Quarterly report pursuant to Section 13 or 15(d)

CONVERTIBLE DEBENTURES

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CONVERTIBLE DEBENTURES
9 Months Ended
Aug. 31, 2013
CONVERTIBLE DEBENTURES [Text Block]
10.

CONVERTIBLE DEBENTURES

   
 

During the six month period ended May 31, 2013 the Company issued 1,801,480 common shares for conversion of convertible debentures having face value of $500,000 and accrued interest of $40,444. The total debt for $540,444 was converted into 1,801,480 common shares at $0.30 per share.

   
 

On August 27, 2013, upon completion of the Offering, $700,000 face value of convertible debentures along with $97,716 of interest was converted to 2,297,044 Common Shares, resulting in the discharge of those debentures. In addition, the Company repaid the balance of $30,000 face value of convertible debenture not converted along with accrued interest of $3,877 and also repaid interest of $3,024 not converted to common shares.