |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 8. INCOME TAXES: A reconciliation of the income tax provision computed at statutory rates to the reported income tax provision for the years ended April 30, 2017 and 2016 is as follows: 2017 $ 2016 $ Statutory tax rate 26.00% 26.00% Loss before income taxes (5,259,749) (4,601,846) Expected income tax recovery (1,368,000) (1,196,000) Increase (decrease) in income tax recovery resulting from: Derivative liability 179,000 (265,000) Other permanent differences 181,000 126,000 Share issue costs (52,000) (106,000) Foreign income taxed at foreign rate (157,000) (277,000) Impact of under-provision in previous year (140,000) - Expiry of loss carry forward 58,000 - Increase in valuation allowance 1,299,000 1,718,000 Income tax recovery - - The significant components of the Company’s deferred income tax assets and liabilities after applying enacted corporate tax rates at April 30, 2017 and 2016 are as follows: 2017 $ 2016 $ Deferred income tax assets / (liabilities) Operating losses carried forward 8,602,000 7,455,000 Resource property 1,441,000 1,284,000 Share issuance costs 134,000 140,000 Other 22,000 21,000 Valuation allowance (10,199,000) (8,900,000) Net deferred income tax asset - - At April 30, 2017, the Company has accumulated non-capital losses totalling $10,408,000 (2016 - $8,310,000) in Canada and net operating losses of $16,846,000 (2016 - $15,123,000) in the USA, which are available to carryforward and offset future years’ taxable income. The losses expire in various amounts from 2022 to 2037. Uncertain Tax Positions The Company has adopted certain provisions of ASC 740, “Income Taxes”, which prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in income tax returns. The provisions also provide guidance on the de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. The Company files income tax returns in the U.S. federal jurisdiction, various state and foreign jurisdictions. The Company’s tax returns are subject to tax examinations by U.S. federal and state tax authorities, or examinations by foreign tax authorities until respective statute of limitation. The Company currently has no tax years under examination. The Company is subject to tax examinations by tax authorities for all taxation years commencing after 2003. At April 30, 2017, the Company does not have an accrual relating to uncertain tax positions. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date. Provision has not been made for U.S. or additional foreign taxes on undistributed earnings of foreign subsidiaries. Such earnings have been and will continue to be reinvested but could become subject to additional tax if they were remitted as dividends, or were loaned to the Company affiliate. It is not practicable to determine the amount of additional tax, if any, that might be payable on the undistributed foreign earnings. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | 8. RELATED PARTY TRANSACTIONS: During the three months ended July 31, 2017, management and consulting fees of $24,000 (2016 - $24,026) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $902 (2016 - $770) in management and consulting fees. $8,076 (2016 - $10,087) was charged by Malaspina Consultants Inc. for the services of Matt Anderson, CFO, and are included in professional fees. John Theobald, Director, charged $29,048 (2016 - $nil) in mineral property expenditures. Included in accounts payable and accrued liabilities are amounts owed to directors or officers or companies controlled by them. As at July 31, 2017, the amount was $198,844 (April 30, 2017 – The promissory notes received from a company controlled by a director (Notes 5 and 11) are related party transactions. | 9. RELATED PARTY TRANSACTIONS: During the year ended April 30, 2016, the Company settled $952,098 of interest payable on the promissory notes owed to a company controlled by a Director by issuing 5,216,116 common shares at the fair value of $963,718 (Note 5). During the year ended April 30, 2017, management and consulting fees of $96,000 (2016 - $96,002) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $2,911 (2016 - $3,093) in management and consulting fees. $23,759 (2016 - $23,557) was charged by Malaspina Consultants Inc. for the services of Matt Anderson, CFO, and are included in professional fees. John Theobald, Director, charged $54,124 (2016 - $nil) in mineral property expenditures. Included in accounts payable and accrued liabilities are amounts owed to directors or officers or companies controlled by them. As at April 30, 2017, the amount was $197,954 (2016 – The promissory notes received from a company controlled by a director (Notes 5 and 12) are related party transactions. |
SEGMENT DISCLOSURES
SEGMENT DISCLOSURES | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Segment Reporting [Abstract] | ||
SEGMENT DISCLOSURES | 9. SEGMENT DISCLOSURES: The Company considers its business to comprise a single operating segment being the exploration and development of its resource property. Substantially all of the Company’s long-term assets and operations are located in Latah County, Idaho. | 10. SEGMENT DISCLOSURES: The Company considers its business to comprise a single operating segment being the exploration of its resource property. Substantially all of the Company’s long-term assets and operations are located in Latah County, Idaho. |
NON-CASH TRANSACTIONS
NON-CASH TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
NON-CASH TRANSACTIONS | 10. NON-CASH TRANSACTIONS: Investing and financing activities that affect recognized assets or liabilities but that do not result in cash receipts or cash payments are excluded from the consolidated statements of cash flows. During the three months ended July 31, 2017, the following transactions were excluded from the consolidated statement of cash flows: a) The commitment to issue 55,771 common shares at the fair value of $18,750 and 55,771 warrants at the fair value of $4,195 pursuant to the promissory notes. During the , the following transactions were excluded from the consolidated statement of cash flows: a) The commitment to issue 269,359 common shares at the fair value of $58,144 and 269,359 warrants at the fair value of $27,750 pursuant to the promissory notes. | 11. NON-CASH TRANSACTIONS: Investing and financing activities that affect recognized assets or liabilities but that do not result in cash receipts or cash payments are excluded from the consolidated statements of cash flows. During the year ended April 30, 2017, the following transactions were excluded from the consolidated statement of cash flows: a) The commitment to issue 663,330 common shares at the fair value of $163,282 and 663,330 warrants at the fair value of $70,525 pursuant to the promissory notes. During the , the following transactions were excluded from the consolidated statement of cash flows: a) The issuance by the Company of 5,216,116 common shares at the fair value of $963,718 as payment of interest on the promissory notes; b) The commitment to issue 1,487,860 common shares at the fair value of $353,408 and 1,487,860 warrants at the fair value of $176,493 pursuant to the promissory notes. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS: Subsequent to : i) The Company received an aggregate of $300,000 of Third Promissory Notes. | 12. SUBSEQUENT EVENTS: Subsequent to : i) The Company received an aggregate of $250,000 of Third Promissory Notes; and, ii) On July 10, 2017, the Company issued 112,433 bonus shares to the Lender pursuant to the terms of the Third Promissory Notes (Note 5). |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, i-Minerals USA, Inc. and CKD Ventures Ltd. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is April 30 th | |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long lived assets, stock-based compensation, amortization of Promissory Notes and Second Promissory Notes financing fees, valuation of derivative liabilities, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Cash | Cash The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at April 30, 2017 and 2016, the Company had no cash equivalents. | |
Equipment | Equipment Equipment is carried at cost and is amortized over the estimated useful economic lives using the declining balance method at an annual rate of 30%. | |
