NOTE 8. CONVERTIBLE NOTES

12 Months Ended

Nov. 30, 2015

Debt Disclosure [Abstract]

NOTE 8. CONVERTIBLE NOTES

On March 26, 2008, the Company issued $95,000 in 5.5% unsecured senior convertible notes ("Notes") maturing on May 1, 2015, for net proceeds of $92,200. Interest was payable semi-annually in arrears on May 1 and November 1 of each year, beginning November 1, 2008. On conversion, at the Company's election, holders of the Notes would receive cash or a combination of cash and shares.

On May 2, 2013, the Company purchased $72,821 of the principal amount of its Notes, pursuant to the terms and indenture governing the Notes which provided Holders the opportunity to require the Company to purchase for cash, all or a portion of their Notes (the "Put Option") on May 1, 2013. On September 16, 2013, the Company accepted Holders' offers to purchase another $6,350 of the principal amount of the Notes. The remaining $15,829 principal amount of the Notes was repaid on May 1, 2015.

As the conversion price of the Notes was denominated in U.S. dollars, a currency different from the functional currency of the Company, the conversion feature was an embedded derivative and separately recognized as a liability. This embedded derivative was recorded at fair value and re-measured each period with the movement being recorded as a gain or loss in Net loss. The fair value of the embedded derivative prior to the expiry of the Put Option was composed of the conversion feature of the Note and the Put Option. Subsequent to this date, until settlement at maturity, the measurement of the embedded derivative was based solely on the conversion feature.

As a result of the measurement of the embedded derivatives and the initial discount, the recorded liability to repay the Notes was lower than its face value. The effective Note discount, was charged to interest expense and accreted to the liability over the term of the Notes.

Changes in the carrying values of the Notes are summarized as follows:

	Years ended November 30,
	2015			2014		2013
Balance – beginning of period	$	15,112		$	13,570	$	73,606
Accretion expense		717			1,542		5,101
Repayment or repurchases of Notes		(15,829	)		—		(65,137	)
Balance – end of period	$	—		$	15,112	$	13,570