On February 8, 2016 the Company announced that the consolidation of the common shares of the Company (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the "Consolidation"), will become effective on February 9, 2016.
Following the Consolidation, the Company will have approximately 2,110,053 Common Shares outstanding. The consolidation was part of a broader acquisition, financing and debt settlement initiative undertaken by the company which started in late 2014.
Post Consolidation re-structuring:
Acquisition of Goldway SRL
On August 10, 2017 the Company announced that it has completed the acquisition of all of the outstanding shares of Goldway SRL in exchange for (i) the issuance by the Company to Goldway's shareholders of a total of 5,000,000 common shares; and (ii) US$100,000, payable in cash, pursuant to a share exchange agreement (the "Share Exchange Agreement"). As a result of the Acquisition, Goldway has become a wholly-owned subsidiary of the Company, and will continue to be active in the gold and metals trading business in Bolivia.
Private Placement Financing
Concurrent with the closing of the Acquisition, the Company has completed its previously announced non-brokered private placement ("Concurrent Offering") through the issuance of 2,042 units (the "Units") at a price of C$900 per Unit for aggregate gross proceeds of C$1,837,800. Each Unit is comprised of: (i) one promissory note in the principal amount of C$1,000; (ii) 1,500 common shares ("Unit Shares"); and (iii) 1,500 common share purchase warrants ("Warrants"). Full details of the Concurrent Offering can be found in the Company's press release of August 8, 2017.
Also concurrent with the closing of the Acquisition, as detailed in the Company's press release of August 8, 2017, the Company has also issued an aggregate of 3,860,593 common shares in settlement of an aggregate of $386,059.30 of outstanding indebtedness at a price of $0.10 per common share with arm's length and non-arm's length parties.