Quarterly report pursuant to Section 13 or 15(d)

LOAN FROM RELATED PARTY

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LOAN FROM RELATED PARTY
9 Months Ended
Aug. 31, 2013
LOAN FROM RELATED PARTY [Text Block]
12.

LOAN FROM RELATED PARTY

   
 

On March 14, 2013, the Company obtained an unsecured loan of $94,970 (CAD$100,000) for general working capital purposes (“Working Capital Loan”) from a director. The Working Capital Loan , together with interest at 6% per annum, accrued and calculated daily, plus $6,000 will be repaid on the earlier of July 30, 2013 and demand. The Company has accrued interest of $8,811 for the nine month period ended August 31, 2013. The Company also granted 50,000 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))