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SUBSEQUENT EVENTS
9 Months Ended
Aug. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 13. SUBSEQUENT EVENTS

 

Stock Issued for Conversion of Debenture and Exercise of Warrants

 

As more fully discussed in Note 4 to these consolidated financial statements, MultiCell sold the Debenture to LJCI and issued LJCI a stock warrant in connection with the Debenture. Between September 1, 2012 and October 8, 2012, LJCI converted $830 of the 4.75% debenture into 95,739,222 shares of the Company’s common stock. Simultaneously with the conversions of the Debenture, LJCI was required to exercise warrants to purchase 83,000 shares of the Company’s common stock at $1.09 per share. The total proceeds from the exercise of the warrants were $90,470.

 

Stock Options

 

In connection with the appointment of a new member to MultiCell’s Board of Directors in September 2012, the Board of Directors granted an option to the new director to purchase one million shares of the Company’s common stock. The exercise price of the grant is $0.0014 per share, the closing price of the Company’s common stock on the date of grant. The option vests monthly over three years, subject to continuing service as a director on each such vesting date, and expires five years after grant.

 

Amendment to Foreclosure Sale Agreement

 

On October 9, 2012, Xenogenics entered into a second to the Foreclosure Sale Agreement, previously entered into on September 30, 2010 and previously amended on September 30, 2011.  This amendment extends deadlines for the achievement of certain milestones under the agreement by an additional twelve months.