Document and Entity Information
Document and Entity Information | 3 Months Ended | 6 Months Ended |
Aug. 31, 2018shares | Aug. 31, 2018shares | |
Document and Entity Information: | ||
Entity Registrant Name | Fortem Resources Inc. | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2018 | |
Trading Symbol | ftmr | |
Amendment Flag | false | |
Entity Central Index Key | 1,382,231 | |
Current Fiscal Year End Date | --02-28 | |
Entity Common Stock, Shares Outstanding | 120,771,156 | 120,771,156 |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Incorporation, Date of Incorporation | Jul. 9, 2004 |
FORTEM RESOURCES INC. - Consoli
FORTEM RESOURCES INC. - Consolidated Condensed Interim Balance Sheets - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 | |
Current Assets: | |||
Cash | $ 589,420 | $ 176,895 | |
Receivable | 11,795 | 9,681 | |
Prepaid expenses | [1] | 188,343 | 35,806 |
Loan receivable | [2] | 108,830 | 97,422 |
Total Current Assets | 898,388 | 319,804 | |
Non-current Assets: | |||
Deposit | [3] | 43,462 | 43,961 |
Equipment | [4] | 52,872 | 54,654 |
Investment | [5] | 1,500,000 | 1,500,000 |
Rights to the mineral exploration project | [6] | 1 | 1 |
Oil and gas properties, unproved, full cost method | [3] | 2,966,980 | 2,631,354 |
Total Assets | 5,461,703 | 4,549,774 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | [7] | 861,774 | 731,639 |
Due to related parties | [1] | 56,591 | 445,912 |
Related party loan payable | [1] | 57,261 | 555,753 |
Note payable | [8] | 19,942 | 19,942 |
Advance payable | [9] | 4,058 | |
Total Current Liabilities | 995,568 | 1,757,304 | |
Asset retirement obligation | [10] | 28,153 | 28,352 |
Total Liabilities | 1,023,721 | 1,785,656 | |
Stockholders' Equity: | |||
Capital stock | 120,770 | 117,873 | |
Additional paid-in capital | 20,036,179 | 17,879,597 | |
Share subscriptions receivable | (200,000) | ||
Accumulated other comprehensive loss | (383,257) | (383,257) | |
Accumulated deficit | (15,335,710) | (14,650,095) | |
Total Stockholders' Equity | 4,437,982 | 2,764,118 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,461,703 | $ 4,549,774 | |
[1] | See Note 9 | ||
[2] | See Note 3 | ||
[3] | See Note 6 | ||
[4] | See Note 5 | ||
[5] | Investment in Asia Pacific Mining Ltd. - See Note 4 | ||
[6] | See Note 7 | ||
[7] | See Note 8 | ||
[8] | See Note 10 | ||
[9] | See Note 11 | ||
[10] | See Note 12 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Aug. 31, 2018 | Feb. 28, 2018 |
Statement of Financial Position | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common Stock, Shares Issued | 120,771,156 | 117,872,458 |
Common Stock, Shares Outstanding | 120,771,156 | 117,872,458 |
FORTEM RESOURCES INC. - Conso_2
FORTEM RESOURCES INC. - Consolidated Condensed Interim Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | ||
General and administrative expenses | |||||
Accretion of asset retirement obligation | [1] | $ 685 | $ 632 | $ 1,377 | $ 1,237 |
Consulting | 136,160 | 19,537 | 281,023 | 37,790 | |
Depreciation | [2] | 891 | 867 | 1,782 | 1,696 |
Investor relations | 4,152 | 300 | 8,937 | 13,284 | |
Management fees | 90,000 | 30,690 | 120,000 | 90,690 | |
Office, travel and general | 102,952 | 28,086 | 157,713 | 136,444 | |
Professional fees | 76,882 | 194,906 | 137,364 | 253,433 | |
Loss from operations | (411,722) | (275,018) | (708,196) | (534,574) | |
Foreign exchange gain | 7,980 | 33,330 | 6,641 | 19,449 | |
Gain on settlement of debt | [3] | 307 | 4,058 | 13,599 | |
Interest income | [4] | 2,717 | 69 | 13,413 | 129 |
Interest expense | (12,603) | (1,531) | (14,658) | ||
Loss on fair value adjustment of derivative financial liabilities | [5] | (1,629,348) | (6,325,077) | ||
Gain on write-off of accounts payable | 8 | 352 | |||
Loss and comprehensive loss | $ (401,025) | $ (1,883,255) | $ (685,615) | $ (6,840,780) | |
Basic and diluted loss per share | $ 0 | $ (0.02) | $ (0.01) | $ (0.07) | |
Weighted average number of basic and diluted common shares outstanding | 119,895,069 | 115,884,698 | 119,436,873 | 95,395,280 | |
[1] | See Note 12 | ||||
[2] | See Note 5 | ||||
[3] | See Note 8 | ||||
[4] | See Note 3 | ||||
[5] | See Note 14 |
FORTEM RESOURCEES INC. - Consol
FORTEM RESOURCEES INC. - Consolidated Condensed Interim Statement of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Share Subscriptions Receivable | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders' Equity |
Balance, Value at Feb. 28, 2018 | $ 2,764,118 | $ 117,873 | $ 17,879,597 | $ (200,000) | $ (14,650,095) | $ (383,257) | $ 2,764,118 |
Balance, Shares at Feb. 28, 2018 | 117,872,458 | ||||||
Capital stock issued for cash, net of share issue costs, Value | $ 25 | 49,975 | 50,000 | ||||
Capital stock issued for cash, net of share issue costs, Shares | 25,000 | ||||||
Warrants exercised, Value | $ 1,272 | 508,207 | $ 200,000 | 709,479 | |||
Warrants exercised, Shares | 1,273,698 | ||||||
Loss for the period | (284,590) | (284,590) | |||||
Balance, Value at May. 31, 2018 | $ 119,170 | 18,437,779 | (14,934,685) | (383,257) | 3,239,007 | ||
Balance, Shares at May. 31, 2018 | 119,171,156 | ||||||
Capital stock issued for cash, net of share issue costs, Value | $ 600 | 1,199,400 | 1,200,000 | ||||
Capital stock issued for cash, net of share issue costs, Shares | 600,000 | ||||||
Warrants exercised, Value | $ 1,000 | 399,000 | 400,000 | ||||
Warrants exercised, Shares | 1,000,000 | ||||||
Loss for the period | (401,025) | (401,025) | |||||
Balance, Value at Aug. 31, 2018 | $ 4,437,982 | $ 120,770 | $ 20,036,179 | $ (15,334,710) | $ (383,257) | $ 4,437,982 | |
Balance, Shares at Aug. 31, 2018 | 120,771,156 |
FORTEM RESOURCES INC. - Conso_3
FORTEM RESOURCES INC. - Consolidated Condensed Interim Statements of Cash Flows - USD ($) | 6 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | ||
Cash flows used in operating activities: | |||
Loss for the period | $ (685,615) | $ (6,840,780) | |
Non-cash items: | |||
Accretion of asset retirement obligation | [1] | 1,377 | 1,237 |
Depreciation | [2] | 1,782 | 1,696 |
Gain on settlement of debt | (4,058) | (13,599) | |
Loss on fair value adjustment of derivative financial liabilities | 6,325,077 | ||
Gain on write-off of accounts payable | (352) | ||
