INVESTMENTS
| Prior Quarter ending September 30, 2020 | Recent Month ending November 30, 2020 | |||||
| Shares | Share Price | Fair Value | Shares | Share Price | Fair Value | |
| Manitou Gold Inc. | 2,375,000 | $0.05 | $ 118,750 | 3,375,000 | $0.045 | $151,875 |
| RT Minerals Corp. | 35,000 | $0.10 | 3,500 | 35,000 | $0.10 | 3,500 |
| Cross River Ventures Corp. | – | – | 2,375,000 | $0.400 | 1,000,000 | |
| Angus Gold Inc. | – | – | 800,000 | $0.800 | 640,000 | |
| Total Fair Value of Investments | $ 122,250 | $ 1,795,375 | ||||
Shares of RT Minerals Corp.
On February 14, 2018, Argo Gold Argo Gold Inc. has agreed to sell its 100% interest in the South Wawa Gold Project to RT Minerals Corp. (“RT Minerals”) for consideration of 350,000 common shares of RT Minerals. On June 19, 2018, RT Minerals announced a consolidation of its common shares on the basis of one (1) post‑consolidated share for every ten (10) pre‑consolidated shares. The 35,000 shares represent a 1/10 of 1% interest in the 39.8 million shares outstanding / 59.5 million shares fully diluted, and valued at approximately $0.15 /share as of Nov,15 2020 (total value of about $5,000)Shares of RT Minerals Corp.
Shares of Manitou Gold Inc.
On April 4, 2018, the Company completed a purchase and sale agreement to sell a 100% interest in its Rockstar Gold Project located in the Sault Ste. Marie Mining Division, to Manitou Gold Inc. (“Manitou”) in return for:
- $200,000 cash payable on closing;
- 4.0 million shares of Manitou payable on closing; and
- 1.0% net smelter return (“NSR”), of which Manitou has a one‑time right to buy back 0.5% of the NSR for $500,000.
During the three and nine months ended September 30, 2020 the Company sold 1,000,000 shares of Manitou for net proceeds of $49,000 and recorded a loss in connection with the sale of $86,000. During the three and nine months ended September 30, 2019, the Company sold into the open market, 55,000 and 485,000 shares of Manitou, respectively, for net proceeds of $2,995 and $22,310, respectively. The Company recorded a loss of $4,430 and $43,345 for the three and nine months ended September 30, 2019, respectively, in connection with the sales. Argo Gold Inc’s remaining holdings of 2,460,000 shares represent a 1% interest in the 225 million shares outstanding (309 million shares fully diluted) and are trading at approximately $0.05 /share (roughly $123,000 as of Nov 15, 2020)
Shares of Cross River Ventures Corp.
On November 12, 2020, Argo Gold Inc. has agreed to sell its 100% interest in 133 unpatented mining claims comprising its McVicar Lake Gold Property located in the Patricia Mining Division to Cross River Ventures Corp. (“Cross River”). Argo Gold has agreed to sell the McVicar Lake Gold Property in exchange for CDN$200,000, 2.5 million shares of Cross River issued to Argo Gold, and a 2% net smelter return royalty (the “Royalty”) on the McVicar Lake Gold Property. Cross River can purchase 1% of the Royalty (so that the remaining Royalty is equal to 1%) from Argo Gold for the sum of CDN$1,000,000. Those share represent about 13.5% of the outstanding shares (based on 16 millions shares issued, pre-transaction) and are valued at approximately $0.40 a share (roughly $1,000,000 as of the transaction date). The shares in Cross River are not vested (liquid) until 4 months after the transaction
Shares of Angus Gold Inc.
On November 16, 2020 Argo Gold Inc. has agree to sell its interest in the Macassa Creek, Mishi Lake and Abbie Lake Properties to Angus Gold Inc. (“Angus Gold”) in exchange for CDN$100,000 and 800,000 shares of Angus Gold issued to Argo Gold. These shares represent roughly 2.5% interest in Angus Gold (based on 30.9 million shares issued, pre-transaction) and are valued at approximately $0.80/share (roughly $640,000 as of the transaction date) . These shares vest one-third at 3 months after the transaction date, one-third 6 months after the transaction date, and one-third 9 months after the transaction date.