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6. Common Shares
12 Months Ended
Sep. 30, 2018
Notes  
6. Common Shares

6.     Common Shares

 

The Company’s authorized common stock consists of 500,000,000 shares of common stock, with par value of $0.001.

 

Year Ended September 30, 2017

 

(a)   On November 8, 2016, the Company issued 2,000,000 shares of common stock with a fair value of $600,000. The shares were issued as part of a settlement agreement related to the purchase of the Nye County properties, in which, the parties settled on payment of $252,500 and the return of the previously issued 636,943 shares of common stock. Refer to Note 3.

 

(b)   On January 31, 2017, the Company issued 300,000 shares of common stock with a fair value of $87,000 for consulting services.

 

(c)   On February 8, 2017, the Company issued 400,000 shares of common stock with a fair value of $96,000 to settle outstanding accounts payable of $60,000 resulting in a $36,000 loss on settlement of debt.

 

(d)   On February 16, 2017, the Company received 2,000,000 common shares which were cancelled and returned to treasury. Refer to Note 7.

 

(e)   On February 16, 2017, the Company issued 500,000 common shares with a fair value of $130,000 for services.

 

(f)   On February 23, 2017, the Company issued 300,000 common shares with a fair value of $75,000 for legal services.

 

(g)   On February 24, 2017, the Company received 636,943 common shares which were cancelled and returned to treasury. Refer to Note 3.

 

(h)   On July 31, 2017, the Company issued 500,000 common shares with a fair value of $65,000 for professional services.

 

Year Ended September 30, 2018

 

(a)   On December 5, 2017, the Company issued 578,696 common shares as part of a conversion of $66,550 of convertible notes payable and accrued interest.

 

(b)   On December 18, 2017, the Company cancelled 1,000,000 common shares issued to the Chief Executive Officer of the Company which was previously issued in error.

 

(c)   On December 29, 2017, the Company issued 19,700,000 common shares with a fair value of $1,970,000 for services, including 5,000,000 common shares to the Chief Executive Officer of the Company, and 4,000,000 common shares to directors of the Company. In addition, the Company also issued 1,000,000 common shares to the Chief Executive Officer of the Company to replace the common shares that were previously issued in error and cancelled on December 18, 2017.

 

(d)   On January 29, 2018, the Company issued 3,600,000 common shares with a fair value of $360,000 to the directors of the Company for director fees with a fair value of $180,000, of which $45,000 has been recorded in prepaid expense as at September 30, 2018. In addition, the Company issued 2,400,000 common shares for consulting services with a fair value of $240,000, of which $60,000 has been recorded as prepaid expense as at September 30, 2018

 

(e)   On January 29, 2018, the Company issued 1,440,000 common shares for professional fees with a fair value of $144,000.

 

(f)   On February 2, 2018, the Company issued 578,696 common shares as part of a conversion of $66,550 of convertible notes payable and accrued interest.

 

(g)   On March 8, 2018, the Company issued 2,000,000 common shares to officers of the Company for management fees with a fair value of $190,000, of which 1,000,000 common shares were issuable on each of January 1, 2018 and June 1, 2018.

 

(h)   On March 8, 2018, the Company issued 350,000 common shares for consulting services with a fair value of $33,250.

 

(i)    On April 19, 2018, the Company issued 717,391 common shares as part of a conversion of $82,500 of convertible notes payable and accrued interest.

 

(j)    On May 11, 2018, the Company issued 1,052,174 common shares as part of a conversion of $121,100 of convertible notes payable and accrued interest.

 

(k)   On May 23, 2018, the Company issued 817,391 common shares as part of a conversion of $94,000 of convertible notes payable and accrued interest.

 

(l)    On June 22, 2018, the Company issued 666,666 common shares with a fair value of $667 pursuant to the exercise of cashless warrants.

 

(m) On July 9, 2018, the Company issued 1,850,000 restricted common shares with a fair value of $262,700 as compensation to various advisors.

 

(n)   On July 18, 2018, the Company issued 500,000 restricted common shares with a fair value of $75,000 to a non-related investor pursuant to an equity purchase agreement.

 

(o)   On July 18, 2018, pursuant to the terms of a convertible note agreement, the Company issued 12,500 restricted common shares with a fair value of $1,875. Refer to Note 3(k).

 

(p)   On July 18, 2018, pursuant to the terms of a convertible note agreement, the Company issued 37,500 restricted common shares with a fair value of $5,625. Refer to Note 3(l).

 

(q)   On August 30, 2018, the Company issued 1,130,435 common shares as part of a conversion of $130,000 of convertible notes payable and accrued interest.

 

(r)    On September 4, 2018, the Company issued 1,000,000 common shares with a fair value of $143,000 in exchange for the acquisition of 1,000 land claims. Refer to Note 3.

 

(s)   On September 24, 2018, the Company cancelled 3,600,000 common shares that were previously issued to a non-related party.