Mineral Property and Exploration Costs | Mineral Property and Exploration Costs Costs related to the development of our mineral reserves are capitalized when it has been determined an ore body can be economically developed. The development stage begins when an ore body is determined to be economically recoverable based on proven and probable reserves and appropriate permits are in place, and ends when the production stage or exploitation of reserves begins. Major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, tailings impoundment, development of water supply and infrastructure developments. Exploration costs include those relating to activities carried out (a) in search of previously unidentified mineral deposits, or (b) at undeveloped concessions. Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production that are expensed due to the lack of evidence of economic development, which is necessary to demonstrate future recoverability of these expenses. Secondary development costs are incurred for preparation of an ore body for production in a specific ore block or work area, providing a relatively short-lived benefit only to the mine area they relate to, and not to the ore body as a whole. Drilling and related costs are either classified as exploration or secondary development, as defined above, and charged to operations as incurred, or capitalized, based on the following criteria: · Whether the costs are incurred to further define mineralization at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; · Whether the drilling costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and · Whether, at the time that the cost is incurred, the expenditure: (a) embodies a probable future benefit that involves a capacity, singly or in combination, with other assets to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. If all of these criteria are met, drilling and related costs are capitalized. Drilling costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and capitalization of drilling costs is appropriate: · Completion of a favourable economic study and mine plan for the ore body targeted; · Authorization of development of the ore body by management and/or the Board of Directors; and · All permitting and/or contractual requirements necessary for us to have the right to or control of the future benefit from the targeted ore body have been met. Once production has commenced, capitalized costs will be depleted using the units-of-production method over the estimated life of the proven and probable reserves. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to the Consolidated Statements of Loss in that period. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the future undiscounted cash flows are less than the carrying value of the property, a write down to the estimated fair value is charged to the Consolidated Statements of Loss for the period. Where estimates of future net cash flows are not available and where other conditions suggest impairment, management assesses if the carrying value can be recovered. | |
Mineral Property Acquisition Costs | Mineral Property Acquisition Costs Mineral property acquisition costs are capitalized when incurred and will be amortized using the units-of-production method following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. The Company’s property has yet to reach the production stage. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral property claims. | |
Mineral Property Exploration Costs | Mineral Property Exploration Costs Mineral property exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves and all permits are received, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated useful life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Management tests long-lived assets to be held and used for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Impairment is considered to exist if the future cash flows on an undiscounted basis are less than the carrying amount of the long-lived asset. An impairment loss is measured and recorded based on the difference between book value and fair value of the asset group, as determined through the application of a present value technique using expected future cash flows to estimate fair value in the absence of a market price. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of cash flows from other asset groups. | |
Debt Issuance Costs | Debt Issuance Costs Debt issue costs in connection with debt financings are capitalized as an asset and amortized over the term of the debt using the effective interest method. Debt issuance costs paid to the purchaser of the debt are considered to be a reduction of the debt proceeds and a component of debt discount. Subsequently, the costs comprising this debt discount are amortized as financing fees over the term of the promissory notes using the effective interest method. During the year ended April 30, 2017, the Company amortized financing fees totaling $490,531 (2016 – $372,266). | |
Financial Instruments and Fair Value Measures | Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s promissory notes are based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using rates representative of current borrowing rates. At July 31, 2017, the promissory notes had a fair value of $15,552,183 (April 30, 2017 – $13,781,276). The Company had certain Level 3 liabilities required to be recorded at fair value on a recurring basis in accordance with US GAAP as at July 31, 2017 and April 30, 2017. As at July 31, 2017, the Company’s Level 3 liabilities consisted of the warrants issued in connection with the Company’s offering of equity units in a private placement and warrants issued as financing fees as well as the grant of share purchase options to non-employees. The resulting Level 3 liabilities have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable. A summary of the Company’s Level 3 liabilities for the three months ended July 31, 2017 and 2016 is as follows: 2017 $ 2016 $ Warrants (Note 6) Beginning fair value 742,583 326,595 Issuance 4,195 27,750 Change in fair value (306,893) 111,311 Ending fair value 439,885 465,656 Non-employee options (Note 7(c)) Beginning fair value 446,354 189,207 Fair value of options granted - - Fair value of options on vesting 32,798 - Change in fair value (148,251) 62,023 Ending fair value 330,901 251,230 Total Level 3 liabilities 770,786 716,886 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended July 31, 2017 and 2016. | Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s promissory notes are based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using rates representative of current borrowing rates. At April 30, 2017, the promissory notes had a fair value of $13,781,276 (2016 – $10,703,836). The Company had certain Level 3 liabilities required to be recorded at fair value on a recurring basis in accordance with US GAAP as at April 30, 2017 and 2016. As at April 30, 2017, the Company’s Level 3 liabilities consisted of the warrants issued in connection with the Company’s offering of equity units in a private placement and warrants issued as financing fees as well as the grant of share purchase options to non-employees. The resulting Level 3 liabilities have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable. A summary of the Company’s Level 3 liabilities for the years ended April 30, 2017 and 2016 is as follows: 2017 $ 2016 $ Warrants (Note 6) Beginning fair value 326,595 1,128,841 Issuance 70,525 176,493 Reallocation on exercises of warrants (108,784) - Change in fair value 454,247 (978,739) Ending fair value 742,583 326,595 Non-employee options (Note 7(c)) Beginning fair value 189,207 116,615 Fair value of options granted - 102,273 Fair value of options on vesting 23,415 11,366 Change in fair value 233,732 (41,047) Ending fair value 446,354 189,207 Total Level 3 liabilities 1,188,937 515,802 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the years ended April 30, 2017 and 2016. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the three months ended July 31, 2017, loss per share excludes 10,992,130 (2016 – 12,524,012) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the Third Promissory Notes) as their effect was anti-dilutive. | Earnings (Loss) Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the year ended April 30, 2017, loss per share excludes 10,993,021 (2016 – 12,027,780) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the Third Promissory Notes) as their effect was anti-dilutive. |
Foreign Currency Translation | Foreign Currency Translation The Company’s functional and reporting currency is the US dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date and non-monetary items are translated at exchange rates prevailing when the assets were acquired or obligations incurred. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. | |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has adopted the provisions of FASB ASC 740 "Income Taxes" regarding accounting for uncertainty in income taxes. The Company initially recognizes tax positions in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority, assuming full knowledge of the position and all relevant facts. Application requires numerous estimates based on available information. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, and its recognized tax positions and tax benefits may not accurately anticipate actual outcomes. As additional information is obtained, there may be a need to periodically adjust the recognized tax positions and tax benefits. These periodic adjustments may have a material impact on the consolidated statements of operations. When applicable, the Company classifies penalties and interest associated with uncertain tax positions as a component of income tax expense in its consolidated Statement of Loss. | |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for all stock-based payments and awards under the fair value based method. Stock-based payments to non-employees are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The fair value of stock-based payments to non-employees is periodically re-measured until the counterparty performance is complete, and any change therein is recognized over the vesting period of the award and in the same manner as if the Company had paid cash instead of paying with or using equity based instruments. The cost of the stock-based payments to non-employees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there is a contractual term for services in which case such compensation would be amortized over the contractual term. The Company accounts for the granting of stock options to employees using the fair value method whereby all awards to employees will be recorded at fair value on the date of the grant. The fair value of all stock options is expensed over their vesting period with a corresponding increase to additional paid-in capital. Compensation costs for stock-based payments that do not include performance conditions are recognized on a straight-line basis. Compensation cost associated with a share based award having a performance condition is only recognized over the requisite service period if it is probable. Share based awards with a performance condition are accrued on an award by award basis. The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options at the date of the grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimates. | |
