Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2018 | Mar. 14, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | I-Minerals Inc | |
Entity Central Index Key | 1,405,663 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Amendment Flag | false | |
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 | |
Entity Common Stock, Shares Outstanding | 89,831,955 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Current assets | ||
Cash | $ 233,823 | $ 287,282 |
Receivables | 7,577 | 7,169 |
Prepaids | 18,056 | 65,259 |
Current Assets | 259,456 | 359,710 |
Equipment | 9,728 | 9,090 |
Mineral property interest | 885,163 | 305,850 |
Deposits | 34,932 | 14,932 |
TOTAL ASSETS | 1,189,279 | 689,582 |
Current liabilities | ||
Accounts payable and accrued liabilities | 883,300 | 1,168,606 |
Promissory notes | 190,736 | 14,147,964 |
Derivative liabilities | 283,725 | 1,188,937 |
Current Liabilities | 1,357,761 | 16,505,507 |
Promissory notes | 17,572,031 | 165,208 |
TOTAL LIABILITIES | 18,929,792 | 16,670,715 |
CAPITAL DEFICIT | ||
Unlimited common shares with no par value Issued and fully paid: 89,831,955 (April 30, 2017 - 89,372,359) | 18,787,998 | 18,658,118 |
Additional paid-in capital | 1,890,220 | 1,948,384 |
Commitment to issue shares | 15,000 | 29,625 |
Deficit | (38,433,731) | (36,617,260) |
TOTAL CAPITAL DEFICIT | (17,740,513) | (15,981,133) |
TOTAL LIABILITIES AND CAPITAL DEFICIT | $ 1,189,279 | $ 689,582 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2018 | Apr. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | ||
Common Stock, shares authorized | ||
Common Stock, shares issued | 89,831,955 | 89,372,359 |
Common Stock, shares outstanding | 89,831,955 | 89,372,359 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
OPERATING EXPENSES | ||||
Amortization | $ 710 | $ 513 | $ 2,279 | $ 1,666 |
Management and consulting fees | 24,813 | 58,221 | 83,123 | 247,047 |
Mineral property expenditures | 119,765 | 387,812 | 336,892 | 1,055,024 |
General and miscellaneous | 107,538 | 163,224 | 354,092 | 523,486 |
Professional fees | 47,561 | (377,824) | 195,992 | (133,157) |
Operating Expenses | (300,387) | (231,946) | (972,378) | (1,694,066) |
OTHER (EXPENSES) INCOME | ||||
Foreign exchange gain (loss) | (10,919) | 10,975 | (22,536) | (3,236) |
Accretion expense | (84,621) | (120,031) | (403,893) | (363,386) |
Interest expense | (466,563) | (416,623) | (1,413,245) | (1,159,725) |
Change in fair value of derivative liabilities | 152,809 | (397,621) | 992,869 | (504,426) |
Gain on debt settlement | 2,712 | 2,712 | ||
LOSS FOR THE PERIOD | $ (706,969) | $ (1,155,246) | $ (1,816,471) | $ (3,724,839) |
Loss per share - basic and diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.04) |
Weighted average number of shares outstanding | 89,514,980 | 88,611,697 | 89,466,339 | 87,650,365 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
OPERATING ACTIVITIES | ||
Loss for the period | $ (1,816,471) | $ (3,724,839) |
Items not involving cash: | ||
Amortization | 2,279 | 1,666 |
Stock-based compensation | 8,632 | 155,223 |
Accretion expense | 403,893 | 363,386 |
Change in fair value of derivative liabilities | (992,869) | 504,426 |
Unrealized foreign exchange loss | 20,219 | |
Change in non-cash operating working capital items: | ||
Receivables | (408) | 15,680 |
Prepaids | 47,203 | 23,050 |
Accounts payable and accrued liabilities | 1,472,034 | 1,020,956 |
Cash flows used in operating activities | (855,488) | (1,640,452) |
INVESTING ACTIVITIES | ||
Additions to mineral property interest | (525,054) | |
Purchase of equipment | (2,917) | |
Deposits | (20,000) | |
Cash flows used in investing activities | (547,971) | |
FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options and warrants | 300,574 | |
Promissory notes received | 1,350,000 | 1,620,000 |
Cash flows from financing activities | 1,350,000 | 1,920,574 |
INCREASE (DECREASE) IN CASH | (53,459) | 280,122 |
CASH, BEGINNING OF THE PERIOD | 287,282 | 128,353 |
CASH, END OF THE PERIOD | 233,823 | 408,475 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest paid | ||
Taxes paid |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Capital Deficit (Equity) (Unaudited) - 9 months ended Jan. 31, 2018 - USD ($) | Common Stock | Commitment to Issue Shares | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance at Apr. 30, 2017 | $ 18,658,118 | $ 29,625 | $ 1,948,384 | $ (36,617,260) | $ (15,981,133) |
Beginning Balance (in Shares) at Apr. 30, 2017 | 89,372,359 | 89,372,359 | |||
Shares issued as a debt discount | $ 115,875 | (115,875) | |||
Shares issued as a debt discount (Shares) | 403,844 | ||||
Shares issuable as a debt discount | 101,250 | 101,250 | |||
Shares issued as a debt settlement | $ 14,005 | 14,005 | |||
Shares issued as a debt settlement (Shares) | 55,752 | ||||
Share-based payments - vesting | 8,632 | 8,632 | |||
Reallocation of vested options to liabilities | (66,796) | (66,796) | |||
