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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nextsource Materials Inc (QB) | USOTC:NSRCF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00715 | 1.40% | 0.51795 | 0.5154 | 0.5467 | 0.537 | 0.51795 | 0.537 | 1,200 | 16:15:17 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2016
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Minnesota
|
|
20-0803515
|
(State or other jurisdiction of
Incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
520 – 141 Adelaide Street West, Toronto, Ontario
|
|
M5H 3L5
|
(Address of principal executive offices)
|
|
(Zip Code)
|
March 31, 2016
(Unaudited)
|
June 30, 2015
|
|||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
245,553
|
$
|
779,118
|
||||
Marketable securities (note 4)
|
-
|
7,615
|
||||||
Accounts receivable
|
32,707
|
49,484
|
||||||
Prepaid expenses
|
-
|
16,032
|
||||||
Loan to related party (note 7)
|
-
|
76,450
|
||||||
Total current assets
|
278,260
|
928,699
|
||||||
Equipment (note 5)
|
32,912
|
78,513
|
||||||
Total assets
|
$
|
311,172
|
$
|
1,007,212
|
||||
Liabilities and Stockholders' Deficiency
|
||||||||
Liabilities
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable (note 7)
|
$
|
88,342
|
$
|
95,580
|
||||
Accrued liabilities
|
19,938
|
283,952
|
||||||
Short-term loan (note 9)
|
115,500
|
-
|
||||||
Contingency provision (note 16)
|
182,812
|
190,087
|
||||||
Subscriptions received in advance (note 17)
|
149,983
|
-
|
||||||
Warrant liability (note 13)
|
331,091
|
844,851
|
||||||
Total liabilities
|
$
|
887,666
|
$
|
1,414,470
|
||||
Stockholders' Deficiency
|
||||||||
Common stock
|
350,574
|
309,385
|
||||||
650,000,000 shares authorized, $0.001 par value, 350,573,568 issued and outstanding (June 30, 2015: 309,384,670) (note 10)
|
||||||||
Additional paid‑in capital (note 10)
|
92,732,724
|
91,614,714
|
||||||
Accumulated comprehensive loss
|
-
|
(4,323
|
)
|
|||||
Accumulated deficit
|
(93,659,792
|
)
|
(92,327,034
|
)
|
||||
Total stockholders' deficiency
|
(576,494
|
)
|
(407,258
|
)
|
||||
Total liabilities and stockholders' deficiency
|
$
|
311,172
|
$
|
1,007,212
|
Nine months ended
March 31,
|
Three months ended March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Expenses
|
||||||||||||||||
Mineral exploration expense (notes 6, 7 and 15)
|
601,411
|
4,540,898
|
240,755
|
1,307,020
|
||||||||||||
Professional and consulting fees (note 7)
|
549,108
|
688,393
|
153,428
|
216,341
|
||||||||||||
General and administrative (note 7)
|
231,992
|
631,655
|
12,100
|
130,991
|
||||||||||||
Stock‑based compensation (notes 7)
|
331,491
|
627,264
|
-
|
233,104
|
||||||||||||
Depreciation (note 5)
|
45,601
|
40,994
|
11,001
|
14,085
|
||||||||||||
Foreign currency translation loss (gain)
|
79,425
|
(123,900
|
)
|
(13,756
|
)
|
(127,727
|
)
|
|||||||||
Total expenses
|
1,839,028
|
6,405,304
|
403,528
|
1,773,814
|
||||||||||||
Net Loss From Operations
|
(1,839,028
|
)
|
(6,405,304
|
)
|
(403,528
|
)
|
(1,773,814
|
)
|
||||||||
Other Income (Expenses)
|
||||||||||||||||
Investment income
|
578
|
8,282
|
17
|
1,810
|
||||||||||||
Reduction of flow-through premium liability (note 8)
|
-
|
37,145
|
-
|
-
