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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Raven Gold Corp (CE) | USOTC:RVNG | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
20-2551275
|
(State or other jurisdiction of incorporation or
organization)
|
(IRS Employer Identification No.)
|
|
|
PART
I. FINANCIAL INFORMATION
|
|
|
|
|
Page
|
ITEM 1.
|
Financial
Statements (unaudited)
|
3
|
|
|
|
ITEM 2
|
Management’s
Discussion and Analysis or Plan of Operation
|
16
|
|
|
|
ITEM 3
|
Controls
and Procedures
|
20
|
|
|
|
PART
II. OTHER INFORMATION
|
20
|
ITEM 1
|
Legal
Proceedings
|
20
|
|
|
|
ITEM 2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
21
|
|
|
|
ITEM 3.
|
Defaults
Upon Senior Securities
|
21
|
|
|
|
ITEM 4.
|
Submission
of Matters to a Vote of Security Holders.
|
21
|
|
|
|
ITEM 5.
|
Other
Information
|
21
|
|
|
|
ITEM 6
|
Exhibits
|
21
|
|
|
|
|
Signatures
|
22
|
October
31,
|
April
30,
|
|||||||
ASSETS
|
2007
|
2007
|
||||||
(Unaudited)
|
||||||||
Current
|
||||||||
Cash
and Equivalents
|
$ |
1,536
|
$ |
321,671
|
||||
Investment
in Joint Venture
|
500,000
|
500,000
|
||||||
Mineral
Properties
|
2,225,000
|
1,625,000
|
||||||
$ |
2,726,536
|
$ |
2,446,671
|
|||||
LIABILITIES
|
||||||||
Current
|
||||||||
Accounts
Payable
|
$ |
31,959
|
$ |
24,739
|
||||
Advances
from Related party
|
3,100
|
3,100
|
||||||
Accrued
Interest
|
102,073
|
-
|
||||||
Loans
Payable
|
2,492,000
|
2,075,000
|
||||||
2,629,132
|
2,102,839
|
|||||||
STOCKHOLDERS’
EQUITY (DEFICIENCY)
|
||||||||
Capital
stock
|
||||||||
Preferred
stock, $0.001 par value, 1,000,000 shares authorized,
|
||||||||
None
issued and outstanding. Common stock, $0.001 par value,
|
||||||||
500,000,000
authorized, 75,240,000 shares issued and outstanding
|
||||||||
as
of October 31, 2007, and as of April 30, 2007
|
75,240
|
75,240
|
||||||
Additional
paid-in capital
|
481,380
|
481,380
|
||||||
Deficit
accumulated during the exploration stage
|
(459,216 | ) | (212,788 | ) | ||||
97,404
|
343,832
|
|||||||
$ |
2,726,536
|
$ |
2,446,671
|
|||||
February
9, 2005
|
||||||||||||||||||||
(Date
of
|
||||||||||||||||||||
Three
months ended
|
Six
months ended
|
Inception)
to
|
||||||||||||||||||
October
31,
|
October
31,
|
October
31,
|
||||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||||||
Expenses
|
||||||||||||||||||||
Exploration
costs and expenses
|
$ |
-
|
$ |
-
|
$ |
6,286
|
$ |
-
|
$ |
36,036
|
||||||||||
Professional
fees
|
44,016
|
6,812
|
55,920
|
13,039
|
134,452
|
|||||||||||||||
General
and administrative
|
54,390
|
337
|
65,102
|
368
|
106,270
|
|||||||||||||||
Listing
and filing
|
7,297
|
19,165
|
12,806
|
19,585
|
45,471
|
|||||||||||||||
Investor
relations
|
5,723
|
-
|
10,723
|
-
|
35,670
|
|||||||||||||||
Total
expenses
|
111,426
|
26,314
|
150,837
|
32,992
|
357,899
|
|||||||||||||||
Loss
before other items
|
(111,426 | ) | (26,314 | ) | (150,837 | ) | (32,992 | ) | (357,899 | ) | ||||||||||
Other
Income and Expenses
|
||||||||||||||||||||
Interest
Expense
|
(45,496 | ) |
-
|
(102,073 | ) |
-
|
(102,073 | ) | ||||||||||||
Impairment
(loss) of Mineral Rights
|
-
|
-
|
-
|
-
|
(3,000 | ) | ||||||||||||||
Foreign
Currency transaction (loss)
|
6,564
|
(1,293 | ) |
6,482
|
(1,293 | ) |
3,756
|
|||||||||||||
Net
loss for the period
|
$ | (150,358 | ) | $ | (27,607 | ) | $ | (246,428 | ) | $ | (34,285 | ) | $ | (459,216 | ) | |||||
Basic
