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LOANS FROM NON- RELATED PARTIES | 9 Months Ended
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Aug. 31, 2013
LOANS FROM NON- RELATED PARTIES [Text Block] |
11. | LOANS FROM NON- RELATED PARTIES
On January 30, 2013, the Company obtained an unsecured loan of $189,940 (CAD $200,000) for general working capital purposes (“Working Capital Loan”). The Working Capital Loan, together with interest at 6% per annum, accrued and calculated daily, plus $12,000 will be repaid on the earlier of July 30, 2013 and demand. The Company has accrued interest of $18,805 for the nine month period ended August 31, 2013. The Company also granted 100,000 warrants to the lender as bonus consideration for the loan. These warrants were issued at an exercise price of $0.50 per share and vest immediately with an expiry term of two years. This loan along with interest was converted to common shares (see subsequent event note 13(a)) On April 12, 2013, the Company obtained an unsecured loan of $189,940 (CAD $200,000) for general working capital purposes (“Working Capital Loan”). The Working Capital Loan, together with interest at 6% per annum, accrued and calculated daily, plus $12,000 will be repaid on the earlier of July 30, 2013 and demand. The Company has accrued interest of $16,669 for the nine month period ended August 31, 2013. The Company also granted 100,000 warrants to the lender as bonus consideration for the loan. These warrants were issued at an exercise price of $0.50 per share and vest immediately with an expiry term of two years. This loan along with interest was repaid subsequent to the quarter (see subsequent event note 13(b)) On May 14, 2013, the Company obtained an unsecured loan of $142,455 (CAD $150,000) for general working capital purposes (“Working Capital Loan”). The Working Capital Loan, together with interest at 6% per annum, accrued and calculated daily, plus $9,000 will be repaid on the earlier of July 30, 2013 and demand. The Company has accrued interest of $11,712 for the nine month period ended August 31, 2013. The Company also granted 75,000 warrants to the lender as bonus consideration for the loan. These warrants were issued at an exercise price of $0.50 per share and vest immediately with an expiry term of two years. This loan along with interest was converted to common shares (see subsequent event note 13(a))

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 Reference 6: 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) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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