26 Jan 2017listing compliance notice▼ BadMajor
Panex Resources Inc. 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.
6 Jan 2017auditor change▼ Bad
Auditor GHP Horwath P.C., in place since 2006, told Panex on December 9, 2016 that it would not stand for re-appointment, and DMCL Chartered Professional Accountants LLP was engaged on December 28, 2016. GHP's reports for fiscal 2015 and 2016 had no adverse opinion but noted substantial doubt about the company continuing as a going concern; the filing reports no disagreements and cites previously reported internal control weaknesses. The company's address is now Monaco.
8 Dec 2015material agreement▲ Good
Panex said it holds a 100% working and net revenue interest in the Crackerjack Gold Project, Western Australia, bought from Lazarus Resources Pty Ltd. for AUS$3,000 under the July 15, 2015 agreement (apparently the same deal as the licence purchase filed in September; the spelling of the seller differs, which is an inference). It also hired geologist Nigel Ferguson as a consultant on November 5, 2015.
24 Sept 2015material agreement▲ GoodMajor
Through its wholly owned subsidiary Panex Resources WA Pty Ltd., Panex signed an asset purchase agreement on July 15, 2015 with Lazaraus Resources Pty Ltd. to buy its rights in exploration licence E80/4675, about 85km SW of Halls Creek in Western Australia, plus related data and reports. This is the first concrete asset named since the vague 'interest in certain assets' mentioned in October 2014; the filing gives no price.
8 June 2015material agreement● Neutral
Panex disclosed two service agreements dated April 27, 2015: Global Strategic Synergies GMBH at US$10,000 per month and CEO Mark Gasson at US$15,000 per month, each to provide services as reasonably required. It also moved its headquarters to Durbanville, South Africa, using 25 square feet of rent-free office space (replacing the earlier Zug, Switzerland c/o address). Together the two agreements commit US$25,000 per month; the filing does not say what the services are or how they are funded.
14 Oct 2014capital raising announcement● NeutralMajor
The board announced it no longer considers Panex a shell company, citing spending on sourcing assets and exploration, an interest in certain assets and a probable further acquisition. It says it must still file 'Form 10' information and wait one year before holders of restricted shares can use Rule 144 to resell, and that illiquidity may make equity raising harder until then. Mark Gasson now signs as CEO and President.
5 Dec 2013capital raising announcement▼ BadMajor
Panex settled debts by issuing restricted shares at $0.001 each; the board approved up to US$328,975 (up to 328,975,000 shares) and 248,000,000 shares had been issued to four creditors so far. This shifted control: Patane Ltd. (110 million shares) now holds 30.0%, Coresco AG (100 million shares) holds 27.3%, and Corporate Consultants Pty Ltd. (25 million) holds 6.9%. Coresco is owned equally by Klaus Eckhof, Lars Pearl, Mark Gasson and Ross Doyle, and Eckhof and Doyle are Panex officers. Michel Muhiya's 15 million shares from the earlier settlement fell from 12.68% to 4.1%, so existing holders were heavily diluted.
10 July 2013capital raising announcement● Neutral
Now named Panex Resources and based in Zug, Switzerland, the company settled US$75,000 of debt owed to Michel Muhiya by issuing him 15 million restricted shares at a deemed $0.005 each (agreed April 11, 2013). It also cancelled 8 million stock options held by Klaus Eckhof and Ross Doyle, leaving no options outstanding. The filing gives no explanation for the cancellation.
13 Apr 2011listing compliance notice▼ Bad
Panex Resources Inc. withdrew a registration statement, abandoning the offering it covered.
28 Aug 2006auditor change● Neutral
Second amendment to the auditor-change filing: De Beira engaged GHP Horwath, P.C. as its new independent auditor as of August 18, 2006, replacing Manning Elliott. This resolves the open question of who would audit the company.
17 July 2006material agreement● NeutralMajor
De Beira agreed (share sale agreement signed July 10, 2006) to buy 80% of Minanca Minera Nanguipa, which owns mineral property in Ecuador, from Emco Corporation for 10 million restricted shares at a deemed $3.00 each plus US$400,000 cash. It had already paid a $500,000 deposit and also committed to lend the subsidiary $7 million in stages, secured by a mortgage over its assets. The filing says the share count rose because the deemed price fell from $10.00 to $3.00 per share versus the earlier letter agreement. This adds a large share issuance and funding commitment alongside the Colombian project.
5 July 2006auditor change● Neutral
An amendment to the June 30 auditor-change filing that adds Manning Elliott's letter confirming it agrees with the company's statements. The text is otherwise unchanged and still says no new auditor had been engaged.
30 June 2006auditor change▼ BadMajor
Auditor Manning Elliott resigned on June 27, 2006, citing a change in control of the company's management and the location of its operations, which are no longer local. The board did not recommend the change, there were no disagreements, and no new auditor had yet been engaged. Earlier audit reports carried a going-concern doubt.
25 May 2006material agreement termination● NeutralMajor
De Beira signed a letter of understanding (dated May 6, 2006) with the Goldplata group to earn up to 70% of the Titiribi gold/copper project in Colombia: 65% by funding US$8 million of exploration over 3 years, then a further 5% by completing a feasibility study or spending US$12 million more. It has until June 5, 2006 to finish due diligence and give written notice, otherwise the letter ends. Separately, its only previously disclosed asset, the De Beira 1 British Columbia claim, lapsed on May 20, 2006 because management chose not to do the required work or pay in lieu.
23 May 2006resource reserve update● Neutral
The company, filing under the name De Beira Goldfields Inc. (the earlier name of Panex Resources), announced a new website and arranged a private placement of 394,736 shares at US$3.80 for US$1.5 million gross. The filing says the money is to complete due diligence and acquisition of the Titiribi gold/copper project in Colombia and for general working capital.