John, I found this at Sedar, from the November 12, 1998 filing, for the quarter ending June 30, 1998:
sedar.com
""The Company is in the mineral exploration business, its Coombs mineral property is located in the Nanaimo Mining Division, Province of British Columbia. The costs associated with this property have been deferred and are capitalized on the Company's balance sheet. During the year ended June 30, 1998 the Company spent $3,907 in connection with this property.
During the year ended June 30, 1998 the Company has spent $133,876 on general and administrative expenditures. A break down of these expenditures is provided on the Company's Statement of Operations and Deficit. Also, during the year ended June 30, 1998, two companies controlled by two directors of Pan Ocean charged the Company $53,946 for management services. Another director charged the Company $7,518 for accounting services.
The Company had a working capital deficiency of $253,215 at June 30, 1998. This deficiency prohibits the Company from undertaking any further exploration work and also causes management to reduce general and administrative expenditures where reasonably possible. The Company is currently seeking additional financing to provide additional exploration funds and unallocated working capital.""
Now if I am reading that correctly, it looks like they spent $3,907 on that property and $133,876 on general and administrative expenditures, of which a total of $61,464 went to directors, or companies controlled by directors.
From the quarterly report ended December 31, 1998:
During the Six months ended December 31, 1998 the Company has spent $60,039 on general and administrative expenditures. A break down of these expenditures is provided on the Company's Statement of Operations and Deficit. Also, during the Six months ended December 31, 1998, two companies controlled by two directors of Pan Ocean charged the Company $22,500 for management services. Another director charged the Company $2,500 for accounting services.
On November 3, 1998, the Company granted two directors 300,000 incentive stock options, exercisable at $0.15 per share until November 3, 2000.
On December 12, 1998, the Company issued 150,000 common shares at a price of $0.15 per share, for a total cash consideration of $22,500, pursuant to the exercise of 150,000 incentive stock options.
On January 6, 1999, the Company granted 216,620 incentive stock options, exercisable at $0.28 per share until January 6, 2001.
On January 5, 1999, the Company issued 150,000 common shares at a price of $0.15 per share, for a total cash consideration of $22,500, pursuant to the exercise of 150,000 incentive stock options.
On January 25, 1999, the Company issued 66,620 common shares at a price of $0.28 per share, for a total cash consideration of $22,500, pursuant to the exercise of 66,620 incentive stock options.
On January 29, 1999, the Company completed a private placement and issued 1,666,664 units at a price of $0.15 per share for a total consideration of $250,000. Each unit consists of one share and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional share at a price of $0.15 until January 29, 2000, then at a price of $0.17 until January 29, 2001, after which time the warrants expire.
On February 1, 1998, the Company issued 20,000 common shares at a price of $0.28 per share, for a total cash consideration of $5,600, pursuant to the exercise of 20,000 incentive stock options.
On February 9, 1999, the Company granted 370,000 incentive stock options, exercisable at $0.38 per share until February 9, 2001.
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Now my math is not great, but this looks to be almost 3,000,000 shares issued for either options or cash. Someone please correct me if I am wrong.
Cash balance as of December 31, 1998 was $2,318.
I guess if they are going to play with the big boys, more dilution is on the way. |
