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Subsequent Events
6 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

12. Subsequent Events

 

On January 6, 2023, the Company executed new Employment Agreement with Scott Jolcover, Chief Resource Officer. The Agreement is a two-year term, effective January 3, 2023 and provides for an annual base salary of $240,000. The Agreement provides for a cash bonus of up to 75% of the annual base salary based on the achievement of certain milestones. The Agreement also provides for a grant of Restricted Stock Units equal to $300,000 divided by the 20-day trailing volume-weighted average price prior to the effective date of the Agreement and $500,000 worth of warrants with a three-year expiration at a quantity and exercise price as calculated by Black-Scholes at the effective date of the Agreement, both conditioned on achieving certain milestones and subject to a vesting schedule outlined in the Agreement.

 

On January 10, 2023, the Company executed new Employment Agreement with Andres Meza, Chief Operating Officer, The Agreement is a two-year term, effective January 3, 2023 and provides for an annual base salary of $275,000. The Agreement also provides for a cash bonus of up to 75% of the annual base salary based on the achievement of certain milestones. The Agreement also provides for a grant of Restricted Stock Units equal to $500,000 divided by the 20-day trailing volume-weighted average price prior to the effective date of the Agreement and $1.0 million worth of warrants with a four-year expiration of a quantity and exercise price as calculated by Black-Scholes at the effective date of the Agreement, both conditioned on achieving certain milestones and subject to a vesting schedule outlined in the Agreement.

 

During January 2023, the Company issued 1,477,187 common shares pursuant the vesting of service-based RSUs. Of this amount 685,000 shares were issued to officers of the Company.

 

The Company has evaluated subsequent events through the date the financial statements were available to be issued and has not identified any additional subsequent events requiring adjustments to, or disclosures in the accompanying condensed financial statements.