Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 3 Months Ended 84 Months Ended
Feb. 29, 2012
Feb. 28, 2011
Feb. 29, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period $ (252,431) $ (329,377) $ (17,528,639)
Items not requiring an outlay of cash:      
Issue of shares for services 0 0 584,500
Stock based compensation for options and warrants (included in general and administration expenses) 213,440 0 5,769,846
Recovery of accounts payable (215,143) 0 (215,143)
Loss on cancellation of common stock 0 0 34,400
Amortization of plant and equipment 2,284 2,696 42,643
Amortization of debt discount 9,026 0 27,824
Amortization of deferred financing cost 8,766 0 33,010
Changes in non-cash working capital:      
Prepaid expenses and other receivables (22,306) 21,466 (130,010)
Accounts payable and accrued liabilities* (121,132) [1] (20,543) [1] 412,703 [1]
NET CASH USED IN OPERATING ACTIVITIES (377,496) (325,758) (10,968,866)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of Plant and Equipment (5,079) 0 (63,852)
NET CASH USED IN INVESTING ACTIVITIES (5,079) 0 (63,852)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net proceeds from issuance of common shares 0 150,000 9,819,150
Proceeds from convertible debentures 825,000 0 1,703,328
Cancellation of common stock 0 0 (50,000)
Exercise of stock options 0 0 117,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 825,000 150,000 11,589,978
NET INCREASE (DECREASE) IN CASH FOR THE PERIOD 442,425 (175,758) 557,260
Cash, beginning of period 114,835 247,328 0
CASH, END OF PERIOD 557,260 71,570 557,260
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:      
INCOME TAXES PAID 0 0 0
INTEREST PAID $ 0 $ 0 $ 0
[1] Excludes the credit of $35,160 to accrued liability resulting from deferred financing (a non cash item)