|
||||||||||||
(Loss) gain on sale of marketable securities
|
(8,068
|
)
|
12,278
|
(8,068
|
)
|
-
|
||||||||||
Change in value of warrant liability (note 13)
|
513,760
|
358,573
|
650
|
(107,260
|
)
|
|||||||||||
Net Loss
|
$
|
(1,332,758
|
)
|
$
|
(5,989,026
|
)
|
$
|
(410,929
|
)
|
$
|
(1,879,264
|
)
|
||||
Unrealized (loss) gain from marketable securities
|
(3,745
|
)
|
(184
|
)
|
(696
|
)
|
6,000
|
|||||||||
Realized gain (loss) from marketable securities
in net loss
|
8,068
|
(12,278
|
)
|
8,068
|
-
|
|||||||||||
Comprehensive Loss
|
$
|
(1,328,435
|
)
|
$
|
(6,001,120
|
)
|
$
|
(403,557
|
)
|
$
|
(1,873,264
|
)
|
||||
Loss per share – basic and diluted
|
$
|
(0.004
|
)
|
$
|
(0.020
|
)
|
$
|
(0.001
|
)
|
$
|
(0.006
|
)
|
||||
Weighted average shares outstanding (note 14)
|
338,162,447
|
294,044,398
|
348,213,005
|
308,384,670
|
Nine months ended
March 31, 2016
|
Nine months ended March 31, 2015
|
|||||||
Operating Activities
|
||||||||
Net loss
|
$
|
(1,332,758
|
)
|
$
|
(5,989,026
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
45,601
|
40,994
|
||||||
Change in value of warrant liability
|
(513,760
|
)
|
(358,573
|
)
|
||||
Stock‑based compensation
|
331,491
|
627,264
|
||||||
Loss on sale of marketable securities
|
8,068
|
(12,278
|
)
|
|||||
Reduction of flow-through premium liability
|
-
|
(37,145
|
)
|
|||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable and prepaid expenses
|
32,809
|
330,754
|
||||||
Accounts payable and accrued liabilities
|
(271,251
|
)
|
(232,306
|
)
|
||||
Subscriptions received in advance
|
149,983
|
-
|
||||||
Contingency provision
|
(7,275
|
)
|
-
|
|||||
Net cash used in operating activities
|
(1,557,092
|
)
|
(5,630,316
|
)
|
||||
Investing Activities
|
||||||||
Loan to related party
|
76,450
|
13,037
|
||||||
Proceeds from sale of marketable securities
|
3,869
|
54,726
|
||||||
Net cash provided by investing activities
|
80,319
|
67,763
|
||||||
Financing Activities
|
||||||||
Proceeds from issuance of common stock, net of issue costs
|
827,708
|
4,957,408
|
||||||
Short-term loan
|
115,500
|
-
|
||||||
Exercise of warrants
|
-
|
72,049
|
||||||
Net cash provided by financing activities
|
943,208
|
5,029,457
|
||||||
Cash and Cash Equivalents
|
||||||||
Net decrease in cash and cash equivalents
|
(533,565
|
)
|
(533,096
|
)
|
||||
Cash and cash equivalents ‑ beginning of period
|
779,118
|
1,250,383
|
||||||
Cash and cash equivalents ‑ end of period
|
$
|
245,553
|
$
|
717,287
|
||||
Supplemental Disclosures:
|
||||||||
Interest Received
|
$
|
559
|
$
|
8,282
|
Shares
#
|
Common Stock
$
|
Additional Paid-In
Capital
$
|
Accumulated Comprehensive Income (Loss)
$
|
Accumulated Deficit
$
|
Total
$
|
|||||||||||||||||||
Balance ‑ June 30, 2014
|
268,627,603
|
268,627
|
84,265,060
|
8,771
|
(86,254,224
|
)
|
(1,711,766
|
)
|
||||||||||||||||
Private placement of common shares subscribed
|
39,185,714
|
39,186
|
5,348,814
|
-
|
-
|
5,388,000
|
||||||||||||||||||
Cost of issue of private placement of common shares subscribed
|
-
|
-
|
(440,923
|
)
|
-
|
-
|
(440,923
|
)
|
||||||||||||||||
Private placement of special warrants subscribed
|
-
|
-
|
2,019,947
|
-
|
-
|
2,019,947
|
||||||||||||||||||
