Stockholders' Equity

12 Months Ended

Apr. 30, 2016

Equity [Abstract]

Stockholders' Equity

NOTE 9 – STOCKHOLDERS’ EQUITY

On July 29, 2014, the Company issued 1,614,400 shares of its common stock and warrants to purchase an additional 1,614,400 shares of its common stock to nine investors pursuant to a private placement of its securities (the “2014 Offering”). The 2014 Offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.23. Warrants issued pursuant to the 2014 Offering entitle the holders thereof to purchase shares of common stock for the price of $0.23 per share. The term of each warrant is for five years commencing with its issuance date. The Company closed the 2014 Offering and raised a total of $336,412, net of offering costs.

On October 12, 2015, the Company issued 4,241,000 shares of its common stock and warrants to purchase an additional 4,241,000 shares of its common stock to 13 investors pursuant to a private placement of its securities (the “2015 Offering”). The 2015 Offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.10. Warrants issued pursuant to the 2015 Offering entitle the holders thereof to purchase shares of common stock for the price of $0.20 per share. The term of each warrant is for five years commencing with its issuance date. The Company closed the 2015 Offering and raised a total of $424,100, net of offering costs. Once the Company has obtained a Record of Decision from the federal Bureau of Land Management approving an Environmental Impact Statement for the Longstreet Project, the Company, at its sole discretion may call the Warrants issued hereunder as due and exercisable by providing holders of Warrants with 45-day written notice of same.