Interest income accrued | (13,413) | (129) | |
Interest expense | 1,508 | 2,055 | |
Unrealized foreign exchange | 928 | 59,850 | |
Changes in non-cash working capital items: | |||
Receivable | (2,114) | 14,388 | |
Prepaid expenses | (152,537) | 1,330 | |
Accounts payable and accrued liabilities | 190,135 | 252,367 | |
Cash used in operating activities | (662,007) | (196,860) | |
Cash flows used in investing activities: | |||
Investments | (1,500,000) | ||
Expenditures on oil and gas properties | (335,626) | (682,209) | |
Loan receivable | (99,135) | ||
Cash used in investing activities | (335,626) | (2,281,344) | |
Cash flows from financing activities: | |||
Issuance of share capital, net of issuance costs | 1,250,000 | 1,354,801 | |
Proceeds from warrants exercised | 909,479 | ||
Share subscription receivable | 200,000 | 100,000 | |
Advances from third party | 4,058 | ||
Net proceeds from (repaid to) related parties | (949,321) | 705,527 | |
Cash provided by financing activities | 1,410,158 | 2,164,386 | |
Change in cash | 412,525 | (313,818) | |
Cash, beginning of period | 176,895 | 459,481 | |
Cash, end of period | 589,420 | 145,663 | |
Non-cash transactions | |||
Common stock issued for oil and gas properties | 76,000 | ||
Advance payable for oil and gas properties | $ 60,000 | ||
[1] | See Note 12 | ||
[2] | See Note 5 |
1. Nature and Continuance of Op
1. Nature and Continuance of Operations | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
1. Nature and Continuance of Operations | 1. NATURE AND CONTINUANCE OF OPERATIONS Fortem Resources Inc. (the Company) was incorporated in the State of Nevada on July 9, 2004. The Company focuses its business efforts on the acquisition, exploration, and development of oil and gas properties. The accompanying consolidated condensed interim financial statements have been prepared assuming the Company will continue as a going concern. As of August 31, 2018, the Company has not achieved profitable operations, has incurred losses in developing its business, and further losses are anticipated. The Company has an accumulated deficit of $15,335,710. The Companys ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and pay its liabilities when they come due. To date, the Company has funded operations through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity or debt financings and loans from directors. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The ability of the Company to continue its operations as a going concern is dependent upon its ability to raise sufficient new capital to fund its operating commitments and ongoing losses and ultimately on generating profitable operations. The consolidated condensed interim financial statements do not include any adjustments to be recorded to assets or liabilities that might be necessary should the Company be unable to continue as a going concern. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
2. Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated condensed interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements from the year ended February 28, 2018 included in the Companys Annual Report on Form 10-K filed with the SEC. The unaudited consolidated condensed interim financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended August 31, 2018 are not necessarily indicative of the results that may be expected for the year ending February 28, 2019. Basis of consolidation These consolidated condensed interim financial statements include the accounts of the Company and its wholly owned subsidiaries, Colony Energy, LLC, (Colony) Black Dragon Energy, LLC, (Black Dragon) Rolling Rock Resources, LLC (Rolling Rock) and City of Gold, LLC (City of Gold). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated upon consolidation. Basic and Diluted Income (Loss) per Share Basic earnings or loss per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the weighted-average of all potentially dilutive shares of the common stock that were outstanding during the years presented. There were 3,050,000 (February 28, 2018 - 5,323,698) potentially dilutive securities excluded from the calculation of diluted loss per share as their effect would be anti-dilutive. he treasury stock method is used in calculating diluted EPS for potentially dilutive stock options and share purchase warrants, which assumes that any proceeds received from the exercise of in-the-money stock options and share purchase warrants, would be used to purchase common shares at the average market price for the period. Recent Accounting Pronouncements Other recent accounting pronouncements issued by the Financial Accounting Standards Board (FASB) (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. |
3. Loan Receivable
3. Loan Receivable | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
3. Loan Receivable | 3. LOAN RECEIVABLE During the year ended February 28, 2018, the Company advanced unsecured loans of $99,135 (AUD125,000) to a third party. The loans bear interest at 10% per annum. The total amount receivable at August 31, 2018, including accrued interest is $108,830. |
4. Investment in Asia Pacific M
4. Investment in Asia Pacific Mining Ltd. | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
4. Investment in Asia Pacific Mining Ltd. | 4. INVESTMENT IN ASIA PACIFIC MINING LTD. In April 2017, a binding financing and option agreement (the Agreement) was assigned to the Company where the Company subscribed a total of 2,930,259 units in the capital of Asia Pacific Mining Limited (Asia Pacific) at a total cost of $1,500,000, which represents approximately 7.5% of the issued and outstanding shares of Asia Pacific immediately after the financing. Asia Pacific is a private company registered in Hong Kong and the principal activities of Asia Pacific are exploration and mining in Myanmar and investment holding. Each unit consisted of one common share and one share purchase warrant which will entitle the holder of each warrant to acquire an additional share of Asia Pacific at an exercise price of $0.5119 per share during the term equal to the greater of two years from the closing of additional financing of Asia Pacific according to the terms of the Agreement or 18 months from the receipts of all necessary permits to carry out the exploration program. |