Derivative Liabilities | Derivative Liabilities The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the consolidated statement of loss. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the balance sheet date. The Company uses the Black-Scholes option valuation model to value derivative liabilities. This model uses Level 3 inputs in the fair value hierarchy established by ASC 820 Fair Value Measurement. | |
Concentration of Risk | Concentration of Risk The Company is subject to interest rate risk on its debt financings. The Company generally uses fixed interest rates for sources of debt financing with the objective of minimizing its cost of borrowing. | |
Comparative Figures | Comparative Figures Certain of the prior period’s figures may have been reclassified in conformity with the current period’s financial statement presentation. | |
New Accounting Pronouncements | New Accounting Pronouncements (i) If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following: 1. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans). 2. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations. 3. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern 1. Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. 2. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations. 3. Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. This update will come into effect for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company has adopted this standard in its financial statements as at December 31, 2016. See Note 2. (ii) |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Accounting Policies [Abstract] | ||
Summary of Liabilities | 2017 $ 2016 $ Warrants (Note 6) Beginning fair value 742,583 326,595 Issuance 4,195 27,750 Change in fair value (306,893) 111,311 Ending fair value 439,885 465,656 Non-employee options (Note 7(c)) Beginning fair value 446,354 189,207 Fair value of options granted - - Fair value of options on vesting 32,798 - Change in fair value (148,251) 62,023 Ending fair value 330,901 251,230 Total Level 3 liabilities 770,786 716,886 | 2017 $ 2016 $ Warrants (Note 6) Beginning fair value 326,595 1,128,841 Issuance 70,525 176,493 Reallocation on exercises of warrants (108,784) - Change in fair value 454,247 (978,739) Ending fair value 742,583 326,595 Non-employee options (Note 7(c)) Beginning fair value 189,207 116,615 Fair value of options granted - 102,273 Fair value of options on vesting 23,415 11,366 Change in fair value 233,732 (41,047) Ending fair value 446,354 189,207 Total Level 3 liabilities 1,188,937 515,802 |
MINERAL PROPERTY INTEREST (Tabl
MINERAL PROPERTY INTEREST (Tables) | 3 Months Ended |
Jul. 31, 2017 | |
Extractive Industries [Abstract] | |
Development Expenditures | $ Balance at April 30, 2017 305,850 Engineering and consulting 90,028 Metallurgy 74,226 Permitting and environmental 6,000 Other direct costs 9,709 179,963 Balance at July 31, 2017 485,813 |
ACCOUNTS PAYABLE AND ACCRUED 22
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Payables and Accruals [Abstract] | ||
Schedule of Accounts Payable And Accrued Liabilities | July 31, 2017 $ April 30, 2017 $ Trade payables 327,118 265,116 Amounts due to related parties (Note 8) 198,844 197,954 Interest payable on promissory notes (Note 5) 318,694 705,536 Total accounts payable and accrued liabilities 844,656 1,168,606 | April 30, 2017 $ April 30, 2016 $ Trade payables 265,116 307,316 Amounts due to related parties (Note 9) 197,954 189,501 Interest payable on promissory notes (Note 5) 705,536 526,320 Total accounts payable and accrued liabilities 1,168,606 1,023,137 |
PROMISSORY NOTES (Tables)
PROMISSORY NOTES (Tables) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Debt Disclosure [Abstract] | ||
Schedule of Promissory Notes | July 31, 2017 $ April 30, 2017 $ Third promissory notes 15,373,956 14,147,964 Fourth promissory notes 184,813 165,208 Total promissory notes 15,558,769 14,313,172 Current 15,373,956 14,147,964 Non-current 184,813 165,208 | April 30, 2017 $ April 30, 2016 $ First promissory notes - 5,678,107 Second promissory notes - 4,780,814 Third promissory notes 14,147,964 - Fourth promissory notes 165,208 Total promissory notes 14,313,172 10,458,921 Current 14,147,964 6,587,526 Non-current 165,208 3,871,395 |
Schedule of Payments To Repay Principal Balance | 2018 $ 2019 $ 2020 $ 2021 $ 2022 $ Total $ 15,559,324 - - - - 15,559,324 | 2017 $ 2018 $ 2019 $ 2020 $ 2021 $ Total $ - 14,458,657 - - - 14,458,657 |
WARRANT LIABILITIES (Tables)
WARRANT LIABILITIES (Tables) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Schedule of Fair Value of Derivative Liabilities | $ Balance, April 30, 2017 742,583 Bonus warrants issuable pursuant to promissory notes (Note 5) 4,195 Change in fair value of warrant derivatives (306,893) Balance, July 31, 2017 439,885 | $ Balance, April 30, 2015 1,128,841 Bonus warrants issuable pursuant to promissory notes (Note 5) 176,493 Change in fair value of warrant derivatives (978,739) Balance, April 30, 2016 326,595 Bonus warrants issuable pursuant to promissory notes (Note 5) 70,525 Reallocation on exercise of warrants (108,784) Change in fair value of warrant derivatives 454,247 Balance, April 30, 2017 742,583 |
Schedule of Weighted Average Assumptions of Derivative Liabilities | July 31 2017 April 30, 2017 Stock price (CAD$) 0.38 0.48 Exercise price (CAD$) 0.31 0.31 Risk-free interest rate (%) 0.73 1.15 Expected life (years) 1.45 1.70 Expected volatility (%) 51 61 Expected dividends ($) Nil Nil | April 30 2017 April 30, 2016 Stock price (CAD$) 0.48 0.23 Exercise price (CAD$) 0.31 0.27 Risk-free interest rate (%) 1.15 0.96 Expected life (years) 1.70 1.41 Expected volatility (%) 61 76 Expected dividends ($) Nil Nil |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock Options Outstanding | Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2017 6,555,000 0.22 Balance outstanding at July 31, 2017 6,555,000 0.22 Balance exercisable at July 31, 2017 5,925,000 0.22 | Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2015 5,135,000 0.22 Granted 1,200,000 0.25 Expired (500,000) 0.40 Balance outstanding at April 30, 2016 5,835,000 0.21 Granted 1,700,000 0.25 Exercised (980,000) 0.22 Balance outstanding at April 30, 2017 6,555,000 0.22 Balance exercisable at April 30, 2017 5,825,000 0.22 |
Summary Of Stock Options Outstanding | Security Number Outstanding Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,300,000 0.10 July 30, 2018 1.00 Stock options 260,000 0.15 July 30, 2018 1.00 Stock options 300,000 0.25 July 30, 2018 1.00 Stock options 200,000 0.25 November 19, 2018 1.30 Stock options 150,000 0.25 January 8, 2019 1.44 Stock options 300,000 0.25 May 23, 2019 1.81 Stock options 150,000 0.25 December 16, 2017 0.38 Stock options 1,975,000 0.25 January 29, 2020 2.50 Stock options 200,000 0.25 August 4, 2020 3.01 Stock options 1,000,000 0.25 February 25, 2018 0.57 Stock options 20,000 0.22 May 19, 2018 0.80 Stock options 300,000 0.30 July 21, 2021 3.98 Stock options 400,000 0.30 November 3, 2021 4.26 | Security Number Outstanding Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,300,000 0.10 July 30, 2018 1.25 Stock options 260,000 0.15 July 30, 2018 1.25 Stock options 300,000 0.25 July 30, 2018 1.25 Stock options 200,000 0.25 November 19, 2018 1.56 Stock options 150,000 0.25 January 8, 2019 1.69 Stock options 300,000 0.25 May 23, 2019 2.06 Stock options 150,000 0.25 December 16, 2017 0.63 Stock options 1,975,000 0.25 January 29, 2020 2.75 Stock options 200,000 0.25 August 4, 2020 3.27 Stock options 1,000,000 0.25 February 25, 2018 0.82 Stock options 20,000 0.22 May 19, 2018 1.05 Stock options 300,000 0.30 July 21, 2021 4.23 Stock options 400,000 0.30 November 3, 2021 4.52 |
Weighted Average Grant Date Fair Value Of Stock Options Granted | 2017 2016 Stock price (CAD$) 0.25 0.23 Exercise price (CAD$) 0.25 0.25 Risk-free interest rate (%) 1.1 1.0 Expected life (years) 3.2 2.5 Expected volatility (%) 85 86 Expected dividends ($) Nil Nil | |
