Capital Stock

6 Months Ended

Dec. 31, 2014

Capital Stock [Text Block]

3. Capital Stock

Authorized Stock

At inception, the Company authorized 100,000,000 common shares and 100,000,000 preferred shares, both with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

Effective April 8, 2009, the Company increased the number of authorized shares to 600,000,000 shares, of which 500,000,000 shares are designated as common stock par value $0.001 per share, and 100,000,000 shares are designated as preferred stock, par value $0.001 per share.

On October 25, 2012, the Company designated 20,000,000 series A convertible preferred stock with a par value of $0.001 per share and stated value of $100 per share. The designated preferred stock is convertible at the option of the holder, at any time beginning one year from the date such shares are issued, into common stock of the Company with a par value of $0.001. All shares of common stock of the Company, shall be of junior rank to all series A preferred stock in respect to the preferences as to distributions and payments upon the liquidation, dissolution and winding up of the Company. All other shares of preferred stock shall be of junior rank to all series A preferred shares in respect to the preferences as to distributions and payments upon the liquidation, dissolution and winding up of the Company.

On January 3, 2014, the Company designated 2,000,000 series B convertible preferred stock with a par value $0.001 per share, issuable only in consideration of the extinguishment of existing debt convertible in to the Company’s common stock with a par value of $0.001. The designated preferred stock shall be issued on the basis of 1 preferred stock for each $1 of convertible debt. The series B convertible preferred stock shall be subordinate to and rank junior to all indebtedness of the Company now or hereafter outstanding.

On October 17, 2014, the Company amended its Articles of Incorporation, which amendment was filed with the Nevada Secretary of State on October 17, 2014, to increase the authorized capital of its common shares from 500,000,000 common shares, par value $0.001 to 2,000,000,000 common shares, par value $0.001. The Company's authorized capital consists of 2,000,000,000 common shares and 100,000,000 preferred shares, all with a par value of$0.001.

Share Issuances

Common Stock Issuance

For the period ended December 31, 2014:

On July 1, 2014, the Company issued 199,557 common shares at a market price of $0.05 per share for consulting fees.

On July 4, 2014, the Company issued 541,517 common shares at a market price of $0.06 per share for consulting fees.

On July 9, 2014, the Company issued 9,713,996 common shares at a deemed price of $0.01 per share for warrants exercise of $117,962 (Note 6).

On July 16, 2014, the Company issued 1,800,000 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $46,769 (Note 6).

On July 30, 2014, the Company issued 18,113,654 common shares at a deemed price of $0.02 per share for warrants exercise of $386,433 (Note 6).

On August 1, 2014, the Company issued 1,062,687 common shares at a deemed price of $0.02 per share for promissory note and interest conversion of $25,000 (Note 6).

On August 1, 2014, the Company issued 245,232 common shares at a market price of $0.04 per share for consulting fees.

On August 5, 2014, the Company issued 20,645,463 common shares at a deemed price of $0.002 per share for warrants exercise of $41,244 (Note 6).

On August 8, 2014, the Company issued 8,904,569 common shares at a deemed price of $0.02 per share for warrants exercise of $136,555 (Note 6).

On August 12, 2014, the Company issued 3,200,066 common shares at a deemed price of $0.02 per share for warrants exercise of $59,953 (Note 6).

On August 28, 2014, the Company issued 10,390,546 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $205,984 (Note 6).

On September 1, 2014, the Company issued 350,195 common shares at a market price of $0.03 per share for consulting fees.

On September 1, 2014, the Company issued 1,167,316 common shares at a market price of $0.03 per share for consulting fees.

On September 3, 2014, the Company issued 3,000,000 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $42,135 (Note 6).

On September 3, 2014, the Company issued 500,000 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $9,717 (Note 6).

On September 4, 2014, the Company issued 909,091 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $20,000 (Note 6).

On September 4, 2014, the Company issued 583,333 common shares at a deemed price of $0.08 per share for warrants exercise of $46,439 (Note 6).

On September 8, 2014, the Company issued 1,106,273 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $20,510 (Note 6).

On September 10, 2014, the Company issued 6,734,235 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $62,375 (Note 6).

On September 10, 2014, the Company issued 1,538,462 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $20,000 (Note 6).

On September 11, 2014, the Company issued 2,607,721 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $30,777 (Note 6).

On September 11, 2014, the Company issued 5,599,010 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $39,712 (Note 6).

