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v2.4.0.6
3. Stock Options
3 Months Ended
Nov. 30, 2012
Notes to Financial Statements  
3. Stock Options

 

3.Stock Options

 

In August 2012, the Company's Board of Directors approved the issuance of stock options as an incentive to obtain services of key employees, directors and consultants of the Company. The following is a summary of stock option activity and the status of stock options outstanding and exercisable at November 30, 2012:

 

Stock Options

 

#

Weighted Average Exercise Price

$

Remaining Contractual Life (years)

As At

Aggregate Intrinsic value

 

As At

Outstanding and exercisable at August 31, 2011 - - - -
Granted on August 3, 2012 8,000,000 0.08 4.92 -
Outstanding and exercisable at August, 31, 2012

 

8,000,000

 

0.08

 

4.92

 

-

Granted during the quarter end November 30, 2012 - - - -
Outstanding and exercisable at November, 30, 2012

 

8,000,000

 

0.08

 

4.67

 

-

         

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value for all “in-the-money” options (i.e. the difference between the Company’s closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on November 30, 2012.

 

Effective August 3, 2012, the Company’s board of directors granted 8,000,000 stock purchase options. Each of the options has an issue date, effective date and vesting date of August 3, 2012, with an exercise price of $0.08 per share. The term of these options is five years. The options are exercisable at any time from the grant date up to and including August 2, 2017. There is no unrecognised compensation expense at November 30, 2012. All related compensation expense was recognized on August 31, 2012 as the options were vested in full on that date. No options were granted during the period ended November 30, 2012.