Fair Values of Non-Employee Stock Options | 2017 $ 2016 $ Fair value of non-employee options, beginning of the period 446,354 189,207 Fair value of options on vesting 32,798 - Change in fair value of non-employee stock options during the period (148,251) 62,023 Fair value of non-employee options, end of the period 330,901 251,230 | 2017 $ 2016 $ Fair value of non-employee options, beginning of the period 189,207 116,615 Fair value of options granted - 102,273 Fair value of options on vesting 23,415 11,366 Change in fair value of non-employee stock options during the period 233,732 (41,047) Fair value of non-employee options, end of the period 446,354 189,207 |
Weighted Average Assumptions of Non-Employee Stock Options | July 31, 2017 April 30, 2017 Stock price (CAD$) 0.38 0.48 Exercise price (CAD$) 0.23 0.23 Risk-free interest rate (%) 0.90 0.83 Expected life (years) 1.44 1.56 Expected volatility (%) 58 59 Expected dividends ($) Nil Nil | 2017 2016 Stock price (CAD$) 0.48 0.23 Exercise price (CAD$) 0.23 0.23 Risk-free interest rate (%) 0.83 1.34 Expected life (years) 1.56 2.43 Expected volatility (%) 59 87 Expected dividends ($) Nil Nil |
Income Statement Share-based payments | 2017 $ 2016 $ Management and consulting fees 9,829 72,169 9,829 72,169 | 2017 $ 2016 $ Management and consulting fees 202,886 105,606 202,886 105,606 |
Summary Of Fully-Exercisable Share Purchase Warrants | Number Outstanding Weighted Average Exercise Price (CAD$) Balance at April 30, 2017 4,349,932 0.31 Issued 55,771 0.50 Balance at July 31, 2017 4,405,703 0.31 | Number Outstanding Weighted Average Exercise Price (CAD$) Balance at April 30, 2015 24,555,595 0.37 Issued 1,456,617 0.25 Expired (20,175,000) 0.40 Exercised (25,000) 0.25 Balance at April 30, 2016 5,812,212 0.27 Issued 663,330 0.33 Exercised (1,170,084) 0.15 Expired (955,526) 0.26 Balance at April 30, 2017 4,349,932 0.31 |
Summary Of Warrants Outstanding And Issuable | Security Number Outstanding Exercise Price ($CAD) Expiry Date Warrants 730,848 0.22 December 31, 2018 (1) Warrants 242,545 0.23 December 31, 2018 (1) Warrants 194,344 0.24 December 31, 2018 (1) Warrants 37,203 0.245 December 31, 2018 (1) Warrants 393,058 0.255 December 31, 2018 (1) Warrants 192,206 0.259 December 31, 2018 (1) Warrants 126,843 0.265 December 31, 2018 (1) Warrants 198,750 0.272 December 31, 2018 (1) Warrants 95,781 0.291 December 31, 2018 (1) Warrants 100,373 0.295 December 31, 2018 (1) Warrants 101,095 0.298 December 31, 2018 (1) Warrants 49,294 0.299 December 31, 2018 (1) Warrants 150,246 0.310 December 31, 2018 (1) Warrants 58,496 0.335 December 31, 2018 (1) Warrants 30,139 0.405 December 31, 2018 (1) Warrants 40,761 0.460 December 31, 2018 (1) Warrants 25,621 0.470 December 31, 2018 (1) Warrants 63,756 0.475 December 31, 2018 (1) Warrants 24,344 0.540 December 31, 2018 (1) Warrants 1,550,000 0.40 January 31, 2019 | Security Number Outstanding Exercise Price ($CAD) Expiry Date Warrants 730,848 0.22 December 31, 2018 (1) Warrants 242,545 0.23 December 31, 2018 (1) Warrants 194,344 0.24 December 31, 2018 (1) Warrants 37,203 0.245 December 31, 2018 (1) Warrants 393,058 0.255 December 31, 2018 (1) Warrants 192,206 0.259 December 31, 2018 (1) Warrants 126,843 0.265 December 31, 2018 (1) Warrants 198,750 0.272 December 31, 2018 (1) Warrants 95,781 0.291 December 31, 2018 (1) Warrants 100,373 0.295 December 31, 2018 (1) Warrants 101,095 0.298 December 31, 2018 (1) Warrants 49,294 0.299 December 31, 2018 (1) Warrants 150,246 0.310 December 31, 2018 (1) Warrants 58,496 0.335 December 31, 2018 (1) Warrants 30,139 0.405 December 31, 2018 (1) Warrants 40,761 0.460 December 31, 2018 (1) Warrants 25,621 0.470 December 31, 2018 (1) Warrants 32,329 0.475 December 31, 2018 (1) Warrants 1,550,000 0.40 January 31, 2019 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciliation Of The Income Tax Provision | 2017 $ 2016 $ Statutory tax rate 26.00% 26.00% Loss before income taxes (5,259,749) (4,601,846) Expected income tax recovery (1,368,000) (1,196,000) Increase (decrease) in income tax recovery resulting from: Derivative liability 179,000 (265,000) Other permanent differences 181,000 126,000 Share issue costs (52,000) (106,000) Foreign income taxed at foreign rate (157,000) (277,000) Impact of under-provision in previous year (140,000) - Expiry of loss carry forward 58,000 - Increase in valuation allowance 1,299,000 1,718,000 Income tax recovery - - |
Deferred Income Tax Assets And Liabilities | 2017 $ 2016 $ Deferred income tax assets / (liabilities) Operating losses carried forward 8,602,000 7,455,000 Resource property 1,441,000 1,284,000 Share issuance costs 134,000 140,000 Other 22,000 21,000 Valuation allowance (10,199,000) (8,900,000) Net deferred income tax asset - - |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 07/31/17 (Detail) - Summary of Liabilities - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Total Level 3 liabilities | $ 770,786 | $ 716,886 | ||
Warrants [Member] | ||||
Beginning fair value | 742,583 | 326,595 | $ 326,595 | $ 1,128,841 |
Issuance | 4,195 | 27,750 | 70,525 | 176,493 |
Granted | 454,247 | (978,739) | ||
Vesting | 742,583 | 326,595 | ||
Change in fair value | (306,893) | 111,311 | ||
Ending fair value | 439,885 | 465,656 | 742,583 | 326,595 |
Non-employee Options [Member] | ||||
Beginning fair value | 1,188,937 | 515,802 | 515,802 | 116,615 |
Issuance | 102,273 | |||
Granted | 233,732 | (41,047) | ||
Vesting | 32,798 | 446,354 | 189,207 | |
Change in fair value | (148,251) | 62,023 | ||
Ending fair value | $ 330,901 | $ 251,230 | $ 1,188,937 | $ 515,802 |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 04/30/17 (Detail) - Summary of Liabilities - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Total Level 3 liabilities | $ 770,786 | $ 716,886 | ||
Warrants [Member] | ||||
Beginning fair value | 742,583 | 326,595 | $ 326,595 | $ 1,128,841 |
Issuance | 4,195 | 27,750 | 70,525 | 176,493 |
Reallocation on exercises of warrants | (108,784) | |||
Granted | 454,247 | (978,739) | ||
Vesting | 742,583 | 326,595 | ||
Change in fair value | (306,893) | 111,311 | ||
Ending fair value | 439,885 | 465,656 | 742,583 | 326,595 |
Non-employee Options [Member] | ||||
Beginning fair value | 1,188,937 | 515,802 | 515,802 | 116,615 |
Issuance | 102,273 | |||
Reallocation on exercises of warrants | 23,415 | 11,366 | ||
Granted | 233,732 | (41,047) | ||
Vesting | 32,798 | 446,354 | 189,207 | |
Change in fair value | (148,251) | 62,023 | ||
Ending fair value | $ 330,901 | $ 251,230 | $ 1,188,937 | $ 515,802 |
MINERAL PROPERTY INTEREST (Deta
MINERAL PROPERTY INTEREST (Detail) - Development Expenditures | 3 Months Ended |
Jul. 31, 2017USD ($) | |
Extractive Industries [Abstract] | |
Development Expenditures, Balance at April 30, 2017 | $ 305,850 |
Engineering and consulting | 90,028 |
Metallurgy | 74,226 |
Permitting and environmental | 6,000 |
Other direct costs | 9,709 |
[us-gaap:ExplorationExpenseMining] | 179,963 |
Development Expenditures, Balance at July 31, 2017 | $ 485,813 |
ACCOUNTS PAYABLE AND ACCRUED 30
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Detail) - Schedule of Accounts Payable And Accrued Liabilities - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 |
Payables and Accruals [Abstract] | |||
Trade payables | $ 327,118 | $ 265,116 | $ 307,316 |
Amounts due to related parties | 198,844 | 197,954 | 189,501 |
Interest payable on promissory notes and second promissory notes | 318,694 | 705,536 | 526,320 |
Total accounts payable and accrued liabilities | $ 844,656 | $ 1,168,606 | $ 1,023,137 |
PROMISSORY NOTES 07_31_17 (Deta
PROMISSORY NOTES 07/31/17 (Detail) - Schedule of Promissory Notes - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 |
Current | $ 15,373,956 | $ 14,147,964 | $ 6,587,526 |
Non-current | 184,813 | 165,208 | 3,871,395 |
Third Promissory Note [Member] | |||
Promissory notes | 15,373,956 | 14,147,964 | |
Forth Promissory Note [Member] | |||
Promissory notes | 184,813 | 165,208 | |
Total [Member] | |||
Promissory notes | $ 15,558,769 | $ 14,313,172 | $ 10,458,921 |
PROMISSORY NOTES 04_30_17 (Deta
PROMISSORY NOTES 04/30/17 (Detail) - Schedule of Promissory Notes - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 |
Current | $ 15,373,956 | $ 14,147,964 | $ 6,587,526 |
Non-current | 184,813 | 165,208 | 3,871,395 |
First Promissory Note [Member] | |||
Promissory notes | 5,678,107 | ||
Second Promissory Note [Member] | |||
Promissory notes | 4,780,814 | ||
Third Promissory Note [Member] | |||
Promissory notes | 15,373,956 | 14,147,964 | |
Forth Promissory Note [Member] | |||
Promissory notes | 184,813 | 165,208 | |
Total [Member] | |||
Promissory notes | $ 15,558,769 | $ 14,313,172 | $ 10,458,921 |
PROMISSORY NOTES 07_31_17 (De33
PROMISSORY NOTES 07/31/17 (Detail) - Schedule of Payments To Repay Principal Balance - Promissory Notes [Member] - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 |
2,018 | $ 15,559,324 | |
2,019 | 14,458,657 | |
2,020 | ||
2,022 | ||
2,022 | ||
Total | $ 15,559,324 | $ 14,458,657 |
PROMISSORY NOTES 04_30_17 (De34
PROMISSORY NOTES 04/30/17 (Detail) - Schedule of Payments To Repay Principal Balance - Promissory Notes [Member] - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 |
2,017 | $ 15,559,324 | |
2,018 | 14,458,657 | |
2,019 | ||
2,020 | ||
2,021 | ||
