LOAN RECEIVABLE

12 Months Ended

Jul. 31, 2012

LOAN RECEIVABLE [Text Block]

NOTE 8: LOAN RECEIVABLE

Pursuant to a Secured Loan Agreement dated April 11, 2011, the Company provided a senior secured loan to Concentric in the principal amount of $300,000, subject to interest calculated at 6% per annum, of which $200,000 was utilized to repay a secured loan owed to Global by Concentric, with the remainder for Concentric’s ongoing operational costs incurred prior to the completion of a merger between the Company and Concentric. Effective September 9, 2011, the Company merged with Concentric which resulted in the reclassification of the loan receivable as partial consideration towards the purchase price of the Anderson Project (Note 5).