|3 Months Ended|
Feb. 29, 2016
|SUBSEQUENT EVENTS [Text Block]||
12. SUBSEQUENT EVENT
On March 3, 2016, the Company announced that it had entered into an exclusive, non-binding term sheet to acquire a US based manufacturer and distributor of less-lethal tactical products (the “Target”) for a purchase price of USD$4,140,000 cash, plus an earn out of up to USD$400,000.
The Target is a well-established entity both in the US and international markets, within this sector. The Target has a history of domestic and international military contracts, and has done extensive work with special operations within the US military.
The Company looks to close the transaction on or before May 6, 2016, or any other earlier date that the Company and the Target agree upon. The transaction is conditional upon the Company arranging financing, the execution of a definitive purchase agreement with approval from the Company’s board of directors, final due diligence, and regulatory approvals.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.