Good to hear Still pursuing the Enigma app until
Post# of 876
Posted On: 01/27/2015 4:18:09 PM
Good to hear
Still pursuing the Enigma app until the mining industry investment climate improves
The guts of the 10Q/plans from the 10Q (emphasis added):
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.
Enigma is building a fully secure mobile wireless software application for Apple iOS, Android and Blackberry developed through a full patented language technology with the capability to protect against unauthorized computer intrusion and fraud.
On January 22, 2014 Wolverine entered into an Amended Letter of Intent (“Amended LOI”) with Enigma. Under the terms of the Amended LOI Wolverine will acquire a 25% interest in Enigma for the purchase price of USD $5,000,000 of which USD $3,000,000 is to be paid in shares of common stock of Wolverine at a deemed price of USD$0.01 per share and USD$2,000,000 in cash.
The LOI with Enigma has expired, however Wolverine and Enigma are currently negotiating the terms of a formal purchase agreement as well as arranging the financing in the amount of USD $2,000,000 required for the building of the Enigma fully secure mobile wireless software application.
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.
Wolverine holds a 90% in six mining claims located in Labrador, Canada (the “Labrador Claims”) . The Claims are in good standing until May 17, 2020. The Claims are located about 120 kilometres (75 miles) west of Goose Bay, Labrador, a small town of 9,000 people on the Atlantic Coast of northern Canada. It takes approximately one and a half to two hours to drive to the Claims from Goose Bay.
There has been no exploration on the Labrador Claims since 2012. Due to the current lack of financing available for exploration companies, exploration on these claims has been suspended. Wolverine will continue exploration on these claims when financing is available.
The Eureka Project Claims, with a total area of 3,910.67 hectares (9,663.5 acres), are immediately adjacent to the Wingdam Project. The property is located along the north and south banks of Lightning Creek, spanning south to Sovereign Creek at its confluence with Atis Creek. Highway 26 runs along the northeastern boundary and the Swift River forest service road runs through the property. All areas of the property are accessible by forest service roads. The property is located 30 km east of Quesnel in Central British Columbia. Access is via the all-weather Barkerville Highway No. 26, then by logging and mining roads through the property.
There has been no exploration on the Eureka Project Claims since 2013. Due to the current lack of financing available for exploration companies, exploration on these claims has been suspended. Wolverine will continue exploration on these claims when financing is available.
Still pursuing the Enigma app until the mining industry investment climate improves
The guts of the 10Q/plans from the 10Q (emphasis added):
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.
Enigma is building a fully secure mobile wireless software application for Apple iOS, Android and Blackberry developed through a full patented language technology with the capability to protect against unauthorized computer intrusion and fraud.
On January 22, 2014 Wolverine entered into an Amended Letter of Intent (“Amended LOI”) with Enigma. Under the terms of the Amended LOI Wolverine will acquire a 25% interest in Enigma for the purchase price of USD $5,000,000 of which USD $3,000,000 is to be paid in shares of common stock of Wolverine at a deemed price of USD$0.01 per share and USD$2,000,000 in cash.
The LOI with Enigma has expired, however Wolverine and Enigma are currently negotiating the terms of a formal purchase agreement as well as arranging the financing in the amount of USD $2,000,000 required for the building of the Enigma fully secure mobile wireless software application.
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.
Wolverine holds a 90% in six mining claims located in Labrador, Canada (the “Labrador Claims”) . The Claims are in good standing until May 17, 2020. The Claims are located about 120 kilometres (75 miles) west of Goose Bay, Labrador, a small town of 9,000 people on the Atlantic Coast of northern Canada. It takes approximately one and a half to two hours to drive to the Claims from Goose Bay.
There has been no exploration on the Labrador Claims since 2012. Due to the current lack of financing available for exploration companies, exploration on these claims has been suspended. Wolverine will continue exploration on these claims when financing is available.
The Eureka Project Claims, with a total area of 3,910.67 hectares (9,663.5 acres), are immediately adjacent to the Wingdam Project. The property is located along the north and south banks of Lightning Creek, spanning south to Sovereign Creek at its confluence with Atis Creek. Highway 26 runs along the northeastern boundary and the Swift River forest service road runs through the property. All areas of the property are accessible by forest service roads. The property is located 30 km east of Quesnel in Central British Columbia. Access is via the all-weather Barkerville Highway No. 26, then by logging and mining roads through the property.
There has been no exploration on the Eureka Project Claims since 2013. Due to the current lack of financing available for exploration companies, exploration on these claims has been suspended. Wolverine will continue exploration on these claims when financing is available.
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