21 Mar 2011listing compliance notice▼ BadMajor
GOLDEN PATRIOT 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.
31 July 2008material agreement● NeutralMajor
On July 22, 2008 the company agreed to sell its 100% interest in the Debut Gold Property (16 claims near Elko, Nevada) to Canasia Industries for $35,000 and 350,000 Canasia shares, subject to a 30-day due diligence period and regulatory approval. This replaces a December 2006 option under which Canasia could earn 50% by spending $1,000,000 over ten years. Debut was one of the properties named in the 2006 financing's intended uses, and it is now being sold, if the deal completes.
1 Apr 2008auditor change● Neutral
Auditor Amisano Hanson resigned on January 21, 2008 after agreeing to merge into BDO Dunwoody, and the company engaged BDO Dunwoody. The filing states no disagreements, and Amisano Hanson's reports for fiscal 2006 and 2007 contained a going-concern uncertainty paragraph. The resignation is tied to the firm merger as stated, not to any dispute.
29 Feb 2008capital raising announcement▼ BadMajor
The company closed a further $350,000 financing with AJW Partners, AJW Master Fund and New Millennium Capital Partners II, issuing 8% secured convertible notes (convertible at 60% of a recent low trading price) and warrants for 10,000,000 shares at $0.006, secured by a first lien on all assets. It also issued $350,000 of 2% notes to cover interest owed on the earlier 6% notes, due January 28, 2011, and the earlier notes convert on the same terms. Proceeds are for general and administrative expenses and consulting fees. This continues the AJW borrowing from 2006, now at a far lower warrant price ($0.006 versus $0.30), so more dilution is possible.
16 Nov 2006farm in farm out agreement● NeutralMajor
On November 8, 2006 the company exercised its option with Handley Minerals to acquire a 60% interest in the Lucky Boy Project, subject to a 3% Yellow Cake Royalty. This resolves the open question of whether the option would be exercised, but the interest is 60%, not the 100% described when the option was signed in March 2005. The filing does not say how Rodinia's back-in right is affected.
26 May 2006capital raising announcement● NeutralMajor
The company closed the second $600,000 tranche of the AJW financing on May 19, 2006 after filing its resale registration (Form SB-2) on May 15, receiving $595,000 and issuing 6% notes plus 11,000,000 more warrants at $0.30. It corrected the earlier filings, which wrongly said these warrants had an aggregate $400,000 exercise price. A final $700,000 remains due once the SEC declares the registration effective, and a proxy to raise authorized shares was filed May 22. The company's press release says the cash covers the upcoming Lucky Boy drill program.
20 Apr 2006capital raising announcement● Neutral
An amendment to the April 18 filing repeats the AJW financing: $700,000 of 6% secured convertible notes closed April 13, 2006, with 11,000,000 warrants at $0.30. The company says it will actually receive $640,000 after $35,000 and $5,000 in fees and $20,000 placed in escrow for key man life insurance on President Brad Rudman. The main additions are the Envision Capital finder terms (10% cash commission plus warrants for as many as 1,000,000 shares at $0.30 for 5 years) and the Envision retainer agreement filed as an exhibit. Note this differs from the 22,000,000 finder warrants in the earlier context, which should be treated as superseded by this figure.
18 Apr 2006capital raising announcement▼ BadMajor
The company closed an initial $700,000 of a $2,000,000 financing with AJW Partners and affiliated investors, issuing 6% secured convertible notes (three-year term, convertible at a variable price of 50%-60% of a recent low trading price) and warrants for 11,000,000 shares at $0.30. The notes are secured by a first lien on all company assets, and later tranches ($600,000 and $700,000) depend on filing and SEC effectiveness of a resale registration. The company lacks enough authorized shares for the resale registration and plans to seek shareholder approval to increase them. Proceeds are intended for payables, the Lucky Boy option and work, Debut and Gold View work, and general costs. It also announced a process to list on the Frankfurt exchange.
28 June 2005asset acquisition disposition▼ BadMajor
Minterra told the company on June 23, 2005 that it is dropping its option on the Dun Glen Project, citing limited resources it prefers not to use on mesothermal veins. This reverses part of the July 2004 option deal for Dun Glen and Gold View; the filing does not say what happens to Gold View. The filing also shows a New York address and Bradley Rudman signing as President and CFO, replacing Conrad Clemiss as signatory.
13 June 2005farm in farm out agreement● Neutral
Work operator Ashworth Explorations said phase one of a two-phase program at Lucky Boy would start in 10-14 days (grid, geochemical and radiometric surveys, mapping and sampling), with permitting under way ahead of a drill program expected in early fall. This continues the March 2005 Lucky Boy option; the company still holds only an option, subject to Rodinia's back-in.
21 Mar 2005farm in farm out agreement▲ GoodMajor
The company took an option to earn 100% of the Lucky Boy Uranium Project in Gila County, Arizona from Handley Minerals Inc., by spending $925,000 on exploration over three years from exercise of the option and paying $75,000 in property costs. It granted Rodinia Minerals Inc. a back-in option for 40% of its interest after $500,000 is spent. This adds a uranium project alongside its Nevada gold claims.
9 Dec 2004capital raising announcement● Neutral
The company said partner Minterra had filed for final regulatory acceptance of its private placement and expects to start a work program on Gold View and Dun Glen once approved. It restates the earlier option terms (50% interest for US$60,000, 200,000 Minterra shares and a CAD$2,000,000 work commitment over three years); nothing new was raised by Golden Patriot itself.
29 July 2004farm in farm out agreement▲ GoodMajor
The company agreed to give Minterra Resource Corp. an option on a 50% interest in the Gold View and Dun Glen properties in Nevada. In return Minterra would pay US$60,000, give 200,000 Minterra shares, cover maintenance commitments and spend CAD $2,000,000 on work over three years; it is subject to regulatory approval.
9 June 2004drilling result● Neutral
The company reported ongoing sampling and mapping at its Dun Glen Project in Pershing County, Nevada, with first samples sent for assay (results expected in about two weeks) and a geophysical survey starting that week. No assay results are given yet; it states holdings of 152 claims covering 2,935 acres.
10 Feb 2004asset acquisition disposition● NeutralMajor
The company bought the Sierra Claims 1-30 in Pershing County, Nevada from ZyMin Corporation for 222,000 restricted shares. It also signed a letter of intent to buy the claims and royalties on five Scoonover Exploration properties (Dun Glen, Debut, SMH, Roxy, Gold View) for $10,000 and 1,000,000 shares; this is a related-party deal because director E. L. Hunsaker III is also a director and principal shareholder of Scoonover. This builds on the Dun Glen lease from September 2003.
30 Sept 2003asset acquisition disposition● NeutralMajor
The company (formerly Boundaries Capital, Inc.) ended its option on two wells and drilling rights in the Pioneer Canal Project in Kern County, California with Brothers Oil & Gas Inc., and took a lease on the Dun Glen mineral prospect in Nevada (29 claims, about 700 acres) from Scoonover Exploration LLC, which keeps a 2%-4% royalty. It also changed its name to Golden Patriot, Corp., split its shares 5-for-1 and raised authorized shares from 100 million to 150 million; Allen Sewell resigned as president and director and Conrad Clemiss became president.