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Subsequent Events
9 Months Ended
May 31, 2014
Notes to Financial Statements  
Note - 10 Subsequent Events

On October 24, 2014, the Board of Directors of Ironwood Gold Corp., the Registrant, approved the filing of a Certificate of Change with the Secretary of State of the State of Nevada. Pursuant to the Certificate of Change, the Board authorized a change in the authorized number of shares of common stock from 250 million shares of common stock, $.001 par value, to 625,000 shares of common stock, $.001 par value, and a corresponding reduction in the issued and outstanding shares of common stock through a 1-for-400 reverse stock split. On December 12, 2014, each one new share of common stock of the Registrant will be issued for every 400 shares of common stock which were previously outstanding. All share and per share data have been retroactively restated to reflect the reverse split.

 

On June 19, 2014, $300,000 is loaned by Alpha Capital, convertible on a post-split basis at $.18 per share. At this point the warrant deal has changed but does not reflect previously issued warrants. This deal includes a total of 4.8 million warrants at $.01 per share post-split. Of the 4.8 million warrants, 1.8 million were issued at closing, an additional 1.5 million warrants will be issued on June 19, 2015 if more than $200,000 of principal is outstanding on that date and the remaining 1.5 million warrants will be issued on June 19, 2016 if more than $100,000 of principal remains outstanding on that date.

 

On August 20, 2014, $125,000 is borrowed from Alpha Capital at a conversion price of $.15 per share post-split. This triggers the original $1 million notes from March 21st, the $150,000 notes from May 21st and the $300,000 notes from June 19th to have the conversion price ratchet down to $.15 per share. An additional $75,000 is also loaned by Assameka Capital Inc. convertible at $.15 per share. On June 20, 2014, a total of 2,1 million warrants are potentially issuable to Alpha Capital and a potential 1,260,000 warrants are potentially issuable to Assameka. Of the 2,100,000 warrant to Alpha Capital, 800,000 warrants were issued immediately at an exercise price of $.001 per share. An additional 650,000 warrants will be issued to Alpha Capital if more than $83,000 of principal remains outstanding on August 20, 2015 and the remaining 650,000 warrants will be issued on August 20, 2016 if more than $42,000 of principal remains outstanding on that date. As for Assameka, of the 1,260,000 warrants, 480,000 were issued at $.001 per share, an additional 390,000 will be issued to Assameka on August 20, 2015 if more than $49,800 of principal remains outstanding on that date. The remaining 390,000 warrants will be issued to Assameka on August 20, 2016 if more than $25,200 of principal remains outstanding on that date.

 

On November 7, 2014, Assameka loaned $75,000 at a conversion price of $.15 per share, 1,260,000 warrants at $.001 per share are potentially issuable, 480,000 warrants were issued at closing, an additional 390,000 warrants will be issued on November 7, 2015 if more than $49,800 of principal remains outstanding on that date and an additional 390,000 warrants will be issued on November 7, 2016 if more than $25,200 remains outstanding on that date.

 

On December 24, 2014, Assameka loaned $50,000 convertible at $.15 post-split. 1,260,000 warrants at $.001 per share are potentially issuable, 480,000 warrants were issued at closing, an additional 390,000 warrants will be issued on December 24, 2015 if more than $49,800 of principal remains outstanding on that date and an additional 390,000 warrants will be issued on December 24, 2016 if more than $25,200 remains outstanding on that date.

 

On January 27, 2015, Alpha Capital loaned $75,000 at a conversion price of $.15 per share. 1,260,000 warrants at 001 per share are potentially issuable, 480,000 warrants were issued at closing, an additional 390,000 warrants will be issued on January 30, 2016 if more than $49,800 of principal remains outstanding on that date and an additional 390,000 warrants will be issued on January 30, 2017 if more than $25,200 remains outstanding on that date.

 

On March 17, 2015, Alpha capital loaned $150,000 at a post-split conversion price of $.15 per share. 2,250,000 warrants at $.001 per share are potentially issuable, 960,000 warrants were issued at closing, an additional 780,000 warrants will be issued on March 17, 2016 if more than $66,400 of principal remains outstanding on that date and an additional 780,000 warrants will be issued on March 17, 2017 if more than $33,600 remains outstanding on that date.

 

On April 28, 2015, Alpha capital loaned $100,000 at a post-split conversion price of $.15 per share. 3,000,000 warrants at $.001 per share are potentially issuable, 1,200,000 warrants were issued at closing, an additional 900,000 warrants will be issued on April 28, 2016 if more than $44,270 of principal remains outstanding on that date and an additional 900,000 warrants will be issued on April 28, 2017 if more than $22,400 remains outstanding on that date.