Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v3.21.2
Stock Options
9 Months Ended
May 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS
17. STOCK OPTIONS

  (a) Stock option plan

The Company has a stock option plan which allows the Board of Directors of the Company to grant options to acquire common shares of the Company to directors, officers, key employees and consultants. The option price, term and vesting are determined at the discretion of the Board of Directors, subject to certain restrictions as required by the policies of the TSX Venture Exchange. The stock option plan is a 20% fixed number plan with a maximum of 40,607,218 common shares reserved for issue at May 31, 2020.


During the nine months ended May 31, 2020 and the year ended August 31, 2019, the Company did not grant any stock options to directors, officers and consultants of the Company.


During the nine months ended May 31, 2020 and 2019, the share-based compensation expense of $636,275 and $1,377,615 relates to the vesting of options granted during the year ended August 31, 2018.


  (b) Stock options

Stock option transactions under the stock option plan were:


    Nine months ended
May 31, 2020
    Year ended
August 31, 2019
 
    Number
of Options
    Weighted
average
exercise
price
    Number of
options
    Weighted
average
exercise
price
 
Balance, beginning of period     9,808,333     CAD$ 1.20       9,858,333     CAD$ 1.22  
Options granted     -       -       -       -  
Options expired     -       -       (50,000 )   CAD$ 4.80  
Balance, end of period     9,808,333     CAD$ 1.20       9,808,333     CAD$ 1.20  

Stock options outstanding and exercisable as at May 31, 2020 are:


Expiry Date   Exercise
Price
    Options
Outstanding
    Options
Exercisable
 
February 1, 2026   CAD$ 5.85       33,333       33,333  
November 30, 2027   CAD$ 2.27       1,425,000       1,425,000  
June 5, 2028   CAD$ 1.00       8,350,000       5,050,000  
              9,808,333       6,508,333  
Weighted average remaining contractual life             7.9 years       8.2 years