5. Equipment
5. Equipment | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
5. Equipment | 5. EQUIPMENT Oil and gas equipment $ Cost: At February 28, 2018 and August 31, 2018 71,284 Depreciation: At February 28, 2018 16,630 Charge for the period 1,782 At August 31, 2018 18,412 Net book value: At February 28, 2018 54,654 At August 31, 2018 52,872 |
6. Oil and Gas Properties, Unpr
6. Oil and Gas Properties, Unproved | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
6. Oil and Gas Properties, Unproved | 6. OIL AND GAS PROPERTIES, UNPROVED Compeer Godin Black Dragon Rolling Rock Total $ $ $ $ $ Balance, February 28, 2018 693,503 146,165 827,247 964,439 2,631,354 Acquisition - - 75,000 75,000 150,000 Exploration 7,176 17,633 75,136 85,681 185,626 Balance, August 31, 2018 700,679 163,798 977,383 1,125,120 2,966,980 Compeer Property The Compeer Property is located in Alberta, Canada. The Company has $43,462 (February 28, 2018 - $43,961) in bonds held with the Alberta Energy Regulator for its oil and gas properties. Godin Property On March 31, 2017, the Company entered into a petroleum, natural gas and general rights conveyance agreement to acquire a 100% interest in and to certain petroleum, natural gas and general rights, including Alberta Crown Petroleum and Oil Leases in the Godin area of Northern Alberta. In addition, the vendor is entitled to receive certain milestone payments from the Company in the aggregate amount up to $210,000 as follows: i) $30,000 on or before June 29, 2017 (settled with the issuance of shares); ii) $30,000 on or before September 27, 2017 (settled with the issuance of shares); and iii) $150,000 upon the rig release of the second well drilled by the Company in the oil and gas assets described above. This amount will be recorded when the criteria has been met. If the Company fails to make timely payment of any of the milestone payments, the vendor sole recourse will be a claim for debt against the Company for an amount equal to the missed milestone payment. In November 2017, the Company issued 30,000 shares at a value of $60,000 to settle the milestone payments of $60,000. As part of the consideration for the acquisition of Colony in fiscal 2018, the Company agreed to issue an additional 3,000,000 shares, with 1,000,000 shares to be issued to one of the vendors in April 2018, 2019, and 2020. During the six months ended August 31, 2018, the Company and the vendor have agreed to postpone the 2018 share issuance of 1,000,000 shares to a later date. Black Dragon Property In March 2017, the Company entered into a purchase and sale agreement (the Black Dragon PSA) to acquire a 75% working interest in and to certain leases, hydrocarbons, wells, agreements, equipment, surface rights agreements and assignable permits at an 80% net revenue interest located in the Moenkopi formation of the Carbon and Emery Counties, Utah (the Black Dragon Property). In August 2017, the Company entered into an amendment to the Black Dragon PSA (the Black Dragon Amendment), which amended the terms of the Black Dragon PSA. Under the Black Dragon Amendment, the Company is required to pay the vendor cash consideration totaling $3.9 million (the Black Dragon Cash Consideration) based upon the following schedule: $100,000 as a non-refundable deposit within 10 business days of closing (paid); the balance of the Black Dragon Cash Consideration by payment to the vendor of an amount equal to 25% of any funds received by the Company from any equity, debt or convertible financing thereof (each, a Financing) upon the closing of each Financing until such amount is paid. In addition: (a) the first $1.5 million raised by the Company will be exempt from a 25% payment to the vendor if such amount is received prior to the Companys listing on a stock exchange; and (b) the full Black Dragon Cash Consideration is required to be paid in full no later than December 31, 2018 regardless of the amount of funds paid in connection with one or more Financings. This change modified the original requirement to pay US$900,000 on or before September 1, 2017, US$900,000 on or before March 1, 2018 and US$800,000 on or before September 1, 2018. In addition to revising the Black Dragon Cash Consideration as set out above, the Company has agreed to: (a) issue 250,000 common shares of the Company to the vendor on or prior to September 1, 2017 (issued at a value of $500,000); and (b) pay the vendor an additional $25,000 every sixty days commencing September 1, 2017 ($175,000 paid) until such time as the Black Dragon Cash Consideration is paid in full. As an added incentive for early payment of the Black Dragon Cash Consideration, such sum will be reduced by $100,000 for each calendar month it is paid in full prior to December 31, 2018 for a maximum discount of 12 months or $1.2 million. Within 10 business days after the later of the Company paying the Black Dragon Cash Consideration in full or the Company meeting in full its carry obligation, the vendor will convey to the Company an undivided 75% of the Vendors right, title and interest in and to the assets, at an 80% Net Revenue Interest in the assets. On August 16, 2018, the Company entered into a third amendment to purchase and sale agreement (the Black Dragon Third Amendment), which amended the terms of the Black Dragon PSA. The Black Dragon Third Amendment has the effect of postponing the balance of the Black Dragon Cash Consideration relating to the Black Dragon Property under the Black Dragon PSA until October 1, 2019. Carry Obligation As per the terms of the Black Dragon PSA, and in addition to the Black Dragon Cash Consideration, the Company is required to pay all costs and expenses incurred on the assets with respect to any and all exploration, development and production during the carry period. The Carry Period continues until the later of either (i) the date that the Company pays the full Black Dragon Cash Consideration set out above or (ii) the date that the Company pays all costs and expenses for the drilling, logging, testing and completion of two new wells, each well with a horizontal leg extending at least 2,000 in the target zone within the Moenkopi formation (the Two Obligation Wells). The Company is required to drill to completion or cause to be drilled to completion (or plugging and abandonment) the Two Obligation Wells on or before February 28, 2019, failing which, the Companys right to earn any assignment in and to the assets will terminate immediately. For each vertical well drilled to 200 below the top of the Kaibab formation through completion (or plugging or abandonment) within a Federal Unit, the obligation deadline will be amended to the later of (i) the current obligation deadline or (ii) 6 months from the date the rig that drilled such vertical well to total depth has been removed from the wellsite. Rolling Rock Property In March 2017, the Company entered into a purchase and sale agreement (the Rolling Rock PSA) to acquire a 50% working interest in and to certain leases, hydrocarbons, wells, agreements, equipment, surface rights agreements and assignable permits at an 80% net revenue interest located in the Mancos formation in the Southern Uinta Basin, Utah (the Rolling Rock Property). In August 2017, the Company entered into an amendment to the Rolling Rock PSA (the Rolling Rock Amendment), which amended the terms of the Rolling Rock PSA. Under the Rolling Rock Amendment, the Company is required to pay the vendor cash consideration totaling $3.6 million (the Rolling Rock Cash Consideration) based upon the following schedule: · the balance of the Rolling Rock Cash Consideration by cash payment to the vendor of an amount equal to 25% of any funds received by the Company from any Financing upon the closing of each Financing until such amount is paid. In addition: (a) the first $1.5 million raised by the Company will be exempt from a 25% payment to the vendor if such amount is received prior to the Companys listing on a stock exchange; and (b) the full Rolling Rock Cash Consideration is required to be paid in full no later than December 31, 2018 regardless of the amount of funds paid in connection with one or more Financings. This change modified the original requirement to pay US$1.3 million on or before September 1, 2017, $500,000 on or before March 1, 2018 and $500,000 on or before September 1, 2018; and after payment of the Rolling Rock Cash Consideration, an additional payment of $300,000 (the Workover Funds) to the vendor which is payable by an amount equal to 25% of any funds received by the Company from any Financing until the Workover Funds are paid in full. In addition to revising the Rolling Rock Cash Consideration as set out above, the Company has agreed to: (a) cause the Company to issue 250,000 common shares of the Company to the vendor on or prior to September 1, 2017 (issued at a value of $500,000); and (b) pay the vendor an additional $25,000 every sixty days commencing September 1, 2017 ($175,000 paid) until such time as the Rolling Rock Cash Consideration and the Workover Funds are paid in full. As an added incentive for early payment of the Rolling Rock Cash Consideration, such sum will be reduced by $100,000 for each calendar month it is paid in full prior to December 31, 2018 for a maximum discount of 12 months or $1.2 million. Within 10 business days after the later of the Company paying the Rolling Rock Cash Consideration in full or the Company meeting in full its carry obligation, the vendor agrees to convey to the Company an undivided 50% of the vendors right, title and interest in and to the Leases, or a 80% net revenue interest in the Leases. Notwithstanding this transfer, within 10 business days after the later of payment of $300,000 on or before September 1, 2017 (which amount is in addition to the deposit and included in the Rolling Rock Cash Consideration set out above) and the replacement of the vendors bonds on or before September 1, 2017, the vendor agrees to convey to the Company an undivided 50% of the vendors right, title and interest in and to the Cisco Dome leases and related assets. However, if the Company fails to timely meet any of its obligations under the Rolling Rock PSA, after having taken assignment of the Cisco Dome leases and assets, then, if the vendor elects in its sole discretion, the Company is required to reassign the Cisco Dome leases and assets to the vendor without any additional encumbrances. On August 16, 2018, the Company entered into a fourth amendment to purchase and sale agreement (the Rolling Rock Fourth Amendment), which amended the terms of Rolling Rock PSA. The Rolling Rock Fourth Amendment has the effect of postponing the balance of the Rolling Rock Cash Consideration relating to the Rolling Rock Property under the Rolling Rock PSA until October 1, 2019. Carry Obligation As per the terms of the Rolling Rock PSA, and in addition to the Rolling Rock Cash Consideration, the Company is required to pay all costs and expenses incurred on the Leases with respect to any and all exploration, development and production during the carry period. The Carry Period continues until the later of either (i) the date that the Company pays the full Rolling Rock Cash Consideration set out above or (ii) the date that the Company pays all costs and expenses for the drilling, logging, testing and completion of three new wells in each of the three Federal Units, each well with a horizontal leg extending at least 1,000 in the target zone within the Mancos formation (the Three Obligation Wells). The Company is required to drill to completion or cause to be drilled to completion (or plugging and abandonment) the Three Obligation Wells on or before February 28, 2019, failing which, the Companys right to earn any assignment in and to the Leases will terminate immediately. For each vertical well drilled to the top of the Dakota formation through completion (or plugging or abandonment) within a Federal Unit, the obligation deadline will be amended to the later of (i) the current obligation deadline or (ii) 6 months from the date the rig that drilled such vertical well to total depth has been removed from the wellsite. The obligation well in the Grand Mancos Unit will be a vertical well drilled to a depth sufficient to test the Granite Walsh formation within such Federal Unit. For this well, completion (or plugging and abandonment) is expected to take place no later than 2 months after the rig that drilled to total depth has been removed from the wellsite and for a period of 6 months after completion of this obligation well (or plugging and abandonment), and the Company will have the exclusive option to purchase an additional 25% of the vendors right, title and interest in and to the leases with respect to the Granite Walsh formation within the boundary of the Grand Mancos Unit for an additional payment of $10 million. |