Cost of issue of private placement of special warrants subscribed
|
-
|
-
|
(375,927
|
)
|
-
|
-
|
(375,927
|
)
|
||||||||||||||||
Issuance of common stock for mineral property
|
1,000,000
|
1,000
|
(99,000
|
)
|
-
|
-
|
(100,000
|
)
|
||||||||||||||||
Stock‑based compensation
|
-
|
-
|
627,264
|
-
|
-
|
627,264
|
||||||||||||||||||
Issuance of shares to exercise warrants
|
571,353
|
572
|
71,479
|
-
|
-
|
72,050
|
||||||||||||||||||
Realized loss on marketable securities
|
-
|
-
|
-
|
(12,278
|
)
|
-
|
(12,278
|
)
|
||||||||||||||||
Accumulated comprehensive loss
|
-
|
-
|
-
|
(816
|
)
|
-
|
(816
|
)
|
||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
(6,072,810
|
)
|
(6,072,810
|
)
|
||||||||||||||||
Balance ‑ June 30, 2015
|
309,384,670
|
309,385
|
91,614,714
|
(4,323
|
)
|
(92,327,034
|
)
|
(407,258
|
)
|
|||||||||||||||
Private placement of common shares subscribed
|
14,200,000
|
14,200
|
516,473
|
-
|
-
|
530,673
|
||||||||||||||||||
Cost of issue of private placement of common shares subscribed
|
-
|
-
|
(31,942
|
)
|
-
|
-
|
(31,942
|
)
|
||||||||||||||||
Private placement of common shares subscribed
|
6,437,900
|
6,438
|
322,539
|
-
|
-
|
328,977
|
||||||||||||||||||
Conversion of Special Warrants into common shares
|
20,550,998
|
20,551
|
(20,551
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Stock‑based compensation
|
-
|
-
|
331,491
|
-
|
-
|
331,491
|
||||||||||||||||||
Loss on marketable securities
|
-
|
-
|
-
|
(3,745
|
)
|
-
|
(3,745
|
)
|
||||||||||||||||
Reclassified loss to profit or loss
|
-
|
-
|
-
|
8,068
|
-
|
8,068
|
||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
(1,332,758
|
)
|
(1,332,758
|
)
|
||||||||||||||||
Balance ‑ March 31, 2016
|
350,573,568
|
350,574
|
92,732,724
|
-
|
(93,659,792
|
)
|
(576,494
|
)
|
· | "Presentation of Financial Statements Going Concern (ASC Topic 205‑40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014‑15") was issued during August 2014. FASB issued guidance on how to account for and disclose going concern risks. This guidance is effective for annual periods beginning after December 15, 2016. |
· | "Leases" (ASU 2016-02) was issued during February 2016. This update will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual and interim periods beginning after December 15, 2018. |
· | "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09) was issued in March 2016. This amendment simplifies several aspects of the accounting for share-based payment award transactions, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. |
Cost
|
Accumulated
Depreciation
|
Net Book Value March 31, 2016
|
Net Book Value June 30, 2015
|
|||||||||||||
Exploration equipment
|
$
|
195,561
|
$
|
162,649
|
32,912
|
$
|
78,513
|
a) |
The Company incurred $68,293 in general and administrative costs (March 31, 2015: $74,200) from a public company related by common management, Red Pine Exploration Inc. (TSX.V: "RPX"). During the period the Company forgave the $68,293 in general and administrative costs as a result of a settlement agreement between the Companies. The accounts payable balance for general and administrative costs due to RPX was $nil as at March 31, 2016 (June 30, 2015: $24,048).