and diluted loss per share – continuing operations
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
Weighted
average number of shares outstanding
|
75,240,000
|
37,258,888
|
75,240,000
|
37,258,888
|
February
9, 2005
|
||||||||||||
(Date
of
|
||||||||||||
Six
months ended
|
Inception)
to
|
|||||||||||
October
31,
|
October
31,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Operating
Activities
|
||||||||||||
Net
loss for the period
|
$ | (246,428 | ) | $ | (34,285 | ) | $ | (459,216 | ) | |||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||||||
Prepaid
expenses
|
-
|
(8,757 | ) |
-
|
||||||||
Accounts
payable and expenses
|
7,220
|
19,364
|
31,959
|
|||||||||
Cash
used in operating activities
|
(239,208 | ) | (23,678 | ) | (427,257 | ) | ||||||
Investing
Activities
|
||||||||||||
Investment
in Joint Venture
|
-
|
(500,000 | ) | (500,000 | ) | |||||||
Purchase
of mineral rights
|
(600,000 | ) | (1,075,000 | ) | (2,225,000 | ) | ||||||
Cash
used in investing activities
|
(600,000 | ) | (1,575,000 | ) | (2,725,000 | ) | ||||||
Financing
Activities
|
||||||||||||
Issuance
of common stock
|
-
|
-
|
556,620
|
|||||||||
Accrued
Interest
|
102,071
|
-
|
102,071
|
|||||||||
Issuance
of promissory notes payable
|
417,000
|
1,775,000
|
2,492,000
|
|||||||||
Due
to related party
|
-
|
3,100
|
3,100
|
|||||||||
Cash
from financing activities
|
519,071
|
1,778,100
|
3,153,791
|
|||||||||
Increase
(decrease) in cash during the period
|
(320,137 | ) |
179,422
|
1,536
|
||||||||
Cash,
beginning of the period
|
321,671
|
(2,957 | ) |
-
|
||||||||
Cash,
end of the period
|
$ |
1,536
|
$ |
176,465
|
$ |
1,536
|
||||||
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Additional
|
During
the
|
|||||||||||||||||||
Common
Shares
|
Paid-in
|
Exploration
|
||||||||||||||||||
*Number
|
*Par
Value
|
Capital
|
Stage
|
Total
|
||||||||||||||||
Capital
stock issued for cash: - at $0.00001
|
64,200,000
|
$ |
64,200
|
$ | (57,780 | ) | $ |
-
|
$ |
6,420
|
||||||||||
-
at $0.005
|
10,040,000
|
10,040
|
40,160
|
-
|
50,200
|
|||||||||||||||
Net
loss for the period February 9, 2005 (inception) to April 30,
2005
|
-
|
-
|
-
|
(7,290 | ) | (7,290 | ) | |||||||||||||
Balance,
as at April 30, 2005
|
74,240,000
|
74,240
|
(17,620 | ) | (7,290 | ) |
49,330
|
|||||||||||||
Net
loss for the year
|
-
|
-
|
-
|
(50,917 | ) | (50,917 | ) | |||||||||||||
Balance,
as at April 30, 2006
|
74,240,000
|
74,240
|
(17,620 | ) | (58,207 | ) | (1,587 | ) | ||||||||||||
Stock
issued for investment in Joint Venture at $0.50/share
|
1,000,000
|
1,000
|
499,000
|
-
|
500,000
|
|||||||||||||||
Net
loss for the year
|
-
|
-
|
-
|
(154,581 | ) | (154,581 | ) | |||||||||||||
Balance,
as at April 30, 2007
|
75,240,000
|
75,240
|
481,380
|
(212,788 | ) |
343,832
|
||||||||||||||
Net
loss for the period
|
-
|
-
|
-
|
(246,428 | ) | (246,428 | ) | |||||||||||||
Balance,
as at October 31, 2007
|
75,240,000
|
$ |
75,240
|
$ |
481,380
|
$ | (459,216 | ) | $ | (97,404 | ) |
|
The
information presented in the accompanying interim three months
financial
statements is unaudited. The information includes all adjustments
which
are, in the opinion of management, necessary to present fairly
the
financial position, results of operations and cash flows for the
interim
periods presented. These interim financial statements follow
the same accounting policies and methods of their application as
the
