SEDAR Was checking interim statement on SEDAR for Dec 31 2012 and found the highlited parts VERY interesting.
Looks like Denis Crane REALLY believes in this company , I mean the guy puts up his own cash to
run things...to me this is VERY BULISH !
10. Subsequent Events
i) On November 19, 2012, the Company announced its intent to raise up to 12 million in the form of a
non-brokered private placement (the "Private Placement") of units (the "Units"). Each Unit will consist
of $1,000 principal amount of secured non-convertible debentures ("Debentures") and 1,000 common
share purchase warrants ("Warrants"). The Debentures will bear interest at a rate of 12% per annum,
will be payable quarterly and will run for a term of three years. The Debentures will be secured
against the assets of the Edwards Mine properties. Each Warrant will be exercisable into a common
share for a one year period from the date of issuance at $0.10 per common share. The minimum
participation in the placement is $25,000.
ii) Subsequent to October 31, 2012, The Chairman of the board, a Director of the Company and a
significant shareholder advanced $750,000 as a prepayment of his participation in the above noted
proposed debenture offering subject to the security being available. He has permitted the use of the
funds to be used as general working capital until such time as the security is in place and the
debenture established.
iii) On December 27, 2012, Cline Mining Corporation announced it had undertaken significant financial
restructuring brought on by its inability to meet certain debt servicing requirements. Under the terms
of the restructuring, additional liquidity was achieved, pursuant to a number of conditions.
Accordingly, the carrying value of the Company's investment in the shares held in Cline Mining
Corporation have been reduced to the market value the shares held subsequent to the restructuring
announcement. (Note 4)
iv) Subsequent to October 31, 2012, 7,610,110 warrants expired, without exercise.