NORTH SPRINGS RESOURCES CORP.

The company revealed it had actually renamed itself Medcann Industries, Inc. back in January 2020, elected John Vivian as President/CEO/director in June 2021, and said it was negotiating cannabis-adjacent mergers or joint ventures (beverage, cosmetics, vitamins) - while admitting it had stopped supporting its OTC Markets listing and was not currently filing with them, and citing yet a third figure (200,000,000 shares) for the Pulver treasury return.

security holder rights change

After four years dark, North Springs Resources resurfaced under CEO J. Douglas Pulver with a pivot into medical cannabis: it acquired grow-equipment/product rights from Medical Cannabis Inc. (itself a company shareholder) for stock plus a purchase price the filing states inconsistently as $500,000, while Pulver returned 150,000,000 of his own shares to treasury; the filing also caught the company's OTC Markets disclosures up to date. Source filing is poorly drafted with apparent template placeholders left unfilled, so some deal terms should be treated as approximate.

asset acquisition disposition

North Springs Resources deregistered its stock with the SEC (Form 15), suspending its periodic-reporting obligations - the company had gone dark after 2012 without ever filing the FY2012 annual report promised in its last late-filing notice, and by this point had only about 160 holders of record.

listing compliance notice

North Springs Resources terminated both of its Guyana property agreements with GACI (the Rio deal from three weeks earlier, plus a similar Belo property option) after GACI failed to deliver usable title in time; the same filing announced a new deal instead, buying a 10% stake in Hyperion Management Mining SA's option to acquire the Matamoros mineral claims in Chihuahua, Mexico for $250,000.

material agreement termination

North Springs Resources signed an earn-in agreement with Discovery Gold Ghana Limited to acquire up to a 10%+ working interest in a Ghanaian gold concession for up to $1,250,000 in staged payments.

farm in farm out agreement

North Springs Resources increased its Kazuo Holdings drawdown facility to $1,750,000, of which $630,000 had already been drawn.

debt financing

North Springs Resources optioned exploration rights to the 12,490-acre Rio property in Guyana from Guyana AU Corp. (GACI), paying $50,000 and 4,000,000 shares plus committing to $500,000 of exploration spending over three years.

material agreement

North Springs Resources also leased the Imperial property, a group of Esmeralda County, Nevada gold claims, from MinQuest, Inc. for a 20-year term, paying $140,000 and committing to $3,000,000 of exploration spending.

asset acquisition disposition

North Springs Resources entered a joint venture with DNP Mining LLLP on the Gold Star and One Arm Joe gold properties in Yavapai County, Arizona, earning a 20% working interest for $500,000 of Phase 1 funding (with a path to 35% for $3,000,000 more in Phase 2 funding).

farm in farm out agreement

North Springs Resources replaced its individual Kazuo Holdings notes with a much larger $1,000,000 convertible drawdown credit facility from the same lender, deepening its reliance on debt to fund its mining-property program.

debt financing

With its new mining-lease deals and financing in place, North Springs Resources declared it was no longer a shell company; its Form 10-style disclosure recounted the company's original 2010 oil-and-gas joint venture (a 1% working interest in an Oklahoma drilling project) that preceded Harry Lappa's 2011 takeover and pivot to gold exploration.

other

North Springs Resources leased mineral-exploration rights to 16 unpatented gold claims in Esmeralda County, Nevada from Mountain Gold Claims LLC and Lane Griffin, with an option to buy the property outright for $400,000 - the first of several mining-property deals under new owner Harry Lappa, a sharp pivot from the company's original oil-and-gas plan.

material agreement

New owner Harry Lappa renamed Aurum Resources Corp. to North Springs Resources Corp., increased authorized shares to 450,000,000 (including a new preferred class), and executed a 100-for-1 forward stock split, taking shares outstanding from 3,470,000 to 347,000,000.

bylaws amendment

Harry Lappa bought a 72% controlling stake (2,500,000 shares) in Aurum Resources from sole officer Danil Shpeyzer for $306,196, taking over as the company's sole officer and director - the start of a change of control that would soon turn the dormant oil-and-gas shell into a gold-mining vehicle.

director officer appointment

Aurum Resources Corp., a newly incorporated Nevada oil-and-gas exploration shell (sole officer/director Danil Shpeyzer), filed to register 2,000,000 shares at $0.03 each (up to $60,000) for its IPO.

securities registration