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8. Common Stock
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Common Stock

Note 8 – Common Stock

 

On June 23, 2020 the Company entered into a stock subscription agreement whereby the subscriber agreed to purchase an aggregate of 17,142,857 shares of the Company’s common stock at a private offering price of $0.007 per share, or an aggregate purchase price of $120,000. The purchase price was to be paid in twelve equal monthly installments of $10,000 each with the first installment due on or before June 15, 2020 and continuing thereafter on or before the 15th day of each succeeding month until paid in full. Shares shall not be issued or deemed purchased until the purchase price has been paid in full. On September 18, 2020 and subsequent to receiving the first $10,000 installment, the Company and the subscriber agreed to terminate the subscription agreement. As a result of this Settlement Agreement and Release, the Company agreed to issue 500,000 shares of common stock at $0.02 per share and release both parties of any further obligations regarding the June 23, 2020 subscription agreement.

 

On October 15, 2020 we sold 600,000 shares of common stock at a price of $0.03 per share. The sale was conducted through a broker which resulted in net proceeds from the sale of $16,685.

 

On October 26, 2020 we sold 300,000 shares of common stock to a Director at a price of $.03 per share resulting in total proceeds of $9,000. And on December 31, 2020 we issued an additional 300,000 shares of common stock at $0.045 per share totaling $13,500 to the Director as compensation for Director fees.

 

On December 11, 2020 we issued 5,000,000 shares of common stock to Nubian Resources, Ltd. under the property option agreement. The shares we valued at $0.03 resulting in a value of $150,000 which has been capitalized as Mineral rights on the accompanying balance sheet.

 

On December 31, 2020 Mr. John Power, the Company’s CEO/CFO agreed to convert advances made to the company totaling $25,000. As a result, we issued 555,556 shares of common stock at a price of $0.045 per share. Also on December 31, 2020, Mr. Power purchased 1,630,000 shares of common stock at a price of $0.03 in the private placement.

 

On December 31, 2020 Mr. John Gibbs, a related party, purchased 2,470,000 shares at a price of $0.03 in a private placement resulting in proceeds from the sale of $74,100. Also, on December 31, 2020 Mr. Gibbs agreed to a $315,000 reduction of outstanding principal of the Convertible credit facility with the issuance of 7,000,000 of common stock at a price of $0.045.