Past year: ▲ 7400%(0.01c – 4.17c USD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2017auditor change● Neutral
On September 8, 2017 the board engaged BF Borgers CPA PC as its new auditor, replacing ZBS Group, which was dismissed on July 31, 2017. The company states it did not consult BF Borgers beforehand on accounting issues or disagreements. This closes the auditor-change thread.
31 July 2017auditor change▼ Bad
On July 31, 2017 Gold Lakes dismissed its auditor ZBS Group, with board approval. ZBS's reports had no adverse opinion except a going-concern qualification in the 10-K for the year ended July 31, 2016, and the company reports no disagreements. A replacement had not yet been chosen.
22 Feb 2017material agreement● Neutral
On February 22, 2017 Gold Lakes paid Canadian Exploration Services a $22,000 USD deposit for line cutting, to begin when weather permits. This is a step in the Big Monty exploration program under the August 2016 contract, which had estimated completion around February 28, 2017 (so the timeline appears to be running later; inference).
7 Nov 2016material agreement▲ Good
On October 13, 2016 Gold Lakes received a three-year exploration permit (with renewal options) from the Ontario Ministry of Northern Development and Mines covering nine Big Monty claims. This is the permit needed for the advanced field work (including drilling) described in the August contract, though the filing does not itself say work has started.
17 Aug 2016material agreement● NeutralMajor
This amendment adds detail to the August 8 contract: Canadian Exploration Services will support exploration on the Big Monty Claims, with work expected to finish around February 28, 2017 and a total estimated cost of CAD $514,650. Gold Lakes pays a CAD $20,000 deposit, and the contractor agrees not to acquire claims within two kilometers of Big Monty for two years. The filing does not say how the cost will be funded, which ties to the open question of the Himmil financing.
10 Aug 2016material agreement▲ GoodMajor
On August 8, 2016 Gold Lakes signed a contracting agreement with Canadian Exploration Services Limited of Larder Lake, Ontario, to run an exploration program on the company's property ending in drilling ten holes totalling 3,000 meters. This is the first concrete work plan after the Flex Mining acquisition; the filing gives no cost.
13 July 2016material agreement● Neutral
On July 5, 2016 Gold Lakes signed a lock-up agreement with its largest shareholder, officers and advisory board, barring them from selling or transferring their shares for 120 days. These holders own 22,700,000 of the 33,135,645 shares outstanding, so for that period most of the stock cannot be sold by insiders. The largest shareholder is presumably Flex Mining (inference, based on its earlier reported holding).
20 June 2016material agreement▲ GoodMajor
Gold Lakes reported that on April 21, 2016 it staked 31 mining claims (329 units, 13,008 acres) in northeastern Ontario townships, named "The Ponderosa" property, in which it holds 100%. No price, partner or work commitment is stated.
25 May 2016material agreement▼ Bad
On May 16, 2016 Gold Lakes borrowed $49,163.86 from Himmil Investments under a senior demand note, to be repaid from the $300,000 convertible note under the March 2016 purchase agreement with Himmil. This suggests (inference) the second closing had not yet funded and the company needed short-term cash.
22 Mar 2016material agreement▲ GoodMajor
On March 21, 2016 Gold Lakes amended its Flex Mining agreement so it can acquire 100% of Flex's assets outright instead of holding an earn-in right. It must make certain expenditures over three years, and if it fails Flex Mining can repurchase the assets at a mutually agreed price. The amendment also says no royalties are due and updates the license numbers.
15 Mar 2016capital raising announcement▼ BadMajor
On March 15, 2016 Gold Lakes closed a financing with Himmil Investments Ltd. (British Virgin Islands): an initial $535,000 principal of convertible notes with warrants, and a possible further $300,000 principal at a second closing. The notes convert into shares at a discount to market, which can dilute existing shareholders. The attached agreement says the notes are unsecured and the initial note carries an original issue discount of about 46.7%.
21 Oct 2015capital raising announcement● Neutral
This amended filing restates the August 2015 report to add missing exhibits, including the articles amendment for the name change. It now states the 23,500,000 restricted shares were issued to Flex (the original said they would be), under a Regulation S exemption. The Flex earn-in terms and the reverse split and name change are unchanged.
