Transactions with Related Parties
Related party during the years ended April 30, 2008 and 2007 are as follows:
a) As at April 30, 2008, the amounts due to related parties consisted of the following (expressed in thousands of Canadian dollars):
| April 30, 2008 | April 30, 2007 | |||
|---|---|---|---|---|
| International Northair Mines Ltd., a company with certain directors in common | $ | 6 | $ | 71 |
| Strongbow Exploration Inc., a company with a director in common | 59 | 191 | ||
| $ | 65 | $ | 262 |
These amounts are non-interest bearing, unsecured and are due on demand.
b) Pursuant to an amended agreement with International Northair Mines Ltd. (“Northair”), a company with directors and officers in common, the Company pays a monthly administrative fee for office space and reimburses Northair for administrative services and supplies as incurred. Either party can terminate the agreement by giving three months written notice prior to the anniversary date. During the Current Year, administrative fees and rent totalling $3,600 (Comparative Year - $46,200) was paid to Northair for its services.
c) During the year ended April 30, 2008, the Company paid $109,200 (Comparative Year - $161,050) for shared technical services and rent to Strongbow.
d) During the year ended April 30, 2008, the Company received $nil from directors and /or officers for stock option exercises (Comparative Year - $216,000).
e) In July 2007, the Company entered into a sub-lease agreement with Agnico-Eagle Mines Ltd. (“Agnico-Eagle”), a significant shareholder and a company with a director in common, for additional premises. The Company is committed to annual lease payments of approximately $105,000 in respect of these premises through June 30, 2010. A portion of these payments may be recovered through sub-leases.
f) During the year ended April 30, 2008, the Company paid $364,000 (Comparative Year - $nil) and accrued as payable $24,100 (Comparative Year - $nil) to Agnico-Eagle in respect of work related to a pre-feasibility study at the Renard Project (Foxtrot Property).
The above transactions, occurring in the normal course of operations, are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.