Warrants consisted of the following:
| Aggregate | Number of | |||||||
| intrinsic value | warrants | |||||||
| Outstanding at January 31, 2011 | $ | - | 1,655,333 | |||||
| Lapsed | - | (155,333 | ) | |||||
| Outstanding at January 31, 2012 | - | 1,500,000 | ||||||
| Granted | - | 2,936,000 | ||||||
| Exercised | - | - | ||||||
| Cancelled | - | (1,500,000 | ) | |||||
| Outstanding at January 31, 2013 | $ | - | 2,936,000 | |||||
| Warrants | Weighted | Warrants | Weighted | |||||||||||||||
| outstanding | average | exercisable | average | |||||||||||||||
| Exercise Price | remaining | exercise price | ||||||||||||||||
| contractual life | ||||||||||||||||||
| $ | 0.11485 | 1,250,000 | 3.76 | 1,250,000 | $ | 0.11485 | ||||||||||||
| $ | 0.11485 | 250,000 | 3.76 | 250,000 | $ | 0.11485 | ||||||||||||
| $ | 0.45000 | 500,000 | 3.76 | 500,000 | $ | 0.45000 | ||||||||||||
| $ | 0.50000 | 100,000 | 5.00 | 100,000 | $ | 0.50000 | ||||||||||||
| $ | 0.45000 | 660,000 | 5.00 | 660,000 | $ | 0.45000 | ||||||||||||
| $ | 0.40000 | 176,000 | 5.00 | 176,000 | $ | 0.40000 | ||||||||||||
| 2,936,000 | 4.15 | 2,936,000 | $ | 0.27748 | ||||||||||||||