|
b) |
The Company incurred $388,104 in mineral exploration, management and consulting fees paid or accrued directly to directors and officers or companies under their control (March 31, 2015: $478,534). The accounts payable balance for these expenditures was $nil at the end of the period (June 30, 2015: $nil).
|
c) |
The Company incurred $nil in charges from a mining and engineering firm for which one of the Company's Director services as a senior officer and director (March 31, 2015: $1,948,323), which is included in mineral exploration expenses.
|
d) |
The Company granted 7,900,000 stock options to directors and officers of the Company (March 31, 2015: 6,680,000). These stock options were valued at $308,092 using the Black-Scholes option pricing model (March 31, 2015: $438,035), which is included in stock-based compensation.
|
e) |
The Company received a principal repayment of $76,450 (March 31, 2015: $nil) during the period from MacDonald Mines Exploration Ltd. (TSXV: BMK), a company related by way of common management, for an outstanding loan.
|
f) | The accounts payable balance for a severance commitment due to a former Chief Executive Officer of the Company was $nil at the end of the period (June 31, 2015: $46,292). |
(a) |
On July 31, 2015, a total of 20,550,998 special common share purchase warrants with no exercise price were converted into one common share and one half one common share purchase warrants with an exercise price of $0.14 and an expiry date of May 4, 2018 (see also note 11). As a result, a total of 20,550,998 common shares and 10,275,499 common share purchase warrants were issued.
|
(b) |
On October 7, 2015, the Company closed a private placement offering (the "Offering") of 14,200,000 units (the "Units") at a price of $0.04 (CAD$0.05) per unit, representing aggregate gross proceeds of $530,673 (CAD$710,000). Each Unit consisted of one common share of the Company and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.07 per common share until October 6, 2017.
|
(c) | On February 4, 2016, the Company closed a private placement offering (the "Offering") of 6,437,900 units (the "Units") at a price of $0.05 (CAD$0.07) per unit, representing aggregate gross proceeds of $328,977 (CAD$450,653). Each Unit consisted of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.11 per common share until February 4, 2018. |
Grant
Date
|
Expiration
Date
|
Exercise Price
|
Balance as of March 31, 2016
|
July 1, 2011
|
July 1, 2016
|
$0.30
|
3,300,000
|
July 13, 2012
|
July 13, 2016
|
$0.29
|
1,650,000
|
October 24, 2011
|
October 24, 2016
|
$0.20
|
1,640,000
|
December 1, 2011
|
December 1, 2016
|
$0.21
|
1,785,000
|
March 7, 2012
|
March 4, 2017
|
$0.28
|
4,900,000
|
May 23, 2012
|
May 23, 2017
|
$0.23
|
180,000
|
February 27, 2013
|
February 27, 2018
|
$0.21
|
4,900,000
|
July 9, 2013
|
July 9, 2018
|
$0.11
|
1,080,000
|
September 19, 2013
|
July 19, 2018
|
$0.15
|
675,000
|
October 9, 2013
|
October 9, 2018
|
$0.13
|
250,000
|
January 10, 2014
|
January 10, 2019
|
$0.18
|
4,400,000
|
July 3, 2014
|
July 3, 2019
|
$0.15
|
4,275,000
|
February 26, 2015
|
February 26, 2020
|
$0.20
|
4,430,000
|
December 22, 2015
|
December 22, 2020
|
$0.06
|
8,500,000
|
Total Outstanding
|
41,965,000
|
Weighted-Average
Exercise Price ($)
|
Number of
Stock Options
|
|
Outstanding as of June 30, 2014
|
0.23
|
28,470,000
|
Issued
|
0.17
|
9,280,000
|
Cancelled
|
0.21
|
(2,385,000)
|
Outstanding as of June 30, 2015
|
0.22
|
35,365,000
|
Issued
|
0.06
|
8,500,000
|
Cancelled
|
0.23