Loss for the period | (1,816,471) | (1,816,471) | |||
Ending Balance at Jan. 31, 2018 | $ 18,787,998 | $ 15,000 | $ 1,890,220 | $ (38,433,731) | $ (17,740,513) |
Ending Balance (Shares) at Jan. 31, 2018 | 89,831,955 | 89,831,955 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY | 9 Months Ended |
Jan. 31, 2018 | |
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 January 31, 2018, the Company had not yet achieved profitable operations, had an accumulated deficit of $ 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 nine months ended January 31, 2018 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 has been receiving funds from a company controlled by a director of the Company through promissory notes (Note 5). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jan. 31, 2018 | |
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. As the Company has been using debt to finance the development activities, interest expense relating to the capitalized costs are included as capitalized development costs. 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 January 31, 2018, the promissory notes had a fair value of $16,516,960 (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 January 31, 2018 and April 30, 2017. As at January 31, 2018, 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 nine months ended January 31, 2018 and 2017 is as follows: 2018 $ 2017 $ Warrants (Note 6) Beginning fair value 742,583 326,595 Issuance 20,861 55,239 Reallocation on exercise of warrants - (108,784) Change in fair value (629,003) 365,241 Ending fair value 134,441 638,291 Non-employee options (Note 7(c)) Beginning fair value 446,354 189,207 Fair value of options on vesting 66,796 - Change in fair value (363,866) 139,185 Ending fair value 149,284 328,392 Total Level 3 liabilities 283,725 966,683 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 non-recurring basis during the periods ended January 31, 2018 and 2017. 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 nine months ended January 31, 2018, loss per share excludes 11,197,855 (2017 – 9,226,082) 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. |
MINERAL PROPERTY INTEREST
MINERAL PROPERTY INTEREST | 9 Months Ended |
Jan. 31, 2018 | |
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 216,358 Metallurgy 218,130 Permitting and environmental 500 Licenses and fees 16,743 Interest on Promissory Notes 54,259 Other direct costs 73,323 579,313 Balance at January 31, 2018 885,163 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 | 9 Months Ended |
Jan. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: January 31, 2018 $ April 30, 2017 $ Trade payables 327,484 265,116 Amounts due to related parties (Note 8) 197,790 197,954 Interest payable on promissory notes (Note 5) 358,026 705,536 Total accounts payable and accrued liabilities 883,300 1,168,606 |
PROMISSORY NOTES
PROMISSORY NOTES | 9 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
PROMISSORY NOTES | 5. PROMISSORY NOTES: January 31, 2018 $ April 30, 2017 $ Third promissory notes 17,572,031 14,147,964 Fourth promissory notes 190,736 165,208 Total promissory notes 17,762,767 14,313,172 Current 190,736 14,147,964 Non-current 17,572,031 165,208 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. On January 19, 2018, the Company entered into an amending agreement whereby the Lender agreed to advance an additional $200,000 under the same terms as the Third Promissory Notes. During the year ended April 30, 2017, the Company received $1,815,000 in advances pursuant to the Third Promissory Notes. During the nine months ended January 31, 2017, the Company received the final $1,350,000 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 $ - 17,774,403 - - - 17,774,403 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. On October 25, 2017, the Company entered into an amending agreement with the Lender to extend the maturity date of the outstanding Promissory Notes from December 2, 2017 to March 31, 2019. In consideration for the extension, the Company agreed to pay a 1% extension fee in the amount of $168,152. The agreement was subject to the approval of the TSX-V, which was received on December 13, 2017. The promissory notes bear interest at the rate of 12% per annum and during the nine months ended January 31, 2018, the Company recorded interest of $1,448,167 (2017 - $1,159,725), of which $54,259 was capitalized to mineral property interest and $1,393,908 was expensed. 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 nine months ended January 31, 2018, the Company issued 403,844 bonus shares to the Lender at the fair value of $115,875, 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 January 31, 2018, the Company was committed to issuing an additional 63,584 bonus shares to the Lender at the fair value of $15,000. 