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, 2015
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  
    2015     2014  
             
Outstanding, beginning of year   3,360,000     1,510,000  
Granted   1,675,000     3,025,000  
Expired   (200,000 )   (125,000 )
Exercised   (35,000 )   (50,000 )
Forfeited   -     -  
Cancelled   (50,000 )   (1,000,000 )
Outstanding, end of year   4,750,000     3,360,000  
Exercisable, end of year   4,750,000     3,360,000  

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 forfeited/cancelled during the year         0.31  

2014            
          Number of  
    Option price     options  
Expiry date   per share     2014  
June 15, 2015 $ 0.20     35,000  
October 2, 2015 $ 0.42     200,000  
October 25, 2016 $ 0.45     100,000  
March 18, 2017 $ 0.31     400,000  
August 5, 2017 $ 0.32     150,000  
May 8, 2019 $ 0.32     600,000  
September 10, 2019 $ 0.36     1,875,000  
             
TOTAL         3,360,000  
             
Weighted average exercise price:            
Options outstanding at end of year       $ 0.35  
Options granted during the year         0.34  
Options exercised during the year         0.25  
Options expired during the year         0.25  
Options forfeited/cancelled during the year         0.45  

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

    2015     2014  
    (Years)     (Years)  
Total outstanding options   3.8     4.0  
Total exercisable options   3.8     4.0  
     
  b)

WARRANTS

    Number of              
    Warrants     Exercise     Expiry  
    Granted     Prices     Date  
           $        
Outstanding at November 30, 2013 and average exercise price   5,542,645     0.23        
Granted in year 2014   151,900     0.45     8/5/2016  
Exercised   -     -        
Forfeited   -     -        
Expired   (850,000 )   0.25        
Expired   (50,000 )   0.25        
Cancelled   -     -        
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        
                   
Exercisable at November 30, 2015   2,767,800     0.17        
Exercisable at November 30, 2014   4,794,545     0.24        

* 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 (refer to note 6)

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

    2015     2014  
    (Years)     (Years)  
Total outstanding warrants   2.87     0.9  
Total exercisable warrants   2.87     0.9