Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
6 Months Ended
May 31, 2017
SUBSEQUENT EVENTS [Text Block]

NOTE 10 - SUBSEQUENT EVENTS

a.        During June and July, 2017, the Company entered into unsecured convertible note agreements with accredited or offshore investors for an aggregate amount of $1 million. The notes bear an annual interest rate of 6% and mature in two years from the closing date, unless earlier converted subject to the terms defined in the agreements.

b.        In June and July 2017, the institutional investor referred to in Note 6b, remitted to the Company $1 million in subscription proceeds in respect of which the Company will issue to the investor 1,923,076 shares of Common Stock and three year warrants for an additional 1,923,076 shares.

c.        On July 17, 2017, the Company paid to Admiral $125 thousand on account of the debt owed.