30 Nov 2006late filing notice▼ Bad
Panex Resources Inc. notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
18 July 2006late filing notice▼ Bad
Panex Resources Inc. notified the SEC that its quarterly report would be filed late.
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.
29 June 2006director interest notice● Neutral
Susmit Mohanlal Shah became a Panex Resources Inc. CFO/Treasurer/Corp. Secretary and company insider (initial ownership filing).
15 June 2006director interest notice● Neutral
Panex Resources Inc. Chairman Klaus Eckhof bought 476,190 shares on the open market at $4.20.
2 June 2006director interest notice● Neutral
Klaus Eckhof became a Panex Resources Inc. Chairman and company insider (initial ownership filing).
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.
25 May 2006director interest notice● Neutral
Panex Resources Inc. CEO/President Reginald Norman Gillard bought 4,000,000 shares on the open market at $0.00.
25 May 2006substantial holder notice● Neutral
Reginald Gillard disclosed a new substantial Panex Resources Inc. shareholding (14.80% of votes).
25 May 2006substantial holder notice● Neutral
Michele Fronzo disclosed a new substantial Panex Resources Inc. shareholding (14.80% of votes).
25 May 2006director interest notice● Neutral
Panex Resources Inc. CFO/Treasurer/Corp Secretary Michele Fronzo disposed of 24,000,000 shares via option/appreciation-right settlement.
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.
21 Apr 2006director interest notice● Neutral
Reginald Norman Gillard became a Panex Resources Inc. President / CEO and company insider (initial ownership filing).
4 Jan 2006director interest notice● Neutral
Michele Fronzo became a Panex Resources Inc. President and company insider (initial ownership filing).
4 Jan 2006securities registration● Neutral
Panex Resources Inc. filed the final prospectus for a registered offering.
12 Dec 2005securities registration● Neutral
Panex Resources Inc. registered a small-business securities offering with the SEC.