Annual report pursuant to Section 13 and 15(d)

Common Shares

v3.21.2
Common Shares
12 Months Ended
Aug. 31, 2019
Common Shares [Abstract]  
COMMON SHARES
15. COMMON SHARES

  Authorized unlimited common shares without par value
  Issued and Outstanding 176,241,746 common shares as at August 31, 2019.

(a) Settlement of loans

On September 28, 2018, the Company issued 316,223 shares to two private investors in settlement of the remaining portion of their convertible debt of $255,078 (see Note 13(b)).


On December 3, 2018, the Company issued 145,788 shares of common stock to private investors in settlement of the remaining portion of their convertible debt of $56,500 including interest thereon of $13,479 (see Note 13(a)).


(b) Settlement of liabilities

Between September 4, 2018 and August 31, 2019, the Company issued 7,793,557 shares of common stock to several investors in settlement of $3,043,742 of trade debt.


(c) Common share subscriptions

On September 6, 2018, the Company issued 1,234,567 units to an investor for net proceeds of $1,000,000. Each unit consists of one share of common stock and three quarters of a share purchase warrant for a total warrant exercisable over 925,925 shares of common stock.


On October 11, 2018, the Company issued 81,229 shares of common stock to investors for net proceeds of $79,605. In addition, a further 752,040 units were issued to investors for net proceeds of $737,000. Each unit consisting of one share of common stock and a warrant exercisable for a share of common stock at exercise prices ranging from $1.35 to $1.50.


On November 7, 2018, the Company issued 320,408 units to investors for net proceeds of $169,000, each unit consisting of one share of common stock and a warrant exercisable for a share of common stock at an exercise price ranging from $0.61 to $0.66 per share.


On December 7, 2018, the Company issued a total of 3,868,970 shares of common stock to investors for net proceeds of $2,275,193. Certain of the subscription agreements were unit agreements, whereby warrants exercisable over 3,373,920 shares of common stock were issued to investors at exercise prices ranging from $0.67 to $1.50 per share.


On December 7, 2018, the Company issued 1,190,476 units to an investor for net proceeds of $500,000, each unit consisting of one share of common stock and a warrant exercisable for a share of common stock at an exercise price of $0.525 per share.


On January 10, 2019, the company issued a total of 1,522,080 shares of common stock to investors for net proceeds of $645,100. Certain of the subscription agreements were unit agreements, whereby warrants exercisable over 1,437,557 shares of common stock were issued to investors at an exercise price ranging from $1.00 to $1.50 per share.


On January 11, 2019, the Company issued 307,692 units to an investor for net proceeds of $200,000, each unit consisting of one share of common stock and a warrant exercisable for a share of common stock at an exercise price of $1.50 per share.


On January 25, 2019, the Company issued 147,058 units to an investor for net proceeds of $50,000, each unit consisting of one share of common stock and a warrant exercisable for a share of common stock at an exercise price of $0.37 per share.


On February 27, 2019, the Company issued a total of 7,242,424 shares of common stock to investors for net proceeds of $2,390,000.


On February 27, 2019, the Company issued 135,135 units to an investor for net proceeds of $50,000, each unit consisting of one share of common stock and a warrant exercisable for a share of common stock at an exercise price of $0.37 per share.


On February 27, 2019, the CEO of the Company subscribed for 62,500 shares of common stock for net proceeds of $25,000.


On March 11, 2019, the Chairman of the Board subscribed for 2,222,222 shares of common stock for net proceeds of $1,000,000.


On March 29, 2019 the Company cancelled 18,518 shares previously issued to an investor and returned the subscription proceeds of $10,000.


On March 29, 2019, the Company issued 1,481,481 units to an investor for net proceeds of $400,000, each unit consisting of one share of common stock and a warrant exercisable for a share of common stock at an exercise price of $0.465 per share. In addition, the Company issued 248,782 shares of common stock to investors for gross proceeds of $82,000.


On May 22, 2019, the Company issued 3,431,828 units to investors for gross proceeds of $886,950, each unit consisting of one share of common stock and one warrant exercisable for a share of common stock at exercise prices ranging from $0.28 to $1.50 per share, in addition, the Company issued a further 35,714 shares to a private investor for gross proceeds of $25,000.


On May 22, 2019, the Company issued 308,333 shares of common stock to the Chairman of the Board for gross proceeds of $74,000.


On July 3, 2019, the Company cancelled 390,625 shares previously issued to an investor.


On July 5, 2019, the Company issued 6,732,402 shares of common stock and warrants exercisable for 4,601,980 shares of common stock at exercise prices ranging from $0.25 to $0.40 per share to investors for gross proceeds of $1,180,796.


On August 16, 2019, the Company issued 5,481,349 shares of common stock and warrants exercisable for 4,563,725 shares of common stock at exercise prices ranging from $0.18 to $0.22 per share and further warrants exercisable 120,000 shares of common stock at an exercise price of CAD$0.29 per share, to investors for gross proceeds of $774,584.


(d) Share based payments for mineral rights

On April 1, 2019, the Company issued 15,000,000 shares valued at $9,000,000 in settlement of the remaining purchase consideration in terms of the acquisition of the BLM leases (Note 8).


On July 22, 2019, the Company issued 30,000,000 shares of common stock to Petrollo LP for the purchase of BLM mineral rights at an issue price of $0.40 per share (Note 8).


(e) Share based payments for services

Between September 1, 2018 and August 21, 2019, the Company issued 1,425,000 shares valued at $1,364,087 as compensation for professional services rendered to the Company, including 1,250,000 shares of common stock issued as fees for the Bay Private Equity convertible debt raise (see Note 13(g)).