EQUITY-ACCOUNTED INVESTMENT

6 Months Ended

Jan. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 7: EQUITY-ACCOUNTED INVESTMENT

We acquired a total of 2,000,000 shares of Uranium Royalty Corp. (“URC”), a private entity investing in the uranium sector, for a total consideration of $151,676. In addition, one of our officers was appointed as a member of the board of directors of URC. As at January 31, 2018, we own a 14.5% interest in URC and certain of our officers collectively own an additional 11.6% interest in URC. As a result, our ability to exercise significant influence over URC’s operating and financing policies continues to exist as at January 31, 2018.

 

During the six months ended January 31, 2018, the change in fair value of the investment in URC is summarized as below:

Balance, July 31, 2017	$	151,676
Share of loss from URC		(27,923)
Gain on ownership interest dilution		129,156
Balance, January 31, 2018	$	252,909