|
(1,900,000)
|
Outstanding as of March 31, 2016
|
0.18
|
41,965,000
|
Expiration
Date
|
Notes
|
Exercise
Price
|
Number of
Warrants
|
September 26, 2016
|
$0.14
|
1,928,571
|
|
November 15, 2016
|
(a)
|
$0.18
|
2,903,571
|
December 30, 2016
|
$0.12
|
147,000
|
|
January 14, 2017
|
(b)
|
$0.14
|
29,152,033
|
January 31, 2017
|
(b)
|
$0.14
|
590,000
|
October 6, 2017
|
$0.07
|
7,100,000
|
|
May 4, 2018
|
$0.14
|
10,275,499
|
|
February 4, 2018
|
(c)
|
$0.11
|
6,437,900
|
April 15, 2019
|
$0.14
|
3,500,000
|
|
Total Outstanding
|
62,034,574
|
(a) | On December 24, 2013, the Company re‑priced and extended the term of the common share purchase warrants from an original expiry date of November 15, 2015 with an exercise price of $0.23 to November 15, 2016 with an exercise price of $0.18. |
(b) | These warrants were issued at a $0.18 CAD exercise price and represent the warrant liability. |
(c) | These warrants were issued on February 4, 2016 (see note 10). |
Weighted-Average
Exercise Price ($)
|
Number of
Warrants
|
||
Outstanding as of June 30, 2014
|
0.16
|
*
|
42,555,729
|
Issued
|
0.01
|
22,626,569
|
|
Exercised
|
0.11
|
*
|
(571,353)
|
Expired
|
0.19
|
*
|
(992,028)
|
Outstanding as of June 30, 2015
|
0.10
|
*
|
63,618,917
|
Issued
|
0.11
|
23,813,399
|
|
Exercised
|
-
|
(20,550,998)
|
|
Expired
|
0.11
|
*
|
(4,846,744)
|
Outstanding as of March 31, 2016
|
0.13
|
*
|
62,034,574
|
Period Ended
March 31, 2016
|
Year Ended
June 30, 2015
|
|
Exercise price
|
$0.13
|
$0.14
|
Risk free rate
|
0.48%
|
1.53%
|
Expected volatility
|
112%
|
93.7%
|
Expected dividend yield
|
Nil
|
Nil
|
Expected life (in years)
|
0.84
|
1.48
|
Beginning balance, derivative warrant liability
|
$ 844,851
|
$ 1,830,151
|
Gain on change in fair value of derivative warrant liability
|
(513,760)
|
(985,300)
|
Ending balance, derivative warrant liability
|
$ 331,091
|
$ 844,851
|
Mineral Exploration Expense
|
Madagascar
$
|
Canada
$
|
Total
$
|
Nine month period ended March 31, 2016
|
548,515
|
52,896
|
601,411
|
Nine month period ended March 31, 2015
|
2,897,104
|
1,643,794
|
4,540,898
|
Cash and Equivalents
|
Madagascar
$
|
Canada
$
|
Total
$
|
As of March 31, 2016
|
35,397
|
210,156
|
245,553
|
As of June 30, 2015
|
65,299
|
713,819
|
779,118
|
Nine months ended
March 31,
|
Three months ended March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Expenses
|
||||||||||||||||
Mineral exploration expense (notes 6, 7 and 15)
|
601,411
|
4,540,898
|
240,755
|
1,307,020
|
||||||||||||
Professional and consulting fees (note 7)
|
549,108
|
688,393
|
153,428
|
216,341
|
||||||||||||
General and administrative (note 7)
|
231,992
|
631,655
|
12,100
|
130,991
|
||||||||||||
Stock‑based compensation (notes 7)
|
331,491
|
627,264
|
-
|
233,104
|
||||||||||||
Depreciation (note 5)
|
45,601
|
40,994
|
11,001
|
14,085
|
||||||||||||
Foreign currency translation loss (gain)
|
79,425
|
(123,900
|
)
|
(13,756
|
)
|
(127,727
|
)
|
|||||||||
Total expenses
|
1,839,028
|
6,405,304
|
403,528
|
1,773,814
|
||||||||||||
Net Loss From Operations
|
(1,839,028
|
)
|
(6,405,304
|
)
|
(403,528
|
)
|
(1,773,814
|
)
|
||||||||
Other Income (Expenses)
|
||||||||||||||||
Investment income
|
578
|
8,282
|
17
|
1,810
|
||||||||||||
Reduction of flow-through premium liability (note 8)
|
-
|
37,145
|
-
|
-
|
||||||||||||
(Loss) gain on sale of marketable securities
|
(8,068
|
)
|
12,278
|
(8,068
|
)
|
-
|
||||||||||
Change in value of warrant liability (note 13)
|
513,760
|
358,573
|
650
|
(107,260
|
)
|
|||||||||||
Net Loss
|
$
|
(1,332,758
