-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OD+XHb4FFRxlCDZDKbSShQRpywxqI5lYL1zP9EIcr09os+8GPJBOkvfG+Wg3Umk0 9igNIyLiw+IFBVLJ2IK6Qg== 0001001277-03-000412.txt : 20030917 0001001277-03-000412.hdr.sgml : 20030917 20030917142719 ACCESSION NUMBER: 0001001277-03-000412 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030430 FILED AS OF DATE: 20030917 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORAL GOLD CORP CENTRAL INDEX KEY: 0000813639 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15688 FILM NUMBER: 03899288 BUSINESS ADDRESS: STREET 1: 455 GRANVILLE ST STE 100 CITY: VANCOUVER BC CANADA V6C 1T1 STATE: A1 MAIL ADDRESS: STREET 1: 455 GRANVILLE ST STREET 2: STE 400 CITY: VANCOUVER BC STATE: A1 ZIP: 999999999 FORMER COMPANY: FORMER CONFORMED NAME: CORAL ENERGY CORP DATE OF NAME CHANGE: 19871103 6-K 1 form6kfor043003.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of: April 30, 2003 Commission File Number 0-15688 CORAL GOLD CORP. (Registrant's name) 455 Granville Street, Suite 400 Vancouver, British Columbia, Canada V6C 1T1 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): All reference to dollar or $ is in Canadian dollars unless otherwise stated. British Columbia Securities Commission QUARTERLY REPORT FORM 51-901F
NAME OF ISSUER FOR QUARTER ENDED DATE OF REPORT - ------------------------------------------------------- ------------------------------ ------------------------- CORAL GOLD CORP. April 30, 2003 June 30, 2003 - ------------------------------------------------------- ------------------------------ ------------------------- ISSUER ADDRESS: - ---------------------------------------------------------------------------------------------------------------- Suite 400, 455 Granville Street - ----------------------------------------------------------------------------------------------------------------
CITY PROVINCE POSTAL CODE ISSUER FAX NO. ISSUER TELEPHONE NO - --------------------------------------- ----------------- ---------------------- ------------------------------- Vancouver, British Columbia V6C 1T1 (604) 682-3600 (604) 682-3701 - --------------------------------------- ----------------- ---------------------- -------------------------------
CONTACT PERSON CONTACT'S POSITION CONTACT TELEPHONE NO. - ------------------------------------- ----------------------------------- -------------------------------------- Andrea Regnier Accountant (604) 682-3701 - ------------------------------------- ----------------------------------- -------------------------------------- E-MAIL ADDRESS: WEB SITE ADDRESS - ------------------------------------------------------------------------- -------------------------------------- dawnpacific@telus.net www.coral.com - ------------------------------------------------------------------------- --------------------------------------
CERTIFICATE The three schedules required to complete this Quarterly Report are attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this Quarterly Report will be provided to any shareholder who requests it. - ------------------------------------------------ ------------------------------ DIRECTOR'S SIGNATURE DATE SIGNED Signed: "Louis Wolfin" 03/06/30 - ------------------------------------------------ ------------------------------ DIRECTOR'S SIGNATURE DATE SIGNED Signed: "David Wolfin" 03/06/30 - ------------------------------------------------ ------------------------------
CORAL GOLD CORP. Balance Sheet (Unaudited - Prepared by Management) =============================================================================================================== ASSETS April 30, January 31, 2003 2003 ----------------------- ----------------------- $ $ Current assets Cash 141,494 336,034 Accounts receivable and prepaid expense 70,384 37,287 Marketable securities 57,359 57,359 Due from related parties 44,319 - --------------------- ----------------------- 313,556 430,680 Investment securities 91,582 91,582 Equipment, net of depreciation 3,270 3,419 Mineral property (Note 3) 7,232,516 7,159,261 Reclamation deposit 1,135,379 1,203,153 - ------------------------------------------------------------------ --------------------- ------------------------ 8,776,303 8,888,094 ===================== ======================== LIABILITIES Current liabilities Accounts payable and accrued liabilities 169,100 230,766 Advances payable 185,294 156,733 - ------------------------------------------------------------------- ---------------------- ---------------------- 354,394 387,499 ---------------------- ---------------------- SHAREHOLDERS' EQUITY Capital stock (Note 4) 27,511,970 27,379,052 Deficit (19,090,061) (18,878,457) - ------------------------------------------------------------------- --------------------- ----------------------- 8,421,909 8,500,595 - ------------------------------------------------------------------- --------------------- ----------------------- 8,776,303 8,888,094 ===================== =======================
On Behalf of the Board Signed: "Louis Wolfin" _____________________Director "David Wolfin" _____________________Director
