Each one in plain English, with the numbers worked through for a shareholder.
1 July 2024financial restatement▼ BadMajor
While preparing its year-ended March 2024 financials, Ranger Gold found the same kind of unrecorded expenses, paid from management's personal accounts, had become material for the three and nine months to December 2023. The board said those statements could no longer be relied on and would be restated.
Ranger Gold said its fiscal 2022 financial statements and its June, September and December 2022 quarterly statements could no longer be relied on. Management had paid some company expenses from personal accounts and never recorded them. The board called it an error of omission, not fraud, and said it would restate.
A follow-up amendment formally documented the engagement of Michael Gillespie & Associates as auditor, with no substantive change from the original filing.
Now operating again after a dormant stretch (deregistered 2019, re-registered via a Form 10 in August 2022), Ranger Gold dismissed BF Borgers as its auditor - with no stated disagreement - and engaged Michael Gillespie & Associates for its fiscal 2023 audit.
19 Feb 2013material agreement termination▼ BadMajor
Ranger Gold also gave up its other MinQuest option, the Truman Property, citing an inability to meet the required payments - ending the MinQuest relationship entirely - while simultaneously picking up a new 20-year lease on the Gent Property in Lander County, Nevada from Nevada Mine Properties II ($5,000 to sign, $5,000/year, minimal spending required until year five).
23 Feb 2012material agreement termination▼ BadMajor
Ranger Gold walked away from the CX Property, terminating its MinQuest option after a completed drill program found the ground didn't fit the company's plans; the property reverts to MinQuest.
A private placement raised $300,000 at $0.15/share - back down to the price the company was selling stock at before its 2010 property deals, a sign the earlier re-rating hadn't held.
A private placement raised $500,000 at $1.25/share - more than eight times the price of its placements two months earlier, a sign the stock had re-rated sharply higher after the two Nevada property deals.
The company optioned a second Nevada property from MinQuest, the Truman Property in Mineral County (52 unpatented claims), on similar terms to the CX Property deal: roughly $510,000 in option payments and $2.5 million in exploration spending over ten years.
The company optioned its first real asset, the CX Property in Nye County, Nevada (72 unpatented claims) from MinQuest, Inc., turning the shell into a gold explorer: up to $480,000 in option payments and $2.5 million in exploration spending over ten years, with MinQuest keeping a 3% royalty.
Fenario, Inc. (later renamed Ranger Gold Corp.) changed hands: Gurpartap "Gary" Singh Basrai bought 55.5% of the dormant shell company from its founder for $152,500 and took over as CEO, with the prior officers and directors resigning.