Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
 6 Months Ended
May. 31, 2015
RELATED PARTY TRANSACTIONS [Text Block]
7.

RELATED PARTY TRANSACTIONS
   
 

The following transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.
   
 

Six months ended May 31, 2015

   
 

Two non-independent directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $104,700 as management fees to these two directors, in their role as officers in accordance with their consulting contracts and expensed a total of $3,000 as automobile allowance.

   
 

The Company expensed $11,000 for services provided by the CFO of the Company and $110,130 for services provided by a corporation in which the Chief Operating Officer has an interest, in accordance with the consulting contract.

   
 

The Company reimbursed $46,100 to directors and officers for travel and entertainment expenses incurred for the Company.

   
 

Six months ended May 31, 2014

   
 

Two non-independent directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $125,233 as management fees to these two directors and expensed a total of $3,600 as automobile allowance.

   
 

The Company expensed $12,000 for services provided by the CFO of the Company and $114,573 for services provided by a corporation in which the Chief Operating Officer has an interest.

   
 

The Company reimbursed $66,763 to directors and officers for travel and entertainment expenses incurred for the Company.