CORAL GOLD CORP. Statement of Operations and Deficit (Unaudited - Prepared by Management) =================================================================================================================== 3 Months April 30, 2003 2002 ---------------------------------------------------------------- $ $ - ------------------------------------------------------------------------------------------------------------------- Expenses: Amortization of assets 149 - Audit and accounting fees 7,991 - Auto expense 2,548 - Interest expense 414 - Insurance 23,980 - Finder fees - 20,000 Foreign exchange 68,408 19,101 Shareholder communications and investor relations 23,843 4,910 Legal fees 9,281 1,811 Listing and filing fees 1,543 3,253 Management fees 22,500 15,000 Office and administration 12,636 7,808 Office rent 2,601 2,302 Salaries and benefits 23,664 - Trade shows 6,669 - Transfer agent 1,329 704 Travel and accommodation 5,163 600 ---------------------- --------------------- (212,719) (75,489) Less: interest income 1,115 177 - -------------------------------------------------------------------------------------------- --------------------- Loss for the period (211,604) (75,313) Deficit, beginning of period (18,878,457) (18,122,458) ----------------------- --------------------- Deficit, end of period (19,090,061) (18,197,771) ===================================================================== ======================= ===================== Loss per share $(0.00) $(0.01)
CORAL GOLD CORP. Statement of Cash Flows (Unaudited - Prepared by Management) ================================================================================================================= 3 Months October 31 2003 2002 --------------------------------------------- $ $ CASH PROVIDED BY (USED IN) Operating Activities: Loss for the period (211,604) (75,313) Items not requiring Cash: Depreciation 149 - Reclamation bond 67,773 ---------------------------------------------------------------------------------------------------------- (143,682) (75,313) Changes in non-cash working capital Items: Amounts receivable and prepaid expense (33,098) 22,186 Due from related parties (44,319) 121,280 Due to related parties 28,561 (58,002) Accounts payable and accrued Liabilities (61,666) (71) - -------------------------------------------------------------------------------------------------------------- (254,204) 10,080 ----------------------------------------------- Financing activities: Issue of capital stock for cash 132,918 273,500 Share subscriptions - (24,067) - -------------------------------------------------------------- ---------------------------- ------------------ 132,918 ---------------------------- ------------------ Investing Activities: Mineral property interests (73,254) (98,507) Purchase of computer equipment - (2,983) Due from related parties - (216,124) - ------------------------------------------------------------- --------------------------- --------------------- (73,254) --------------------------- --------------------- Increase (decrease) in cash (194,540) (58,101) Cash, beginning of period 336,034 73,629 ---------------------------- ------------------- Cash, end of period 141,493 15,528 ============================ ====================
CORAL GOLD CORP. Notes to Financial Statements April 30, 2003 ================================================================================ 1. Basis of Presentation These unaudited financial statements have been prepared in accordance with the instructions for the preparation of such financial statements contained in the CICA Handbook Section 1751. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such instructions. These unaudited Financial Statements should be read in conjunction with the Audited Financial Statements and Notes thereto for the fiscal year ended January 31, 2003. 2. Comparative Figures Certain of the prior years comparative figures have been reclassified to conform to the presentation adopted for the current year. 3. Mineral Properties (a) Mineral properties is recorded as follows: Balance, January 31, 2003 $7,159,261 Expenditures in the period Robertson Project Consulting 4,447 Filing fees 486 Lease payment 64,112 Reclamation 2,571 Site maintenance 746 Project travel 743 73,105 ------------ Tenabo Property Filing fees 150 150 ------------ ------------ Balance, April 30, 2003 $7,232,516 ============ 4. Share Capital (a) Authorized 50,000,000 common shares without par value (b) Issued:
April 30 --------------------------------------------------------------- 2003 2002 -------------------------------- ------------------------------ Number of Number of shares Amount shares Amount ---------------- -------------- -------------- --------------- Balance, beginning of period 34,709,938 $27,379,052 22,111,100 $24,427,667 Issued during the period: for cash 622,600 132,918 1,823,334 273,500 Balance, end of period 35,332,538 $27,511,970 22,601,100 $24,701,167 ============== ================ ============== ===============
CORAL GOLD CORP. Notes to Financial Statements April 30, 2003 Page 2 ================================================================================ 4. Share Capital, continued (c) During the period 400,000 warrants were exercised at a price of $0.24 per share, 203,000 at $0.15 per share, and 19,600 at $0.33 per share . 5. Related Party Transactions Related party transactions not disclosed elsewhere in these statements are as follows: a) During the period the company paid, or made provision for the future payment of the following amounts to related parties: i) $37,116 (2002: $15,350) to a private company controlled by two directors of the Company for administrative expenses. ii) $22,500 (2002-$15,000) to a private company controlled by a Director for Management fees. b) Due from related parties comprise $160,316 due from companies with common Director's for exploration expenses. c) Due to related parties consist of i) $257,171 due to a private company controlled by two directors as disclosed in 4.a)i) above; ii) $61,029 due to a private company controlled by a Director for Management fees; iii) $52,500 due to a Director of the company for a cash loan made to the Company. SCHEDULE "B" SUPPLEMENTAL INFORMATION For the quarter ended April 30, 2003
