CAPITAL STOCK | 12 Months Ended |
Jul. 31, 2013 |
Equity [Abstract] | ' |
CAPITAL STOCK | ' |
On March 6, 2007, the Company received $5,500 from its founders for 34,953,602 shares of its common stock. On June 24, 2007, the Company completed an unregistered private offering under the Securities Act of 1933, as amended, relying upon the exemption from registration afforded by Rule 504 of Regulation D promulgated thereunder. The Company sold 15,856,224 shares of its $0.001 par value common stock at a price of $0.00118 per share for $18,713 in cash. On May 6, 2010, the Company sold 311,405 shares of its $0.001 par value common stock at a price of $0.03 per share for $9,800 in cash. |
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Following his appointment as sole officer and director on August 26, 2008, Mr. Alan Shinderman purchased 4,766,400 shares of the Company's $0.001 par value common stock at a purchase price of $0.00157 per share for $7,500 in cash. The Company also canceled 15,888,000 shares of its common stock in connection with the spin-off of certain mineral properties as described in Note 2. |
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As part of the reorganization in November 2009, the Company’s attorney forgave $61,269 in prior accounts payable which was contributed to paid-in capital. On November 11, 2009, the Company’s board of directors approved a forward split of the Company’s common stock on the basis of 6.3552 shares for each share issued and outstanding, payable upon surrender of old certificates. The forward split was approved by FINRA effective December 13, 2009. All share and per share data has been adjusted to reflect such split. |
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On May 20, 2010, the Company amended its Articles of Incorporation to increase its authorized common shares to 400,000,000. Par value remains at $.001. Also, during the fiscal year ended July 31, 2010, the Company issued 3,450,000 common shares at valued at $460,000 to four consultants for investor relation contracts for services to be rendered for periods ranging from three to six months. Prepaid consulting of $155,179 was recorded at July 31, 2010, representing the value of future services to be provided to the Company under these contracts. $304,821 was expensed during fiscal year ended July 31, 2010, and $155,179 was expensed during fiscal year ended July 31, 2011 in connection with these contracts. |
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In October 2010, the Company issued 18,000,000 common shares to Company officers and directors for services rendered. The shares were valued at $18,000. |
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On April 3, 2012, the Company sold 1,250,000 shares of its $0.001 par value common stock at a price of $0.02 per share for $25,000 cash. On April 11, 2012, the Company sold 500,000 shares of its $0.001 par value common stock at a price of $0.02 per share for $10,000 cash. On June 5, 2012, the Company sold 2,000,000 shares of its $0.001 par value common stock at a price of $0.0225 per share for $45,000 cash. |
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We issued 3,500,000 shares of common stock on August 30, 2012 to David Hedderly-Smith for a cash price of $35,000. |
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We issued 5,000,000 shares of common stock on December 7, 2012 to Alix Resources as compensation valued at $250,000 for the extension on the Letter of Intent option for the Golden Zone property. |
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We issued 2,000,000 shares of common stock on January 21, 2013 to Philip Allen, the current CEO of the Company for compensation valued at $160,000. |
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We issued 1,000,000 shares of common stock on January 21, 2013 to Iain Stewart, the current CFO and Secretary of the Company for compensation valued at $80,000. |
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We issued 2,500,000 shares of common stock to LS, LLC under the terms of a consulting agreement dated December 7, 2012, for compensation valued at $175,000. |
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We issued 1,250,000 shares of common stock to Richard E. Barsom under the terms of a consulting agreement dated March 19, 2013, for compensation valued at $150,000. |
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The Company has 80,449,631 and 65,199,631 shares of common stock issued and outstanding at July 31, 2013 and July 31, 2012 respectively. |
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Preferred shares: On July 8, 2013, pursuant to a previously-obtained written consent of the majority of our shareholders, we filed a Certificate of Amendment to our Articles of Incorporation. The Certificate of Amendment amends our articles of incorporation to authorize up to ten million (10,000,000) shares of preferred stock, par value $0.001 per share. |
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Out of the ten million (10,000,000) Preferred shares authorized, the Company has authorized a series of Class A Convertible Preferred Stock, consisting of one million (1,000,000) shares, which series shall have the powers, designations, preferences and relative participating, optional and other special rights, and the, limitations and restrictions as defined in the Certificate of Designation filed under the Company's Form 8-K filed as of July 26, 2013. |