$PSGR Does anyone recall reading this from Pers
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Posted On: 10/12/2020 1:05:14 AM
$PSGR
Does anyone recall reading this from Pershing Resources Company, Inc? Was there a Press Release that I missed? Please read to end and comment.
PERSHING RESOURCES COMPANY, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019
NOTE 3 — INVESTMENTS IN JOINT VENTURES On March 18, 2018, the Company entered into a five year "earn-in" joint venture agreement with America's Gold Exploration, Inc. (“AGEI”) on the West Bolo Mining Project located in Nye County Nevada. In May 2018, the Company issued 10,000,000 restricted common shares at $.02 per share to AGEI for the earn in rights. The share price was based on the quoted stock price on the transaction date. In September 2019, the Company terminated the original joint venture agreement and has negotiated a new agreement. Under the new agreement, AGEI will retain the 10,000,000 restricted common shares and will convey a 50% ownership stake to the Company via a quit claim deed. The Company will assume responsibility for all exploration and development costs on the property. Also, there will be no further investments required by the Company in this venture. On March 18, 2018, the Company entered into a six year "earn-in" joint venture agreement with William Matlack and Donald J. McDowell (“M & M”) on the Tonopah SIN Mining Project Located in Esmeralda County Nevada. In May 2018, the Company issued 3,770,000 restricted common shares at $.02 per share to M & M for the earn in rights. The share price was based on the quoted stock price on the transaction date. In September 2019, the Company terminated the original joint venture agreement and is negotiating a new agreement. Under the current proposed terms of the new agreement, M & M will return the 3,770,000 of restricted common shares issued in May, 2018. In addition, under the current proposed terms of the new agreement, the Company will receive all future profits from the properties less a 1.5% Net Smelter Return (NSR), which is the net revenue that the Company will receive from the sale of the mine's products less transportation and refining costs, that will be retained by M & M. See Note 10 for a more detailed discussion. Investments in joint ventures are broken down as follows: West Bolo $ 200,000 Tonopah 75,400 $ 275,400
Does anyone recall reading this from Pershing Resources Company, Inc? Was there a Press Release that I missed? Please read to end and comment.
PERSHING RESOURCES COMPANY, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019
NOTE 3 — INVESTMENTS IN JOINT VENTURES On March 18, 2018, the Company entered into a five year "earn-in" joint venture agreement with America's Gold Exploration, Inc. (“AGEI”) on the West Bolo Mining Project located in Nye County Nevada. In May 2018, the Company issued 10,000,000 restricted common shares at $.02 per share to AGEI for the earn in rights. The share price was based on the quoted stock price on the transaction date. In September 2019, the Company terminated the original joint venture agreement and has negotiated a new agreement. Under the new agreement, AGEI will retain the 10,000,000 restricted common shares and will convey a 50% ownership stake to the Company via a quit claim deed. The Company will assume responsibility for all exploration and development costs on the property. Also, there will be no further investments required by the Company in this venture. On March 18, 2018, the Company entered into a six year "earn-in" joint venture agreement with William Matlack and Donald J. McDowell (“M & M”) on the Tonopah SIN Mining Project Located in Esmeralda County Nevada. In May 2018, the Company issued 3,770,000 restricted common shares at $.02 per share to M & M for the earn in rights. The share price was based on the quoted stock price on the transaction date. In September 2019, the Company terminated the original joint venture agreement and is negotiating a new agreement. Under the current proposed terms of the new agreement, M & M will return the 3,770,000 of restricted common shares issued in May, 2018. In addition, under the current proposed terms of the new agreement, the Company will receive all future profits from the properties less a 1.5% Net Smelter Return (NSR), which is the net revenue that the Company will receive from the sale of the mine's products less transportation and refining costs, that will be retained by M & M. See Note 10 for a more detailed discussion. Investments in joint ventures are broken down as follows: West Bolo $ 200,000 Tonopah 75,400 $ 275,400
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