6. Assets held for sale

On May 27, 2021, we acquired land in Bécancour, Québec for cash of $4.4 million (CDN $5.9 million). The Company sold approximately two thirds of the land held for sale on September 15, 2022 for cash proceeds of $8,559,490 and a gain on disposition of the asset of $6,703,558.

The remaining land and cost of related land improvements have been classified as assets held for sale, with a carrying value at November 30, 2022 of $3,758,314, on the basis that management was committed to a plan to dispose of the excess land and at the balance sheet date, and considered the sale to be probable within one year. As disclosed in Note 22, the Company has entered into an agreement for the sale of the remaining land.