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CONVERTIBLE DEBENTURES AND DEFERRED FINANCING COSTS
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6 Months Ended | ||
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May 31, 2014
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| CONVERTIBLE DEBENTURES AND DEFERRED FINANCING COSTS [Text Block] |
Year ended November 30, 2013 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. This resulted in the complete discharge of all convertible debt. |