SUBSEQUENT EVENTS
On February 8, 2010, the Company and a former executive agreed to dismissal of actions against each other on a without-costs basis, pursuant to which no party is required to make any payment to another party to the action.
On February 26, 2010, the Company amended an option agreement pursuant to which StrikePoint may earn an interest in the Poundmaker property. Under the original agreement, in addition to meeting other conditions, StrikePoint must incur specified amounts of exploration expenditures on the property on or before each anniversary date, and incur a total of $4 million of expenditures before it earns any interest in the property. As a result of the amendment (i) the date by which StrikePoint must incur $500,000 of exploration expenditures on the property was extended by two months to April 30, 2010, (ii) StrikePoint agrees to pay $50,000 (paid) and $100,000 (issued) in common shares of StrikePoint pursuant to the original terms of the agreement, (iii) StrikePoint agrees to inclusion of a Wildcat geologist on the project team at StrikePoint’s cost and (iv) StrikePoint agrees to make cash payments to the Company in the amount of any shortfalls in expenditure at future anniversary dates.