7. Rights To The Acquisition of
7. Rights To The Acquisition of Mineral Exploration Project | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
7. Rights To The Acquisition of Mineral Exploration Project | 7. RIGHTS TO THE ACQUISITION OF MINERAL EXPLORATION PROJECT In connection to the acquisition of City of Gold, LLC in fiscal 2018, the Company owns the right to an option agreement. Under the option agreement, the vendors have agreed to grant to the Company an option (the Option) to purchase 100% of the ownership interest in a wholly owned subsidiary of Asia Pacific (the Project Subsidiary) which, in turn, owns 100% of the rights to the City of Gold mineral exploration project located in Myanmar. The Company will be granted the Option upon satisfaction of the following: Subscription of 976,753 units of Asia Pacific for a purchase price of $500,000 on or prior to March 2, 2017 (completed); Subscription of 976,753 units of Asia Pacific for a purchase price of $500,000 on or prior to March 16, 2017 (completed); Subscription of 976,753 units of Asia Pacific for a purchase price of $500,000 on or prior to April 28, 2017 (completed); and Subscription of 2,930,261 units of Asia Pacific for a purchase price of $1,500,000 (the Final Funding Tranche), due within 60 days of issuance of an exploration license for the City of Gold Project by the Government of Myanmar. Upon the closing of the Final Funding Tranche, the Company will have earned the Option. Once it has exercised the Option, the Company may, at its discretion, require Asia Pacific to transfer the Project Subsidiary to another Canadian publicly listed company to be selected by the Company (Acquisition Co) (if the Project Subsidiary is not transferred to another Canadian publicly listed company, Acquisition Co means the Company) for an exercise price consisting of $7,000,000 in cash and thirty percent of the issued and outstanding share capital of Acquisition Co (calculated on a fully diluted basis, excluding up to 10% in stock options, but including shares Acquisition Co may have issued in order to raise the exercise price of $7,000,000 and an additional $5,000,000 in working capital). Half of the cash portion of the exercise price must be paid upon exercise of the Option; the balance is to be paid on the first anniversary of the exercise and is to be evidenced by a one-year secured term note. Although the Company has the right to select Acquisition Co., it must select a Canadian publicly listed company that meets certain criteria at exercise of the Option, Acquisition Co must have less than $100,000 in liabilities and $5,000,000 or more in working capital and Asia Pacific will have the right to nominate 30% of its directors. |
8. Accounts Payable and Accrued
8. Accounts Payable and Accrued Liabilities | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
8. Accounts Payable and Accrued Liabilities | 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES August 31, 2018 February 28, 2018 $ $ Accounts payable 768,397 652,270 Accrued liabilities 93,377 79,369 861,774 731,639 |
9. Related Party Transactions
9. Related Party Transactions | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
9. Related Party Transactions | 9. RELATED PARTY TRANSACTIONS Due to related parties consist of the following: August 31, 2018 February 28, 2018 $ $ Due from a company controlled by a director 146,559 - Due to directors and officers of the Company 203,150 445,912 As at August 31, 2018, the Company made prepayments of $150,000 (February 28, 2018 - $nil) to an officer and director of the Company for future management fees, pursuant to a consulting agreement, which is included in prepaid expenses. As at August 31, 2018, the Company had $nil (February 28, 2018 - $500,000) in note obligations owing to a company with a common director. The note payable was unsecured, with an interest of 10% per annum and due on or before January 18, 2019. In March 2018, the Company repaid the principal balance of $500,000 owed on this note. As at August 31, 2018, the Company has an accrued interest balance of $57,261. |
10. Note Payable
10. Note Payable | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
10. Note Payable | 10. NOTE PAYABLE As at August 31, 2018, the Company had $19,942 (February 28, 2018 - $19,942) in short term note obligations. The note payable is unsecured, non-interest bearing and payable upon demand. |
11. Advance Payable
11. Advance Payable | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
11. Advance Payable | 11. ADVANCE PAYABLE As at August 31, 2018, the Company had $0 (February 28, 2018 - $4,058) due to an unrelated party. The advance payable was unsecured, non-interest bearing and payable upon demand. During the six months end August 31, 2018, the advance payable was forgiven and the Company recorded a gain of settlement of debt of $4,058. |
12. Asset Retirement Obligation
12. Asset Retirement Obligation | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
12. Asset Retirement Obligation | 12. ASSET RETIREMENT OBLIGATION The Companys asset retirement obligation relates to the Compeer Property. The asset retirement obligation was estimated based on the Companys understanding of its requirements to reclaim currently disturbed areas. Significant reclamation and closure activities include land rehabilitation, water, removal of building and well facilities and tailings reclamation. The undiscounted estimate of this liability was $38,300 (February 28, 2018 - $39,035) reflecting payments commencing in 2024. This estimate was adjusted for an inflation rate of 2.00% and then discounted at a rate of 10.00% for a net present value of $28,153 (February 28, 2018 - $28,352) as at August 31, 2018. |
13. Share Capital
