gist of the latest 10q
its interesting that all stock transactions,including pp's, are continuing to value the stock at 1c/share, a substantial premium to the trading price
On August 15, 2007, we registered our company as an extra-provincially registered company in the Province of Newfoundland and Labrador for the purpose of being able to register the Claims in the name of our company and for the purpose of being able to conduct our business in the Province of Newfoundland and Labrador.
On August 27, 2009 we signed an amending agreement with Shenin. Which waives all of the remaining work commitments required under the vend-in agreement subject to us incurring sufficient exploration expenditures on the claims to keep them in good standing with the Province of Newfoundland and Labrador.
Wolverine now holds a 90% interest and Shenin holds a 10% interest in a total of 25 claims.
On June 11, 2013, Wolverine entered into an Agreement (the "Agreement"
with 0969015 B.C. Ltd ("0969015" to acquire the Eureka Project Claims located in the Cariboo Mining District of British Columbia. Under the terms of the Agreement Wolverine issued 35,000,000 shares of common stock to 0969015 at a fair value of $402,500 as full consideration for the acquisition of the Eureka Project Claims.
On September 5, 2013, Wolverine entered into a Letter of Intent ("LOI" with the cyber security corporation ENIGMAMobil Inc. ("Enigma" to acquire a 25% interest in Enigma for a cash payment of $10,000,000. Under the terms of the LOI Wolverine will have 120 days to raise the financing and enter into a formal purchase agreement with Enigma.
On January 22, 2014, Wolverine entered into an Amended Letter of Intent ("LOI" with the cyber security corporation ENIGMAMobil Inc.("Enigma" Under the terms of the LOI Wolverine will acquire a 25% interest in Enigma for the purchase price of $5,000,000 of which $3,000,000 is to be paid in shares of common stock of Wolverine at a deemed price of $0.01 per share and $2,000,000 in cash. The LOI has an expiry date of June 30, 2014.
Our Current Business
We are an exploration stage company engaged in the business of acquisition and exploration of base and precious metal mineral properties. Our current exploration is focused on mineral properties located in British Columbia and Labrador, Canada. We have not yet determined whether the Labrador Claims or the Eureka Project Claims contain mineral reserves that are economically recoverable.
Cash Requirements
There is limited historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage company and have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.
Over the next twelve months we intend to use any funds that we may have available to fund our Plan of Operation and conduct exploration on our Labrador and Eureka Project Claims. We expect to review other potential exploration projects from time to time as they are presented to us.
Not accounting for our working capital deficit of $228,556 as of February 28, 2014, we require additional funds of approximately $2,000,000 at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.
Our auditors have issued a going concern opinion for our year ended May 31, 2013. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. As at February 28, 2014 we had no cash and a working capital deficiency in the amount of $228,556. As of February 28, 2014, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.
The Plan of Operation for the next 12 months is to raise $2,000,000 to acquire a 25% interest in ENIGMAMobil Inc.
As at February 28, 2014, we had a cash balance of $nil. We will need to raise additional financing to fund any exploration program over the next 12 months
its interesting that all stock transactions,including pp's, are continuing to value the stock at 1c/share, a substantial premium to the trading price
On August 15, 2007, we registered our company as an extra-provincially registered company in the Province of Newfoundland and Labrador for the purpose of being able to register the Claims in the name of our company and for the purpose of being able to conduct our business in the Province of Newfoundland and Labrador.
On August 27, 2009 we signed an amending agreement with Shenin. Which waives all of the remaining work commitments required under the vend-in agreement subject to us incurring sufficient exploration expenditures on the claims to keep them in good standing with the Province of Newfoundland and Labrador.
Wolverine now holds a 90% interest and Shenin holds a 10% interest in a total of 25 claims.
On June 11, 2013, Wolverine entered into an Agreement (the "Agreement"
with 0969015 B.C. Ltd ("0969015" to acquire the Eureka Project Claims located in the Cariboo Mining District of British Columbia. Under the terms of the Agreement Wolverine issued 35,000,000 shares of common stock to 0969015 at a fair value of $402,500 as full consideration for the acquisition of the Eureka Project Claims. On September 5, 2013, Wolverine entered into a Letter of Intent ("LOI"
with the cyber security corporation ENIGMAMobil Inc. ("Enigma" to acquire a 25% interest in Enigma for a cash payment of $10,000,000. Under the terms of the LOI Wolverine will have 120 days to raise the financing and enter into a formal purchase agreement with Enigma. On January 22, 2014, Wolverine entered into an Amended Letter of Intent ("LOI"
with the cyber security corporation ENIGMAMobil Inc.("Enigma" Under the terms of the LOI Wolverine will acquire a 25% interest in Enigma for the purchase price of $5,000,000 of which $3,000,000 is to be paid in shares of common stock of Wolverine at a deemed price of $0.01 per share and $2,000,000 in cash. The LOI has an expiry date of June 30, 2014. Our Current Business
We are an exploration stage company engaged in the business of acquisition and exploration of base and precious metal mineral properties. Our current exploration is focused on mineral properties located in British Columbia and Labrador, Canada. We have not yet determined whether the Labrador Claims or the Eureka Project Claims contain mineral reserves that are economically recoverable.
Cash Requirements
There is limited historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage company and have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.
Over the next twelve months we intend to use any funds that we may have available to fund our Plan of Operation and conduct exploration on our Labrador and Eureka Project Claims. We expect to review other potential exploration projects from time to time as they are presented to us.
Not accounting for our working capital deficit of $228,556 as of February 28, 2014, we require additional funds of approximately $2,000,000 at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.
Our auditors have issued a going concern opinion for our year ended May 31, 2013. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. As at February 28, 2014 we had no cash and a working capital deficiency in the amount of $228,556. As of February 28, 2014, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.
The Plan of Operation for the next 12 months is to raise $2,000,000 to acquire a 25% interest in ENIGMAMobil Inc.
As at February 28, 2014, we had a cash balance of $nil. We will need to raise additional financing to fund any exploration program over the next 12 months
