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Note 16 - Subsequent Events
12 Months Ended
Sep. 30, 2013
Notes  
Note 16 - Subsequent Events:

NOTE 16 – SUBSEQUENT EVENTS:

 

On October 25, 2013, we amended our Lease and Option Agreement for Purchase and Sale of Mining Properties (the “Amended Agreement”), effective October 1, 2013, with David Cooper Knight, as trustee of the David C. and Debra J. Knight Living Trust (“Knight”).  Pursuant to the Amended Agreement, we will evaluate, explore and develop an additional package of 104 mineral claims in Nevada.  In consideration of the Amended Agreement, we issued 200,000 restricted common shares to Knight with a value of $40,000 based upon the closing price of our shares of common stock as quoted on the NYSE MKT.

 

On December 5, 2013, we announced that we had entered into a confidentiality agreement with RockStar Resources, Inc. (“RockStar”), including a No-Shop/Exclusivity clause valid through February 28, 2014 in order to explore mutually beneficial transactions. Pursuant to the confidentiality agreement, RockStar has agreed to purchase $750,000 in shares of our common stock at a price of $0.20 per share in three, equal, installments of $250,000 on or before December 31, 2013, January 31, 2014 and February 28, 2014.

 

On December 9, 2013, we entered into a vendor agreement with Kappes, Cassiday and Associates (“KCA”), whereby KCA agreed to settle $102,571 in accounts receivable from us via payment of $42,571 in cash and 352,941 shares of our common stock.  The stock was valued at our trailing 20-day volume weighted average closing price, ending December 2, 2013, on the NYSE MKT of $0.17 per common share.  In addition, KCA has agreed to perform additional metallurgical work on our behalf with an expected value of $105,419.  We will settle this amount via payment of $55,419 in cash and 294,118 shares of our common stock using the same $0.17 value per common share as outlined above.