XML 32 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
12 Months Ended
Apr. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 10 – SUBSEQUENT EVENTS

 

On May 4, 2016, the Company entered into short term promissory note with the Company’s Chairman of the Board of Directors in the amount of $70,000. The note matures on December 31, 2016 and bears interest at 8% per annum.

 

The Company is engaged in a private placement offering that has raised a total of $137,500 as of July 29, 2016. The private placement consists of the sale of Units at $0.05 per Unit. Each Unit will consist of one common share of the Company’s stock and one common share purchase warrant (each a “Warrant” and together the “Warrants”). Each Warrant will be exercisable no later than sixty months from the date of the issuance thereof to purchase one common Share of the Company’s stock at an exercise price of $0.15. 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 the holders of the Warrants with 60-day written notice of same. As of April 30, 2016, the Company raised a total of $18,000 which is included as “Deposits on Stock Subscriptions” on the balance sheet.