Questions 8

Bonnie Claire Lithium property hosts Inferred resource of 11.8 Billion pounds of lithium carbonate equivalent

Potential to be the largest lithium resource globally

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phobieeee

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Questions 8

posted on Aug 11, 2019 06:41AM

"To whom it may concern"

22) Eclipse Gold Mining Corporation / Dispose of interest in Hercules

Unfortunately the latest press release "Iconic Disposes of its Interest in the Hercules Project, Nevada" doesn't provide any information about Eclipse Gold Mining Corporation. It is my understanding that it is a private company which has only been registered in BC on 3rd of May 2019 under registry ID BC1207441.

https://beta.canadasbusinessregistries.ca/search/results?search=%7B795097336%7D&status=All

According to the latest financial statement Iconic Minerals spend a total of CAD 1,308,010 on Hercules Project, Nevada over the years. (Among others CAD 232,523 for claim renewals and reclamation bonds, CAD 267,406 in geological consulting and CAD 623,528 for drilling, geophysics and assays...)

Part of the new "Hercules Option Agreement" will be the issuance of up to 4 million common shares in equity of Eclipse Gold Mining Corporation once shares become listed on a public stock exchange or stock quotation system.

Unless there are any actual plans to list Eclipse in the near future this construct of receiving an already fixed amount of shares in a company not yet listed seems odd. Not knowing how many common shares will be issued at the end of the listing process, makes it impossible to put a value on these shares. Therefore I am curious to learn what the implicated/assumed value of these shares is.

Considering Iconics bad position (default) this deal certainly is better than writing off Hercules completely but as a shareholder I feel deprived of a greet asset in one of the best mining jurisdictions and in due consideration of the current gold environment = gold price of USD 1.495,25.

The next claims fees for Hercules of approximately US$19,382 are due in August 2019 according to the lateste MD&A. Considering the new agreement who will be responsible to pay these claim renewal fees to the BLM?

Without any additional context I'd say that we were screwed. It will be interesting to see who the owners of Eclipse are. Unfortunately this information is not public knowledge yet = mystery as usual.