Began raising up to $1M through 15%-interest convertible notes to accredited investors, convertible at $0.375/share or a 25% discount to a future qualified offering -- costly, dilutive terms typical of a cash-constrained small explorer.
Leased the 200-acre Belshazzar property in Boise County, Idaho from Belshazzar Holdings for a 10-year term with an $800,000 purchase option and a 1% royalty -- the company's first property outside Nevada.
After a multi-year quiet period, resumed portfolio-building: leased the 400-acre Agai-Pah property from MSM Resource for a 10-year term with a $750,000 purchase option.
Leased the 3-claim Lazy Claims property from Tarsis Resources for a 10-year term with a 2% production royalty -- a small addition to the exploration portfolio.
Sold its 30% interest in the Lapon Canyon project to Walker River Resources in exchange for 9.1M Walker River shares plus warrants for 11.9M more -- converting a direct project stake into a position in the property's owner, a relationship the company would keep rebuilding for the next decade.
Now renamed Nevada Canyon Gold Corp., leased the 12-claim Garfield Flats property from Goodsprings Development for a 10-year term with a $300,000 purchase option, expanding the exploration portfolio beyond Lapon Canyon.
24 June 2016asset acquisition disposition▲ GoodMajor
Completed a $375,000 private placement and used the proceeds to fund the Lapon Canyon option, formally shifting the company's business from a management-consulting shell toward mineral exploration.