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NOTE 6. DEBT

9 Months Ended

Aug. 31, 2015

Debt Disclosure [Abstract]

NOTE 6. DEBT

		At August 31, 2015				At November 30, 2014
Convertible notes		$	—			$	15,112
Promissory note			79,219				76,153
			79,219				91,265
Less: current portion			—				(15,112	)
		$	79,219			$	76,153

Scheduled minimum debt repayments are $nil for the remainder of 2015 through 2019, and $79,219 thereafter. The carrying value of the debt approximates fair value.

Convertible notes

The remaining $15,829 principal amount of the original $95,000 in unsecured senior convertible notes (“Notes”) issued by the Company on March 26, 2008 was repaid on May 1, 2015. Changes in the carrying value of the Notes are summarized as follows:

		Nine months ended August 31,
		2015				2014
Balance – beginning of period		$	15,112			$	13,570
Accretion expense			717				1,135
Repayment of Notes			(15,829	)			—
Balance – end of period		$	—			$	14,705

The following table provides the net amounts recognized in the Condensed Consolidated Balance Sheets related to the Notes:

		At August 31, 2015				At November 30, 2014
Principal amount		$	—			$	15,829
Unamortized debt discount			—				(717	)
Net carrying amount		$	—			$	15,112

Promissory note

As part of the agreement that led to the formation of Donlin Gold LLC, the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 to November 30, 2007 out of the Company’s share of future mine production cash flow. The Company has a promissory note payable to Barrick for $51,600, plus interest at a rate of US prime plus 2%, amounting to $27,619 in accrued interest since the inception of the promissory note.

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- References

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 505



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.5-02.19,20,22)



-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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