On September 11, 2014, the Company issued 1,652,893 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $20,000 (Note 6).

On September 12, 2014, the Company issued 9,900,990 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $100,000 (Note 6).

On September 12, 2014, the Company issued 2,869,240 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $30,781 (Note 6).

On September 15, 2014, the Company issued 5,584,158 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $54,804 (Note 6).

On September 15, 2014, the Company issued 1,914,321 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $20,529 (Note 6).

On September 15, 2014, the Company issued 10,946,967 common shares at a deemed price of $0.002 per share for warrants exercise of $22,207 (Note 6).

On September 16, 2014, the Company issued 3,810,301 common shares at a deemed price of $0.01 per share for promissory note and interest conversion of $40,447 (Note 6).

On September 17, 2014, the Company issued 1,414,141 common shares at a deemed price of $0.005 per share for promissory note and interest conversion of $14,000 (Note 6).

On September 23, 2014, the Company issued 1,477,873 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $9,311 (Note 6).

On September 23, 2014, the Company issued 3,846,154 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $25,000 (Note 6).

On September 23, 2014, the Company issued 1,818,181 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $7,692 (Note 6).

On September 23, 2014, the Company issued 10,000,000 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $55,000 (Note 6).

On September 24, 2014, the Company issued 9,090,909 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $48,585 (Note 6).

On September 29, 2014, the Company issued 6,047,749 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $37,050 (Note 6).

On September 29, 2014, the Company issued 5,000,000 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $31,500 (Note 6).

On October 1, 2014, the Company issued 240,964 common shares at a market price of $0.01 per share for consulting fees.

On October 2, 2014, the Company issued 4,545,455 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $24,292 (Note 6).

On October 3, 2014, the Company issued 10,000,000 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $38,462 (Note 6).

On October 6, 2014, the Company issued 10,000,000 common shares at a deemed price of $0.003 per share for promissory note and interest conversion of $38,462 (Note 6).

On October 7, 2014, the Company issued 11,000,000 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $37,231 (Note 6).

On October 9, 2014, the Company issued 6,666,667 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $30,000 (Note 6).

On October 13, 2014, the Company issued 13,636,363 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $46,154 (Note 6).

On October 13, 2014, the Company issued 10,681,818 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $45,669 (Note 6).

On October 16, 2014, the Company issued 7,317,073 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $30,000 (Note 6).

On October 20, 2014, the Company issued 11,111,111 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $38,867 (Note 6).

On October 21, 2014, the Company issued 10,000,000 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $29,150 (Note 6).

On October 21, 2014, the Company issued 20,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $44,615 (Note 6).

On October 22, 2014, the Company issued 7,630,987 common shares at a market price of $0.003 per share for consulting fees.

On October 22, 2014, the Company issued 19,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $38,694 (Note 6).

On October 23, 2014, the Company issued 5,882,353 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $20,000 (Note 6).

On October 24, 2014, the Company issued 8,823,529 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $30,000 (Note 6).

On October 27, 2014, the Company issued 22,008,309 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $66,113 (Note 6).

On October 27, 2014, the Company issued 20,000,000 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $58,301 (Note 6).

On October 27, 2014, the Company issued 15,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $43,500 (Note 6).

On October 27, 2014, the Company issued 3,345,769 common shares at a deemed price of $0.002 per share for promissory note and interest conversion of $7,948 (Note 6).

On October 27, 2014, the Company issued 22,713,104 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $62,934 (Note 6).

On October 31, 2014, the Company issued 15,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $26,538 (Note 6).

On October 31, 2014, the Company issued 12,500,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $30,000 (Note 6).

On November 3, 2014, the Company issued 15,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $34,500 (Note 6).

On November 4, 2014, the Company issued 17,391,304 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $38,867 (Note 6).

On November 6, 2014, the Company issued 19,900,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $28,578 (Note 6).

On November 10, 2014, the Company issued 19,809,523 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $32,000 (Note 6).

On November 13, 2014, the Company issued 20,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $27,692 (Note 6).

On November 14, 2014, the Company issued 21,052,632 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $40,000 (Note 6).

On November 17, 2014, the Company issued 15,789,474 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $30,000 (Note 6).

On November 18, 2014, the Company issued 25,641,025 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $30,769 (Note 6).

On November 18, 2014, the Company issued 28,773,463 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $47,335 (Note 6).

On November 19, 2014, the Company issued 34,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $37,202 (Note 6).

