25 July 2011listing compliance notice▼ BadMajor
Alaska Pacific Energy Corp deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2011material agreement● NeutralMajor
On January 12, 2011 the company signed an option with Sundance Gold Ltd. to acquire SUN's 80% interest in mining and prospecting licences in the Handeni area of Tanzania, a new direction away from the cancelled Entec oil sands deal. The price is $3,150,000 in staged payments (the first $75,000 on signing), $3,500,000 of exploration work over three years, and 30,000,000 company shares to SUN by February 14, 2011. If the option is not exercised, those shares are to be returned for cancellation.
9 Nov 2010material agreement▼ BadMajor
The Entec acquisition is off: the amended agreement is null and void because Entec turned down the company's offer, preferring to stay private. The company and Entec agreed to cancel the March 2010 licence and Entec will return its 15,000,000 shares for cancellation, reversing the earlier share issue. This ends the Entec thread.
22 Sept 2010material agreement● NeutralMajor
The Entec acquisition did not close by August 31, 2010 because due diligence took longer than expected, and the deadline was extended to October 31, 2010. Under an amended agreement dated September 18, 2010, the 15,000,000 shares issued to Entec for the licence are to be cancelled and Entec is to receive a convertible debenture covering 27 million shares (those 15 million plus the 12 million from the purchase agreement). This continues the Entec deal and changes how Entec is paid.
1 Sept 2010auditor change● Neutral
Auditor Chisholm Bierwolf Nilson & Morrill resigned on August 29, 2010 and the company engaged Chang Lee LLP the same day. The filing says the previous auditor's reports for fiscal years ended January 31, 2009 and 2010 had no adverse opinion and there were no disagreements.
9 June 2010material agreement● NeutralMajor
On June 8, 2010 the company agreed to buy all the shares and assets of Entec, the Calgary private company whose technology it had licensed in March. It would pay $7,000,000 and issue 12,000,000 restricted shares at a deemed $0.25 each, and must also raise $5,000,000 for working capital. The deal is subject to due diligence, with closing expected by August 31, 2010. Entec's CEO Grant Jameson is to join the board at closing, and a new Calgary subsidiary, Alaska Pacific Energy (Canada) Ltd., has been set up with him as its CEO.
30 Mar 2010material agreement● NeutralMajor
On March 18, 2010 the company signed an oil sands licensing agreement with Engineering Technology, Inc. (Entec) for a royalty-free licence to Entec's horizontal directional drilling oil-sands recovery technology in North America. In return it will issue 15,000,000 restricted common shares to Entec, which dilutes existing shareholders.