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STOCK PURCHASE WARRANTS | 12 Months Ended
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Nov. 30, 2014
STOCK PURCHASE WARRANTS [Text Block] |
7. | STOCK PURCHASE WARRANTS
| Year ended November 30, 2014
| On August 6, 2014, the Company issued $1,398,592 (CAD $1,549,000) face value 12% convertible debentures with a term to August 6, 2017 (the “Maturity Date”). At any time while the debentures are outstanding, the holder has the option to convert the outstanding principal of the debentures into common shares of the Company at a fixed conversion price of CAD $0.50 per share. In connection with the financing, the Company issued warrants to placement agents to purchase 151,900 shares of common stock at an exercise price of US $0.45 (CAD $0.50) per share. These warrants expire on August 5, 2016. The relative fair value allocated to warrants and credited to additional paid in capital was $33,583
| Year ended November 30, 2013
| On January 30, 2013, the Company issued a $199,342 (CAD $200,000) 6% convertible bridge loan with a term to July 30, 2013 issuance of the bridge loan, the Company issued detachable warrants to purchase 100,000 shares of the Company’s common stock at CAD$0.50 per share and a time to expiration of two years. The relative fair value allocated to warrants and credited to additional paid in capital was $24,246 (see note 15).
| On March 14, 2013, the Company issued a $97,456 (CAD $100,000) 6% convertible bridge loan with a term to July 30, 2013 (the “Maturity Date”). In connection with the issuance of the bridge loan, the Company issued detachable warrants to purchase 50,000 shares of the Company’s common stock. The warrants have an exercise price of CAD$0.50 per share and a time to expiration of two years. The relative fair value allocated to warrants and credited to additional paid in capital was $11,269 (see note 15)
| On April 12, 2013, the Company issued a $197,355 (CAD $200,000) 6% convertible bridge loan with a term to July 30, 2013 (the “Maturity Date”). In connection with the issuance of the bridge loan, the Company issued detachable warrants to purchase 100,000 shares of the Company’s common stock. The warrants have an exercise price of CAD$0.50 per share and a time to expiration of two years. The relative fair value allocated to warrants and credited to additional paid in capital was $20,502 (see note 15)
| On May 14, 2013, the Company issued a $147,812 (CAD $150,000) 6% convertible bridge loan with a term to July 30, 2013 (the “Maturity Date”). In connection with the issuance of the bridge loan, the Company issued detachable warrants to purchase 75,000 shares of the Company’s common stock. The warrants have an exercise price of CAD$0.50 per share and a time to expiration of two years. The relative fair value allocated to warrants and credited to additional paid in capital was $21,520 (see note 15) On August 27, 2013, the Company completed an initial public offering to raise gross proceeds of $3,794,280 (CAD $3,993,980) through the issuance of 9,984,950 Common Shares at a price of $0.38 (CAD$0.40) per Common Share (the “Issue Price”). The Company incurred expenses of $724,580 (CAD $734,565) to raise the capital which included a fee of CAD $80,000 paid to a former director and CEO in accordance with the terms of an agreement regarding escrow of shares and a cash commission of CAD$359,458 paid to the Agent. In addition the Company granted warrants to purchase up to 898,645 Common Shares to the Agent and members of its selling group. The warrants entitle the Agent and members of its selling group to purchase Common Shares at a price of CAD$0.40 (US $0.38) per Common Share until August 27, 2015.
|  |  | Number of |  |  |  |  |  |  |
|  |  | Warrants |  |  | Exercise |  |  | Expiry |
|  |  | Granted |  |  | Prices |  |  | Date |
|  |  |  |  |  | $ |  |  |  |
| Outstanding at November 30, 2012 and average exercise price |  | 4,319,000 |  |  | 0.19 |  |  |  |
| Granted in year 2013 |  | 100,000 |  |  | 0.47 |  |  | 1/30/2015 |
| Granted in year 2013 |  | 50,000 |  |  | 0.47 |  |  | 3/14/2015 |
| Granted in year 2013 |  | 100,000 |  |  | 0.47 |  |  | 4/12/2015 |
| Granted in year 2013 |  | 75,000 |  |  | 0.47 |  |  | 5/14/2015 |
| Granted in year 2013 |  | 898,645 |  |  | 0.38 |  |  | 8/27/2015 |
| Exercised |  | - |  |  | - |  |  |  |
| Forfeited |  | - |  |  | - |  |  |  |
| Expired |  | - |  |  | - |  |  |  |
| Cancelled |  | - |  |  | - |  |  |  |
| Outstanding at November 30, 2013 and average exercise price |  | 5,542,645 |  |  | 0.23 |  |  |  |
| Granted in year 2014 |  | 151,900 |  |  | 0.45 |  |  | 8/5/2016 |
| Exercised |  | - |  |  | - |  |  |  |
| Forfeited |  | - |  |  | - |  |  |  |
| Expired |  | (850,000 | ) |  | 0.25 |  |  |  |
| Expired |  | (50,000 | ) |  | 0.25 |  |  |  |
| Cancelled |  | - |  |  | - |  |  |  |
| Outstanding at November 30, 2014 and average exercise price |  | 4,794,545 |  |  | 0.24 |  |  |  |
| Exercisable at November 30, 2014 |  |  |  |  | 4,794,545 |  |  | 0.24 |
| Exercisable at November 30, 2013 |  |  |  |  | 5,542,645 |  |  | 0.23 |
The warrants outstanding at the end of the year had a weighted average remaining contractual life as follows:
|  |  | 2014 |  |  | 2013 |
|  |  | (Years) |  |  | (Years) |
| Total outstanding warrants |  | 0.9 |  |  | 1.6 |
| Total exercisable warrants |  | 0.9 |  |  | 1.6 |

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- Definition STOCK PURCHASE WARRANTS [Text Block] + References No definition available. + Details
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