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Andover Mining Corp. V.AOX

A precious and base metal exploration company


TSXV:AOX - Post by User

Post by doscoon Feb 25, 2014 2:47pm
151 Views
Post# 22249305

enirgi bought to smash aox else had coverted+not bought f.s.

enirgi bought to smash aox else had coverted+not bought f.s.

Since the company does not have any income source, it relies on its financing activities to

maintain its business. During year ended March 31, 2013,the company received new

financing of $US 4,000,000 from The Sentient Group by providing two convertible notes, two

year, zero interest bearing, no collateral convertible notes ( first convertible note with a face

value of $2,500,000 issued at April 30,2012 convertible into common shares of Andover at

$0.32 per share and second convertible note issued at August 31,2012 ,with a face value of

$US 1,500,000 convertible into common shares of Andover at $0.235 per share ) . On March

27, 2013, The Sentient Group has transferred these two convertible notes and also the

outstanding $US 2,500,000 note payable (issued on September 27, 2011) to Enirgi Group

Corporation (Refer to note 11 and 15 in the March 31, 2013 Financial Statements). No

commission was paid in conjunction with this financing.

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