Notes Receivable

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Notes Receivable

3. NOTES RECEIVABLE

On June 22, 2015, the Company executed the Anatolia Loan whereby the Company will provide up to AUD2,000,000 (approximately $1,600,000) to Anatolia. On June 24, 2015, the Company transferred AUD1,000,000 ($779,700) to Anatolia in the first of two tranches under the Loan. The Loan will mature on December 31, 2015 and carries a 12% annual interest rate. It is convertible into shares of Anatolia, at the Company’s sole discretion, at a price of AUD0.08 per share if there is a change of control of Anatolia or if the stockholders of Anatolia vote against the Merger, or if the Merger does not otherwise close by December 30, 2015. Interest will be payable in the form of shares of Anatolia, with such amount of shares determined based upon the volume weighted average price (“VWAP”) of Anatolia’s common stock for the 20 trading days preceding the date interest becomes payable, or in cash at the election of the Company.

Should the Merger be terminated, the Anatolia Loan will become repayable within four months of that termination date, however it would become repayable immediately in the event of a change of control of Anatolia. Anatolia can repay the Anatolia Loan at any time, but during the conversion period, the Company can require funds be re-advanced and converted. Should the Anatolia Loan be converted into shares of Anatolia, the Company would hold up to an approximate 7.5% interest in Anatolia. The Anatolia Loan is secured against 35% of the shares held in Anatolia Uranium Pty Ltd, a subsidiary of Anatolia, and 100% owner of the Turkish operating subsidiary, Adur Madencilik STi Ltd.