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 379,339 bonus share purchase warrants committed to be issued (based on advances received during the period) during the nine months ended January 31, 2018 of $20,861 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 $398,583 for the nine months ended January 31, 2018 (2017 - $363,386). The unamortized debt discount as at January 31, 2018 is $57,750 (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 January 31, 2018, the balance of the Fourth Promissory Notes was CAD$250,000 ($203,368). The loan bears interest at a rate of 12% per annum and during the nine months ended January 31, 2018, the Company recorded interest of $19,337. 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 Company issued 55,572 common shares at the fair value of $13,553 pursuant to the settlement of $20,630 of interest payable. 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 $5,310 for the nine months ended January 31, 2018. The unamortized debt discount as at January 31, 2018 is $12,632 (April 30, 2017 - $17,942). |
WARRANT LIABILITIES
WARRANT LIABILITIES | 9 Months Ended |
Jan. 31, 2018 | |
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) 20,861 Change in fair value of warrant derivatives (629,003) Balance, January 31, 2018 134,441 Warrant Derivative Liabilities At January 31 134,441 742,583 January 31 2018 April 30, 2017 Stock price (CAD$) 0.27 0.48 Exercise price (CAD$) 0.32 0.31 Risk-free interest rate (%) 0.73 1.15 Expected life (years) 0.94 1.70 Expected volatility (%) 43 61 Expected dividends ($) Nil Nil |
SHARE CAPITAL
SHARE CAPITAL | 9 Months Ended |
Jan. 31, 2018 | |
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 nine months ended January 31, 2018, 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). ii) On January 24, 2018, the Company issued 291,411 common shares with a fair value of $76,500. The common shares were issued as debt discounts pursuant to the Third Promissory Notes (Note 5). iii) On January 24, 2018, the Company issued 55,752 common shares with a fair value of $14,005. The common shares were issued as settlement of accrued interest pursuant to the Fourth Promissory Notes (Note 5). c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at January 31, 2018, the Company had 2,578,196 stock options available for grant pursuant to the Plan (April 30, 2017 - 2,382,236). The Company’s stock options outstanding as at January 31, 2018 and April 30, 2017 and the changes for the periods then ended are as follows: Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2017 6,555,000 0.22 Expired (150,000) 0.25 Balance outstanding at January 31, 2018 6,405,000 0.22 Balance exercisable at January 31, 2018 5,975,000 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 0.49 Stock options 260,000 0.15 July 30, 2018 0.49 Stock options 300,000 0.25 July 30, 2018 0.49 Stock options 200,000 0.25 November 19, 2018 0.80 Stock options 150,000 0.25 January 8, 2019 0.94 Stock options 300,000 0.25 May 23, 2019 1.31 Stock options 1,975,000 0.25 January 29, 2020 1.99 Stock options 200,000 0.25 August 4, 2020 2.51 Stock options 1,000,000 0.25 (1) 0.07 Stock options 20,000 0.22 May 19, 2018 0.30 Stock options 300,000 0.30 July 21, 2021 3.47 Stock options 400,000 0.30 November 3, 2021 3.76 (1) 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 January 31, 2018, there were nil (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 nine months ended January 31, 2018 and 2017: 2018 $ 2017 $ Fair value of non-employee options, beginning of the period 446,354 189,207 Fair value of options on vesting 66,796 - Change in fair value of non-employee stock options during the period (363,866) 139,185 Fair value of non-employee options, end of the period 149,284 328,392 The Company determined the fair value of its non-employee stock options as at January 31, 2018 and April 30, 2017 using the Black-Scholes option pricing model with the following weighted average assumptions: January 31, 2018 April 30, 2017 Stock price (CAD$) 0.27 0.48 Exercise price (CAD$) 0.24 0.23 Risk-free interest rate (%) 0.92 0.83 Expected life (years) 1.17 1.56 Expected volatility (%) 61 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 $28,560 and the intrinsic value of options expected to vest is $234,056 (CAD$287,725). Share-based payments are classified in the Company’s Statement of Loss during the nine months ended January 31, 2018 and 2017 as follows: 2018 $ 2017 $ Management and consulting fees 8,632 155,223 8,632 155,223 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$) Balance at April 30, 2017 4,349,932 0.31 Issued 379,339 0.35 Balance at January 31, 2018 4,729,271 0.32 Summary of warrants outstanding and issuable at : Security Number Outstanding Exercise Price ($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 129,967 0.290 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 65,514 0.320 December 31, 2018 (1) Warrants 58,059 0.330 December 31, 2018 (1) Warrants 58,496 0.335 December 31, 2018 (1) Warrants 35,997 0.383 December 31, 2018 (1) Warrants 30,139 0.405 December 31, 2018 (1) Warrants 34,031 0.420 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). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jan. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 8. RELATED PARTY TRANSACTIONS: During the nine months ended January 31, 2018, management and consulting fees of $72,000 (2017 - $72,185) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $2,491 (2017 - $2,179) in management and consulting fees. $17,851 (2017 - $20,096) was charged by Malaspina Consultants Inc. for the services of Matt Anderson, CFO, and are included in professional fees. John Theobald, Director, charged $56,938 (2017 - $36,542) 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 January 31, 2018, the amount was $197,790 (April 30, 2017 – The promissory notes received from a company controlled by a director (Note 5) are related party transactions. |
SEGMENT DISCLOSURES
SEGMENT DISCLOSURES | 9 Months Ended |
Jan. 31, 2018 | |
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. |
NON-CASH TRANSACTIONS
NON-CASH TRANSACTIONS | 9 Months Ended |
Jan. 31, 2018 | |
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 nine months ended January 31, 2018, the following transactions were excluded from the consolidated statement of cash flows: a) The commitment to issue 379,339 common shares at the fair value of $101,250 and 379,339 warrants at the fair value of $20,861 pursuant to the promissory notes; and, b) Interest of $1,797,594 and the $168,152 loan extension fee were deemed advances under the Third Promissory Notes. During the , the following transactions were excluded from the consolidated statement of cash flows: a) The commitment to issue 534,480 common shares at the fair value of $119,644 and 534,480 warrants at the fair value of $55,239 pursuant to the promissory notes. |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
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. As the Company has been using debt to finance the development activities, interest expense relating to the capitalized costs are included as capitalized development costs. 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 | 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 January 31, 2018, the promissory notes had a fair value of $16,516,960 (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 January 31, 2018 and April 30, 2017. As at January 31, 2018, 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 nine months ended January 31, 2018 and 2017 is as follows: 2018 $ 2017 $ Warrants (Note 6) Beginning fair value 742,583 326,595 Issuance 20,861 55,239 Reallocation on exercise of warrants - (108,784) Change in fair value (629,003) 365,241 Ending fair value 134,441 638,291 Non-employee options (Note 7(c)) Beginning fair value 446,354 189,207 Fair value of options on vesting 66,796 - Change in fair value (363,866) 139,185 Ending fair value 149,284 328,392 Total Level 3 liabilities 283,725 966,683 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 non-recurring basis during the periods ended January 31, 2018 and 2017. |
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 nine months ended January 31, 2018, loss per share excludes 11,197,855 (2017 – 9,226,082) 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. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Liabilities | 2018 $ 2017 $ Warrants (Note 6) Beginning fair value 742,583 326,595 Issuance 20,861 55,239 Reallocation on exercise of warrants - (108,784) Change in fair value (629,003) 365,241 Ending fair value 134,441 638,291 Non-employee options (Note 7(c)) Beginning fair value 446,354 189,207 Fair value of options on vesting 66,796 - Change in fair value (363,866) 139,185 Ending fair value 149,284 328,392 Total Level 3 liabilities 283,725 966,683 |
MINERAL PROPERTY INTEREST (Tabl
MINERAL PROPERTY INTEREST (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Extractive Industries [Abstract] | |
Development Expenditures | $ Balance at April 30, 2017 305,850 Engineering and consulting 216,358 Metallurgy 218,130 Permitting and environmental 500 Licenses and fees 16,743 Interest on Promissory Notes 54,259 Other direct costs 73,323 579,313 Balance at January 31, 2018 885,163 |
ACCOUNTS PAYABLE AND ACCRUED 20
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable And Accrued Liabilities | January 31, 2018 $ April 30, 2017 $ Trade payables 327,484 265,116 Amounts due to related parties (Note 8) 197,790 197,954 Interest payable on promissory notes (Note 5) 358,026 705,536 Total accounts payable and accrued liabilities 883,300 1,168,606 |
PROMISSORY NOTES (Tables)
PROMISSORY NOTES (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Promissory Notes | January 31, 2018 $ April 30, 2017 $ Third promissory notes 17,572,031 14,147,964 Fourth promissory notes 190,736 165,208 Total promissory notes 17,762,767 14,313,172 Current 190,736 14,147,964 Non-current 17,572,031 165,208 |
Schedule of Payments To Repay Principal Balance | 2018 $ 2019 $ 2020 $ 2021 $ 2022 $ Total $ - 17,774,403 - - - 17,774,403 |