Total | $ 15,559,324 | $ 14,458,657 |
WARRANT LIABILITIES (Detail) -
WARRANT LIABILITIES (Detail) - Schedule of Weighted Average Assumptions of Derivative Liabilities - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Stock price (CAD$) | $ 0.38 | ||
Exercise price (CAD$) | $ 0.23 | ||
Risk-free interest rate (%) | 0.90% | ||
Expected life (years) | 1 year 160 days 14 hours 24 minutes | ||
Expected volatility (%) | 58.00% | ||
Expected dividends ($) | |||
Warrants [Member] | |||
Stock price (CAD$) | $ 0.38 | $ 0.48 | $ 0.23 |
Exercise price (CAD$) | $ 0.31 | $ 0.31 | $ 0.27 |
Risk-free interest rate (%) | 0.73% | 1.15% | 0.96% |
Expected life (years) | 1 year 164 days 6 hours | 1 year 255 days 12 hours | 1 year 149 days 15 hours 36 minutes |
Expected volatility (%) | 51.00% | 61.00% | 76.00% |
Expected dividends ($) |
WARRANT LIABILITIES (Detail) 36
WARRANT LIABILITIES (Detail) - Schedule of Fair Value of Derivative Liabilities - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Balance, April 30, 2015/2016 | $ 326,595 | $ 1,128,841 |
Bonus warrants issuable pursuant to Promissory Notes | 70,525 | 176,493 |
Reallocation on exercise of warrants | (108,784) | |
Change in fair value of warrant derivatives | 454,247 | (978,739) |
Balance, April 30, 2016/2017 | $ 742,583 | $ 326,595 |
SHARE CAPITAL 07_31_17 (Detail)
SHARE CAPITAL 07/31/17 (Detail) - Stock Options Outstanding - $ / shares | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding, Beginning | 6,555,000 | 5,835,000 | 5,135,000 |
Outstanding, Weighted Average Exercise Price, Beginning | $ 0.22 | $ 0.21 | $ 0.22 |
Granted | 167,736 | 1,200,000 | |
Granted, Weighted Average Exercise Price | $ 0.25 | $ 0.25 | |
Exercised | (980,000) | ||
Exercised, Weighted Average Exercise Price | $ 0.26 | $ 0.25 | |
Expired | (500,000) | ||
Expired, Weighted Average Exercise Price | $ 0.40 | ||
Forfeited | |||
Forfeited, Weighted Average Exercise Price | |||
Outstanding, Weighted Average Exercise Price | $ 0.22 | $ 0.22 | $ 0.21 |
Outstanding, End | 6,555,000 | 6,555,000 | 5,835,000 |
Exercisable, Weighted Average Exercise Price | $ 0.22 | $ 0.22 | |
Exercisable, End | 5,925,000 | 5,825,000 |
SHARE CAPITAL 04_30_17 (Detail)
SHARE CAPITAL 04/30/17 (Detail) - Stock Options Outstanding - $ / shares | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding, Beginning | 6,555,000 | 5,835,000 | 5,135,000 |
Outstanding, Weighted Average Exercise Price, Beginning | $ 0.22 | $ 0.21 | $ 0.22 |
Granted | 167,736 | 1,200,000 | |
Exercised | (980,000) | ||
Expired | (500,000) | ||
Forfeited | |||
Granted, Weighted Average Exercise Price | $ 0.25 | $ 0.25 | |
Exercised, Weighted Average Exercise Price | 0.26 | 0.25 | |
Expired, Weighted Average Exercise Price | 0.40 | ||
Forfeited, Weighted Average Exercise Price | |||
Outstanding, Weighted Average Exercise Price | $ 0.22 | $ 0.22 | $ 0.21 |
Outstanding, End | 6,555,000 | 6,555,000 | 5,835,000 |
Exercisable, Weighted Average Exercise Price | $ 0.22 | $ 0.22 | |
Exercisable, End | 5,925,000 | 5,825,000 |
SHARE CAPITAL 07_31_17 (Detai39
SHARE CAPITAL 07/31/17 (Detail) - Summary Of Stock Options Outstanding - $ / shares | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Set 1 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 1,300,000 | 1,300,000 |
Exercise Price | $ 0.1 | $ 0.1 |
Expiry Date | Jul. 30, 2018 | Jul. 30, 2018 |
Remaining Contractual Life (years) | 1 year | 1 year 3 months |
Set 2 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 260,000 | 260,000 |
Exercise Price | $ 0.15 | $ 0.15 |
Expiry Date | Jul. 30, 2018 | Jul. 30, 2018 |
Remaining Contractual Life (years) | 1 year | 1 year 3 months |
Set 3 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 300,000 | 300,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Jul. 30, 2018 | Jul. 30, 2018 |
Remaining Contractual Life (years) | 1 year | 1 year 3 months |
Set 4 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 200,000 | 200,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Nov. 19, 2018 | Nov. 19, 2018 |
Remaining Contractual Life (years) | 1 year 109 days 12 hours | 1 year 204 days 9 hours 36 minutes |
Set 5 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 150,000 | 150,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Jan. 8, 2019 | Jan. 8, 2019 |
Remaining Contractual Life (years) | 1 year 160 days 14 hours 24 minutes | 1 year 251 days 20 hours 24 minutes |
Set 6 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 300,000 | 300,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | May 23, 2019 | May 23, 2019 |
Remaining Contractual Life (years) | 1 year 295 days 15 hours 36 minutes | 2 years 21 days 21 hours 36 minutes |
Set 7 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 150,000 | 150,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Dec. 16, 2017 | Dec. 16, 2017 |
Remaining Contractual Life (years) | 138 days 16 hours 48 minutes | 229 days 22 hours 48 minutes |
Set 8 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 1,975,000 | 1,975,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Jan. 29, 2020 | Jan. 29, 2020 |
Remaining Contractual Life (years) | 2 years 6 months | 2 years 9 months |
Set 9 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 200,000 | 200,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Aug. 4, 2020 | Aug. 4, 2020 |
Remaining Contractual Life (years) | 3 years 3 days 15 hours 36 minutes | 3 years 98 days 13 hours 12 minutes |
Set 10 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 1,000,000 | 1,000,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Feb. 25, 2018 | Feb. 25, 2018 |
Remaining Contractual Life (years) | 204 days 9 hours 36 minutes | 299 days 7 hours 12 minutes |
Set 11 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 20,000 | 20,000 |
Exercise Price | $ 0.22 | $ 0.22 |
Expiry Date | May 19, 2018 | May 19, 2018 |
Remaining Contractual Life (years) | 292 days | 1 year 18 days 6 hours |
Set 12 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 300,000 | 300,000 |
Exercise Price | $ 0.3 | $ 0.3 |
Expiry Date | Jul. 21, 2021 | Jul. 21, 2021 |
Remaining Contractual Life (years) | 3 years 357 days 16 hours 48 minutes | 4 years 83 days 22 hours 48 minutes |
Set 13 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 400,000 | 400,000 |
Exercise Price | $ 0.3 | $ 0.3 |
Expiry Date | Nov. 3, 2021 | Nov. 3, 2021 |
Remaining Contractual Life (years) | 4 years 94 days 21 hours 36 minutes | 4 years 186 days 3 hours 36 minutes |
SHARE CAPITAL 04_30_17 (Detai40
SHARE CAPITAL 04/30/17 (Detail) - Summary Of Stock Options Outstanding - $ / shares | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Set 1 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 1,300,000 | 1,300,000 |
Exercise Price | $ 0.1 | $ 0.1 |
Expiry Date | Jul. 30, 2018 | Jul. 30, 2018 |
Remaining Contractual Life (years) | 1 year | 1 year 3 months |
Set 2 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 260,000 | 260,000 |
Exercise Price | $ 0.15 | $ 0.15 |
Expiry Date | Jul. 30, 2018 | Jul. 30, 2018 |
Remaining Contractual Life (years) | 1 year | 1 year 3 months |
Set 3 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 300,000 | 300,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Jul. 30, 2018 | Jul. 30, 2018 |
Remaining Contractual Life (years) | 1 year | 1 year 3 months |
Set 4 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 200,000 | 200,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Nov. 19, 2018 | Nov. 19, 2018 |
Remaining Contractual Life (years) | 1 year 109 days 12 hours | 1 year 204 days 9 hours 36 minutes |
Set 5 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 150,000 | 150,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Jan. 8, 2019 | Jan. 8, 2019 |
Remaining Contractual Life (years) | 1 year 160 days 14 hours 24 minutes | 1 year 251 days 20 hours 24 minutes |
Set 6 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 300,000 | 300,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | May 23, 2019 | May 23, 2019 |
Remaining Contractual Life (years) | 1 year 295 days 15 hours 36 minutes | 2 years 21 days 21 hours 36 minutes |
Set 7 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 150,000 | 150,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Dec. 16, 2017 | Dec. 16, 2017 |
Remaining Contractual Life (years) | 138 days 16 hours 48 minutes | 229 days 22 hours 48 minutes |
Set 8 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 1,975,000 | 1,975,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Jan. 29, 2020 | Jan. 29, 2020 |
Remaining Contractual Life (years) | 2 years 6 months | 2 years 9 months |
Set 9 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 200,000 | 200,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Aug. 4, 2020 | Aug. 4, 2020 |
Remaining Contractual Life (years) | 3 years 3 days 15 hours 36 minutes | 3 years 98 days 13 hours 12 minutes |
Set 10 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 1,000,000 | 1,000,000 |
Exercise Price | $ 0.25 | $ 0.25 |
Expiry Date | Feb. 25, 2018 | Feb. 25, 2018 |
Remaining Contractual Life (years) | 204 days 9 hours 36 minutes | 299 days 7 hours 12 minutes |
Set 11 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 20,000 | 20,000 |
Exercise Price | $ 0.22 | $ 0.22 |
Expiry Date | May 19, 2018 | May 19, 2018 |
