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Providence Gold Mines Inc V.PHD

Alternate Symbol(s):  PRRVF

Providence Gold Mines Inc. is a Canada-based mineral exploration company. The Company is engaged in the process of exploring and evaluating its mineral property located in California, United States. It owns 100% interest in Tuolumne Property. The Company’s gold mines consist of seven patented stake mineral claims and 22 located claims, encompassing an area of approximately 324 acres, which includes Bonita, Consuelo, FairPlay, Good Enough, McCarthy, Mexican, and Providence. The Providence Group of Mines is located in the Summerville Mining District, Tuolumne County, California, upon the eastern belt of the Mother Lode District. Its subsidiary is Providence Gold Mines (US) Inc.


TSXV:PHD - Post by User

Post by KozmoTon Jul 31, 2023 3:03pm
211 Views
Post# 35565307

givemeabreak is right... it looks as if this company

givemeabreak is right... it looks as if this companydoesn't even have a mineral property anymore, which explains why they aren't chasing any finanincing ... they have nothing to spend investor money on (except of course themselves) ... check out the fine print at the bottom:

"To exercise the 50% Working Interest Option, the Company must:

a) Pay US$25,000 to Ellers following regulatory approval of the Agreement (paid);

b) Pay a further US$25,000 to Ellers (paid) and incur $250,000 in Property expenditures by March 28, 2018 (incurred);

c) Pay a further US$50,000 to Ellers upon execution of the First Amendment (paid);

d) Pay a further US$50,000 to Ellers (US$3,000 paid, with the remainder of the payment amount settled via the issuance of 1,000,000 Company common shares pursuant to the Second Amendment and incur $750,000 in Property expenditures by October 15, 2019 (incurred); and e) Incur $500,000 in Property expenditures during each of five one-year lease extension lease periods ending May 24, 2021, 2022, 2023, 2024 and 2025, pursuant to the Second Amendment. For any given one-year lease period, the Company may pay Ellers US$25,000 in lieu of incurring the required expenditures. (As of March 31, 2023, the Company had not incurred the Property expenditures for the periods ended May 31, 2021 and 2022, and had not made the $25,000 payments in lieu.)
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