WARRANT LIABILITIES (Tables)
WARRANT LIABILITIES (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
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) 20,861 Change in fair value of warrant derivatives (629,003) Balance, January 31, 2018 134,441 |
Schedule of Weighted Average Assumptions of Derivative Liabilities | January 31 2018 April 30, 2017 Stock price (CAD$) 0.27 0.48 Exercise price (CAD$) 0.32 0.31 Risk-free interest rate (%) 0.73 1.15 Expected life (years) 0.94 1.70 Expected volatility (%) 43 61 Expected dividends ($) Nil Nil |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options Outstanding | Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2017 6,555,000 0.22 Expired (150,000) 0.25 Balance outstanding at January 31, 2018 6,405,000 0.22 Balance exercisable at January 31, 2018 5,975,000 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 0.49 Stock options 260,000 0.15 July 30, 2018 0.49 Stock options 300,000 0.25 July 30, 2018 0.49 Stock options 200,000 0.25 November 19, 2018 0.80 Stock options 150,000 0.25 January 8, 2019 0.94 Stock options 300,000 0.25 May 23, 2019 1.31 Stock options 1,975,000 0.25 January 29, 2020 1.99 Stock options 200,000 0.25 August 4, 2020 2.51 Stock options 1,000,000 0.25 (1) 0.07 Stock options 20,000 0.22 May 19, 2018 0.30 Stock options 300,000 0.30 July 21, 2021 3.47 Stock options 400,000 0.30 November 3, 2021 3.76 |
Fair Values of Non-Employee Stock Options | 2018 $ 2017 $ Fair value of non-employee options, beginning of the period 446,354 189,207 Fair value of options on vesting 66,796 - Change in fair value of non-employee stock options during the period (363,866) 139,185 Fair value of non-employee options, end of the period 149,284 328,392 |
Weighted Average Assumptions of Non-Employee Stock Options | January 31, 2018 April 30, 2017 Stock price (CAD$) 0.27 0.48 Exercise price (CAD$) 0.24 0.23 Risk-free interest rate (%) 0.92 0.83 Expected life (years) 1.17 1.56 Expected volatility (%) 61 59 Expected dividends ($) Nil Nil |
Income Statement Share-based payments | 2018 $ 2017 $ Management and consulting fees 8,632 155,223 8,632 155,223 |
Summary Of Fully-Exercisable Share Purchase Warrants | Number Outstanding Weighted Average Exercise Price (CAD$) Balance at April 30, 2017 4,349,932 0.31 Issued 379,339 0.35 Balance at January 31, 2018 4,729,271 0.32 |
Summary Of Warrants Outstanding And Issuable | Security Number Outstanding Exercise Price ($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 129,967 0.290 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 65,514 0.320 December 31, 2018 (1) Warrants 58,059 0.330 December 31, 2018 (1) Warrants 58,496 0.335 December 31, 2018 (1) Warrants 35,997 0.383 December 31, 2018 (1) Warrants 30,139 0.405 December 31, 2018 (1) Warrants 34,031 0.420 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 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - Summary of Liabilities - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Total Level 3 liabilities | $ 283,725 | $ 966,683 |
Warrants [Member] | ||
Beginning fair value | 742,583 | 326,595 |
Issuance | 20,861 | 55,239 |
Reallocation on exercise of warrants | (108,784) | |
Change in fair value | (629,003) | 365,241 |
Ending fair value | 134,441 | 638,291 |
Non-employee Options [Member] | ||
Beginning fair value | 446,354 | 189,207 |
Granted | ||
Vesting | 66,796 | |
Change in fair value | (363,866) | 139,185 |
Ending fair value | $ 149,284 | $ 328,392 |
MINERAL PROPERTY INTEREST (Deta
MINERAL PROPERTY INTEREST (Detail) - Development Expenditures | 9 Months Ended |
Jan. 31, 2018USD ($) | |
Extractive Industries [Abstract] | |
Development Expenditures, Balance at April 30, 2017 | $ 305,850 |
Engineering and consulting | 216,358 |
Metallurgy | 218,130 |
Permitting and environmental | 500 |
Licenses and fees | 16,743 |
Interest on Promissory Notes | 54,259 |
Other direct costs | 73,323 |
[us-gaap:ExplorationExpenseMining] | 579,313 |
Development Expenditures, Balance at January 31, 2018 | $ 885,163 |
ACCOUNTS PAYABLE AND ACCRUED 26
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Detail) - Schedule of Accounts Payable And Accrued Liabilities - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 327,484 | $ 265,116 |
Amounts due to related parties | 197,790 | 197,954 |
Interest payable on promissory notes and second promissory notes | 358,026 | 705,536 |
Total accounts payable and accrued liabilities | $ 883,300 | $ 1,168,606 |
PROMISSORY NOTES (Detail) - Sch
PROMISSORY NOTES (Detail) - Schedule of Promissory Notes - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Current | $ 190,736 | $ 14,147,964 |
Non-current | 17,572,031 | 165,208 |
Third Promissory Note [Member] | ||
Promissory notes | 17,572,031 | 14,147,964 |
Forth Promissory Note [Member] | ||
Promissory notes | 190,736 | 165,208 |
Total [Member] | ||
Promissory notes | $ 17,762,767 | $ 14,313,172 |
PROMISSORY NOTES (Detail) - S28
