A few points of interest Basic weighted average number of common shares
outstanding 51,014,238
Effect of dilutive securities
Warrants 5,948,953 -
Options 25,005,266 -
Diluted weighted average number of common shares
outstanding 81,968,457 <--2011 S/O were 34,913,923
(a) In April 2012, the Company signed a farm-in agreement with Home Quarter
Resources Ltd., acquiring a 100% work interest in two sections in the southeastern
area of Saskatchewan. The Company has to complete the following commitment to
earn 100% of the Farmor’s Pre-Farmout working interests: They must
(i) Complete a seismic program on or before October 30, 2012; and
(ii)Drill a test well at a location of the Farmee’s choice on the Farmout Lands on
or before January 25, 2013
(b) On June 20, 2012, the Company received an additional 1,000,000 common shares of
Goldstrike pursuant to the Lucky Strike property option agreement.
The Company has sufficient funds and additional receivables and revenue generated from
operations to fund its programs for the near term. Although the Company has been successful
at raising funds in the past by obtaining funding through issuance of capital stock, it is
uncertain whether it can continue this financing methodology
Liabilities
Current Liabilities
Accounts payable and accrued
liabilities $ 707,890 $ 242,024 $ 94,922
Flow-through renouncement liability - 116,533 -
707,890 358,557
94,922
Non-Current Liabilities
Decommissioning liability 10 246,661 - -
954,551 358,557 94,922
Shareholders’ Equity
Capital Stock
11 27,380,573 20,119,530 12,508,010
Reserves
2,996,173 3,431,387 120,292
Deficit
(10,759,064) (13,115,831) (11,018,410)
19,617,682 10,435,086 1,609,892
$ 20,572,233 $ 10,793,643 $ 1,704,814
Approved On behalf of the Board:
“Terrence E. King”
..................................................................... Director
Terrence E. King
“
Peter Bryant”
..................................................................... Director