So Everton (run by Economo et al) got 6M shares of Class A Focus shares for taking over Everton properties and then wrote off $73K+ of the properties three months later (for which they received 1,218,400 shares @ .06). Interesting.
Labrador Trough
On March 30, 2009 and as amended on May 22, 2009, December 11, 2009, March 25, 2010 and April 30, 2010, the Company signed an acquisition agreement with Everton Resources Inc. (“Everton”) to acquire a 100% interest in 13 properties (“Labrador Trough”) in the Labrador Trough region of Quebec: Romer, Canyon, Colombet, Diana, Fox, Goose, Jack Rabbit, Lac Aulneau, Lac Ribero, Lemming, Leopard, Minowean and Otelnuk, in consideration for the issuance of 6,000,000 Class “A” common shares of the
Company, at a price of
.06 per share. On May 21, 2010, concurrent with the listing of the Company’s securities on the Exchange, the Company completed the acquisition of the Labrador Trough properties.
During the year ended September 30, 2010, the Company wrote down the cost of the Labrador Trough property by $73,104 further to the expiry of certain claims. Also during the year ended September 30, 2010, the Company acquired an additional 73 mining claims via staking.
As at December 31, 2011, the Labrador Trough consists of 5 properties: Romer (151 claims), Minowean (14 claims), Otelnuk (12 claims), Lemming (34 claims) and Diana (9 claims), totaling 220 claims.