Can't believe they are still around. Spugetz Really? They are still around?
According to the financial statements on SEDAR. They had about $17,500 on March 31,2012.
I have found no mention of a recent PP since the MD & A filed in May,29,2012
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As at March 31, 2012, our company had a working capital deficiency of $180,566, cash and cash equivalents of $17,494 as compared to working capital of $438,916 and cash and cash equivalents of $563,898 as at June 30, 2011. As at March 31, 2012, we had an accumulated deficit of $14,746,830 since inception. We expect our company to incur further losses in the development of our business, all of which casts substantial doubt on our company’s ability to continue as a going concern.
In January 2012, our company arranged a loan facility from three arm’s length lenders and one private company controlled by a director for a total principal amount available up to $200,000. Amounts advanced bear 6% interest per annum and the loans are due on demand. As of March 31, 2012, our company had received a total of $99,884 advanced under the loan. As partial consideration, our company issued a total of 399,480 common shares to the lenders. Subsequent to March 31, 2012, our company received a total of $20,000 advanced under the loan. In consideration, our company issued a total of 80,000 common shares to the lenders. Although our company has $80,116 available under the facility, our company anticipates we will need substantial additional funds to fund the next twelve month period and our company may not be able to immediately repay the facility if payment is demanded at any time by the lenders.
Management believes that our company’s cash and cash equivalents will not be sufficient to meet our working capital requirements for the next twelve month period. As a mineral exploration company, our expenses are expected to increase as we explore our mineral properties further. Except for funds anticipated to be generated from a proposed bulk sampling on our Clone Property as discussed above under "Mineral Properties – Clone Mineral Claims", management does not expect our company to generate sustained revenues from mineral production in the foreseeable future.generate sustained revenues from mineral production in the foreseeable future.
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They have a 50% interest in Clone. They still have to pay $71,031 by December 31,2012 to meet the exploration expenditure requirement. They were lucky the optionor granted an extension.
Wouldn't they have to pay the optionor half the ounces they pull out of the mountain. So if they pull out approximately 400 ounces; CAJ will get about 200 ounces. Based on $1700/ounce, CAJ could have about $340,000 but it looks like they spend over $260,000(blasting,drilling,field equipment,Helicopter,etc) or more to get those ounces out of the mountain. Maybe they get $80,000 out of the Clone program. Enough to pay off the debt from the loan facility arranged back in January, 2012 or perhaps it's enough revenue to also pay off the exploration expenditure to keep Clone. Maybe one or the other but perhaps not both.
The Write OFF
The Reed Lake prospect was a write off. The Eyehill Creek Potash property was a write off. The Coal Permits were written off. The Lithium Property in Alberta was written off. The Quebec Rare Earth Property - Main Claims were written off. The Tan Claims were also written off. The Mexican Properties were written off.
Canasia still has the Debut Prospect in Nevada; tried leasing it to another company back in 2008, they received payments in total of $65,000 before the other public company elected not to proceed any further with the lease in 2010. So this property is still 100% but nothing really done in the following 2 years.
Canasia still has option agreement for the Murdochville Claims in Quebec.