13. Share Capital | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
13. Share Capital | 13. SHARE CAPITAL The Company issued common shares as follows: Six months ended August 31, 2018 In March 2018, the Company issued 1,273,698 shares in relation to the exercise of 1,273,698 warrants for total proceeds of $509,479. In July 2018, the Company issued 1,000,000 shares in relation to the exercise of 1,000,000 warrants for total proceeds of $400,000. During the six months ended August 31, 2018, the Company issued 625,000 common shares for total gross proceeds of $1,250,000 pursuant to a private placement. Year ended February 28, 2018: In April 2017, the Company issued 21,000,000 shares recorded at their par value of $21,000 in connection to the acquisition of Colony. In April 2017, the Company issued 20,000,000 shares recorded at their par value of $20,000 in connection to the acquisition of Black Dragon. In April 2017, the Company issued 20,000,000 shares recorded at their par value of $20,000 in connection to the acquisition of Rolling Rock. In May 2017, the Company issued 15,000,000 shares recorded at their par value of $15,000 in connection to the acquisition of City of Gold. In September 2017, the Company issued 250,000 shares with a fair value of $500,000 in connection to the Black Dragon property (Note 3). In September 2017, the Company issued 250,000 shares with a fair value of $500,000 in connection to the Rolling Rock property (Note 3). In November 2017, the Company issued 30,000 shares with a fair value of $60,000 to settle an advance payable of $60,000 in connection to the Godin property (Note 3). In December 2017, the Company issued 400,000 shares with a fair value of $800,000 for consulting services. In addition, the Company issued 7,760 shares with a fair value of $15,632 to settle accounts payable of $15,632. In December 2017, the Company issued 800,000 shares in relation to the exercise of 800,000 warrants for total proceeds of $480,000. As at February 28, 2018, $200,000 are recorded as share subscriptions receivable and received by the Company in March 2018. During the year ended February 28, 2018, the Company issued 2,597,142 common shares for total gross proceeds of $1,805,000 pursuant to private placements. The Company paid a total of $105,200 in finders fees in connection with the private placements of equity financings. Warrants Below is a summary of the common share purchase warrant transactions: Number of Warrants Weighted Average Exercise Price per Warrant $ Outstanding at February 28, 2017 3,823,698 0.44 Exercised (800,000) 0.60 Outstanding at February 28, 2018 3,023,698 0.40 Exercised (2,273,698) 0.40 Outstanding at August 31, 2018 750,000 0.40 A summary of the common share purchase warrants outstanding and exercisable at August 31, 2018 is as follows: Exercise Price Number Outstanding Expiry Date $ 0.40 500,000 March 9, 2019 0.40 250,000 September 22, 2019 750,000 The weighted average exercise price is $0.40 and weighted average life of the warrants is 0.70 years. Stock Options The Companys Stock Option Plan allows a maximum 9,777,115 shares to be reserved for issuance under the plan. Options granted under the plan may not have a term exceeding 10 years and vesting provisions are at the discretion of the Board of Directors. A summary of the stock options outstanding and exercisable at August 31, 2018 is as follows: Exercise Price Number Outstanding and Exercisable Expiry Date Aggregate Intrinsic Value $ $ 0.10 2,300,000 November 3, 2020 7,797,000 As at August 31 The aggregate intrinsic value in the proceeding table represents the total intrinsic value, based on the Companys closing stock price of $3.49 per share as of August 31, 2018. |
14. Derivative Financial Liabil
14. Derivative Financial Liabilities - Warrants | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
14. Derivative Financial Liabilities - Warrants | 14. DERIVATIVE FINANCIAL LIABILITIES - WARRANTS Balance, February 28, 2017 $ 2,590,477 Fair value adjustment 6,325,077 Reallocation of derivative liability to equity upon the change in functional currency (8,915,554) Balance, February 28, 2018 and August 31, 2018 $ - |
15. Financial Instruments and F
15. Financial Instruments and Fair Value Measurement | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
15. Financial Instruments and Fair Value Measurement | 15. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT The estimated fair values for financial instruments are determined based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, receivable, loan receivable, investment in Asia Pacific Mining Ltd, accounts payable and accrued liabilities, amounts due to related parties, related party loan payable, advance payable and note payable approximate their carrying value due to the short-term nature of those instruments. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 Unobservable inputs that are supported by little or no market activity, there for requiring an entity to develop its own assumptions about the assumption that market participants would use in pricing. The Company had certain level 3 assets required to be recorded at fair value on a recurring basis in accordance with US GAAP as at August 31, 2018. As at August 31, 2018, the Companys Level 3 assets consist of shares and warrants of a private company. The resulting level 3 assets have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable. As at August 31, 2018, the fair value of the level 3 assets was equal to $1,500,000 with their fair value based on the price paid to acquire the investment. |
16. Segmented Information
16. Segmented Information | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
16. Segmented Information | 16. SEGMENTED INFORMATION The Company has one operating segment, being the acquisition and exploration of oil and gas properties. Geographic information is as follows: As at August 31, 2018 Canada US Total $ $ $ Deposit 43,462 - 43,462 Equipment 52,872 - 52,872 Oil and gas properties, unproved 864,477 2,102,503 2,966,980 960,811 2,102,503 3,063,314 As at February 28, 2018 Canada US Total $ $ $ Reclamation bonds 43,961 - 43,961 Property and equipment 54,654 - 54,654 Oil and gas properties, unproved 839,668 1,791,686 2,631,354 938,283 1,791,686 2,729,969 |