Remaining Contractual Life (years) | 292 days | 1 year 18 days 6 hours |
Set 12 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 300,000 | 300,000 |
Exercise Price | $ 0.3 | $ 0.3 |
Expiry Date | Jul. 21, 2021 | Jul. 21, 2021 |
Remaining Contractual Life (years) | 3 years 357 days 16 hours 48 minutes | 4 years 83 days 22 hours 48 minutes |
Set 13 [Member] | ||
Type of Security | Stock options | Stock options |
Outstanding Stock Options | 400,000 | 400,000 |
Exercise Price | $ 0.3 | $ 0.3 |
Expiry Date | Nov. 3, 2021 | Nov. 3, 2021 |
Remaining Contractual Life (years) | 4 years 94 days 21 hours 36 minutes | 4 years 186 days 3 hours 36 minutes |
SHARE CAPITAL (Detail) - Weight
SHARE CAPITAL (Detail) - Weighted Average Grant Date Fair Value Of Stock Options Granted - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Stock price (CAD$) | $ 0.38 | ||
Exercise price (CAD$) | $ 0.23 | ||
Risk-free interest rate (%) | 0.90% | ||
Expected life (years) | 1 year 160 days 14 hours 24 minutes | ||
Expected volatility (%) | 58.00% | ||
Expected dividends ($) | |||
Employee Stock Option [Member] | |||
Stock price (CAD$) | $ 0.25 | $ 0.23 | |
Exercise price (CAD$) | $ 0.25 | $ 0.25 | |
Risk-free interest rate (%) | 1.10% | 1.00% | |
Expected life (years) | 3 years 73 days | 2 years 6 months | |
Expected volatility (%) | 85.00% | 86.00% | |
Expected dividends ($) |
SHARE CAPITAL (Detail) - Fair V
SHARE CAPITAL (Detail) - Fair Values of Non-Employee Stock Options - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Fair value of non-employee options, beginning of the period | $ 446,354 | $ 189,207 | $ 189,207 | $ 116,615 |
Fair value of options granted | 102,273 | |||
Fair value of options on vesting | 32,798 | 23,415 | 11,366 | |
Change in fair value of non-employee stock options during the period | (148,251) | 62,023 | 233,732 | (41,047) |
Fair value of non-employee options, end of the period | $ 330,901 | $ 251,230 | $ 446,354 | $ 189,207 |
SHARE CAPITAL (Detail) - Income
SHARE CAPITAL (Detail) - Income Statement Share-based payments - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share Based Payments, Management and consulting fees | $ 9,829 | $ 72,169 | $ 202,886 | $ 105,606 |
Total | $ 9,829 | $ 72,169 | $ 202,886 | $ 105,606 |
SHARE CAPITAL 07_31_17 (Detai44
SHARE CAPITAL 07/31/17 (Detail) - Summary Of Fully-Exercisable Share Purchase Warrants - $ / shares | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number Outstanding, Beginning | 4,349,932 | 5,812,212 | 24,555,595 |
Weighted Average Exercise Price | $ 0.31 | $ 0.27 | $ 0.37 |
Issued | 55,771 | 663,330 | 1,456,617 |
Issued, Weighted Average Exercise Price | $ 0.50 | $ 0.33 | $ 0.25 |
Expired | (1,170,084) | (20,175,000) | |
Expired, Weighted Average Exercise Price | $ 0.15 | $ 0.40 | |
Exercised | (955,526) | (25,000) | |
Exercised, Weighted Average Exercise Price | $ 0.26 | $ 0.25 | |
Number Outstanding, End | 4,405,703 | 4,349,932 | 5,812,212 |
Weighted Average Exercise Price, End | $ 0.31 | $ 0.31 | $ 0.27 |
SHARE CAPITAL 04_30_17 (Detai45
SHARE CAPITAL 04/30/17 (Detail) - Summary Of Fully-Exercisable Share Purchase Warrants - $ / shares | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number Outstanding, Beginning | 4,349,932 | 5,812,212 | 24,555,595 |
Weighted Average Exercise Price | $ 0.31 | $ 0.27 | $ 0.37 |
Issued | 55,771 | 663,330 | 1,456,617 |
Issued, Weighted Average Exercise Price | $ 0.50 | $ 0.33 | $ 0.25 |
Expired | (1,170,084) | (20,175,000) | |
Expired, Weighted Average Exercise Price | $ 0.15 | $ 0.40 | |
Exercised | (955,526) | (25,000) | |
Exercised, Weighted Average Exercise Price | $ 0.26 | $ 0.25 | |
Number Outstanding, End | 4,405,703 | 4,349,932 | 5,812,212 |
Weighted Average Exercise Price, End | $ 0.31 | $ 0.31 | $ 0.27 |
SHARE CAPITAL 07_31_17 (Detai46
SHARE CAPITAL 07/31/17 (Detail) - Summary Of Warrants Outstanding And Issuable - $ / shares | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Warrants 1 [Member] | ||
Outstanding Stock Options | 730,848 | 730,848 |
Exercise Price | $ 0.22 | $ 0.22 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 2 [Member] | ||
Outstanding Stock Options | 242,545 | 242,545 |
Exercise Price | $ 0.23 | $ 0.23 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 3 [Member] | ||
Outstanding Stock Options | 194,344 | 194,344 |
Exercise Price | $ 0.24 | $ 0.24 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 4 [Member] | ||
Outstanding Stock Options | 37,203 | 37,203 |
Exercise Price | $ 0.245 | $ 0.245 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 5 [Member] | ||
Outstanding Stock Options | 393,058 | 393,058 |
Exercise Price | $ 0.255 | $ 0.255 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 6 [Member] | ||
Outstanding Stock Options | 192,206 | 192,206 |
Exercise Price | $ 0.259 | $ 0.259 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 7 [Member] | ||
Outstanding Stock Options | 126,843 | 126,843 |
Exercise Price | $ 0.265 | $ 0.265 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 8 [Member] | ||
Outstanding Stock Options | 198,750 | 198,750 |
Exercise Price | $ 0.272 | $ 0.272 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 9 [Member] | ||
Outstanding Stock Options | 95,781 | 95,781 |
Exercise Price | $ 0.291 | $ 0.291 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 10 [Member] | ||
Outstanding Stock Options | 100,373 | 100,373 |
Exercise Price | $ 0.295 | $ 0.295 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 11 [Member] | ||
Outstanding Stock Options | 101,095 | 101,095 |
Exercise Price | $ 0.298 | $ 0.298 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 12 [Member] | ||
Outstanding Stock Options | 49,294 | 49,294 |
Exercise Price | $ 0.299 | $ 0.299 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 13 [Member] | ||
Outstanding Stock Options | 150,246 | 150,246 |
Exercise Price | $ 0.31 | $ 0.31 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 14 [Member] | ||
Outstanding Stock Options | 58,496 | 58,496 |
Exercise Price | $ 0.335 | $ 0.335 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 15 [Member] | ||
Outstanding Stock Options | 30,139 | 30,139 |
Exercise Price | $ 0.405 | $ 0.405 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 16 [Member] | ||
Outstanding Stock Options | 40,761 | 40,761 |
Exercise Price | $ 0.46 | $ 0.46 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 17 [Member] | ||
Outstanding Stock Options | 25,621 | 25,621 |
Exercise Price | $ 0.47 | $ 0.47 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 18 [Member] | ||
Outstanding Stock Options | 63,756 | 32,329 |
Exercise Price | $ 0.475 | $ 0.475 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 19 [Member] | ||
Outstanding Stock Options | 24,344 | 1,550,000 |
Exercise Price | $ 0.54 | $ 0.4 |
Expiry Date | Dec. 31, 2018 | Jan. 31, 2019 |
Warrants 20 [Member] | ||
Outstanding Stock Options | 1,550,000 | |
Exercise Price | $ 0.4 | |
Expiry Date | Jan. 31, 2019 |
SHARE CAPITAL 04_30_17 (Detai47
SHARE CAPITAL 04/30/17 (Detail) - Summary Of Warrants Outstanding And Issuable - $ / shares | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Warrants 1 [Member] | ||
Outstanding Stock Options | 730,848 | 730,848 |
Exercise Price | $ 0.22 | $ 0.22 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 2 [Member] | ||
Outstanding Stock Options | 242,545 | 242,545 |
Exercise Price | $ 0.23 | $ 0.23 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 3 [Member] | ||
Outstanding Stock Options | 194,344 | 194,344 |
Exercise Price | $ 0.24 | $ 0.24 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 4 [Member] | ||
Outstanding Stock Options | 37,203 | 37,203 |
Exercise Price | $ 0.245 | $ 0.245 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 5 [Member] | ||
Outstanding Stock Options | 393,058 | 393,058 |
Exercise Price | $ 0.255 | $ 0.255 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 6 [Member] | ||
Outstanding Stock Options | 192,206 | 192,206 |
Exercise Price | $ 0.259 | $ 0.259 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 7 [Member] | ||
Outstanding Stock Options | 126,843 | 126,843 |
Exercise Price | $ 0.265 | $ 0.265 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 8 [Member] | ||
Outstanding Stock Options | 198,750 | 198,750 |
Exercise Price | $ 0.272 | $ 0.272 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 9 [Member] | ||
Outstanding Stock Options | 95,781 | 95,781 |
Exercise Price | $ 0.291 | $ 0.291 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 10 [Member] | ||
Outstanding Stock Options | 100,373 | 100,373 |
Exercise Price | $ 0.295 | $ 0.295 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 11 [Member] | ||
Outstanding Stock Options | 101,095 | 101,095 |
Exercise Price | $ 0.298 | $ 0.298 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 12 [Member] | ||
Outstanding Stock Options | 49,294 | 49,294 |
Exercise Price | $ 0.299 | $ 0.299 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 13 [Member] | ||
Outstanding Stock Options | 150,246 | 150,246 |
Exercise Price | $ 0.31 | $ 0.31 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 14 [Member] | ||
Outstanding Stock Options | 58,496 | 58,496 |
Exercise Price | $ 0.335 | $ 0.335 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 15 [Member] | ||
