SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Jul. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

NOTE 14: SUPPLEMENTAL CASH FLOW INFORMATION

During Fiscal 2016, the Company issued 1,429,650 (Fiscal 2015: 1,108,390; Fiscal 2014: 635,303) restricted shares with a fair value of $1,372,381 (Fiscal 2015: $1,851,074; Fiscal 2014: $1,101,932) for consulting services.

During Fiscal 2016, the Company issued 826,782 shares with a fair value of $726,244 to the Company’s directors, officers, employees and consultants under its Stock Incentive Plan. During Fiscal 2015, the Company issued 174,437 bonus shares with a fair value of $235,490 to the Company’s directors, officers, employees and consultants under its Stock Incentive Plan. During Fiscal 2014, the Company issued 30,386 restricted shares with a fair value of $55,000 to two directors of the Company for bonuses.

During Fiscal 2016, the Company paid $1,626,667 (Fiscal 2015: $1,484,444; Fiscal 2014:$1,372,222) in cash for interest on the long-term debt. During Fiscal 2016, the Company paid $114,145 (Fiscal 2015: $112,681; Fiscal 2014: $Nil) for the surety bond premium.

During Fiscal 2016, the Company issued 487,574 shares with a fair value of $453,444 as settlement of certain payables totaling $406,476.

During Fiscal 2016, the Company entered into a SPOA with CIC Resources Inc., pursuant to which the Company acquired all of the issued and outstanding shares of JDL Resources Inc. As consideration, the Company paid $50,000 in cash and issued 1,333,560 restricted shares with a fair value of $1,226,875.

During Fiscal 2014, the Company issued 30,304 restricted shares with a fair value of $34,850 as part of an annual advance royalty payment for the Workman Creek Project.