From the 10-Q filed on April 18, 2011.
State the number of shares outstanding of each of the issuer’s classes of common equity, as of April 19, 2011: 38,390,000 shares of common stock.
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED 22,268,453
Plan of Operation for Tucana Exploration Inc.
On December 2, 2010, the Company closed an Asset Purchase Agreement with a group of sellers to acquire 100% interest in the Abigail Lithium Project located in the James Bay, Quebec region. The property is made up of 222 map-designated cells totaling 11,844 hectares. The Company plans on commencing an initial work program on the property consisting of an airborne electromagnetic and magnetic survey covering the entire property, at a 125-m line spacing. This survey will locate the ultramafic intrusions if they exist, the basalt and/or ultramafic remnants, the contrast between the gneiss and Champion Lake granitoids and, if the magnetic contrast with the encasing rocks is strong enough, the pregmatites. The survey will be followed up by a geological survey and prospecting program covering the targets to be defined by the airborne survey.
The budget to complete the initial work program on the property is described below:
Airborne Magnetic and Electromagnetic Survey (125m line spacing):
Airborne survey, mob and demob, lump sum 20,000
Survey (Mag and VLF) 1,095km @ $73/km 79,935
Wait time, additional survey lines, ect 35,000
Contingency 12% 16,192
Total Airborne Survey $ 151,127
Geological Survey and Prospecting:
Geological survey, 2 geologists, 2 helpers, room and board, helicopter support if needed, assays, all inclusive for approximately 45 days 135,000
Contingency 12% 16,200
Total Geological Survey $ 151,200
Total Airborne and Geological $ 302,327
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[quote]The Company has incorporated a new company in Wyoming named Tucana Explorations Inc. The interest in the Abigail Lithium Project is owned by Tucana Explorations Inc.
The Company will be committed to an initial exploration work budget of a minimum of $300,000 to commence no later than May 16, 2011. [/quote]The Company is currently negotiating the financing of the Company’s business operations with a number of parties. Any capital raised will be through either a private placement or a convertible debenture and will result in the issuance of common shares from the Company’s authorized capital.
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As of February 28, 2011 we had a cash balance of $25,786 and a working capital deficit of $312,588.
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