Outstanding Stock Options | 30,139 | 30,139 |
Exercise Price | $ 0.405 | $ 0.405 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 16 [Member] | ||
Outstanding Stock Options | 40,761 | 40,761 |
Exercise Price | $ 0.46 | $ 0.46 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 17 [Member] | ||
Outstanding Stock Options | 25,621 | 25,621 |
Exercise Price | $ 0.47 | $ 0.47 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 18 [Member] | ||
Outstanding Stock Options | 63,756 | 32,329 |
Exercise Price | $ 0.475 | $ 0.475 |
Expiry Date | Dec. 31, 2018 | Dec. 31, 2018 |
Warrants 19 [Member] | ||
Outstanding Stock Options | 24,344 | 1,550,000 |
Exercise Price | $ 0.54 | $ 0.4 |
Expiry Date | Dec. 31, 2018 | Jan. 31, 2019 |
INCOME TAXES (Details) - Reconc
INCOME TAXES (Details) - Reconciliation Of The Income Tax Provision - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rate | 26.00% | 26.00% |
Loss before income taxes | $ (5,259,749) | $ (4,601,846) |
Expected income tax recovery | (1,368,000) | (1,196,000) |
Increase (decrease) in income tax recovery resulting from: | ||
Derivative liability | 179,000 | (265,000) |
Other permanent differences | 181,000 | 126,000 |
Share issue costs | (52,000) | (106,000) |
Foreign income taxed at foreign rate | (157,000) | (277,000) |
Impact of under-provision in previous year | (140,000) | |
Expiry of loss carry forward | 58,000 | |
Increase in valuation allowance | 1,299,000 | 1,718,000 |
Income tax recovery |
INCOME TAXES (Details) - Deferr
INCOME TAXES (Details) - Deferred Income Tax Assets And Liabilities - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
Deferred income tax assets / (liabilities) | ||
Operating losses carried forward | $ 8,602,000 | $ 7,455,000 |
Resource property | 1,441,000 | 1,284,000 |
Share issuance costs | 134,000 | 140,000 |
Other | 22,000 | 21,000 |
Valuation allowance | (10,199,000) | (8,900,000) |
Net deferred income tax asset |
NATURE OF BUSINESS AND BASIS 50
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 |
Accounting Policies [Abstract] | |||
Accumulated Deficit | $ 37,181,259 | $ 36,617,260 | $ 37,181,259 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Amortized Financing Fees | $ 490,531 | $ 372,266 | ||
Shares Excluded from Loss Per Share, potentially dilutive | 10,992,130 | 12,524,012 | 10,993,021 | 12,027,780 |
Promissory Notes [Member] | ||||
Notes Fair Value | $ 15,552,183 | $ 13,781,276 | $ 10,703,836 |
MINERAL PROPERTY INTEREST (De52
MINERAL PROPERTY INTEREST (Details Narrative) - Idaho [Member] | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Mineral Leases Interest | 100.00% | 100.00% |
Number of Mineral Leases | 11 | 11 |
Mineral Royalty | The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. | The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. |
PROMISSORY NOTES 07_31_17 (Det
PROMISSORY NOTES 07/31/17 (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Accretion Expense | $ (150,925) | $ (125,117) | $ (490,531) | $ (372,266) |
Black-Scholes Option Pricing Model Assumptions: | ||||
Stock price (CAD$) | $ 0.38 | |||
Exercise price (CAD$) | $ 0.23 | |||
Risk-free interest rate (%) | 0.90% | |||
Expected life (years) | 1 year 160 days 14 hours 24 minutes | |||
Expected volatility (%) | 58.00% | |||
Expected dividends ($) | ||||
Third Promissory Note [Member] | ||||
Promissory Notes Description | Effective August 31, 2016, the Company entered into an agreement (dated June 1, 2016) with a company controlled by a director of the Company (the Lender) pursuant to which up to an additional $2,965,000 will be advanced to the Company in tranches (the Third Promissory Notes). In addition, the First Promissory Notes and the Second Promissory Notes were amended and combined with the Third Promissory Notes with a modified maturity date of December 2, 2017. All other terms of the First Promissory Notes and the Second Promissory Notes remained unchanged. | |||
Promissory Note Advance | $ 250,000 | $ 1,815,000 | ||
Interest Rate | 12.00% | |||
Interest Recorded | $ 457,567 | $ 354,752 | ||
Promissory Note Interest Payable Terms | Interest is payable semi-annually as calculated on May 31st and November 30th of each year. Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender. | |||
Shares Issued, Shares | 112,433 | 88,089 | ||
Shares Issued, Fair Value | $ 39,375 | $ 29,625 | ||
Third Promissory Note [Member] | Bonus Shares [Member] | ||||
Shares Issued, Shares | 31,427 | |||
Shares Issued, Fair Value | $ 9,000 | |||
Share Purchase Warrants, Shares | 55,771 | |||
Share Purchase Warrants, Fair Value | $ 4,195 | |||
Black-Scholes Option Pricing Model Assumptions: | ||||
Stock price (CAD$) | $ 0.444 | |||
Exercise price (CAD$) | $ 0.503 | |||
Risk-free interest rate (%) | 1.15% | |||
Expected life (years) | 1 year 189 days 19 hours 12 minutes | |||
Expected volatility (%) | 53.00% | |||
Expected dividends ($) | $ 0 | |||
Fourth Promissory Note [Member] | ||||
Promissory Notes Description | On March 13, 2017, the Company entered into a loan agreement with an arms-length lender pursuant to which CAD$250,000 ($186,846) was advanced to the Company (the Fourth Promissory Notes). | |||
Promissory Note Advance | $ 186,846 | |||
Promissory Note Balance | $ 200,100 | |||
Promissory Notes Due | Dec. 31, 2018 | |||
Interest Rate | 12.00% | |||
Interest Recorded | $ 5,729 | |||
Accretion Expense | 2,655 | |||
Unamortized Debt Discount | $ 15,287 | $ 17,942 | ||
Fourth Promissory Note [Member] | Bonus Shares [Member] | ||||
Shares Issued, Shares | 40,761 | |||
Shares Issued, Fair Value | $ 14,013 | |||
Share Purchase Warrants, Shares | 40,761 | |||
Share Purchase Warrants, Fair Value | $ 4,814 |
PROMISSORY NOTES 04_30_17 (De54
PROMISSORY NOTES 04/30/17 (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | |||
Dec. 31, 2015 | Jul. 31, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | May 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Nov. 30, 2016 | |
Promissory Notes Maturity | $ 198,844 | $ 197,954 | $ 189,501 | |||||
Interest Payable Settled | 463,296 | $ 354,752 | 1,578,631 | 1,161,339 | ||||
Loss On Settlement Of Liabilities | (31,512) | |||||||
Accretion Expense | $ (150,925) | (125,117) | $ (490,531) | (372,266) | ||||
Black-Scholes Option Pricing Model Assumptions: | ||||||||
Stock price (CAD$) | $ 0.38 | |||||||
Exercise price (CAD$) | $ 0.23 | |||||||
Risk-free interest rate (%) | 0.90% | |||||||
Expected life (years) | 1 year 160 days 14 hours 24 minutes | |||||||
Expected volatility (%) | 58.00% | |||||||
Expected dividends ($) | ||||||||
First Promissory Note [Member] | Company Controlled By A Director Of The Company [Member] | ||||||||
Promissory Notes Description | On September 13, 2013, January 27, 2014 and December 4, 2014, the Company entered into agreements with a company controlled by a director of the Company (the Lender) pursuant to which $5,787,280 was advanced to the Company in tranches (the First Promissory Notes). The First Promissory Notes were to mature as to $3,000,000 on December 2, 2016 and the balance due on December 31, 2016. | |||||||
Second Promissory Note [Member] | Company Controlled By A Director Of The Company [Member] | ||||||||
Promissory Notes Description | On February 18, 2015 and December 1, 2015, the Company entered into agreements with the Lender pursuant to which $5,457,000 was advanced to the Company in tranches (the Second Promissory Notes). The Second Promissory Notes mature were to mature as to $1,000,000 on December 2, 2016, $2,000,000 on June 2, 2017 and the balance due on December 2, 2017. | |||||||
Third Promissory Note [Member] | ||||||||
Promissory Notes Description | Effective August 31, 2016, the Company entered into an agreement (dated June 1, 2016) with a company controlled by a director of the Company (the Lender) pursuant to which up to an additional $2,965,000 will be advanced to the Company in tranches (the Third Promissory Notes). In addition, the First Promissory Notes and the Second Promissory Notes were amended and combined with the Third Promissory Notes with a modified maturity date of December 2, 2017. All other terms of the First Promissory Notes and the Second Promissory Notes remained unchanged. | |||||||
Interest Rate | 12.00% | |||||||
Interest Recorded | $ 457,567 | $ 354,752 | ||||||
Promissory Note Interest Payable Terms | Interest is payable semi-annually as calculated on May 31st and November 30th of each year. Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender. | |||||||
Shares Issued, Shares | 112,433 | 88,089 | ||||||
Shares Issued, Fair Value | $ 39,375 | $ 29,625 | ||||||
Third Promissory Note [Member] | Company Controlled By A Director Of The Company [Member] | ||||||||
Promissory Notes Description | Effective August 31, 2016, the Company entered into an agreement (dated June 1, 2016) with the Lender pursuant to which up to an additional $2,965,000 will be advanced to the Company in tranches (the Third Promissory Notes). In addition, the First Promissory Notes and the Second Promissory Notes were amended and combined with the Third Promissory Notes with a modified maturity date of December 2, 2017. All other terms of the First Promissory Notes and the Second Promissory Notes remained unchanged. | |||||||
