Wolverine Resources Corp. company history: the story so far

History

Wolverine Resources, a small Nevada-listed explorer, spent a decade paying for claims and technology bets with ever cheaper shares, ending up with a 40% Frog Property interest in Labrador.

2013-2015: Claims and cheaper shares

The record begins in 2013. In June the company agreed to buy 20 mining claims in the Cariboo District of British Columbia, paying with 35,000,000 new shares. Earlier issues between August 2012 and April 2013, all at $0.01, had settled about 28.55 million shares of debt and raised $96,000 from about 9.6 million shares. Shares on issue rose from about 121 million at the end of 2012 to about 202 million at the end of 2013.

In May 2015 the company issued 33,600,000 shares to settle debts at a deemed $0.01. It also sold about 37 million shares in private placements, mostly at CDN $0.0075, below the $0.01 used since 2012. Richard Haderer had replaced Lee Costerd as the signing chief executive. The company had been renamed Wolverine Technologies Corp. in August 2015.

2016-2021: The technology detour

In April 2016 director Dr. David Chalk agreed to put one-third of the net proceeds from selling his 15% stake in Decision-Zone Inc. into a 400,000,000-share placement. The money was meant to fund new technologies, but it depended on a sale that had not happened. An earlier deal to buy 25% of ENIGMAMobil Inc. from Dr. Chalk for 300,000,000 shares was allowed to expire on December 31, 2017.

In February 2018 the company said it would focus on its indirect Decision-Zone interest. It sold shares at CDN $0.005 for CDN $166,000 and US$25,000, and issued 35,700,000 shares to settle debts. Auditors had noted going-concern doubt through 2018. The disclosures are quiet on 2019 to 2021 beyond debt settlements, including 76.8 million shares in March 2020.

2022-2024: Back to exploration

In February 2022 the company agreed to buy a 40% interest in the Frog Property in Labrador from 86835 Newfoundland & Labrador Corp., a related party whose officers Bruce Costerd and Luke Rich also sat on Wolverine's board. The initial price was 570,000,000 shares at a deemed $0.002, and ground magnetics surveying was planned. In March it sold 70,000,000 shares for CDN $175,000 and issued about 193.7 million shares to settle debts.

In August 2022 the deal was cut to 262 claims, the name became Wolverine Resources Corp., and authorized shares rose to 250,000,000. The filings do not explain the share figures falling from 570 million to 28.5 million, though a consolidation is possible. A second amendment in July 2023 issued 24,000,000 shares to Rich Resources, the seller's new name, and cancelled 12,000,000 shares each from Costerd and Rich. Small placements continued in September 2023 and September 2024, the latter including 15,260,000 shares at CDN $0.025 and about 8.39 million for debt. At October 24, 2024, no Frog exploration results had been disclosed, and the Cariboo claims, Cache River and Decision-Zone outcomes were not updated.

Written from the 8 story beats below (2013 to 24 July 2023), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

202391.0m shares

24 July
On July 19, 2023 the company signed a Second Amendment to the Frog Property purchase (40% interest) with Rich Resources Inc., formerly 86835 Newfoundland & Labrador Corp. Under it, 24,000,000 Wolverine shares were issued to Rich, and 12,000,000 shares held by each of Bruce Costerd and Luke Rich were cancelled. The filing does not explain the reasons or the net effect on the purchase price. It continues the earlier 2022 amendment of this non-arm's length deal.
asset acquisition disposition
91.0m sh

202277.5m shares · US$1.5m market cap

9 Aug
The company amended the Frog Property purchase with 86835 Newfoundland & Labrador Corp.: the shares issued fell from 28,500,000 to 27,500,000 and the claims from 315 to 262. It also raised authorized common stock from 100,000,000 to 250,000,000 shares, effective August 1, 2022, as approved by 99.76% of participating shareholders on May 4, 2022. The company is now named Wolverine Resources Corp. The share numbers (28.5M versus the earlier 570M) differ from the February 2022 filing, and the filing does not explain this; it is possibly a share consolidation, which is an inference. The deal got smaller, with fewer claims for slightly fewer shares.
asset acquisition disposition
77.5m shUS$1.5m
15 Mar
On March 14, 2022 the company sold 70,000,000 shares to ten non-US persons at CDN $0.0025 (CDN $175,000). It also issued 5,000,000 shares to five US persons and 188,660,000 shares to 57 non-US persons to settle debts at about USD $0.002 a share. This adds to the dilution just after the 570 million shares issued for the Frog Property.
capital raising announcement
64.3m shUS$321k
2 Mar
On February 28, 2022 the company agreed to buy a 40% interest in the Frog Property in Labrador (315 claims, 7,843 hectares) from 86835 Newfoundland & Labrador Corp., issuing 570,000,000 shares at a deemed $0.002 (about $1,140,000). The seller is a non-arm's length party: Bruce Costerd and Luke Rich are officers, directors and shareholders of both companies. The company plans further exploration in 2022, starting with 45 km of ground magnetics, and appointed Craig Young as a director on March 1, 2022. This marks a return to mineral exploration after the technology-focused period; the filing mentions base metals. The share count is large relative to prior issues.
asset acquisition disposition
64.3m shUS$321k

2018347m shares · US$1.0m market cap

15 Feb
The April 2015 deal to buy 25% of ENIGMAMobil Inc. from director Dr. David Chalk for 300,000,000 shares (deemed USD $3,000,000) was allowed to expire on December 31, 2017, so the company will no longer pursue Enigma. It says it will focus on its indirect interest in Decision-Zone Inc. obtained through the April 2016 agreement with Dr. Chalk. On February 14, 2018 it also sold 33,200,000 shares at CDN $0.005 (CDN $166,000) and 5,000,000 at USD $0.005 (USD $25,000), and issued 35,700,000 shares to settle debts at a deemed $0.005. The share price used is lower than before, so dilution continues.
capital raising announcement
347m shUS$1.0m

2016297m shares · US$1.5m market cap

19 Apr
On April 19, 2016 the company agreed that director Dr. David Chalk will invest one-third of the net proceeds from selling his 15% interest in Decision-Zone Inc. (DZI) in a private placement of 400,000,000 Wolverine shares. The filing describes DZI as a potential acquisition target of a major technology company, and says the money would be used to acquire and develop new technologies. The amount depends on a DZI sale that has not happened per the filing, so the funds are not assured. It signals a move into technology, consistent with the 2015 name change.
material agreement
297m shUS$1.5m

2015273m shares · US$4.1m market cap

2 June
On May 31, 2015 the company issued 33,600,000 shares to 24 people (22 non-US, 2 US) to settle debts at a deemed $0.01 a share. It also sold about 37 million shares in private placements: 35,500,995 at CDN $0.0075 (CDN $266,250), 1,000,000 at CDN $0.01 (CDN $10,000) and 500,000 at USD $0.01 (USD $5,000). The price is lower than the $0.01 used since 2012, and this is a much larger issue than earlier ones, continuing and increasing the dilution pattern. The CEO signing is now Richard Haderer rather than Lee Costerd.
capital raising announcement
273m shUS$4.1m

2013152m shares · US$2.1m market cap

13 June
On June 11, 2013 the company agreed to buy 20 mining claims in the Cariboo District of British Columbia from 0969015 B.C. Ltd., paying with 35,000,000 new shares, which were issued effective that day. The filing also reveals earlier issues between August 2012 and April 2013, all at $0.01: about 28.55 million shares to settle debts and about 9.6 million sold for $96,000. Together that is a large increase in shares outstanding for existing holders. The share price in these issues is a third to a fifth of the 2009-2011 placements.
asset acquisition disposition
152m shUS$2.1m