|
)
|
$
|
(5,989,026
|
)
|
$
|
(410,929
|
)
|
$
|
(1,879,264
|
)
|
||||
Unrealized (loss) gain from marketable securities
|
(3,745
|
)
|
(184
|
)
|
(696
|
)
|
6,000
|
|||||||||
Realized gain (loss) from marketable securities
in Net Loss
|
8,068
|
(12,278
|
)
|
8,068
|
-
|
|||||||||||
Comprehensive Loss
|
$
|
(1,328,435
|
)
|
$
|
(6,001,120
|
)
|
$
|
(403,557
|
)
|
$
|
(1,873,264
|
)
|
||||
Loss per share – basic and diluted
|
$
|
(0.004
|
)
|
$
|
(0.020
|
)
|
$
|
(0.001
|
)
|
$
|
(0.006
|
)
|
||||
Weighted average shares outstanding (note 14)
|
338,162,447
|
294,044,398
|
348,213,005
|
308,384,670
|
· | Mineral exploration costs decreased as the company shifts from exploration stage to the development of the Molo graphite project situated in Madagascar. |
· | Professional fees, stock-based compensation and the general and administrative costs decreased as a result of a reduction of employees and consultants as compared to the previous period. |
· | Foreign currency translation differences arise from the change in foreign currency exchange rates between the initial measurement of foreign currency transactions (in a currency other than the US dollar functional currency) and subsequent remeasurements. |
· | Warrants expiring in January 2017 were issued in a currency other than our functional currency. In accordance with ASC 815 Derivatives and Hedging , the fair value of the warrants was estimated using a binomial model and was recorded as a derivative liability. The liability must be subsequently remeasured at the end of each financial reporting period until expiration or exercise of the underlying warrants. |
March 31,
|
June 30,
|
Increase
|
|
2016
|
2015
|
(Decrease)
|
|
Cash & Equivalents
|
245,553
|
779,118
|
(533,565)
|
Total Current Assets
|
278,260
|
928,699
|
(650,439)
|
Total Current Liabilities
|
(887,666)
|
(1,414,470)
|
526,804
|
Working Capital Position
|
(609,406)
|
(485,771)
|
(123,635)
|
· | For the year ended June 30, 2014, we raised net proceeds of $9,559,926 through the issuance of 90,523,283 common shares and 39,312,130 common share purchase warrants. |
· | For the year ended June 30, 2015, we raised net proceeds of $6,663,148 through the issuance of 40,757,067 common shares and 22,626,569 common share purchase warrants. |
· | On October 7, 2015, we closed a non-brokered private placement offering of 14,200,000 units (the "Units") at a price of $0.04 (CAD$0.05) per Unit, representing gross proceeds of $530,673 (CAD$710,000). Insiders subscribed for a total of $50,000CAD as part of this Offering. Each Unit is comprised of one (1) common share and one-half (0.5) of one (1) common share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one (1) additional common share at a price of $0.07 per share until October 6, 2017. |
· | On February 4, 2016, the Company closed a private placement offering (the "Offering") of 6,437,900 units (the "Units") at a price of $0.05 (CAD$0.07) per unit, representing aggregate gross proceeds of $328,977 (CAD$450,653). Each Unit consisted of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.11 per common share until February 4, 2018. |
· | On April 11, 2016, the Company closed a private placement offering (the "Offering") of 3,207,857 units (the "Units") at a price of $0.05 (CAD$0.07) per unit, representing aggregate gross proceeds of $172,638 (CAD$224,550). Each Unit consisted of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.11 per common share until April 11, 2018. |