PROMISSORY NOTES (Detail) - Schedule of Payments To Repay Principal Balance - Promissory Notes [Member] | Jan. 31, 2018USD ($) |
2,018 | |
2,019 | 17,774,403 |
2,020 | |
2,022 | |
2,022 | |
Total | $ 17,774,403 |
WARRANT LIABILITIES (Detail) -
WARRANT LIABILITIES (Detail) - Schedule of Fair Value of Derivative Liabilities | 9 Months Ended |
Jan. 31, 2018USD ($) | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Balance, April 30, 2017 | $ 742,583 |
Bonus warrants issuable pursuant to promissory notes | 20,861 |
Change in fair value of warrant derivatives | (629,003) |
Balance, January 31, 2018 | $ 134,441 |
WARRANT LIABILITIES (Detail) 30
WARRANT LIABILITIES (Detail) - Schedule of Weighted Average Assumptions of Derivative Liabilities - Warrants [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Stock price (CAD$) | $ 0.27 | $ 0.48 |
Exercise price (CAD$) | $ 0.32 | $ 0.31 |
Risk-free interest rate (%) | 73.00% | 115.00% |
Expected life (years) | 343 days 2 hours 24 minutes | 1 year 255 days 12 hours |
Expected volatility (%) | 43.00% | 61.00% |
Expected dividends ($) |
SHARE CAPITAL (Detail) - Stock
SHARE CAPITAL (Detail) - Stock Options Outstanding | 9 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, Beginning | shares | 6,555,000 |
Outstanding, Weighted Average Exercise Price, Beginning | $ / shares | $ 0.22 |
Granted | shares | |
Granted, Weighted Average Exercise Price | $ / shares | |
Exercised | shares | |
Exercised, Weighted Average Exercise Price | $ / shares | |
Expired | shares | (150,000) |
Expired, Weighted Average Exercise Price | $ / shares | $ 0.25 |
Forfeited | shares | |
Forfeited, Weighted Average Exercise Price | $ / shares | |
Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.22 |
Outstanding, End | shares | 6,405,000 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 0.22 |
Exercisable, End | shares | 5,975,000 |
SHARE CAPITAL (Detail) - Summar
SHARE CAPITAL (Detail) - Summary Of Stock Options Outstanding | 9 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Set 1 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 1,300,000 |
Exercise Price | $ / shares | $ 0.1 |
Expiry Date | Jul. 30, 2018 |
Remaining Contractual Life (years) | 178 days 20 hours 24 minutes |
Set 2 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 260,000 |
Exercise Price | $ / shares | $ 0.15 |
Expiry Date | Jul. 30, 2018 |
Remaining Contractual Life (years) | 178 days 20 hours 24 minutes |
Set 3 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 300,000 |
Exercise Price | $ / shares | $ 0.25 |
Expiry Date | Jul. 30, 2018 |
Remaining Contractual Life (years) | 178 days 20 hours 24 minutes |
Set 4 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 200,000 |
Exercise Price | $ / shares | $ 0.25 |
Expiry Date | Nov. 19, 2018 |
Remaining Contractual Life (years) | 292 days |
Set 5 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 150,000 |
Exercise Price | $ / shares | $ 0.25 |
Expiry Date | Jan. 8, 2019 |
Remaining Contractual Life (years) | 343 days 2 hours 24 minutes |
Set 6 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 300,000 |
Exercise Price | $ / shares | $ 0.25 |
Expiry Date | May 23, 2019 |
Remaining Contractual Life (years) | 1 year 113 days 3 hours 36 minutes |
Set 7 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 1,975,000 |
Exercise Price | $ / shares | $ 0.25 |
Expiry Date | Jan. 29, 2020 |
Remaining Contractual Life (years) | 1 year 361 days 8 hours 24 minutes |
Set 8 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 200,000 |
Exercise Price | $ / shares | $ 0.25 |
Expiry Date | Aug. 4, 2020 |
Remaining Contractual Life (years) | 2 years 6 months |
Set 9 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 1,000,000 |
Exercise Price | $ / shares | $ 0.25 |
Expiry Date | Feb. 25, 2018 |
Remaining Contractual Life (years) | 25 days 13 hours 12 minutes |
Set 10 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 20,000 |
Exercise Price | $ / shares | $ 0.22 |
Expiry Date | May 19, 2018 |
Remaining Contractual Life (years) | 109 days 12 hours |
Set 11 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 300,000 |
Exercise Price | $ / shares | $ 0.3 |
Expiry Date | Jul. 21, 2021 |
Remaining Contractual Life (years) | 3 years 171 days 13 hours 12 minutes |
Set 12 [Member] | |
Type of Security | Stock options |
Outstanding Stock Options | shares | 400,000 |
Exercise Price | $ / shares | $ 0.3 |
Expiry Date | Nov. 3, 2021 |
Remaining Contractual Life (years) | 3 years 277 days 9 hours 36 minutes |
SHARE CAPITAL (Detail) - Fair V
SHARE CAPITAL (Detail) - Fair Values of Non-Employee Stock Options - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Fair value of non-employee options, beginning of the period | $ 446,354 | $ 189,207 |
Fair value of options on vesting | 66,796 | |
Change in fair value of non-employee stock options during the period | (363,866) | 139,185 |
Fair value of non-employee options, end of the period | $ 149,284 | $ 328,392 |
