History
Panex, formerly De Beira Goldfields, chased Colombian and Ecuadorian projects in 2006, then went quiet, was recapitalised through debt-for-shares in 2013, bought a small Australian licence, and deregistered in 2017.
2006: Big deals and a lapsed claim
The company, then called De Beira, began 2006 with one disclosed asset, a British Columbia claim. That claim lapsed on May 20, 2006 because management chose not to do the required work or pay in lieu. Days earlier it had signed a letter of understanding with the Goldplata group to earn up to 70% of the Titiribi gold and copper project in Colombia, by funding US$8 million of exploration over three years and then more. It had until June 5, 2006 to finish due diligence or the letter would end.
In June the auditor, Manning Elliott, resigned, citing a change in control of management and the fact that operations were no longer local. Earlier audit reports had carried a going-concern doubt, meaning doubt the company could keep operating. In July De Beira agreed to buy 80% of Minanca Minera Nanguipa, an Ecuadorian mineral property owner, from Emco Corporation for 10 million restricted shares at a deemed $3.00 each plus US$400,000 cash. It had paid a $500,000 deposit and promised to lend the subsidiary $7 million in stages. The records do not say how either deal ended.
2007-2014: Silence and a debt reset
The record is quiet for several years. When it resumes, now as Panex Resources, the company settled debts in late 2013 by issuing restricted shares at $0.001 each. The board approved up to US$328,975 of settlements, and 248,000,000 shares had gone to four creditors. Control shifted: Patane Ltd. held 30.0%, Coresco AG 27.3% and Corporate Consultants Pty Ltd. 6.9%. Coresco is owned equally by four people, including officers Klaus Eckhof and Ross Doyle. An earlier holder, Michel Muhiya, was diluted from 12.68% to 4.1%. Shares on issue rose from about 103 million at the end of 2012 to 366 million a year later.
In October 2014 the board said Panex was no longer a shell company, citing asset sourcing, exploration spending and a probable further acquisition. Mark Gasson now signed as CEO and President.
2015-2017: A small Australian licence and exit
On July 15, 2015 Panex's subsidiary agreed to buy rights in exploration licence E80/4675, about 85km southwest of Halls Creek in Western Australia, from Lazaraus Resources Pty Ltd. The company later put the price at AUS$3,000. It was the first concrete asset since 2006.
In December 2016 the auditor GHP Horwath declined re-appointment and DMCL was engaged, with going-concern doubt noted. On January 26, 2017, Panex deregistered its securities, ending its obligation to file reports with the SEC.
Written from the 7 story beats below (2006 to 26 Jan 2017), which come from the company's own announcements and filings.