OS.V - Osprey Gold Development Ltd.
Current as of December 19 2020 Updated by Thecowsaysmoo
Corporate Description
Osprey Gold Development Ltd. (TSX.V: OS) (OTCQB: OSSPF) is focused on developing a group of past-producing gold projects, and has set its sights on mining-friendly Nova Scotia.
The Company’s flagship project is Goldenville, located in the historical mining district of the same name – one of eastern Canada’s most significant gold belts. The Goldenville Project has an updated NI 43-101 Inferred Resource that includes over 2,800,000 tonnes at 3.20 g/t gold for a total of 288,000 ounces of gold. It is the largest historic gold producer in Nova Scotia and a very suitable locale for Osprey Gold to focus on rapid resource expansion. In addition to the Goldenville project, Osprey is also exploring four other key projects, Miller Lake, Gold Lake, Lower Seal Harbour & Caribou Gold project.
Website: https://ospreygold.com/
Corporate Presentation: N/A
SEDAR Profile Page: https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00030934
Contact Info:
Phone: (778)986-8192
Email: Info@ospreygold.com
Social Media
Twitter: https://twitter.com/Osprey_Gold
LinkedIn: https://www.linkedin.com/company/osprey-gold/
YouTube: https://www.youtube.com/channel/UC0rCxRr8WX1zvtAlEqEZ6uw/videos
Directors & Management
| name | title |
|---|---|
| Fleming, Adrian Wallace | Chairman, and Director |
| Wilson, Jeffrey | CEO, and Director |
| Quinn, Michael Cooper | President, and Director |
| MacKinnon, Perry | VP of Exploration |
| Shorter, Samantha | CFO and Corporate Secretary |
| Beischer, Gregory A. | Director |
| Wenger, John Eric | Director |
Share Structure as of September 14 2020
Basic: 73,342,332
Fully Diluted: 100,424,087
*Source - MD&A for quarter ended August 31 2020
Options Outstanding
| Number | Exercise Price | Expiry Date |
|---|---|---|
| 1,325,000 | $0.30 | January 25 2022 |
| 1,640,000 | $0.09 | May 1 2023 |
| 1,800,000 | $0.05 | November 14 2024 |
*Source: MD&A for the quarter ended August 31 2020
Warrants Outstanding
| Number | Exercise Price |
Expiry Date |
|---|---|---|
| 21,706,000 | $0.075 | August 13 2021 |
| 610,755 | $0.12 | December 31 2021 |
*Source: MD&A for quarter ended August 31 2020
Insider Ownership
| Name | Common Shares |
|---|---|
| Beischer, Gregory A. | 100,000 |
| Fleming, Adrian Wallace | 0 |
| MacKinnon, Perry | 3,500,000 |
| Quinn, Michael Cooper | 837,333 |
| Shorter, Samantha | 110,000 |
| Wenger, John Eric | 536,000 |
| Wilson, Jeffrey | 0 |
| Meguma Gold | 0* |
*Source: SEDI as of September 14 2020
*Note: as per Meguma Gold Financial Statement for quarter ended September 30 2020 all shares had been sold
Liquidity & Capital Resources
| Source: Financial Statement quarter ended August 31 2020 | |
|---|---|
| Current Assets | $306,566 CAD |
| Current Liabilities | $557,360 CAD |
| Working Capital | ($250,794) CAD |
Expenses (excluding non-cash expenses)
Financing History/Prior Sales
| Date | Shares | Warrants | Full Warrant Price |
Full Warrant Period |
Free Trading Date |
|---|---|---|---|---|---|
| December 30 2019 | 1,071,500 flow through shares at $0.07 | 1/2 common share purchase warrant | $0.12 | 24 months | May 1 2020 |
| August 13 2019 | 21,580,000 common shares at $0.05** | 1 common share purchase warrant | $0.075 | 24 months | December 14 2019 |
| August 13 2019 | 126,000 finders warrants exercisable at $0.075 | N/A | N/A | 24 months | December 14 2019 |
| December 31, 2018 | 1,334,000 flow through shares at $0.075 | 1/2 common share purchase warrant | $0.12 | 18 months | May 1 2019 |
| December 31 2018 | 93,380 finders warrants | N/A | $0.12 | 18 months | May 1 2019 |
| February 7 2018 | 17,922,499 common share at $0.075 | 1/2 common share purchase warrant | $0.12 | 24 months | June 8 2018 |
| February 7 2018 | 931,822 finder warrants | N/A | $0.12 | 24 months | June 8 2018 |
| August 23 2017 | 1,502,000 common shares at $0.25 | 1/2 common share purchase warrant | $0.40 | 18 months | December 24 2017 |
| August 23 2017 | 55,200 finder warrants | N/A | $0.40 | 18 months | December 24 2017 |
| March 2 2017 | 5,840,000 common shares* | N/A | N/A | N/A | |
| March 2 2017 | 7,200,000 common shares at $0.25 | 1/2 common share purchase warrant | $0.40 | 18 months | |
| March 2 2017 | 433,920 finder warrants | N/A | $0.40 | 18 months |
*Note: Shares for the acquisition of Crosby Gold Ltd.