17. Subsequent Event
17. Subsequent Event | 6 Months Ended |
Aug. 31, 2018 | |
Notes | |
17. Subsequent Event | 17. SUBSEQUENT EVENT In September 2018, the Company entered into an asset purchase agreement (the "Agreement") with a major Canadian oil and gas company to purchase a 100% working interest in three Oil Leases (the "Oil Leases') in north central Alberta, Canada (the "Transaction"). As consideration for the Oil Leases, the Company has agreed to pay a purchase price of C$3,000,000 plus applicable taxes, C$200,000 of which was paid as an initial deposit upon the execution of the Agreement. The closing of the Transaction is November 15, 2018 with an option to extend 60 days upon payment of an additional deposit of C$100,000. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 6 Months Ended |
Aug. 31, 2018 | |
Policies | |
Basis of Presentation | Basis of Presentation The unaudited consolidated condensed interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements from the year ended February 28, 2018 included in the Companys Annual Report on Form 10-K filed with the SEC. The unaudited consolidated condensed interim financial statements should be read in conjunction with those financial statements included in the 10-K report. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended August 31, 2018 are not necessarily indicative of the results that may be expected for the year ending February 28, 2019. |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies: Basis of Consolidation (Policies) | 6 Months Ended |
Aug. 31, 2018 | |
Policies | |
Basis of Consolidation | Basis of consolidation These consolidated condensed interim financial statements include the accounts of the Company and its wholly owned subsidiaries, Colony Energy, LLC, (Colony) Black Dragon Energy, LLC, (Black Dragon) Rolling Rock Resources, LLC (Rolling Rock) and City of Gold, LLC (City of Gold). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated upon consolidation. |
2. Summary of Significant Acc_4
2. Summary of Significant Accounting Policies: Basic and Diluted Income (loss) Per Share (Policies) | 6 Months Ended |
Aug. 31, 2018 | |
Policies | |
Basic and Diluted Income (loss) Per Share | Basic and Diluted Income (Loss) per Share Basic earnings or loss per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the weighted-average of all potentially dilutive shares of the common stock that were outstanding during the years presented. There were 3,050,000 (February 28, 2018 - 5,323,698) potentially dilutive securities excluded from the calculation of diluted loss per share as their effect would be anti-dilutive. he treasury stock method is used in calculating diluted EPS for potentially dilutive stock options and share purchase warrants, which assumes that any proceeds received from the exercise of in-the-money stock options and share purchase warrants, would be used to purchase common shares at the average market price for the period. |
2. Summary of Significant Acc_5
2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Aug. 31, 2018 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Other recent accounting pronouncements issued by the Financial Accounting Standards Board (FASB) (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. |
5. Equipment_ Property, Plant a
5. Equipment: Property, Plant and Equipment (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Property, Plant and Equipment | Oil and gas equipment $ Cost: At February 28, 2018 and August 31, 2018 71,284 Depreciation: At February 28, 2018 16,630 Charge for the period 1,782 At August 31, 2018 18,412 Net book value: At February 28, 2018 54,654 At August 31, 2018 52,872 |
6. Oil and Gas Properties, Un_2
6. Oil and Gas Properties, Unproved: Schedule of Oil and Gas In Process Activities (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Oil and Gas In Process Activities | Compeer Godin Black Dragon Rolling Rock Total $ $ $ $ $ Balance, February 28, 2018 693,503 146,165 827,247 964,439 2,631,354 Acquisition - - 75,000 75,000 150,000 Exploration 7,176 17,633 75,136 85,681 185,626 Balance, August 31, 2018 700,679 163,798 977,383 1,125,120 2,966,980 |
8. Accounts Payable and Accru_2
8. Accounts Payable and Accrued Liabilities: Schedule of Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Accounts Payable and Accrued Liabilities | August 31, 2018 February 28, 2018 $ $ Accounts payable 768,397 652,270 Accrued liabilities 93,377 79,369 861,774 731,639 |
9. Related Party Transactions_
9. Related Party Transactions: Schedule of Related Party Transactions (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Related Party Transactions | August 31, 2018 February 28, 2018 $ $ Due from a company controlled by a director 146,559 - Due to directors and officers of the Company 203,150 445,912 |
13. Share Capital_ Schedule of
13. Share Capital: Schedule of Summary of Common Share Purchase Warrants Text Block (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Summary of Common Share Purchase Warrants Text Block | Number of Warrants Weighted Average Exercise Price per Warrant $ Outstanding at February 28, 2017 3,823,698 0.44 Exercised (800,000) 0.60 Outstanding at February 28, 2018 3,023,698 0.40 Exercised (2,273,698) 0.40 Outstanding at August 31, 2018 750,000 0.40 |
13. Share Capital_ Schedule o_2
13. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Exercise Price Number Outstanding Expiry Date $ 0.40 500,000 March 9, 2019 0.40 250,000 September 22, 2019 750,000 |
13. Share Capital_ Schedule o_3
13. Share Capital: Schedule of Stockholders Equity (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Stockholders Equity | Exercise Price Number Outstanding and Exercisable Expiry Date Aggregate Intrinsic Value $ $ 0.10 2,300,000 November 3, 2020 7,797,000 |
14. Derivative Financial Liab_2
14. Derivative Financial Liabilities - Warrants: Schedule of Derivative Liabilities at Fair Value (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Derivative Liabilities at Fair Value | Balance, February 28, 2017 $ 2,590,477 Fair value adjustment 6,325,077 Reallocation of derivative liability to equity upon the change in functional currency (8,915,554) Balance, February 28, 2018 and August 31, 2018 $ - |
