geo: use of proceeds from rights offering
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GEO: Use of proceeds from rights offeringTRANSCRIPT
7/21/2019 GEO: Use of proceeds from rights offering
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GEOGR E
GEOGRACERESOURCESPHILS. INC.
z o =
Floor, The PEAKTower
Leviste Street
Salcedo Village
Makat i City 1226
Philippines
Resources Philippines Inc.
www.geogroce.com
11 January 2016
Philippine Stock Exchange, Inc.
4jF Philippine Stock Exchange Center
Exchange Road, Ortigas Center
Pasig City
Attention:
Ms. Janet A.Encarnation
Head, Disclosure Department
Re: Geograce Resources Philippines, Inc. GEOGRACE )
Update on Disbursements on the Proceeds
From the Stock Rights Offering
Gentlemen:
We hereby submit our amended report on the use of proceeds from the
1:3.5Stock Rights Offering for the Fourth Quarter ending 31 December 2015.
October to
Balance as of
USEOF PROCEEDS
Balance as of
December 2015
December 31,
September 30,2015
Disbursements
2015
I
Exploration Costs
5,000,000.00
0
5,000,000.00
a Acquisition of addtl mining tenements
- -
b Permitting and COMREL
5,000,000.00
-
5,000,000.00
c Geochemistry and Mapping
-
-
d Drilling program
-
-
e Research and Development
-
II
Project Development Cost
2,000,000.00
-
2,000,000.00
a Purchase of production equipment
°
-
b Fixed assets
°
°
c Manpower
2,000,000.00
2,000,00000
d Consumables for production
equipment
0
0
0
III
Payments of Shareholder Advances
-
-
a General and administrative expenses
-
b Exploration expenses
-
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)
October to
Balance as of
USE OF PROCEEDS Balance as of
December 2015 December 31,
September 30, 2015 Disbursements 2015
IV
Additional Working Capital
72,075.22
72,075.22 0
a General and administrative expenses
0
0 0
b Professional fees 72,075.22 72,075.22 0
7,072,075.22 72,075.22
7,000,000.00
Very truly yours
, J R .
ELFIN S. CA
Treasurer / Chie Finance Officer
REPUBLIC OF THE PHILIPPINES
MAKATI CITY
MANDALllYONG
err)
SUBSCRIBED AND SWORN to before me this _ da{JAN 1 2 8
affiant exhibiting to me his SSS ID 33-0049946-00
Doc. No.
U
Page No. _ ~ - q _ -
Book No. _~ _ _
Series of 2016.
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