There are some convertibles due at the end of the year, but it's just a drop in the bucket and shouldn't be too big of a deal. So with that, I'm gonna TrapperJim all over you guys:
From Annual Report
(2) Five-hundred Thousand (500,000) Shares to GeoXplor on or before December 31, 2013; (For Lithium properties)
(2) Six-hundred Thousand (600,000) Shares to GeoXplor on or before December 31, 2013; (For San Juan property)
On March 4, 2013, the Company entered into a Convertible Promissory Note agreement with Harbor Gates, LLC (Harbor Gates), a Delaware limited liability corporation, an accredited investor, whereby Harbor Gates loaned the Company the aggregate principal amount of $25,000, together with interest at the rate of eight percent (8%) per annum, until the maturity date of December 31, 2013. On April 12, 2013, the Company entered into another Secured Convertible Promissory Note agreement with Harbor Gates, whereby Harbor Gates loaned the Company the aggregate principal amount of $25,000, together with an interest rate of eight percent (8%) and with the maturity of December 31, 2013.
If the Note is not paid in full with interest on the maturity date, Harbor has the right to convert this Note into restricted common shares of the Company. The Company at its option may elect to convert all or part of the principal and any accrued unpaid interest on these notes at any time or times on or before the maturity based on a conversion price. The conversion price (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower) shall equal to 50% multiplied by the lowest volume-weighted average trading prices during the ten (10) trading days prior to conversion notice.