SHARE CAPITAL (Detail) - Weight
SHARE CAPITAL (Detail) - Weighted Average Grant Date Fair Value Of Stock Options Granted - Employee Stock Option [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Stock price (CAD$) | $ 0.27 | $ 0.48 |
Exercise price (CAD$) | $ 0.24 | $ 0.23 |
Risk-free interest rate (%) | 92.00% | 83.00% |
Expected life (years) | 1 year 62 days 1 hour 12 minutes | 1 year 204 days 9 hours 36 minutes |
Expected volatility (%) | 61.00% | 59.00% |
Expected dividends ($) |
SHARE CAPITAL (Detail) - Income
SHARE CAPITAL (Detail) - Income Statement Share-based payments - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share Based Payments, Management and consulting fees | $ 8,632 | $ 155,223 |
Total | $ 8,632 | $ 155,223 |
SHARE CAPITAL (Detail) - Summ36
SHARE CAPITAL (Detail) - Summary Of Fully-Exercisable Share Purchase Warrants | 9 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number Outstanding, Beginning | shares | 4,349,932 |
Weighted Average Exercise Price | $ / shares | $ 0.31 |
Issued | shares | 379,339 |
Issued, Weighted Average Exercise Price | $ / shares | $ 0.35 |
Expired | shares | |
Expired, Weighted Average Exercise Price | $ / shares | |
Exercised | shares | |
Exercised, Weighted Average Exercise Price | $ / shares | |
Number Outstanding, End | shares | 4,729,271 |
Weighted Average Exercise Price, End | $ / shares | $ 0.32 |
SHARE CAPITAL (Detail) - Summ37
SHARE CAPITAL (Detail) - Summary Of Warrants Outstanding And Issuable | 9 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Warrants 1 [Member] | |
Outstanding Stock Options | shares | 730,848 |
Exercise Price | $ / shares | $ 0.22 |
Expiry Date | Dec. 31, 2018 |
Warrants 2 [Member] | |
Outstanding Stock Options | shares | 242,545 |
Exercise Price | $ / shares | $ 0.23 |
Expiry Date | Dec. 31, 2018 |
Warrants 3 [Member] | |
Outstanding Stock Options | shares | 194,344 |
Exercise Price | $ / shares | $ 0.24 |
Expiry Date | Dec. 31, 2018 |
Warrants 4 [Member] | |
Outstanding Stock Options | shares | 37,203 |
Exercise Price | $ / shares | $ 0.245 |
Expiry Date | Dec. 31, 2018 |
Warrants 5 [Member] | |
Outstanding Stock Options | shares | 393,058 |
Exercise Price | $ / shares | $ 0.255 |
Expiry Date | Dec. 31, 2018 |
Warrants 6 [Member] | |
Outstanding Stock Options | shares | 192,206 |
Exercise Price | $ / shares | $ 0.259 |
Expiry Date | Dec. 31, 2018 |
Warrants 7 [Member] | |
Outstanding Stock Options | shares | 126,843 |
Exercise Price | $ / shares | $ 0.265 |
Expiry Date | Dec. 31, 2018 |
Warrants 8 [Member] | |
Outstanding Stock Options | shares | 198,750 |
Exercise Price | $ / shares | $ 0.272 |
Expiry Date | Dec. 31, 2018 |
Warrants 9 [Member] | |
Outstanding Stock Options | shares | 129,967 |
Exercise Price | $ / shares | $ 0.29 |
Expiry Date | Dec. 31, 2018 |
Warrants 10 [Member] | |
Outstanding Stock Options | shares | 95,781 |
Exercise Price | $ / shares | $ 0.291 |
Expiry Date | Dec. 31, 2018 |
Warrants 11 [Member] | |
Outstanding Stock Options | shares | 100,373 |
Exercise Price | $ / shares | $ 0.295 |
Expiry Date | Dec. 31, 2018 |
Warrants 12 [Member] | |
Outstanding Stock Options | shares | 101,095 |
Exercise Price | $ / shares | $ 0.298 |
Expiry Date | Dec. 31, 2018 |
Warrants 13 [Member] | |
Outstanding Stock Options | shares | 49,294 |
Exercise Price | $ / shares | $ 0.299 |
Expiry Date | Dec. 31, 2018 |
Warrants 14 [Member] | |
Outstanding Stock Options | shares | 150,246 |
Exercise Price | $ / shares | $ 0.31 |
Expiry Date | Dec. 31, 2018 |
Warrants 15 [Member] | |
Outstanding Stock Options | shares | 65,514 |
Exercise Price | $ / shares | $ 0.32 |
Expiry Date | Dec. 31, 2018 |
Warrants 16 [Member] | |
Outstanding Stock Options | shares | 58,059 |
Exercise Price | $ / shares | $ 0.33 |
Expiry Date | Dec. 31, 2018 |
Warrants 17 [Member] | |
Outstanding Stock Options | shares | 58,496 |
Exercise Price | $ / shares | $ 0.335 |
Expiry Date | Dec. 31, 2018 |
Warrants 18 [Member] | |
Outstanding Stock Options | shares | 35,997 |
Exercise Price | $ / shares | $ 0.383 |
Expiry Date | Dec. 31, 2018 |
Warrants 19 [Member] | |
Outstanding Stock Options | shares | 30,139 |
Exercise Price | $ / shares | $ 0.405 |
Expiry Date | Dec. 31, 2018 |
Warrants 20 [Member] | |
Outstanding Stock Options | shares | 34,031 |
Exercise Price | $ / shares | $ 0.42 |
Expiry Date | Dec. 31, 2018 |
Warrants 21 [Member] | |
Outstanding Stock Options | shares | 40,761 |
Exercise Price | $ / shares | $ 0.46 |
Expiry Date | Dec. 31, 2018 |
Warrants 22 [Member] | |
Outstanding Stock Options | shares | 25,621 |
Exercise Price | $ / shares | $ 0.47 |
Expiry Date | Dec. 31, 2018 |
Warrants 23 [Member] | |
Outstanding Stock Options | shares | 63,756 |
Exercise Price | $ / shares | $ 0.475 |
Expiry Date | Dec. 31, 2018 |
Warrants 24 [Member] | |
Outstanding Stock Options | shares | 24,344 |
Exercise Price | $ / shares | $ 0.54 |
Expiry Date | Dec. 31, 2018 |
Warrants 25 [Member] | |
