Transition report pursuant to Rule 13a-10 or 15d-10

CAPITAL STOCK (Tables)

v2.4.1.9
CAPITAL STOCK (Tables)
9 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
 
 
Number of
Common 
Shares
 
 
Stated
Value
$
 
Balance, April 1, 2012 (i)
 
 
9,000,000
 
 
 
5
 
Issued under private placement (ii)
 
 
291,667
 
 
 
170,815
 
Issued on settlement of debt relating to prior period services (iii)
 
 
200,000
 
 
 
117,192
 
Issued under private placement (iv)
 
 
895,834
 
 
 
519,420
 
Cancellation of common stock (v)
 
 
(250,000)
 
 
 
-
 
Issued under private placement (vi)
 
 
437,500
 
 
 
256,016
 
Issued under private placement (vii)
 
 
383,333
 
 
 
232,546
 
Issued under private placement (viii)
 
 
516,666
 
 
 
308,183
 
Share issue costs
 
 
-
 
 
 
(34,583)
 
Balance, March 31, 2013
 
 
11,475,000
 
 
 
1,569,594
 
Issued under private placement (ix)
 
 
166,667
 
 
 
96,320
 
Share issue costs
 
 
-
 
 
 
(7,329)
 
Balance, March 31, 2014
 
 
11,641,667
 
 
 
1,658,585
 
Issued under private placement (x)
 
 
3,430,756
 
 
 
2,616,062
 
Issued on conversion and settlement of debt (xi), (xii), (xiii)
 
 
321,748
 
 
 
239,746
 
Issued on the exercise of options (xiv)
 
 
416,667
 
 
 
335,060
 
Share issue costs (x)
 
 
-
 
 
 
(11,609)
 
Balance December 31, 2014
 
 
15,810,838
 
 
 
4,837,844
 
 
(i)
The opening balance consists of 7,750,000 common shares issued to its two founders for a consideration of $2, 1,000,000 commons shares issued to two directors and 250,000 common shares to a consultant for a total of 1,250,000 common shares for consideration of $3.
 
(ii)
In May, 2012, the Company issued through a private placement, 291,667 common shares at a price of $0.59 (0.60 CAD) per share for aggregate gross proceeds of $170,815.
 
(iii)
In May, 2012, 200,000 common shares valued at $117,192 were issued for settlement of accounts payable relating to services performed in the prior year, which is included in general and administrative expenses for the year ended March 31, 2013.
 
(iv)
In June, 2012, the Company issued through a private placement, 895,834 common shares at a price of $0.58 (0.60 CAD) per share for aggregate gross proceeds of $519,420.
 
(v)
In August, 2012, 125,000 common shares each issued to the two founders on March 24, 2011, for a total of 250,000 common shares were cancelled.
 
(vi)
In September, 2012, the Company issued through a private placement, 437,500 common shares at a price of $0.59 (0.60 CAD) per share for aggregate gross proceeds of $256,016.
 
(vii)
In December, 2012, the Company issued through a private placement, 383,333 common shares at a price of $0.61 (0.60 CAD) per share for aggregate gross proceeds of $232,546.
 
(viii)
In March 2013, the Company issued through a private placement, 516,666 common shares at a price of $0.60 (0.60 CAD) per share for aggregate gross proceeds of $308,183. $58,846 of the proceeds were not received as at March 31, 2013 and accordingly are presented as subscriptions receivable on the balance sheet.
 
(ix)
In June, 2013, the Company issued through a private placement, 166,667 common shares at a price of $0.58 ($0.60 CAD) per share for aggregate gross proceeds of $96,320.
 
(x)
In April, 2014, the Company completed a private placement issuing 3,182,978 common shares at a price of $0.82 ($0.90 CAD) per share for gross proceeds of $2,616,062 ($2,864,680 CAD). A former director of the Company assisted in securing a significant portion of this financing. As a result the Company issued 247,778 common shares as a finder’s fee to this director. The Company also incurred $11,609 in share issue costs related to the transaction.
 
(xi)
In May 2014, the Company issued 105,555 common shares to a director of the Company in exchange for the settlement of $87,638 ($95,000 CAD) of unsecured debt.
 
(xii)
In May 2014, the Company issued 33,333 common shares to the Libermann Family Trust in exchange for the settlement of $27,585 ($30,000 CAD) of unsecured debt.
 
(xiii)
In June, 2014, the Company issued 182,860 common shares on conversion of the convertible secured promissory note (Note 5). The note plus accrued interest totaled $124,523 ($131,659 CAD) and was converted at a 20% discount to the $0.68 ($0.90 CAD) April 2014 private placement.
 
(xiv)
In June 2014, the Company issued 416,667 common shares for the exercise of stock options. The Company received cash of $228,875 ($250,000 CAD). The value of the options, $106,185, was transferred from contributed surplus to share capital on exercise.