9.	STOCK OPTIONS

For the period ended June 30, 2016, the Company recorded share based compensation expense related to stock options in the amount of $185,903 (September 30, 2015 – $1,116,544) on the stock options that were previously granted. As of June 30, 2016, there was remaining unrecognized compensation cost of $54,382 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 June 30, 2016		3,450,000		1.97		0.05		3,450,000		0.05
$0.30 at June 30, 2016		250,000		2.33		0.30		250,000		0.30
$0.34 at June 30, 2016		450,000		2.43		0.34		450,000		0.34
$0.38 at June 30, 2016		6,780,000		3.22		0.38		5,320,000		0.38
$0.23 at June 30, 2016		600,000		3.38		0.23		400,000		0.23
		11,530,000		2.81	$	0.27		9,870,000	$	0.25

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

The following is a summary of stock option activity as at June 30, 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, June 30, 2016		11,530,000	$	0.27	$	0.22

Exercisable, June 30, 2016		9,870,000	$	0.25	$	0.20

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