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Note 11- Subsequent Events
12 Months Ended
Dec. 31, 2012
Notes  
Note 11- Subsequent Events

Note 11- Subsequent Events

 

On January 4, 2013, the Company issued 133,333 shares of common stock in satisfaction of shares to be issued for private placements as of December 31, 2012.

 

On February 14, 2013, the Company paid $100,000 in cash and issued 200,000 shares of common stock as required for its purchase of the Kenty Property.

 

On February 21, 2013, the Company paid $25,000 in cash and issued 250,000 shares of common stock as the first installment on its purchase of the mineral property from Red Pine Explorations Inc.

 

Between January 1, 2013 and April 15, 2013, the Company issued 183,333 shares in connection with private placement transactions and received total cash proceeds of $55,000.

 

Between January 1, 2013 and April 15, 2013, the Company issued 2,695,909 shares for consulting services rendered. Of these shares issued, 2,576,825 were recorded during the year ended December 31, 2012 as shares to be issued.

 

On February 11, 2013, the Company entered into a mineral property acquisition agreement with Red Pine Exploration Inc., under which the Company acquired a 100% interest in certain mineral interests found contiguous to the Kenty Property (the “Mortimer Claims”). The area of the Kenty Property Mortimer Claims is approximately 35,859 acres or approximately 14,512 hectares and consists of 907 mining claim units. As consideration for the sale of the Mortimer Claims, the Company agreed to:

 

  1. Payment of $25,000 in cash on the closing date and a further $100,000 on March 15, 2013;
  2. Issuance of 250,000 shares of common stock on March 15, 2013, with an implied value of $100,000, and subject to a top-up provision for issuance of additional shares if the market value is below the implied value on July 15, 2013;
  3. A 3% net smelter returns royalty payable to Red Pine Explorations Inc.; and
  4. A 2% net smelter returns royalty payable to Charlie Mortimer.