Annual report pursuant to Section 13 and 15(d)

Common Shares

v3.21.2
Common Shares
 12 Months Ended
Aug. 31, 2021
Common Shares [Abstract]  
COMMON SHARES
20. COMMON SHARES

  

Authorized unlimited common shares without par value
Issued and Outstanding 564,159,881 common shares as at August 31, 2021.

 

(a) Settlement of liabilities

 

Between September 21 2021 and December 10, 2020, the Company issued 71,632,237 common shares valued at $3,481,483 to several vendors in settlement of $3,433,200 of trade debt.

 

(b) Settlement of directors fees

 

On July 12, 2021, the Company issued 1,964,108 common shares valued at $137,488 to four directors in partial settlement of directors fees outstanding.

 

(c) Common share subscriptions

 

Between November 13, 2020 and July 27, 2021, the Company issued 28,490,802 common shares to various investors for net proceeds of $2,781,949.

 

(d) Convertible debt conversions

 

Between October 1, 2020 and August 30, 2021, in terms of conversion notices received, the Company issued 171,906,658 common shares valued at $8,156,018 and 12,846,973 warrants valued at $500,063 in settlement of convertible debt of $7,622,160.

 

(e) Restricted stock awards

 

On January 25 2021, the Company issued 1,000,000 restricted common shares valued at $58,879 to its COO as part of his compensation package.

 

(f) Compensation for services

 

On June 10, 2021, the Company issued 25,000 shares valued at $3,411 as compensation for services rendered to the Company.

 

(g) Subscription receipts

 

During August 2021 the company received $750,000 from a private investor in terms of an irrevocable subscription agreement for the issue of 6,250,000 units, at an issue price of $0.12 per unit. Each unit consists of one common share and one transferable share purchase warrant exercisable at $0.12 per share, for a period of twenty four months from closing. Due to the suspension of trading by the TSXV, these shares have not been issued as yet.