Each one in plain English, with the numbers worked through for a shareholder.
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%.
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.
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.
