Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.21.2
Subsequent Events
12 Months Ended
Aug. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
30. SUBSEQUENT EVENTS

Events after the reporting date not otherwise separately disclosed in these consolidated financial statements are:


(a) Common shares

Between September 19, and September 30, 2019 the Company entered into subscription agreements with various investors whereby 18,313,557 common shares and warrants exercisable for 3,888,888 common shares at an exercise price of $0.23 per share were issued for gross proceeds of $2,991,874.


  (b) Debt settlements

On September 24, 2019, the Company issued 1,290,000 common shares to several investors in terms of debt settlement agreements entered into to settle $456,750 of debt related to consulting services provided to the Company.


On October 28, 2019, the Company issued 1,891,666 common shares to several investors in terms of debt settlement agreements entered into to settle $422,833 of debt related to consulting and services provided to the Company.


On November 14, 2019 the Company issued 352,000 common shares to settle $70,400 of debt owed for engineering consulting fees.


On November 21, 2019, the Company issued 50,000 shares as compensation for professional services rendered to the Company.


  (c) Financing Activity

On September 17, 2019, the Company issued a convertible debenture of $240,000 to Cantone Asset Management LLC, including an original issue discount of $40,000 for net proceeds of $187,200 after certain legal expenses, and warrants exercisable for 952,3810 common shares at an exercise price of $0.26 per share. The convertible debenture bears interest at 7.0% per annum and matures on December 17, 2020. The convertible debenture may be converted to 952,381 common shares of the Company at a conversion price of $0.21 per share.


On October 14, 2019, the Company issued a convertible debenture of $240,000 to Cantone Asset Management LLC, including an original issue discount of $40,000 for net proceeds of $197,000 after certain legal expenses, and warrants exercisable for 1,176,470 common shares at an exercise price of $0.20 per share. The convertible debenture bears interest at 7.0% per annum and matures on January 14, 2021. The convertible debenture may be converted to 1,176,470 common shares of the Company at a conversion price of $0.17 per share.


On October 29, 2019, the Company issued a convertible debenture of $200,000 to an individual for net proceeds of $200,000 and warrants exercisable for 555,555 common shares at an exercise price of $0.18 per share. The convertible debenture bears interest at 10.0% per annum and matures on October 29, 2020. The convertible debenture may be converted to 1,111,111 common shares of the Company at a conversion price of $0.18 per share.