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, 2017
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  
      2017     2016  
               
  Outstanding, beginning of year   4,625,000     4,750,000  
  Granted   2,366,667     375,000  
  Expired   (500,000 )   (100,000 )
  Exercised   -     -  
  Forfeited   -     -  
  Cancelled   (1,625,000 )   (400,000 )
  Outstanding, end of year   4,866,667     4,625,000  
  Exercisable, end of year   4,419,445     4,625,000  

  Year 2017         Number of  
      Exercise price     options  
  Expiry date   per share     2017  
  May 8, 2019   CDN$0.35 ($0.32)     600,000  
  September 10, 2019   CDN$0.40 ($0.36)     550,000  
  October 19, 2020   CDN$0.38 ($0.29)     1,150,000  
  October 19, 2021   CDN$0.11 ($0.08)     350,000  
  March 22, 2022   CDN$0.13 ($0.10)     1,150,000  
  March 25, 2022   CDN$0.20 ($0.15)     970,000  
  August 16, 2022   CDN$0.20 ($0.16)     96,667  
  TOTAL         4,866,667  
               
  Weighted average exercise price:            
  Options outstanding at end of year   CDN$0.26     ($0.21 )
  Options granted during the year   CDN$0.15     ($0.13 )
  Options exercised during the year   -     -  
  Options expired during the year   CDN$0.35     ($0.31 )
  Options cancelled during the year   CDN$0.37     ($0.32 )

  Year 2016         Number of  
      Exercise price     options  
  Expiry date   per share     2016  
  March 18, 2017   CDN$0.35 ($0.31)     350,000  
  August 5, 2017   CDN$0.35 ($0.32)     150,000  
  May 8, 2019   CDN$0.35 ($0.32)     600,000  
  September 10, 2019   CDN$0.40 ($0.36)     1,625,000  
  October 19, 2020   CDN$0.38 ($0.29)     1,525,000  
  August 17, 2021   CDN$0.14 ($0.11)     25,000  
  October 19, 2021   CDN$0.11 ($0.08)     350,000  
  TOTAL         4,625,000  
  Options outstanding at end of year   CDN$0.36     ($0.30 )
  Options granted during the year   CDN$0.11     ($0.08 )
  Options exercised during the year   -     -  
  Options expired during the year   CDN$0.45     ($0.45 )
  Options cancelled during the year   CDN$0.39     ($0.33 )

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

      2017     2016  
      (Years)     (Years)  
  Total outstanding options   3.4     2.8  
  Total exercisable options   2.7     2.8  
  b)

WARRANTS


      Number of        
      Warrants     Exercise  
      Granted     Prices  
                                      $    
  Outstanding at November 30, 2015 and average exercise price   2,767,800     0.17  
  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  
  Granted   17,891,806     0.18  
  Granted   572,354     0.15  
  Expired   (7,650 )   0.25  
  Outstanding at November 30, 2017 and average exercise price   20,941,160     0.18  
               
  Exercisable at November 30, 2017   20,941,160     0.18  
  Exercisable at November 30, 2016   2,484,650     0.16  

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:

      2017     2016  
      (Years)     (Years)  
  Total outstanding warrants   4.68     3.25  
  Total exercisable warrants   4.68     3.25