RE: RE: RE: RE: Uh...ohFrom Financials
5. Related Party Transactions
a) As at November 30, 2008, the Company owed the former President of the Company $47,788 (May 31, 2008 - $47,788) which is noninterest
bearing, unsecured and due on demand.
b) During the six month period ended November 30, 2008, the Company incurred $189,264 (2007 - $43,500) of consulting fees included in
general and administrative expenses, and reimbursed $287,697 (2007 - $115,000) of expenses incurred on behalf of the Company, with
various directors and officers. As at November 30, 2008, the Company was indebted to the former Chief Financial Officer of the Company
for $27,590 (May 31, 2008 - $46,167), the Chief Executive Officer of the Company for $283,778 (May 31, 2008 – $349,657) and two
former directors of the Company for $98,500 (May 31, 2008 - $108,246). The amounts due are non-interest bearing, unsecured and due on
demand.
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j) On September 24, 2008, the Company agreed to pay the CEO $10,000 per month for three years.
13. Subsequent Event