Promissory Notes [Member] | ||||||||
Interest Paid As Advance | $ 640,130 | $ 759,247 | ||||||
Promissory Note Interest Payable Terms | The interest settled was for the period from June 1, 2015 to November 30, 2015. | The interest settled was for the period from December 1, 2014 to May 31, 2015. | ||||||
Interest Payable Settled | $ 556,433 | $ 395,665 | ||||||
Shares Issued, Shares | 2,948,431 | 2,267,685 | 693,573 | |||||
Shares Issued, Fair Value | $ 536,541 | $ 427,177 | $ 136,735 | |||||
Loss On Settlement Of Liabilities | $ 31,512 | |||||||
Additional Paid-In Capital | $ 19,892 | |||||||
Promissory Notes [Member] | Bonus Shares 1 [Member] | ||||||||
Shares Issued, Shares | 852,562 | |||||||
Shares Issued, Fair Value | $ 200,756 | |||||||
Promissory Notes [Member] | Bonus Shares 2 [Member] | ||||||||
Shares Issued, Shares | 349,325 | |||||||
Shares Issued, Fair Value | $ 81,112 | |||||||
Promissory Notes [Member] | Bonus Shares 3 [Member] | ||||||||
Shares Issued, Shares | 88,089 | |||||||
Shares Issued, Fair Value | $ 29,625 | |||||||
Promissory Notes [Member] | Bonus Shares [Member] | ||||||||
Shares Issued, Shares | 1,832,108 | |||||||
Shares Issued, Fair Value | $ 409,031 | |||||||
Accretion Expense | 489,646 | 372,266 | ||||||
Unamortized Debt Discount | $ 310,693 | $ 585,359 | ||||||
Promissory Notes [Member] | Company Controlled By A Director Of The Company [Member] | ||||||||
Interest Rate | 12.00% | 12.00% | ||||||
Interest Recorded | $ 1,576,365 | $ 1,161,339 | ||||||
Forth Promissory Note [Member] | Bonus Shares [Member] | ||||||||
Shares Issued, Shares | 40,761 | |||||||
Shares Issued, Fair Value | $ 14,013 | |||||||
Share Purchase Warrants, Shares | 40,761 | |||||||
Share Purchase Warrants, Fair Value | $ 4,814 | |||||||
Black-Scholes Option Pricing Model Assumptions: | ||||||||
Stock price (CAD$) | $ 0.470 | |||||||
Exercise price (CAD$) | $ 0.460 | |||||||
Risk-free interest rate (%) | 1.15% | |||||||
Expected life (years) | 1 year 281 days 1 hour 12 minutes | |||||||
Expected volatility (%) | 62.00% | |||||||
Expected dividends ($) | $ 0 | |||||||
Forth Promissory Note [Member] | Arm Length Lender [Member] | ||||||||
Promissory Notes Description | On March 13, 2017, the Company entered into a loan agreement with an arms-length lender pursuant to which CAD$250,000 ($186,846) was advanced to the Company (the Fourth Promissory Notes). | |||||||
Interest Rate | 12.00% | |||||||
Interest Recorded | $ 2,266 | |||||||
Accretion Expense | 885 | |||||||
Unamortized Debt Discount | $ 17,942 |
WARRANT LIABILITIES (Details Na
WARRANT LIABILITIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Warrant Derivative Liabilities Fair Value | $ 439,885 | $ 742,583 | $ 326,595 |
SHARE CAPITAL 07_31_17 (Details
SHARE CAPITAL 07/31/17 (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Stock Options Available For Grant | 2,393,479 | 2,382,236 | 2,797,895 |
Non Vested Stock Options | 200,000 | 300,000 | |
Unamortized Compensation Cost of Options | $ 60,675 | $ 740,304 | |
July 11, 2017 [Member] | |||
Shares Issued, Shares | 112,433 | ||
Shares Issued, Fair Value | $ 39,375 | ||
April 30, 2017 [Member] | |||
Shares Issued, Shares | 88,089 | ||
Shares Issued, Fair Value | $ 29,625 |
SHARE CAPITAL 04_31_17 (Details
SHARE CAPITAL 04/31/17 (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | |
Stock Options Available For Grant | 2,393,479 | 2,382,236 | 2,797,895 |
Average Grant Date Fair Value Of Stock Options Granted | $ 0.14 | $ 0.11 | |
Non Vested Stock Options | 200,000 | 300,000 | |
Unamortized Compensation Cost of Options | $ 60,675 | $ 740,304 | |
June 14, 2016 [Member] | |||
Shares Issued, Shares | 980,000 | ||
Shares Issued, Fair Value | $ 215,600 | ||
September 23, 2016 [Member] | |||
Shares Issued, Shares | 486,346 | ||
Shares Issued, Fair Value | $ 116,756 | ||
December 1, 2016 [Member] | |||
Shares Issued, Shares | 1,170,084 | ||
Shares Issued, Fair Value | $ 132,838 | ||
January 25, 2017 [Member] | |||
Shares Issued, Shares | 366,216 | ||
Shares Issued, Fair Value | $ 84,000 | ||
March 28, 2017 [Member] | |||
Shares Issued, Shares | 40,761 | ||
Shares Issued, Fair Value | $ 14,013 | ||
July 10, 2015 [Member] | |||
Shares Issued, Shares | 1,085,297 | ||
Shares Issued, Fair Value | $ 228,775 | ||
July 14, 2015 [Member] | |||
Shares Issued, Shares | 2,267,685 | ||
Shares Issued, Fair Value | $ 427,177 | ||
December 15, 2015 [Member] | |||
Shares Issued, Shares | 2,948,431 | ||
Shares Issued, Fair Value | $ 536,541 | ||
January 5, 2016 [Member] | |||
Shares Issued, Shares | 746,811 | ||
Shares Issued, Fair Value | $ 180,256 | ||
January 29, 2016 [Member] | |||
Shares Issued, Shares | 25,000 |
RELATED PARTY TRANSACTIONS 07_3
RELATED PARTY TRANSACTIONS 07/31/17 (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jul. 31, 2017 | Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Management And Consulting Fees | $ 34,731 | $ 113,653 | $ 319,443 | $ 245,755 | ||
Professional fees | 95,615 | 99,236 | (92,083) | 338,644 | ||
Accounts payable and accrued liabilities | 844,656 | 1,168,606 | 1,023,137 | |||
RJG Capital Corporation [Member] | ||||||
Management And Consulting Fees | 24,000 | 24,026 | 96,000 | 96,002 | ||
Wayne Moorhouse, Director [Member] | ||||||
Management And Consulting Fees | 902 | 770 | 2,911 | 3,093 | ||
Malaspina Consultants Inc. [Member] | ||||||
Professional fees | 8,076 | $ 10,087 | 23,759 | 23,557 | ||
John Theobald, Director [Member] | ||||||
Mineral Property Expenditures | $ 29,048 | 54,124 | ||||
Directors Or Officers Or Companies Controlled By Them [Member] | ||||||
Accounts payable and accrued liabilities | $ 198,844 | $ 197,954 | $ 189,501 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Accumulated Non-Capital Losses | $ 10,408,000 | $ 8,310,000 |
Net Operating Losses | $ 16,846,000 | $ 15,123,000 |
RELATED PARTY TRANSACTIONS 04_3
RELATED PARTY TRANSACTIONS 04/30/17 (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jul. 31, 2017 | Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Interest Payable Settled | $ 463,296 | $ 354,752 | $ 1,578,631 | $ 1,161,339 | ||
Management And Consulting Fees | 34,731 | 113,653 | 319,443 | 245,755 | ||
Professional fees | 95,615 | 99,236 | (92,083) | 338,644 | ||
Accounts payable and accrued liabilities | 844,656 | 1,168,606 | 1,023,137 | |||
Company Controlled By Director [Member] | ||||||
Interest Payable Settled | $ 952,098 | |||||
Shares Issued, Shares | 5,216,116 | |||||
Shares Issued, Fair Value | $ 963,718 | |||||
RJG Capital Corporation [Member] | ||||||
Management And Consulting Fees | 24,000 | 24,026 | 96,000 | 96,002 | ||
Wayne Moorhouse, Director [Member] | ||||||
Management And Consulting Fees | 902 | 770 | 2,911 | 3,093 | ||
Malaspina Consultants Inc. [Member] | ||||||
Professional fees | 8,076 | $ 10,087 | 23,759 | 23,557 | ||
John Theobald, Director [Member] | ||||||
Mineral Property Expenditures | $ 29,048 | 54,124 | ||||
Directors Or Officers Or Companies Controlled By Them [Member] | ||||||
Accounts payable and accrued liabilities | $ 198,844 | $ 197,954 | $ 189,501 |
SEGMENT DISCLOSURES (Details Na
SEGMENT DISCLOSURES (Details Narrative) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Apr. 30, 2017 | |
Segment Reporting [Abstract] | ||
Number of Operating Segments | 1 | 1 |
NON-CASH TRANSACTIONS 07_31_17
NON-CASH TRANSACTIONS 07/31/17 (Details Narrative) - Pursuant To Promissory Notes [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | |
Shares Issued, Shares | 55,771 | 269,359 | 1,487,860 |
Shares Issued, Fair Value | $ 18,750 | $ 58,144 | $ 353,408 |
Warrants, Shares | 55,771 | 269,359 | 1,487,860 |
Warrants, Fair Value | $ 4,195 | $ 27,750 | $ 176,493 |
NON-CASH TRANSACTIONS 04_30_17
NON-CASH TRANSACTIONS 04/30/17 (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | |
Promissory Notes [Member] | |||
Shares Issued, Shares | 663,330 | ||
Shares Issued, Fair Value | $ 163,282 | ||
Warrants, Shares | 663,330 | ||
Warrants, Fair Value | $ 70,525 | ||
Interest On Promissory Notes [Member] | |||
Shares Issued, Shares | 5,216,116 | ||
Shares Issued, Fair Value | $ 963,718 | ||
Pursuant To Promissory Notes [Member] | |||
Shares Issued, Shares | 55,771 | 269,359 | 1,487,860 |
Shares Issued, Fair Value | $ 18,750 | $ 58,144 | $ 353,408 |
Warrants, Shares | 55,771 | 269,359 | 1,487,860 |
Warrants, Fair Value | $ 4,195 | $ 27,750 | $ 176,493 |
SUBSEQUENT EVENTS 07_31_17 (Det
SUBSEQUENT EVENTS 07/31/17 (Details Narrative) | 1 Months Ended | 3 Months Ended |
Sep. 13, 2017 | Jul. 26, 2017 | |
Third Promissory Note [Member] | ||
Event Description | The Company received an aggregate of $300,000 of Third Promissory Notes. | The Company received an aggregate of $250,000 of Third Promissory Notes; |
SUBSEQUENT EVENTS 04_30_17 (Det
SUBSEQUENT EVENTS 04/30/17 (Details Narrative) | 1 Months Ended | 3 Months Ended |
Sep. 13, 2017 | Jul. 26, 2017 | |
Third Promissory Note [Member] | ||
Event Description | The Company received an aggregate of $300,000 of Third Promissory Notes. | The Company received an aggregate of $250,000 of Third Promissory Notes; |
Third Promissory Note 2 [Member] | ||
Event Date | Jul. 10, 2017 | |
Event Description | the Company issued 112,433 bonus shares to the Lender pursuant to the terms of the Third Promissory Notes (Note 5). |