28 Aug 2015capital raising announcement● NeutralMajor
On August 28, 2015 the company, now named Gold Lakes Corp., signed an earn-in agreement with Flex Mining Ltd. giving it the right to acquire 100% of Flex by spending $1 million over three years, and will issue Flex 23,500,000 restricted shares at a deemed $0.05 each within 90 days. This replaces the 1,800,000-share terms in the April letter of intent. The name change and 200-for-1 reverse split became effective August 24, 2015, with the ticker moving to GLLK after a temporary SGAED symbol. The filing says Golden Lakes Corp. in one place, though the registrant is Gold Lakes Corp.
10 Apr 2015material agreement termination● NeutralMajor
Siga said the November 2014 letter of intent to buy Gold Lakes Corp. has expired and it will not proceed. Separately, on April 9, 2015 it signed a letter of intent to acquire 100% of Flex Mining Ltd. (six Big Monty claims in Ontario's Abitibi Greenstone Belt) for 1,800,000 restricted shares, $10,000 within six months and $1,000,000 of spending over three years.
2 Apr 2015auditor change● Neutral
Auditor Messineo & Co. told Siga on April 2, 2015 it would not stand for appointment, and the board accepted this. The board hired ZBS Group LLC as its successor on April 1, 2015. Messineo performed no audits or reviews, and no disagreements were reported.
25 Nov 2014material agreement● NeutralMajor
On November 25, 2014 Siga signed a letter of intent to acquire all of a separate company called Gold Lakes Corp. for 25 million new shares. The plan also included renaming Siga to Gold Lakes Corp., a ticker change, a 200:1 reverse split and a commitment of $1 million in financing over three years. A definitive agreement was targeted by December 31, 2014.
9 Jan 2013auditor change● Neutral
Siga dismissed its auditor Madsen & Associates CPAs on December 17, 2012 and hired Sadler, Gibb & Associates. Madsen's reports on the years ended July 31, 2011 and 2010 had no adverse opinion but noted substantial doubt about the company's ability to continue as a going concern. No disagreements were reported.
28 Sept 2011material agreement termination● NeutralMajor
Siga agreed on September 20, 2011 to buy the Montauban Gold Tailings Claims near Quebec City from Laguna Finance Ltd. for 10,000,000 restricted shares at a deemed $2.00 each ($20,000,000 deemed value), subject to a 1.5% net smelter royalty, with shares due by September 30, 2011. It also dropped the Big Bear acquisition because follow-up evaluation did not show a target meeting its goals. This ends the Big Bear thread, including the Bentall joint venture built on it (the filing does not say what happens to that joint venture).
22 July 2011material agreement▲ GoodMajor
Siga agreed on July 18, 2011 to a 50/50 joint venture with Bentall Fairview Resources Co. Ltd. (Ontario) on the Big Bear Mining Claims project, with Siga as operator. Bentall is to fund $200,000 for the initial work (by August 2 and September 16, 2011) and $9,800,000 for production, called as needed over about two years.
12 July 2011material agreement● NeutralMajor
Siga revised the Big Bear deal: it may run a work program (120 days, estimated $50,000 to $100,000), then issue 3,000,000 shares if satisfied, with up to 8,000,000 more shares tied to proving 1, 2, 2.5 and 3 million ounces of gold (11,000,000 total). Siga also cancelled the Crown Equity Holdings contract and returned the 2,000,000 shares issued to it in May to treasury, reversing that part of the earlier 8-K.
20 June 2011material agreement● NeutralMajor
Siga signed a non-final letter of intent on June 14, 2011 with Montana Mining Corporation to acquire 100% of the Big Bear Mining Claims 1-9 in San Bernardino County in exchange for 11,000,000 restricted shares. The shares would be issued only after due diligence and a formal agreement, expected by July 7, 2011.
19 May 2011capital raising announcement▲ GoodMajor
The company (then named Siga Resources, Inc., the later Gold Lakes Corp.) agreed on May 12, 2011 to a 50/50 joint venture with Big Rock Resources Ltd. to develop the Lucky Thirteen gold placer project. Big Rock is to pay $400,000 for the initial work program (by May 31, 2011) and $8,500,000 to put the project into production. The project is run through Lucky 13 Mining Company Ltd., owned 50/50, and Siga's interest in the original acquisition agreement is assigned to it. The company also issued 2,000,000 restricted shares to Crown Equity Holdings Inc. for six months of investor relations and advertising services.