SECURITIES ISSUED DURING THE QUARTER ENDED APRIL 30, 2003 Date Type of Description Number of Price per Proceeds $ Type of YY/MM/DD Issue shares share consideration Issued - -------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- 03/02/12 Common Exercise of Warrants 200,000 $0.24 $48,000 Cash - -------------------------------------------------------------------------------------------------------- 03/021/18 Common Exercise of Warrants 50,000 $0.15 $7,500 Cash - -------------------------------------------------------------------------------------------------------- 03/02/20 Common Exercise of Warrants 19,600 $0.33 $6,468 Cash - -------------------------------------------------------------------------------------------------------- 03/03/28 Common Exercise of Options 133,000 $0.15 $19,950 Cash - -------------------------------------------------------------------------------------------------------- 03/03/30 Common Exercise of Warrants 20,000 $0.15 $3,000 Cash - -------------------------------------------------------------------------------------------------------- 03/04/14 Common Exercise of Warrants 200,000 $0.24 $48,000 Cash - --------------------------------------------------------------------------------------------------------
OPTIONS GRANTED DURING THE QUARTER ENDED APRIL 30, 2003 Date of Grant Number Type Description/name Exercise price Expiry date YY/MM/DD - -------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- Nil - -------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------
OPTIONS, WARRANTS AND CONVERTIBLE SECURITIES OUTSTANDING AT APRIL 30, 2003 Security Amount Exercise or convertible Expiry Date price per share YY/MM/DD - -------------------------------------------------------------------------------------------------------- Options 1,830,000 $0.25 05/09/05 - -------------------------------------------------------------------------------------------------------- 418,000 0.50 03/08/09 ------------------------------------------------------------------------- Warrants 150,000 $0.50 03/05/10 ------------------------------------------------------------------------- 630,000 $0.50 03/05/14 ------------------------------------------------------------------------- 825,000 0.25 03/10/17 ------------------------------------------------------------------------- 3,694,354 $0.33/0.40 03/06/27- 04/06/27 ------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------
LIST OF DIRECTORS AND OFFICERS AS AT APRIL 30, 2003 Ernest Calvert, Director Lloyd Andrews, Chairman of the Board and Director William Glasier, Director Matt Wayrynen, President and Director David Wolfin, Director Louis Wolfin, Director Joseph Cohen, Director Andrea Regnier, Secretary F.Riedl-Riedenstein, Director Chris Sampson, V.P. Explorations, and Director Robert Schilling, Director SCHEDULE "C" MANAGEMENT'S DISCUSSION & ANALYSIS For the period ended April 30, 2003 DESCRIPTION OF BUSINESS The Company's principal business activities are the exploration and development of mineral properties. The Company is in the process of exploring and developing its mineral properties and has not yet determined whether its mineral properties contain ore reserves that are economically recoverable. The recoverability of amounts shown for mineral properties is dependent upon the discovery of economically recoverable ore reserves in its mineral properties, the ability of the Company to obtain the necessary financing to complete development, confirmation of the Company's interest in the underlying mineral claims and leases and upon future profitable production or sufficient proceeds from the disposition of its mineral properties. The Company's present principal exploration activities have been focused on the Robertson Project located in Crescent Valley, Nevada, USA. RESULTS OF OPERATIONS The Company reports a net loss of Cdn $(211,604) or $ (0.00) per share for the first quarter ended April 30, 2003 compared to a net loss of Cdn $(75,313) or $(0.01) per share for the comparative quarter in 2002. The Company had no operating revenues but recognized interest income of $1,115 compared to $177. The increase is due to a higher interest bearing bank balance this quarter. There were no write-offs or write-downs during the quarter. The company recorded a loss in foreign exchange of $68,408 compared $19,101 in 2002. The loss is due to a decline in the US dollar which affected the carrying value of the Company's reclamation bond which is held in US dollars. Company recorded finder fees of $20,000 in 2002 compared to $Nil in 2003. Administrative expenses for the 2003 quarter have increased when compared to the 2002 quarter from $36,388 to $144,311. Management fees have increased by $7,500. During the last quarter of 2002 the Board of Directors increased the Management fees from $5,000 to per month to $7,500. The fees are paid to a private company controlled by the President of the Company and are for the day to day administration of the Company. Insurance for the reclamation bond taken out during the third quarter of 2002 of $23,980 was incurred during the quarter compared to $Nil in 2002. Auto expense has increased from $Nil to $2,548 for the quarter. The Company entered into an auto leasing agreement to provide a vehicle for the President of the Company. The Company advanced $10,000 on the lease of which $196 is amortized per month and makes cash payments of $579 per month. Insurance of the vehicle is also amortized over