Each one in plain English, with the numbers worked through for a shareholder.
26 Jan 2006capital raising announcement● Neutral
On January 20, 2006 the company sold 5,600,000 unregistered shares to one accredited investor at $0.10 per share (about $560,000 at that price, calculated from the filing's figures). The filing says this is roughly 9% of the shares previously outstanding, so existing holders were diluted by that amount.
The company (filing as Apolo Gold & Energy Inc., formerly Apolo Gold Inc.) signed an agreement with Atna Resources Ltd on September 21, 2005 to explore the 2,100-acre Beowawe Project in northern Nevada. It must spend $1,700,000 on exploration over 4 years (rising to $2,200,000 if certain conditions are voluntarily met), with a first-year commitment of $250,000 after which it may terminate on written notice. Completing the minimum spending earns a 55% interest, rising to 70% with a feasibility study, and Atna would receive 100,000 restricted shares if the joint venture option is exercised.