· | On October 7, 2015, we closed a non-brokered private placement offering of 14,200,000 units (the "Units") at a price of $0.04 (CAD$0.05) per Unit, representing gross proceeds of $530,673 (CAD$710,000). Insiders subscribed for a total of $50,000CAD as part of this Offering. Each Unit is comprised of one (1) common share and one-half (0.5) of one (1) common share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one (1) additional common share at a price of $0.07 per share until October 6, 2017. The use of proceeds was the advancement of the Molo graphite project in Madagascar and working capital. |
· | On February 4, 2016, the Company closed a private placement offering (the "Offering") of 6,437,900 units (the "Units") at a price of $0.05 (CAD$0.07) per unit, representing aggregate gross proceeds of $328,977 (CAD$450,653). Each Unit consisted of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.11 per common share until February 4, 2018. The use of proceeds was the advancement of the Molo graphite project in Madagascar and working capital. |
· | On April 11, 2016, the Company closed a private placement offering (the "Offering") of 3,207,857 units (the "Units") at a price of $0.05 (CAD$0.07) per unit, representing aggregate gross proceeds of $172,638 (CAD$224,550). Each Unit consisted of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.11 per common share until April 11, 2018. |
3.1 | Articles of Incorporation of Uranium Star Corp. (now known as Energizer Resources Inc.) (Incorporated by reference to Exhibit 3.1 to the registrant's current report on Form 8-K as filed with the SEC on May 20, 2008) |
3.2 | Articles of Amendment to Articles of Incorporation of Uranium Star Corp. changing its name to Energizer Resources Inc. (Incorporated by reference to Exhibit 3.1 to the registrant's current report on Form 8-K filed with the SEC on July 16, 2010) |
3.3 | Amended and Restated By-Laws of Energizer Resources Inc. (Incorporated by reference to Exhibit 3.2 to the registrant's current report on Form 8-K as filed with the SEC on July 16, 2010) |
3.4 | Amendment to the By-Laws of Energizer Resources Inc. (Incorporated by reference to the registrant's current report on Form 8-K as filed with the SEC on October 16, 2013) |
4.1 | Amended and Restated 2006 Stock Option Plan of Energizer Resources, Inc. (as of February 2009) (Incorporated by reference to Exhibit 4.1 to the registrant's Form S-8 registration statement as filed with the SEC on February 19, 2010) |
4.2 | Form of broker Subscription Agreement for Units (Canadian and Offshore Subscribers) (Incorporated by reference to Exhibit 4.1 to the registrant's current report on Form 8-K as filed with the SEC on March 19, 2010) |
4.3 | Form of standard Subscription Agreement for Units (Canadian and Offshore Subscribers) (Incorporated by reference to Exhibit 4.2 to the registrant's current report on Form 8-K as filed with the SEC on March 19, 2010) |
4.4 | Form of Warrant to Purchase common shares (Incorporated by reference to Exhibit 4.3 to the registrant's current report on Form 8-K as filed with the SEC on March 19, 2010) |
4.5 | Form of Class A broker warrant to Purchase common shares (Incorporated by reference to Exhibit 4.4 to the registrant's current report on Form 8-K as filed with the SEC on March 19, 2010) |
4.6 | Form of Class B broker warrant to Purchase common shares (Incorporated by reference to Exhibit 4.5 to the registrant's current report on Form 8-K as filed with the SEC on March 19, 2010) |
