Financial StatementsFor those that have not noticed, the Annual Financial Satements are on Sedar. They include a description of the two potential option agreements that have been mentioned on this bulletin board:
15. SUBSEQUENT EVENTS
Subsequent to the period ended December 31, 2010, the following transactions have occurred:
a) On January 3, 2011, the Company entered into an option agreement with an optionee. According to the terms of the agreement, the Company has agreed to grant an exclusive option to the optionee to acquire a 70% interest in the Man/Prime property (Note 4(d)). The option may be exercised by:
a. Share issuances:
i. 1,000,000 shares issued on approval from the TSX Venture Exchange (“Exchange”);
ii. 250,000 shares issued within 12 months of the Exchange acceptance of this agreement;
iii. 250,000 shares issued within 24 months of the Exchange acceptance of this agreement.
b. Work commitments, exploration expenditures as follows:
i. Total expenditures of $500,000 within 12 months of the Exchange acceptance of this agreement;
ii. Total expenditures of $750,000 within the period of 24 months after the Exchange acceptance of this
agreement;
iii. Total expenditures of $1,500,000 within the period of 36 months after the Exchange acceptance of this agreement
The Company has not received any shares in connection with this agreement to date.
b) On February 17, 2011, the Company entered into an option agreement with an optionee. Pursuant to the terms of the agreement, the Company has agreed to grant an exclusive option that allows the optionee to acquire up to a 100% interest in the Summer property. The option may be exercised in stages as follows:
a. To earn a 40% interest
i. 4.5% of the issued and outstanding shares of the optionee issued on acceptance of this agreement
ii. $350,000 expended on the property and $150,000 cash payment within 6 months of the acceptance of this agreement; or
b. To earn a 100% interest
i. 10% of the issued and outstanding shares of the optionee issued to the Company and a cash payment of $250,000 to the Company on or before the one year anniversary of the agreement.