Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

16. Related Party Transactions

At September 30, 2021, accounts payable and accrued liabilities included $32,806 (December 31, 2020 - $117,000) due to related parties for outstanding management and consulting fees. The amounts are unsecured, non-interest bearing and due on demand.

During the nine month period ended September 30, 2021, the Company issued 1,416,667 units for the settlement of accounts payable owed to related parties in the amount of $70,833, resulting in no gain or loss and issued 200,000 common shares pursuant to the options exercised by related parties to settle the accounts payable. Refer to Note 11.

During the nine month period ended September 30, 2021, the Company issued 3,060,000 common shares relating to the exercise of 3,060,000 warrants held by related parties. As consideration, the Company entered into promissory note agreements with the related parties for total principal receivable by the Company of $294,293 (CAD$367,200). The notes bear interest at 5% per annum and mature in July 2023. Refer to Note 11.

As at September 30, 2021, notes receivable included $291,316 (December 31, 2020 - $Nil) due from related parties. The amounts are unsecured, bear interest at 5% per annum and mature two years from grant.

During the nine months ended September 30, 2021, $218,930 (September 30, 2020 - $215,766) is included in general and administrative expenses in respect to directors and management fees.