Outstanding Stock Options | shares | 1,550,000 |
Exercise Price | $ / shares | $ 0.4 |
Expiry Date | Jan. 31, 2019 |
NATURE OF BUSINESS AND BASIS 38
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Accounting Policies [Abstract] | ||
Accumulated Deficit | $ 38,433,731 | $ 36,617,260 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2017 | |
Shares Excluded from Loss Per Share, potentially dilutive | 11,197,855 | 9,226,082 | |
Promissory Notes [Member] | |||
Notes Fair Value | $ 16,516,960 | $ 13,781,276 |
MINERAL PROPERTY INTEREST (De40
MINERAL PROPERTY INTEREST (Details Narrative) - Idaho [Member] | 9 Months Ended |
Jan. 31, 2018 | |
Mineral Leases Interest | 100.00% |
Number of Mineral Leases | 11 |
Mineral Royalty | The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. |
PROMISSORY NOTES (Details Narra
PROMISSORY NOTES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2017 | |
Accretion Expense | $ (84,621) | $ (120,031) | $ (403,893) | $ (363,386) | |
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 | $ 1,350,000 | $ 1,815,000 | |||
Interest Rate | 12.00% | 12.00% | |||
Interest Recorded | $ 1,448,167 | 1,159,725 | |||
Promissory Note Interest Payable Terms | Interest is payable semi-annually as calculated on May 31st and November 30th of each year. | ||||
Shares Issued, Shares | 63,584 | 88,089 | |||
Shares Issued, Fair Value | $ 15,000 | $ 29,625 | |||
Accretion Expense | 398,583 | $ 363,386 | 243,355 | ||
Unamortized Debt Discount | $ 57,750 | $ 57,750 | 310,693 | ||
Third Promissory Note [Member] | Bonus Shares [Member] | |||||
Shares Issued, Shares | 403,844 | ||||
Shares Issued, Fair Value | $ 115,875 | ||||
Share Purchase Warrants, Shares | 379,339 | ||||
Share Purchase Warrants, Fair Value | $ 20,861 | ||||
Black-Scholes Option Pricing Model Assumptions: | |||||
Stock price (CAD$) | $ 0.339 | $ 0.339 | |||
Exercise price (CAD$) | $ 0.353 | $ 0.353 | |||
Risk-free interest rate (%) | 132.00% | ||||
Expected life (years) | 1 year 65 days 16 hours 48 minutes | ||||
Expected volatility (%) | 48.90% | ||||
Expected dividends ($) | $ 0 | ||||
Fourth Promissory Note [Member] | |||||
Promissory Notes Description | 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 | $ 193,761 | ||||
Promissory Note Balance | $ 203,368 | $ 203,368 | |||
Promissory Notes Due | Dec. 31, 2018 | ||||
Interest Rate | 12.00% | 12.00% | |||
Interest Recorded | $ 19,337 | ||||
Shares Issued, Shares | 55,572 | ||||
Shares Issued, Fair Value | $ 13,553 | ||||
Accretion Expense | 5,310 | ||||
Unamortized Debt Discount | $ 12,632 | $ 12,632 | $ 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 |
WARRANT LIABILITIES (Details Na
WARRANT LIABILITIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Warrant Derivative Liabilities Fair Value | $ 134,441 | $ 742,583 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Apr. 30, 2017 | |
Stock Options Available For Grant | 2,578,196 | 2,382,236 |
Non Vested Stock Options | 300,000 | |
Unamortized Compensation Cost of Options | $ 28,560 | |
The Intrinsic Value Of Options Expected To Vest | $ 234,056 | |
July 11, 2017 [Member] | ||
Shares Issued, Shares | 112,433 | |
Shares Issued, Fair Value | $ 39,375 | |
January 24, 2018 (First Issuance) [Member] | ||
Shares Issued, Shares | 291,411 | |
Shares Issued, Fair Value | $ 76,500 | |
January 24, 2018 (Second Issuance) [Member] | ||
Shares Issued, Shares | 55,752 | |
Shares Issued, Fair Value | $ 14,005 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2018 | Jul. 30, 2017 | Jan. 31, 2017 | Jul. 30, 2016 | Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2017 | |
Management And Consulting Fees | $ 24,813 | $ 58,221 | $ 83,123 | $ 247,047 | |||
Professional fees | 47,561 | $ (377,824) | 195,992 | (133,157) | |||
Accounts payable and accrued liabilities | 883,300 | 883,300 | $ 1,168,606 | ||||
RJG Capital Corporation [Member] | |||||||
Management And Consulting Fees | 72,000 | 72,185 | |||||
Wayne Moorhouse, Director [Member] | |||||||
Management And Consulting Fees | 2,491 | 2,179 | |||||
Malaspina Consultants Inc. [Member] | |||||||
Professional fees | 17,851 | $ 20,096 | |||||
John Theobald, Director [Member] | |||||||
Mineral Property Expenditures | $ 56,938 | $ 36,542 | |||||
Directors Or Officers Or Companies Controlled By Them [Member] | |||||||
Accounts payable and accrued liabilities | $ 197,790 | $ 197,790 | $ 197,954 |
SEGMENT DISCLOSURES (Details Na
SEGMENT DISCLOSURES (Details Narrative) | 9 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 1 |
NON-CASH TRANSACTIONS (Details
NON-CASH TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Interest | $ 466,563 | $ 416,623 | $ 1,413,245 | $ 1,159,725 |
Pursuant To Promissory Notes [Member] | ||||
Shares Issued, Shares | 379,339 | 534,480 | ||
Shares Issued, Fair Value | $ 101,250 | $ 119,644 | ||
Warrants, Shares | 379,339 | 534,480 | ||
Warrants, Fair Value | $ 20,861 | $ 55,239 | ||
Interest | 1,797,594 | |||
Loan Extension Fee | $ 168,152 |