Anyone holding this Russian pos should go to SEDAR for filings....
17. SUBSEQUENT EVENT
On January 12, 2021, the Company issued 571,531 common shares to settle an obligation to issue shares of $136,913 (Note 11e).
b) Issued and outstanding As at December 31, 2020, the Company had 42,958,367 common shares issued and outstanding (2019 – 37,958,582). A summary of changes in share capital and reserves is contained on the consolidated statements of changes in equity for the years ended December 31, 2020 and 2019. During the year ended December 31, 2020, the Company: • issued 4,188,962 common shares valued at $840,902 on the conversion of 4,188,962 special warrants (Note 11e); • issued 330,823 common shares valued at $67,500 to settle an obligation to issue shares (Note 11e); and • issued 480,000 common shares on the exercise of stock options for gross proceeds of $72,727 (C$96,000).
1. NATURE OF OPERATIONS AND GOING CONCERN Orsu Metals Corporation (“Orsu” or the “Company”) is a publicly traded company, that was originally incorporated in the British Virgin Islands (“BVI”). Effective June 30, 2020, the Company continued out of BVI into British Columbia, Canada. The Company’s shares are listed for trading on the TSX Venture Exchange (“TSX-V”) under the symbol OSU. The corporate office of the Company is located at Unit 1 - 15782 Marine Drive, White Rock, B.C., Canada, V4B 1E6. The Company is engaged in the exploration and, if warranted, development of a mineral resource project in eastern Russia. The Company is considered to be in the exploration stage as it has not placed any of its exploration and evaluation assets into production nor has it generated any revenues from operations. These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business in the foreseeable future. As at December 31, 2020, the Company had working capital of $1,003,520. Management estimates that these funds may not provide the Company with sufficient financial resources to carry out currently planned exploration and operations over the next twelve months. Accordingly, the Company may need to seek additional sources of financing. While the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company. These material uncertainties may cast significant doubt upon the Company’s ability to continue as a going concern. In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, has adversely affected workforces, economies, and financial markets globally. It is not possible for the Company to predict the duration or magnitude of the adverse impacts of the outbreak and its effects on the Company’s business or ability to raise funds. To date, the COVID-19 pandemic has not affected the progress of the ongoing exploration campaign on the Sergeevskoe Project as the Company is able to conduct its ongoing exploration in this remote area of Russia. These financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate.
Shareholders Equity - Deficit (416,265,856)
