Tuesday, August 02, 2022 5:19:36 PM
4. Capital and Leasing Commitments
There was no capital or leasing expenditure at November 30, 2021 except for the below:
The company will make the following payments at the following times to Gennex with respect to the purchase of the Assets as describe in Note 6:
- $50,000.00 USD to Hartley payable on March 15, 2022
- $93,000.00 USD to Hartley payable on March 31, 2022
- 250,000.00 USD to Hartley payable on June 15, 2022.
- $250,000.00 USD to Hartley payable on December 15, 2022.
- $250,000.00 USD to Hartley payable on June 15, 2023.
- $750,000.00 USD to Hartley payable on December 15, 2023.
- Or as otherwise agreed to in writing by separate amendment between the Parties.
5. Contingencies
From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no pending significant legal proceedings to which the Company is a party for which management believes the ultimate outcome would have a material adverse effect on the Company’s financial position.
6. Events After the Reporting Period
There has not arisen in the interval between the end of the financial period and the date of these financial statements any other item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operation of the company, the results of those operations, or the state of affairs of the company, in future financial years except for:
(1) In January 2022, the Company received consent from the US Securities & Exchange Commission to raise up to $3 million through the issue of up to 25 million shares to be issued pursuant to exemption from registration under Regulation A of the SEC Exchange Act. To date, the Company has raised $90,000 pursuant to this registration.
(2) During 2021, the Company acquired 100% of a 6000HA property in the Tintina gold belt situated in the Yukon region of Canada. The property, which is situated approximately 20km north of the Trans Alaska Highway, encompasses infrastructure including fuel depot, mining camp, heavy excavation and transportation equipment and airstrip. The acquisition was made for consideration comprising 4.5 million of the Company’s shares and approximately $1.8 million cash payable in instalments. The final closing occurred in December 2021.
Anything I share is an opinion based on my observations from over a decade of dabbling in the stock market. It's great to share ideas and observations with everyone, but at the end of the day it's your call on whether to buy, hold, or sell.
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