9.	STOCK OPTIONS

For the period ended March 31, 2016, the Company recorded share based compensation expense related to stock options in the amount of $127,279 (September 30, 2015 – $1,116,544) on the stock options that were previously granted. As of March 31, 2016, there was remaining unrecognized compensation cost of $113,006 related to the non-vested portion of these unit option awards. Compensation expense is based upon straight-line depreciation of the grant-date fair value over the vesting period of the underlying unit option.

	Shares Underlying Options Outstanding						Shares Underlying Options Exercisable
Range of Exercise Price	Shares Underlying Options Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Shares Underlying Options Exercisable		Weighted Average Exercise Price

$0.05 at March 31, 2016		3,450,000		2.22		0.05		3,450,000		0.05
$0.30 at March 31, 2016		250,000		2.58		0.30		250,000		0.30
$0.34 at March 31, 2016		450,000		2.68		0.34		450,000		0.34
$0.38 at March 31, 2016		6,780,000		3.47		0.38		5,320,000		0.38
$0.23 at March 31, 2016		600,000		3.63		0.23		400,000		0.23
		11,530,000		3.06	$	0.27		9,870,000	$	0.25

The aggregate intrinsic value of exercisable options as of March 31, 2016, was $Nil (September 30, 2015 - $Nil).

The following is a summary of stock option activity as at March 31, 2016:

	Number of Underlying Shares		Weighted Average Exercise Price		Weighted Average Fair Market Value

Balance, September 30, 2015		12,430,000	$	0.26	$	0.20

Balance, March 31, 2016		11,530,000	$	0.27	$	0.22

Exercisable, March 31, 2016		9,870,000	$	0.25	$	0.20

There were 1,660,000 unvested stock options outstanding as of March 31, 2016 (September 30, 2015 – 2,010,000).