16. Segmented Information_ Sche
16. Segmented Information: Schedule of Segment Reporting Information, by Segment (Tables) | 6 Months Ended |
Aug. 31, 2018 | |
Tables/Schedules | |
Schedule of Segment Reporting Information, by Segment | As at August 31, 2018 Canada US Total $ $ $ Deposit 43,462 - 43,462 Equipment 52,872 - 52,872 Oil and gas properties, unproved 864,477 2,102,503 2,966,980 960,811 2,102,503 3,063,314 As at February 28, 2018 Canada US Total $ $ $ Reclamation bonds 43,961 - 43,961 Property and equipment 54,654 - 54,654 Oil and gas properties, unproved 839,668 1,791,686 2,631,354 938,283 1,791,686 2,729,969 |
1. Nature and Continuance of _2
1. Nature and Continuance of Operations (Details) | 3 Months Ended |
Aug. 31, 2018 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Jul. 9, 2004 |
5. Equipment_ Property, Plant_2
5. Equipment: Property, Plant and Equipment (Details) - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 |
Cost | ||
Property, Plant and Equipment, Net | $ 71,284 | |
Accumulated Depreciation | ||
Property, Plant and Equipment, Net | 18,412 | $ 16,630 |
Property, Plant and Equipment, Other, Gross | 1,782 | |
Net Book Value | ||
Property, Plant and Equipment, Net | $ 52,872 | $ 54,654 |
6. Oil and Gas Properties, Un_3
6. Oil and Gas Properties, Unproved: Schedule of Oil and Gas In Process Activities (Details) - USD ($) | 6 Months Ended | |
Aug. 31, 2018 | Feb. 28, 2018 | |
Compeer | ||
Oil and Gas Properties | $ 700,679 | $ 693,503 |
Godin | ||
Oil and Gas Properties | 163,798 | 146,165 |
Black Dragon | ||
Oil and Gas Properties | 977,383 | 827,247 |
Acquisition | 75,000 | |
Rolling Rock | ||
Oil and Gas Properties | 1,125,120 | 964,439 |
Acquisition | 75,000 | |
Total | ||
Oil and Gas Properties | 2,966,980 | $ 2,631,354 |
Acquisition | $ 150,000 |
8. Accounts Payable and Accru_3
8. Accounts Payable and Accrued Liabilities: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 |
Details | ||
Accounts Payable, Current | $ 768,397 | $ 652,270 |
Accrued Liabilities, Current | $ 93,377 | $ 79,369 |
9. Related Party Transactions_2
9. Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 |
Details | ||
Due from Affiliates | $ 146,559 | |
Due from Officers or Stockholders, Current | $ 203,150 | $ 445,912 |
10. Note Payable (Details)
10. Note Payable (Details) - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 |
Details | ||
Notes and Loans Payable | $ 19,942 | $ 19,942 |
11. Advance Payable (Details)
11. Advance Payable (Details) - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 |
Details | ||
Due to Unrelated Parties | $ 0 | $ 4,058 |
12. Asset Retirement Obligati_2
12. Asset Retirement Obligation (Details) - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 |
Details | ||
Asset Retirement Obligations, Noncurrent | $ 28,153 | $ 28,352 |
13. Share Capital (Details)
13. Share Capital (Details) - USD ($) | 12 Months Ended | |||||||
Feb. 28, 2018 | Aug. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Sep. 30, 2017 | May 31, 2017 | Apr. 30, 2017 | |
Common Stock, Shares Issued | 117,872,458 | 120,771,156 | 800,000 | |||||
Six Months Ended August 31, 2018 | ||||||||
Common Stock, Shares Issued | 625,000 | 1,273,698 | ||||||
Gross Proceeds for Subscriptions | $ 1,250,000 | $ 509,479 | ||||||
Colony | ||||||||
Common Stock, Shares Issued | 21,000,000 | |||||||
Black Dragon | ||||||||
Common Stock, Shares Issued | 250,000 | 20,000,000 | ||||||
Rolling Rock | ||||||||
Common Stock, Shares Issued | 250,000 | 20,000,000 | ||||||
City of Gold | ||||||||
Common Stock, Shares Issued | 15,000,000 | |||||||
Godin property | ||||||||
Common Stock, Shares Issued | 30,000 | |||||||
Consulting Services | ||||||||
Common Stock, Shares Issued | 400,000 | |||||||
During the Year Ended February 28, 2018 | ||||||||
Common Stock, Shares Issued | 2,597,142 | |||||||
Gross Proceeds for Subscriptions | $ 1,805,000 | |||||||
Finder's Fees | $ 105,200 |
13. Share Capital_ Schedule o_4
13. Share Capital: Schedule of Summary of Common Share Purchase Warrants Text Block (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Aug. 31, 2018 | Feb. 28, 2018 | Feb. 28, 2017 | |
Details | |||
Class of Warrant or Right, Outstanding | 750,000 | 3,023,698 | 3,823,698 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.40 | $ 0.40 | $ 0.44 |
Warrants Exercised | (2,273,698) | (800,000) | |
Warrants Exercised Weighted Average Exercise Price | $ 0.40 | $ 0.60 |
13. Share Capital_ Schedule o_5
13. Share Capital: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | 6 Months Ended |
Aug. 31, 2018$ / sharesshares | |
Warrant1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 0.40 |
Temporary Equity, Shares Outstanding | shares | 500,000 |
Expiry Date | Mar. 9, 2019 |
Warrant2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 0.40 |
Temporary Equity, Shares Outstanding | shares | 250,000 |
Warrant3 | |
Expiry Date | Sep. 22, 2019 |
13. Share Capital_ Schedule o_6
13. Share Capital: Schedule of Stockholders Equity (Details) | 6 Months Ended |
Aug. 31, 2018USD ($)$ / sharesshares | |
Details | |
Exercise Price | $ / shares | $ 0.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 2,300,000 |
Expiration Date | Nov. 3, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 7,797,000 |
16. Segmented Information_ Sc_2
16. Segmented Information: Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | Aug. 31, 2018 | Feb. 28, 2018 | |
Deposit | [1] | $ 43,462 | $ 43,961 |
Equipment | [2] | 52,872 | 54,654 |
Oil and gas properties, unproved, full cost method | [1] | 2,966,980 | 2,631,354 |
Total Assets | 5,461,703 | 4,549,774 | |
Canada | |||
Deposit | 43,462 | ||
Equipment | 52,872 | 54,654 | |
Oil and gas properties, unproved, full cost method | 864,477 | 839,668 | |
Total Assets | 960,811 | ||
Accrued Reclamation Costs, Current | 43,961 | ||
US | |||
Oil and gas properties, unproved, full cost method | 2,102,503 | 1,791,686 | |
Total Assets | 2,102,503 | ||
Total | |||
Deposit | 43,462 | ||
Equipment | 52,872 | 54,654 | |
Oil and gas properties, unproved, full cost method | 2,966,980 | 2,631,354 | |
Total Assets | $ 3,063,314 | ||
Accrued Reclamation Costs, Current | $ 43,961 | ||
[1] | See Note 6 | ||
[2] | See Note 5 |