EQUITY-ACCOUNTED INVESTMENT

12 Months Ended

Jul. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 7: EQUITY-ACCOUNTED INVESTMENT

In July 2017, the Company participated in a private placement of Uranium Royalty Corp. (“URC”), a private entity investing in the uranium sector, paying $151,676 in cash to acquire 2,000,000 common shares of URC. In addition, one officer of the Company was appointed as a member of the board of directors of URC. At the date that the consolidated financial statements are issued, the Company owns a 16.0% interest and certain officers of the Company collectively own an additional 12.8% interest in URC. As a result, the Company has the ability to exercise significant influence over URC’s operating and financial policies, and in accordance with ASC 323: Investments – Equity Method and Joint Ventures, the investment in URC is accounted for as an equity investment.

URC is a recently incorporated company with an immaterial amount of expenses incurred since the Company’s investment. As a result, the Company did not record its share of any loss from URC and at July 31, 2017, the equity-accounted investment totaled $151,676 (July 31, 2016: $Nil).