4.7 | Agency Agreement, dated March 15, 2010, between Energizer Resources, Clarus Securities Inc. and Byron Securities Limited (Incorporated by reference to Exhibit 4.6 to the registrant's current report on Form 8-K filed with the SEC on March 19, 2010) |
4.8 | Form of Warrant relating to private placement completed during November 2012. |
4.9 | Agency Agreement relating to private placement completed during November 2012. |
4.10. | Amended and Restated Stock Option Plan of Energizer Resources, Inc. (Incorporated by reference to the registrant's current report on Form 8-K as filed with the SEC on October 16, 2013) |
10.1 | Property Agreement effective May 14, 2004 between Thornton J. Donaldson and Thornton J. Donaldson, Trustee for Yukon Resources Corp. (Incorporated by reference to Exhibit 10.1 to the registrant's Form SB-2 registration statement as filed with the SEC on September 14, 2004) |
10.2 | Letter of Intent dated March 10, 2006 with Apofas Ltd. (Incorporated by reference to Exhibit 99.1 to the registrant's current report on Form 8-K as filed with the SEC on March 13, 2006) |
10.3 | Letter agreement effective May 12, 2006 between Yukon Resources Corp. and Virginia Mines Inc. (Incorporated by reference to Exhibit 99.1 to the registrant's current report on Form 8-K filed as with the SEC on May 9, 2006) |
10.4 | Joint Venture Agreement dated August 22, 2007 between Uranium Star Corp. & Madagascar Minerals and Resources Sarl (Incorporated by reference to Exhibit 10.1 to the registrant's Form 8-K as filed with SEC on September 11, 2007) |
10.5 | Share Purchase Agreement between Madagascar Minerals and Resources Sarl and THB Venture Limited (a subsidiary of Energizer Resources Inc.) dated July 9, 2009 (Incorporated by reference to Exhibit 10.5 to the registrant's Form 10-K/A as filed on April 8, 2013) |
10.6 | Joint Venture Agreement between Malagasy Minerals Limited and Energizer Resources Inc. dated December 14, 2011 (Incorporated by reference to Exhibit 10.6 to the registrant's Form 10-K/A as filed on April 8, 2013). |
10.7 | Agreement to Purchase Interest In Claims between Honey Badger Exploration Inc. and Energizer Resources Inc. dated February 28, 2014.(Incorporated by reference to Exhibit 10.7 to the registrant's Form 10-Q as filed on May 14, 2014). |
10.8 | Sale and Purchase Agreement between Malagasy Minerals Limited and Energizer Resources Inc. dated April 16, 2014 (Incorporated by reference to Exhibit 10.8 to the registrant's Form 10-Q as filed on May 14, 2014). |
10.9 | ERG Project Minerals Rights Agreement between Malagasy Minerals Limited and Energizer Resources Inc. dated April 16, 2014 (Incorporated by reference to Exhibit 10.9 to the registrant's Form 10-Q as filed on May 14, 2014). |
10.10 | Green Giant Project Joint Venture Agreement between Malagasy Minerals Limited and Energizer Resources Inc. dated April 16, 2014 (Incorporated by reference to Exhibit 10.9 to the registrant's Form 10-Q as filed on May 14, 2014). |
21 | Subsidiaries of the Registrant (Incorporated by reference to Exhibit 21.1 to the registrant's annual report on Form 10-K filed with the SEC on September 21, 2009) |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act. (filed herein) |
31.2 | Certification of Principal Financial & Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act. (filed herein) |
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act. (filed herein) |
32.2 | Certification of Chief Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act. (filed herein) |
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