Company’s April 30, 2007 annual financial statements. All
adjustments are of a normal recurring nature. It is suggested
that these interim financial statements be read in conjunction
with the
Company’s April 30, 2007 annual financial
statements.
|
|
These
financial statements have been prepared in accordance with generally
accepted accounting principles applicable to a going concern, which
assumes that the Company will be able to meet its obligations and
continue
its operations for its next twelve months. Realization values
may be substantially different from carrying values as shown and
these
financial statements do not give effect to adjustments that would
be
necessary to the carrying values and classification of assets and
liabilities should the Company be unable to continue as a going
concern. At October 31, 2007, the Company had not yet achieved
profitable operations, has accumulated losses of $459,216 since
its
inception, has a working capital deficiency of $2,627,596 (April
30, 2007
- $1,781,168) and expects to incur further losses in the development
of
its business, all of which casts substantial doubt about the Company’s
ability to continue as a going concern. The Company’s ability
to continue as a going concern is dependent upon its ability to
generate
future profitable operations and/or to obtain the necessary financing
to
meet its obligations and repay its liabilities arising from normal
business operations when they come due. Management has no
formal plan in place to address this concern but considers that
the
Company will be able to obtain additional funds by equity financing
and/or
related party advances, however there is no assurance of additional
funding being
available.
|
|
Note
4
|
Acquisition
of mineral Rights
|
|
Note
4
|
Acquisition
of mineral Rights
–(cont’d)
|
Note
6
|
Stockholders’
Equity
|
•
|
our
ability to attract and retain
management;
|
•
|
our
growth strategies;
|
•
|
anticipated
trends in our business;
|
•
|
environmental
risks;
|
•
|
exploration
and development risks;
|
•
|
competition;
|
•
|
the
ability of our management team to execute its plans to meet its
goals;
|
•
|
general
economic conditions, whether internationally, nationally or in the
regional and local market areas in which we are doing business, that
may
be less favorable than expected;
and
|
•
|
other
economic, competitive, governmental, legislative, regulatory, geopolitical
and technological factors that may negatively impact our businesses,
operations and pricing.
|
Exhibit
Number
|
|
Description
|
31.1
|
|
Certification
by Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a)
of the Exchange Act.
|
|
|
|
31.2
|
|
Certification
by Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a)
of the Exchange Act.
|
|
|
|
32.1
|
|
Certification
by Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b)
of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of
the
United States Code.
|
|
|
|
32.2
|
|
Certification
by Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b)
of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of
the
United States Code.
|
RAVEN
GOLD
CORP.
|
||||
/s/
Bashir
Virji
|
/s/
Blair
Naughty
|
|||
Bashir
Virji
|
Blair
Naughty
|
|||
Chief
Financial Officer, acting Principal Financial Officer, and
acting
Principal Accounting Officer
|
Chief
Executive Officer and President
|
1 Year Raven Gold (CE) Chart |
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