Not really sure now who owns the Nova Scotia land, Consolidated Beacon’s Quarterly and Year End Report throws a different light on it. Apparently Kent did not use the $92,776 (Cdn $147,123) to pay off the promissory note? They did, however, get an extension on the drilling date.
I am wondering if this is why Brent J.Peters from Northfield retired from Cubacan’s BOD.
The Company entered into an agreement to sell 40% of Beacon’s 66.5% working interest in Nova Scotia for the sum of $320,000 consisting of cash and stock. This sale was anticipated to close on October 18, 2002 but has not been completed in its entirety. – Consolidate Beacon
Note: in Aspen’s latest 10Q filing that as at September 30, 2002, Cubacan owed Aspen $92,776 (Cdn $147,123) for cash advances or almost the same amount as the $150,000 promissory note which was originally secured solely by Cubacan’s Nova Scotia interests.
Additional geophysical data has been acquired in the third quarter and was reprocessed. Several drilling targets have been identified on the lands. The sourcing of a drilling rig is underway and it is anticipated that a well will be drilled in the first quarter of 2003. The Nova Scotia government has granted an extension to April 30, 2003 to drill a well within the boundary area of the exploration agreements. – Consolidated Beacon
News 
Market Data 
Discover 