the life of the policy at the rate of $254 per month. Accounting fees have increased from $Nil in 2002 to $7,991 in 2003. The increase is a result, in part to a late accrual of $1,600 for the 2003 audit, and a change in categorizing the services provided by the Secretary of the Company. The cost was previously in office services and supplies since the services provided in 2002 were much broader than in 2003. Legal fees have increased from $1,811 to $9,281 as a result of the advice the Company sought with respect to the Reclamation bond and US regulations. During the second quarter in 2002 the Company added an additional employee to the staff resulting in the increased salaries and benefits. The Company has taken a much more aggressive approach to investor awareness this quarter than in the comparative quarter, resulting in an increase from $4,910 to $23,843. The Company advertised in various mining and investing magazines and ran banner ads on the internet. In addition the Company participated in three trade shows during the quarter compared to nil in 2002. The Company also has an investor relations contract with The Haft Group, Inc. a public relations company headquartered and based in New York City. The Company agreed to retain the Group at a fee of US $3,000 per month, plus reimbursement of out-of-pocket expense, and a reasonable finder's fee of the total dollar value raised for introducing the company to any sources of financing. The Agreement is for an initial four month period, and will automatically renew and continue in full force and effect on a month to month basis, unless terminated by either party. Mr. Haft was a partner and principal of two NYSE member firms, which have since merged with other entities. His business career also includes serving as senior vice president of public relations for Warner Communications. RELATED PARTY TRANSACTIONS Under a three year Management Consulting Agreement dated April 1, 2002 between the Company and Wear Wolfin Designs, a private company controlled by the family of the President of the Company the Company paid $60,000 per annum. On September 1, 2002 this Agreement was amended to provide for $90,000 per annum. The Company has a contract with Oniva International Services Corp., ("Oniva") a private company owned by the Company and three other affiliated companies, whereby Oniva provides certain administrative and exploration services to the Company. Oniva is related by common management. LIQUIDITY AND CAPITAL RESOURCES At this time, the Company has no operating revenues, and does not anticipate any operating revenues until the Company is able to find, acquire, place in production and operate a profitable mining property. Historically, the Company has raised funds through equity financing and the exercise of options and warrants to fund its operations. The Company has a working capital deficiency of $40,838 at April 30, 2003. Although subsequent to the quarter, the Company has received approximately $500,000 from the Robertson bond, in order to sustain current operations, the Company will need to refinance in the near future. CURRENT ACTIVITIES Reclamation Bond - Robertson Project, Nevada The quarter the Company spent a large portion of the period conducting reclamation on the Robertson Project, Core area, to reduce the US $2,050,000 reclamation bond Placer Dome Inc. ("Placer") had guaranteed for the Company under a (since terminated) option agreement. The Company was able to meet Placer's deadline by conducting sufficient reclamation and raising sufficient funds to remove Placer's guarantee. The bond was reduced to US $786,100 for which the Company posted cash. Subsequent to the quarter, with more reclamation work having been completed and accounted for, the bond was further reduced to US $380,100. The cost to the Company to conduct the reclamation, prepare the updated Reclamation Plan, and other associated costs was approximately US$550,000. Risks Mineral exploration and development involve a high degree of risk and few properties are ultimately developed into producing mines. There is no assurance that the Company's future exploration and development activities will result in any discoveries of commercial bodies of ore. Whether an ore body will be commercially viable depends on a number of factors including the particular attributes of the deposit, such as size, grade and proximity to infrastructure, as well as mineral prices and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in a mineral deposit being unprofitable. Competition The mining industry in which the Company is engaged in is general, highly competitive. Competitors include well-capitalized mining companies, independent mining companies and other companies having financial and other resources far greater than those of the Company. The Company competes with other mining companies in connection with the acquisition of gold and other precious metal properties. In general, properties with a higher grade of recoverable mineral and/or which are more readily minable afford the owners a competitive advantage in that the cost of production of the final mineral product is lower. Thus, a degree of competition exists between those engaged in the mining industry to acquire the most valuable properties. As a result, the Company may eventually be unable to acquire attractive gold mining properties. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CORAL GOLD CORP. (Registrant) Date: September 1, 2003 /s/ Louis Wolfin ------------------------------------- Louis Wolfin, Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----