XML 40 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
12 Months Ended
Jan. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block] [Text Block]

Note 14. Subsequent Events

 

The Company has evaluated events and transactions that occurred between January 31, 2012 and the date the consolidated financial statements were available for issue, for possible disclosure or recognition in the consolidated financial statements.  The Company has determined that there were no such events or transactions that warrant disclosure or recognition in the consolidated financial statements except as noted below.

 

Subsequent to the Company year end, on March 14, 2012, the Company entered into a Stock Purchase Agreement whereby the shareholders of New Fork Uranium Corporation sold all of the issued and outstanding shares of New Fork to the Company in exchange for the issuance to the shareholders of an aggregate of 50,000,000 shares of common stock, at $0.001 par value, of the Company.

 

The 50,000,000 shares of common stock of the Company issued pursuant to the Stock Purchase Agreement were issued pro rata to all of the shareholders of New Fork on the basis of 0.877192983 share of the Company’s common stock for each outstanding New Fork share of common stock issued and outstanding on the effective date of the Stock Purchase Agreement.

 

New Fork holds 521 mining claims in the areas adjacent to the Company’s Cyclone Rim uranium exploration properties in Sweetwater County, Wyoming. New Fork’s assets are comprised of 521 federal mining claims covering about 10,000 acres of BLM land. These claims cover a large portion of the sinuous, uranium bearing roll-front that exists in this part of south-central Wyoming. The Company’s existing Cyclone Rim claims cover a 28 mile extent of the western portion of this same roll-front trend. This area of Sweetwater County is a historical uranium-mining district that is seeing a resurgence of development activity. The Company now holds significant acreage on key uranium ground in the Red Desert. In addition, New Fork brings working capital of over $300,000 to the Company.  

 

On March 19, 2012 Messrs. Bojtos and Helgeson resigned their positions as officers and directors of the Company. Messrs, Baughman and Schifrin were appointed as directors and Mr. Baughman was appointed as Chairman, President and Chief Executive Officer of the Company.

 

On March 19, 2012 the Company granted 2,000,000 shares of its Common stock as payment for services to an Investor Relations firm.

 

On March 19, 2012 the Company granted stock options to directors and consultants to purchase a total of 2,500,000 shares of Common stock at a price of $0.06 for 5 years.

 

On March 26, 2012 the Company paid a shareholder a $180,000 loan along with $9,888 of accrued interest.