Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Note 12 - Deferred Share Units

Note 12 - Deferred Share Units
12 Months Ended
Nov. 30, 2018
Deferred Compensation Arrangements Disclosure [Abstract]  
Deferred Share Units

Effective May 28, 2010, the Company’s shareholders approved a Deferred Share Unit (“DSU”) Plan to grant DSUs to its non-management directors and reserved a maximum of 11,000 common shares for issuance under the plan. The DSU Plan permits certain non-management directors to defer receipt of all or a portion of their board fees until termination of the board service and to receive such fees in the form of common shares at that time. A DSU is a unit equivalent in value to one common share of the Company based on the trading price of the Company's common shares on the TSX.

Upon termination of board service, the director will be able to redeem DSUs based upon the then market price of the Company's common shares on the date of redemption in exchange for any combination of cash or common shares as the Company may determine.

During the years ended November 30, 2018 and 2017, one non-management board member elected to receive director fees in the form of DSUs under the Company’s DSU Plan. As at November 30, 2018,

10,279 (2017 – 9,413) DSUs are outstanding and 721 (2017 – 1,587) DSUs are available for grant under the DSU Plan. The Company recorded the following amounts related to DSUs for each of the three years ended November 30, 2018, 2017 and 2016 in Additional paid in capital and accrued the following amounts as at November 30, 2018, 2017 and 2016:

                 November 30, 2018     November 30, 2017   November 30, 2016
    $  shares   $  shares   $  shares
Additional paid in capital       7,565         866       30,355     1,738         31,628        1,674
Accrued liability              -               -            7,562         866            7,261           235