**Note:Meguma Gold subscribed for 13.1M units
Executive Compensation excluding Compensation Securities
This table includes any Salary, Consulting Fee, Retainer or Commission excluding compensation securities:
| Name | Position | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|
| Jeffrey Wilson | CEO and Director | nil | $33,000 | $36,000 | $36,000 |
| Cooper Quinn | President and Director | nil | $104,000 | $126,000 | $126,000 |
| Darren Devine | CFO, Corporate Secretary and Director | $5,750 |
- Year End November 30
- Jeffrey Wilson was appointed CEO & Director on December 30, 2016 and charged monthly consulting fees of $3,000 through Family Swing Holdings Inc, his wholly owned company.
- Cooper Quinn charged monthly consulting fees of $10,000 prior to his appointment as President & Director on January 9, 2017.
- Mr. Devine resigned on April 17, 2017 and Ms. Lau was subsequently appointed CFO.
*Source: Management Circular filed on SEDAR November 15 2018 and November 26 2019 and Statement of Executive Compensation filed on SEDAR June 25 2020
Termination & Change of Control Payments
Mr. Quinn
In the event of termination without just cause or Mr. Quinn is terminated or resigns in connection with a “change of control”, Mr. Quinn is entitled to a severance payment equal to $126,000. In addition, Mr. Quinn would be entitled to exercise all vested stock options under the option agreement. Mr. Quinn may terminate his employment by giving the Company one month’s written notice. Completion of the Arrangement constitutes a “change of control” as defined under Mr. Quinn’s employment agreement. Accordingly, if Mr. Quinn’s employment is terminated or he resigns in connection with the Completion of the Arrangement, he may be entitled to a severance payment of $126,000.
Mr. Wilson
Mr. Wilson is entitled to receive a lump sum payment equal to $36,000, plus applicable Taxes, upon completion of the Arrangement in the event that Mr. Wilson’s employment is terminated or he resigns within six months from the completion of the Arrangement. In addition, Mr. Wilson would be entitled to exercise all vested stock options under the option agreement. Mr. Wilson may terminate his employment by giving the Company sixty (60) days’ written notice.
*Source: Management Circular filed on SEDAR August 14 2020
Corporate Highlights
Caribou Gold Project
The Caribou Gold property is located 80 kilometers northwest of the city of Halifax, Nova Scotia and 10km south of the rural community of Upper Musquodoboit, in Halifax County. The property contains a historic gold deposit which was sporadically mined between 1869 & 1955.
See more here: https://ospreygold.com/projects/caribou/
Goldenville Project
The Goldenville Property is located in St. Mary’s District, Guysborough County, approximately 135 km northeast of Halifax and 60 km south of Antigonish. Provincial Highway 7 runs through the eastern part of the Goldenville property and the closest town is the village of Sherbrooke, located 3 km to the north.
Goldenville 43-101 Technical Report (June 4 2020)
See more here: https://ospreygold.com/projects/goldenville/
Miller Lake Project
The Miller Lake Gold District consists of two main historic mining sites located in western Guysborough County, Nova Scotia, approximately 10km north of the village of Ecum Secum. This small fishing village on Highway #7 lies about halfway between the towns of Sheet Harbour and Sherbrooke. Miller Lake is approximately 14 kilometers from Goldenville with historic production, and limited recent exploration.
See more here: https://ospreygold.com/projects/miller-lake/
Gold Lake Project
Located approximately 70 km northeast of Halifax, Nova Scotia, Gold Lake was discovered in 1867 with minor production occurring in the late 1800’s. Past exploration on the Gold Lake property includes 52 drill holes totalling 8,167 meters of core, IP, VLF and magnetometer surveys, soil surveys, and significant trenching results.
See more here: https://ospreygold.com/projects/gold-lake/
Lower Seal Harbour
The Lower Seal Harbour project is in Guysborough County, Nova Scotia. The property is approximately 35 kilometers from Goldenville. Gold is found both in the veins and the host rocks.
On February 27 2019, the project was optioned to Anaconda Mining. To earn a 100%-undivided interest, Anaconda is required to make aggregate payments to Crosby (a subsidiary of Osprey) of $85,000 in cash and $85,000 in common shares of Anaconda over a three-year period. The Company is also required to spend a total of $150,000 in qualified exploration expenditures on the Lower Seal Harbour Property during the option period
See more here: https://ospreygold.com/projects/lower-seal-habour/