COMMON STOCK, WARRANTS AND PREFERRED STOCK

12 Months Ended

Sep. 30, 2022

COMMON STOCK, WARRANTS AND PREFERRED STOCK

COMMON STOCK, WARRANTS AND PREFERRED STOCK

NOTE 8 – COMMON STOCK, WARRANTS AND PREFERRED STOCK:

At the Annual General Meeting of shareholders held on April 14, 2021, the shareholders approved an increase in the number of authorized common shares of the Company from 200,000,000 to 500,000,000, with no change in par value and no split or other modification to any outstanding shares. The Certificate of Incorporation of the Company in the State of Delaware was amended to reflect that change in October 2021.

Private Placements

On June 25, 2021, the Company closed on total subscriptions for a private placement offering for 23,070,798 units of the Company at a price of $0.20 per unit. Each Unit consisted of one share of common stock of the Company and one-half common share purchase Series M Warrant (each whole such warrant a “Warrant”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.30 per share until the Warrant expiration date of May 31, 2023. A total of 23,070,798 shares and 11,535,399 Warrants issued for net proceeds of $4,475,818 to the Company, net of $138,342 finders fees to third parties. In addition, 596,248 Series M Warrants were issued for finders fees.

On May 2, 2022, the Company closed a non-brokered private placement of the Company to accredited investors at a price of $0.25 per common share. The Company issued 18,933,705 common shares for cash proceeds of $4,733,426. Finders fees in the amount of $293,839 and 1,016,022 Series N Warrants were paid and issued, respectively, to licensed brokers and consultants in association with the offering. The warrants have a term of 18 months and are exercisable at $0.25 per common share.

Warrants

During the fiscal year ended September 30, 2021, 12,131,647 Series M Warrants were issued pursuant to a private placement offering. A total of 4,550,000 warrants were exercised for shares of common stock for a total of $637,001 cash proceeds to the Company.

During the fiscal year ended September 30, 2022, 1,016,022 Series N Warrants were issued pursuant to licensed brokers and consultants in association with the private placement offering. A total of 1,046,425 Series H Warrants were exercised for shares of common stock for a total of $146,499 cash proceeds to the Company. Total warrants of 16,271,016 and 9,000,000 expired during the fiscal years ended September 30, 2022 and 2021, respectively. There were 57,414,898 and 74,216,319 warrants outstanding as of September 30, 2022 and 2021, respectively.

The following is a summary of warrants as of September 30, 2022:

	Shares			Exercise Price ($)		Expiration Date
Series C Warrants: (Issued for Private Placement)
Outstanding and exercisable at September 30, 2020		2,880,867			0.45	October 31, 2022
Outstanding and exercisable at September 30, 2021		2,880,867
Outstanding and exercisable at September 30, 2022		2,880,867
Series D Warrants: (Issued for Private Placement)
Outstanding and exercisable at September 30, 2020		7,500,000			0.14	April 30, 2021
Exercised		(3,500,000	)
Expired		(4,000,000	)
Outstanding and exercisable at September 30, 2021 and 2022		-
Series D-2 Warrants: (Issued for Mineral Property Purchase)
Outstanding and exercisable at September 30, 2020		5,000,000			0.24	May 23, 2021
Expired		(5,000,000	)
Outstanding and exercisable at September 30, 2021 and 2022		-
Series E Warrants: (Issued for Private Placement)
Outstanding and exercisable at September 30, 2020		7,500,000			0.14	October 29, 2021
Exercised		(675,000	)
Outstanding and exercisable at September 30, 2021		6,825,000
Expired		(6,825,000	)
Outstanding and exercisable at September 30, 2022		-
Series G Warrants: (Issued for Mineral Property Purchase)
Outstanding and exercisable at September 30, 2020		5,000,000			0.24	December 18, 2021
Outstanding and exercisable at September 30, 2021		5,000,000
Expired		(5,000,000	)
Outstanding and exercisable at September 30, 2022		-
Series H Warrants: (Issued for Private Placement)
Outstanding and exercisable at September 30, 2020		6,367,441			0.14	March 22, 2022
Exercised		(375,000	)
Outstanding and exercisable at September 30, 2021		5,992,441
Exercised		(1,546,425	)
Expired		(4,446,016	)
Outstanding and exercisable at September 30, 2022		-
Series J Warrants: (Issued for Private Placement)
Outstanding and exercisable at September 30, 2020		3,750,000			0.12	October 15, 2024
Outstanding and exercisable at September 30, 2021		3,750,000
Outstanding and exercisable at September 30, 2022		3,750,000
Series K Warrants: (Issued for Extension of Unsecured Note Payable)
Outstanding and exercisable at September 30, 2020		4,000,000			0.08	January 20, 2023
Outstanding and exercisable at September 30, 2021		4,000,000
Outstanding and exercisable at September 30, 2022		4,000,000
Series L Warrants: (Issued for Private Placement)
Outstanding and exercisable at September 30, 2020		33,636,362			0.20	August 15, 2023
Outstanding and exercisable at September 30, 2021		33,636,362
Outstanding and exercisable at September 30, 2022		33,636,362
Series M Warrants: (Issued for Private Placement)
Outstanding and exercisable at September 30, 2021		12,131,647			0.30	May 21, 2023
Outstanding and exercisable at September 30, 2022		12,131,647
Series N Warrants: (Issued for Private Placement)
Issued May 2, 2022		1,016,022			0.25	May 2, 2024
Outstanding and exercisable at September 30, 2022		1,016,022
Weighted average remaining contractual term is 0.84 years at September 30, 2022 Warrants outstanding and weighted average exercise price at September 30, 2022		57,414,898			0.22

Preferred Stock

The Company is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value. The Company’s board of directors is authorized to issue the preferred stock from time to time in series, and is further authorized to establish such series, to fix and determine the variations in the relative rights and preferences as between series, to fix voting rights, if any, for each series, and to allow for the conversion of preferred stock into common stock. There was no preferred stock issued as of September 30, 2022 and 2021.