Welcome To the WIN!!! St. Elias Mines HUB On AGORACOM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
Message: Qualifying Transaction
While to many here it seemed like a quiet summer, the fact is the head office and the field personnel were hard at it. By compiling information from the Havilah spin-off News Release, the new Web Site (Gold Summit project in particular) and the TSX Venture Exchange Corporate Finance Manual (see link in the Library) it is clear that many of the requirements to take Havilah public have been completed.
In short, to take a company public requires a qualifying transaction and it is clear that the Gold Summit project is ours.
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Technical Review Gold Summit Project |
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Tier 2 Initial Listing Requirements |
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Standard |
Mining |
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Net Tangible Assets or Revenue or Arm’s Length Financing (as applicable) |
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Property or Reserves |
Issuer has Significant Interest in a Qualifying Property or, at the discretion of the Exchange, a right to earn a Significant Interest in the Qualifying Property |
Pg 7 - Havilah Mines Ltd. controls the mineral rights to the Gold Summit property, via a „spin out‟ agreement with its parent company St. Elias Mines. |
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Prior Expenditures and Work Program |
(i) sufficient evidence of no less than $100,000 of Approved Expenditures by Issuer on the Qualifying Property within 36 months period preceding Application for Listing and (ii) a work program with an initial phase of no less than $200,000, as recommended in a Geological Report |
Pg 35 - TABLE 9.0 Havilah 2011 Exploration Expenditures Exploration Details Total Personnel (geologists, prospectors cook etc.) $43,615 Camp, consumables, rentals 12,220 Transportation & related rentals 6,860 SJ Geophysics Inc. Ground Geophysical Magnetics, Max-Min & IP Surveys 60,446 SGS Soil – Rock Sample Analytical 6,577 Satellite imagery, maps, publications 6,700 TOTAL $136,418 |
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Working Capital and Financial Resources
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(i) adequate Working Capital and Financial Resources to carry out stated work program or execute business plan for 12 months following listing and (ii) $100,000 in unallocated funds
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No doubt when the spin-out takes place, Havilah will be capitalized either with cash from St. Elias or through IPO. |
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Public Distribution |
(i) Public Float of 500,000 shares, (ii) 200 Public Shareholders each holding a Board Lot and having no Resale Restrictions on their shares and (iii) 20% of issued and outstanding shares in the hands of Public Shareholders |
1 for 20 shares of SLI = 6,000,000+ shares and more than 200 shareholders. |
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Other Criteria |
Geological Report recommending completion of work program (Sponsor Report if required) |
Pg 46 -It is recommended herein that Havilah carry out additional exploration efforts on the Gold Summit property. An initial $250,000 exploration program is recommended. See Table 26.0. |
Clearly the Gold Summit project along meets the requirements for a Tier 2 listing and if the other B.C. properties are included, a Tier 1 listing may be in the works.
Everything is transpiring by a master plan.
Sorry about the formatting, the columns don't line up as well but you'll figure it out.
4 Recommendations
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