On December 1, 2014, the Company issued 30,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $32,308 (Note 6).

On December 3, 2014, the Company issued 21,428,571 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $17,500 (Note 6).

On December 4, 2014, the Company issued 30,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $34,980 (Note 6).

On December 5, 2014, the Company issued 27,272,727 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $29,150 (Note 6).

On December 5, 2014, the Company issued 30,000,000 common shares at a deemed price of $0.001 per share for promissory note and interest conversion of $23,077 (Note 6).

On December 8, 2014, the Company issued 26,666,667 common shares at a deemed price of $0.005 per share for promissory note and interest conversion of $23,320 (Note 6).

On December 8, 2014, the Company issued 35,000,000 common shares at a deemed price of $0.0004 per share for promissory note and interest conversion of $18,846 (Note 6).

On December 9, 2014, the Company issued 25,714,286 common shares at a deemed price of $0.0004 per share for promissory note and interest conversion of $17,498 (Note 6).

On December 10, 2014, the Company issued 45,000,000 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $20,769 (Note 6).

On December 10, 2014, the Company issued 48,300,000 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $19,818 (Note 6).

On December 10, 2014, the Company issued 34,000,000 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $20,400 (Note 6).

On December 11, 2014, the Company issued 33,891,200 common shares at a deemed price of $0.0004 per share for promissory note and interest conversion of $22,862 (Note 6).

On December 12, 2014, the Company issued 74,447,489 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $42,334 (Note 6).

On December 15, 2014, the Company issued 50,000,000 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $23,077 (Note 6).

On December 16, 2014, the Company issued 37,142,857 common shares at a deemed price of $0.0004 per share for promissory note and interest conversion of $13,000 (Note 6).

On December 17, 2014, the Company issued 61,700,000 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $25,317 (Note 6).

On December 17, 2014, the Company issued 50,400,000 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $29,120 (Note 6).

On December 18, 2014, the Company issued 60,000,000 common shares at a deemed price of $0.0003 per share for promissory note and interest conversion of $27,692 (Note 6).

As at December 31, 2014, 23,933,543 (June 30, 2014- 13,557,775) were issued to directors and officers of the Company.18,516,037 (June 30, 2014- 18,516,037) were issued to independent investors. 872,375 (June 30, 2014- 872,375) were issued for mining expenses. 768,840 (June 30, 2014 - 768,840) were issued for related party consulting expenses. 948,604 (June 30, 2014 - 948,604) were issued for investor relation expenses. 200,000 (June 30, 2014- 200,000) were issued for debt settlement. 43,001,127 (June 30, 2014 - 43,001,127) were issued for debenture and interest conversion. 1,028,113 (June 30, 2014 - 1,028,113) were issued for exercise of warrants attached to convertible debentures. 1,318,493,515 (June 30, 2014 - 21,265,811) were issued for promissory note and interest conversions. 81,307,589 (June 30, 2014 - 9,199,541) were issued for exercise of warrants attached to convertible promissory notes. 954,461 (June 30, 2014 - 954,461) were issued for note payable conversion. 2,000,000 (June 30, 2014 - 2,000,000) were issued for a mining option settlement. 20,000,000 (June 30, 2014 - 20,000,000) were issued for the conversion of Series A Convertible Preferred shares. 59,645,434 (June 30, 2014 - 59,645,434) were issued for the conversion of Series B Convertible Preferred shares. The Company has no stock option plan, warrants or other dilutive securities, other than warrants issued to acquire 37,959,395 shares of the Company regarding convertible promissory notes (Note 6).

On January 3, 2014, the Company entered into a convertible debt settlement agreement with one investor. Pursuant to the terms of the agreement, the investor acquired 1,134,500 convertible Series B Preferred Shares to extinguish the balance of convertible debts with an aggregate principal amount of $1,134,500. The conversion price of the Series B Preferred Shares shall be the lower of 50% of the lowest reported sale price of the common stock for the 20 trading days immediately prior to (i) the closing date of the applicable convertible debt instrument of the Corporation from which the applicable Series B Preferred Shares were converted, or (ii) 50% of the lowest reported sale price for the 20 days prior to the conversion date of the Series B Preferred Shares.

As at June 30, 2014, all of the Series B Preferred Shares issued on the January 3, 2014 debt settlement agreement were converted into 59,645,434 common shares of the Company for a total fair value of $3,639,623 of which a gain of $331,127 was recorded.