Annual report pursuant to Section 13 and 15(d)

STOCK PURCHASE OPTIONS AND WARRANTS

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STOCK PURCHASE OPTIONS AND WARRANTS
 12 Months Ended
Nov. 30, 2016
STOCK PURCHASE OPTIONS AND WARRANTS [Text Block]
7.

STOCK PURCHASE OPTIONS AND WARRANTS

  a)

OPTIONS

The following table summarizes the options outstanding under the Stock Option Plan:

      Number of options  
      2016     2015  
               
  Outstanding, beginning of year   4,750,000     3,360,000  
  Granted   375,000     1,675,000  
  Expired   (100,000 )   (200,000 )
  Exercised   -     (35,000 )
  Forfeited   -     -  
  Cancelled   (400,000 )   (50,000 )
  Outstanding, end of year   4,625,000     4,750,000  
  Exercisable, end of year   4,625,000     4,750,000  
  Year 2016         Number of  
      Option price     options  
  Expiry date   per share     2016  
  March 18, 2017 $ 0.31     350,000  
  August 5, 2017 $ 0.32     150,000  
  May 8, 2019 $ 0.32     600,000  
  September 10, 2019 $ 0.36     1,625,000  
  October 19, 2020 $ 0.29     1,525,000  
  August 17, 2021 $ 0.11     25,000  
  October 19, 2021 $ 0.08     350,000  
  TOTAL         4,625,000  
               
  Weighted average exercise price:            
  Options outstanding at end of year                                         $ 0.30  
  Options granted during the year         0.08  
  Options exercised during the year         -  
  Options expired during the year         0.45  
  Options cancelled during the year         0.33  

  Year 2015         Number of  
      Option price     options  
  Expiry date   per share     2015  
  October 25, 2016 $   0.45     100,000  
  March 18, 2017 $ 0.31     350,000  
  August 5, 2017 $ 0.32     150,000  
  May 8, 2019 $ 0.32     600,000  
  September 10, 2019 $ 0.36     1,875,000  
  October 19, 2020 $ 0.29     1,675,000  
  TOTAL         4,750,000  
  Weighted average exercise price:            
  Options outstanding at end of year $       0.33  
  Options granted during the year         0.29  
  Options exercised during the year         0.20  
  Options expired during the year         0.42  
  Options cancelled during the year         0.31  

The share options outstanding at the end of the year had a weighted average remaining contractual life as follows:

      2016     2015  
      (Years)     (Years)  
  Total outstanding options   2.8     3.8  
  Total exercisable options   2.8     3.8  
  b)

WARRANTS

      Number of              
      Warrants     Exercise     Expiry  
      Granted     Prices     Date  
          $          
  Outstanding at November 30, 2014 and average exercise price   4,794,545     0.24        
  Granted in year 2015   -     -        
  Exercised   (27,500 )   0.20        
  Exercised   (68,750 )   0.13        
  Exercised   (9,350 )   0.25        
  Forfeited   -     -        
  Expired   (622,500 )   0.20        
  Expired   (75,000 )   0.42        
  Expired   (1,223,645 )   0.47        
  Cancelled   -     -        
  Outstanding at November 30, 2015 and average exercise price*   2,767,800     0.17        
  Granted in year 2016   -     -        
  Exercised   -     -        
  Expired   (131,250 )   0.13        
  Expired   (151,900 )   0.45        
  Cancelled   -     -        
  Outstanding at November 30, 2016 and average exercise price*   2,484,650     0.16        
                     
  Exercisable at November 30, 2016   2,484,650     0.16        
  Exercisable at November 30, 2015   2,767,800     0.17        

* On September 24, 2015, the board of directors extended the expiry dates of 572,000 warrants issued in 2010 and 1,505,000 warrants issued in 2012. In addition, on June 9, 2016, the board of directors extended the expiry of 400,000 warrants issued in 2012 by an additional 4 years (refer to note 6)

The warrants outstanding at the end of the year had a weighted average remaining contractual life as follows:

      2016     2015  
      (Years)     (Years)  
  Total outstanding warrants   3.25     2.87  
  Total exercisable warrants   3.25     2.87