v3.26.1
CONVERTIBLE DEBENTURES
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
CONVERTIBLE DEBENTURES [Text Block]

12. CONVERTIBLE DEBENTURES

On May 6, 2024, the Company closed a non-brokered private placement, issuing 4,000 debenture units for aggregate proceeds of $2,920,562 (C$4,000,000). Each unit contains one convertible debenture and 1,000 common share purchase warrants. Each convertible debenture has a principal of C$1,000, maturing 30 months from the issue date, with interest accruing at 12% per annum, payable quarterly in cash. The principal and accrued interest may be converted into common shares at a price of C$0.45 per share at the holder's option any time before maturity.

The proceeds from the private placement were allocated to convertible debentures and warrants using the relative fair value method. Accordingly, $1,954,534 was allocated to convertible debentures and $966,028 to warrants. The Company accounts for the convertible debenture as a financial liability in its entirety, as the conversion feature does not require bifurcation and recognition as derivative liability.

A summary of the Company's convertible debentures is as follows:

    $  
Balance, March 31, 2024   -  
Additions from private placements, net of transaction costs   1,954,534  
Accretion expense   509,871  
Interest expense   293,675  
Repayment   (971,407 )
Effect of foreign exchange   (98,489 )
Balance, March 31, 2025   1,688,184  
Accretion expense   372,018  
Interest expense   187,241  
Repayment   (1,473,420 )
Conversion to common shares   (103,544 )
Effect of foreign exchange   62,159  
Balance, March 31, 2026   732,638  

During the year ended March 31, 2026, the Company incurred interest expense of $187,241 (2025 - $293,675) and accretion expense of $372,018 (2025 - $509,871).