Stock Options

3 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK OPTIONS

9. STOCK OPTIONS

Between June 8 to 10, 2018, five directors, two contractors and one employee of the Company, exercised a total of 3,150,000 option shares at an exercise price of $0.05 by way of a cashless exercise to acquire a total of 899,998 common shares of the Company, based upon the market value of the Company’s common stock of $0.07 per share on June 8, 2018, whereby 2,250,002 common shares were withheld by the Company to pay for the exercise price of the options.

On June 19, 2018, one director of the Company acquired 300,000 common shares of the Company upon exercising stock options, at an exercise price of $0.05 per common share for total gross proceeds to the Company of $15,000.

On October 28, 2018, 250,000 stock options previously granted on October 28, 2013 to a contractor for services in connection with the Farmout Agreement, expired unexercised.

On December 4, 2018, 450,000 stock options previously granted on December 4, 2013 to one director, expired unexercised.

For the period ended December 31, 2018, the Company recorded no share-based compensation expense related to stock options (September 30, 2018 – $Nil). As of December 31, 2018, there was no unrecognized compensation cost related to 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
$0.38 at December 31, 2018		6,780,000		0.72	$	0.38		6,780,000	$	0.38
$0.23 at December 31, 2018		600,000		0.88	$	0.23		600,000	$	0.23
		7,380,000		0.73	$	0.37		7,380,000	$	0.37

The aggregate intrinsic value of exercisable options as of December 31, 2018, was $Nil (September 30, 2018 - $Nil).

The following is a summary of stock option activity as at December 31, 2018:

	Number of Underlying Shares			Weighted Average Exercise Price		Weighted Average Fair Market Value
Balance, September 30, 2018		8,080,000		$	0.36	$	0.29
Expired, October 28, 2018		(250,000	)		0.30		0.30
Expired, December 4, 2018		(450,000	)		0.34		0.36
Balance, December 31, 2018		7,380,000		$	0.37	$	0.29
Exercisable, December 31, 2018		7,380,000		$	0.37	$	0.29

There were no remaining unvested stock options outstanding as of December 31, 2018 (September 30, 2018 – Nil).