Significant Transactions With Related Parties

9 Months Ended

Jun. 30, 2011

Significant Transactions With Related Parties

7.  Significant Transactions With Related Parties

Accounts payable – related parties was $182,143 of June 30, 2011 (September 30, 2010 - $86,774) for fees payable to corporations owned by directors. This amount is unsecured, non-interest bearing, and has no fixed terms of repayment.

As of June 30, 2011, officers, directors, their families, and their controlled entities have acquired 52.38% of the Company’s outstanding common capital stock. This percentage does not include unexercised warrants or stock options.

The company made payments totalling $163,024 to two related parties for professional fees and consulting services during the period ended June 30, 2011 (June 30, 2010 - $196,804).