Common Stock [Text Block] | 6. Common Stock Stock transactions during the year ended May 31, 2015: (a) On September 8, 2014, the Company issued 5,000,000 shares of common stock with a fair value of $50,000 to settle related party accounts payable of $50,000. (b) On September 29, 2014, the Company issued 1,500,000 shares of common stock pursuant to a private placement at Cdn$0.01 per share for proceeds of $13,449 (Cdn$15,000). (c) On April 28, 2015, the Company issued 3,500,000 shares of common stock with a fair value of $35,000 to settle related party accounts payable of $35,000. (d) On February 28, 2015, the Company received stock subscriptions for 1,000,000 shares of common stock pursuant to a private placement at Cdn$0.01 per share for proceeds of $7,998 (Cdn$10,000). (a) On April 28, 2015, the Company issued 30,100,000 shares of common stock with a fair value of $301,000 to settle accounts payable of $297,399, resulting in a loss on settlement of debt of $3,601. (b) On May 31, 2015, the Company issued 500,000 shares of common stock pursuant to a private placement at $0.01 per share for proceeds of $5,000. (c) On May 31, 2015, the Company issued 35,500,995 shares of common stock pursuant to a private placement at Cdn$0.0075 per share for proceeds of $214,097 (Cdn$266,257). (d) During the year ended May 31, 2015, the Company received stock subscriptions for 1,500,000 shares of common stock pursuant to a private placement at Cdn$0.01 per share for proceeds of $12,299 (Cdn$15,000). Stock transactions during the year ended May 31, 2014: (a) On June 11, 2013, the Company issued 17,500,000 shares of common stock with a fair value of $201,250 to acquire mineral claims. Refer to Note 3. (b) On September 5, 2013, the Company issued 15,000,000 shares of common stock at $0.01 per share for proceeds of $150,000. (c) On September 17, 2013, the Company increased the authorized share capital from 200,000,000 to 500,000,000 shares of common stock with no change in par value. (d) On February 24, 2014, the Company issued 10,000,000 shares of common stock with a fair value of $64,000 to settle accounts payable of $100,000 owing to a company controlled by the brother of the President of the Company. The company recorded the remaining $36,000 as a capital contribution from a related party. |