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SUBSEQUENT EVENTS
3 Months Ended
Oct. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 8 – SUBSEQUENT EVENTS
 
On November 20, 2014, the Company entered into a formal joint venture agreement with Mineracao Batovi whch contemplates the establishment of a new joint venture company to be formed in Brazil ("Newco") to develop, finance and operate the Batovi Diamond Project. Pursuant to the agreement, within three days following the incorporation of Newco, the Company must contribute $1,000,000 in cash to Newco in return for a 20% equity interest, and Mineracao Batovi must contribute the mineral claims underlying the Batovi Diamond Project to Newco in return for an 80% equity interest. The Company may earn an additional 29% equity interest in Newco by funding $2,000,000 of Newco's exploration expenses no later than November 20, 2017.
 
The agreement provides that Newco is to be managed by a board of directors comprised of two representatives from each of the Company and Mineracao Batovi, provided that if the Company fails to earn an additional 29% equity interest in Newco by November 20, 2017, Newco's board of directors will be comprised of three representatives of Mineracao Batovi and one representative of the Company.
 
The parties have agreed to cause Newco to engage Kel-Ex Development Ltd. ("Kel-Ex Development"), a privately-held British Columbia corporation that is under common control with Mineracao Batovi, to carry out exploration activities on the Batovi Diamond Project in accordance with approved budgets. Kel-Ex Development Ltd. will be entitled to charge a 10% administration fee on all exploration expenditures incurred under $50,000 and 5% on all exploration expenditures incurred over $50,000.
 
On December 5, 2014, the Company issued 2,700,000 fully-paid and non-assessable common shares to Kel-Ex Development pursuant to the joint venture agreement in connection with Kel-Ex Development's anticipated appointment as the operator of the Batovi Diamond Project. The shares were issued as of November 20, 2014 (being the date of the joint venture agreement) at a deemed price of $1.87 per share, which reflects a 37% discount from the closing price of the Company's common shares on the OTC Bulletin Board of $2.96 on that date since the shares are "restricted securities" as defined in Rule 144(a)(3) of the Securities Act of 1933, as amended (the "Securities Act"). The Company relied on the exemption from registration provided by Rule 903 of Regulation S under the Securities Act.
 
Management has evaluated subsequent events through the date these financial statements were available to be issued (date of filing with the Securities and Exchange Commission). Based on our evaluation no additional material events have occurred that require disclosure.