Announcement • Nov 27
Bullet Exploration Expects to Delist from TSX-V in Few Days At the annual and special meeting of Bullet Exploration Inc. shareholders held on Nov. 25, 2024, Bullet shareholders approved all matters brought before the meeting. Specifically, Bullet shareholders passed a special resolution approving the previously announced amalgamation of Bullet with 1492834 B.C. Ltd. (Subco), a wholly owned subsidiary of Gold79 Mines Ltd. The receipt of Bullet shareholder approval was a condition precedent to the completion of the amalgamation. Bullet announced that it is expected that the Bullet shares will be delisted from the TSX-V within the next few trading days. New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings have declined by 8.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$575k free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 8.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (96% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.15m market cap, or US$3.66m). Announcement • Sep 18
Bullet Exploration Inc., Annual General Meeting, Nov 25, 2024 Bullet Exploration Inc., Annual General Meeting, Nov 25, 2024. Announcement • Sep 05
Gold79 Mines Ltd. (TSXV:AUU) entered into a definitive amalgamation agreement to acquire Bullet Exploration Inc. (TSXV:AMMO) for CAD 4.1 million. Gold79 Mines Ltd. (TSXV:AUU) entered into a definitive amalgamation agreement to acquire Bullet Exploration Inc. (TSXV:AMMO) for CAD 4.1 million on September 3, 2024. Under the terms of the transaction and subject to Bullet shareholder approval, Bullet shareholders will receive one common share of Gold79 for every three common shares of Bullet held. Existing shareholders of Gold79 and Bullet will hold approximately 54% and 46%, respectively, of the outstanding Gold79 Shares on closing of the transaction, on a fully diluted, in-the-money basis. Bullet will cease to be a reporting issuer and the Bullet Shares will be delisted from the TSXV. A CAD 200,000 termination fee may be payable to Gold79 or Bullet under certain circumstances. On the effective date of the transaction, the Board of Directors of Gold79 will be reconstituted such that three current directors of Gold79 will remain on the Board, and Gold79 will appoint two additional director nominees provided by Bullet.
The transaction is subject to the requisite Bullet shareholder approval, applicable regulatory approvals, including the approvals of the TSX-V and the satisfaction of certain other closing conditions customary in transactions of this nature as well as customary interim period covenants regarding the operation of each of the companies' respective businesses. Gold79 and Bullet expect that the Transaction will be completed on or before November 30, 2024. New Risk • Sep 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$376k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$376k free cash flow). Shares are highly illiquid. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.44m market cap, or US$3.29m). Board Change • Mar 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Garry Clark was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 13
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Rob Meister is the most experienced director on the board, commencing their role in 2021. Independent Director Garry Clark was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Oct 25
Bullet Exploration Inc. announced that it has received CAD 0.96 million in funding On October 24, 2023, Bullet Exploration Inc. closed and amended the transaction. The company issued 19,200,000 units at issue price of CAD 0.05 per unit for gross proceeds of CAD 960,000. Each Warrant being exercisable for one additional common share of
the Company at a price of CAD 0.15 per share for a period of twelve months following the closing of the Financing. Announcement • Aug 29
Bullet Exploration Inc. announced that it expects to receive CAD 1 million in funding Bullet Exploration Inc. announced a non-brokered private placement to issue 20,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 1,000,000 on August 28, 2023. Each Unit comprised of one common share and one common share purchase warrant at a price of CAD 0.05 per Unit and each Warrant will be exercisable for one additional common share of at a price of CAD 0.075 per share for a period of twelve months following the closing of the Financing. The Company may pay finder's fees in connection with the Financing. Certain directors, officers and insiders of the Company may participate in the Financing. Completion of the Financing is subject to TSX-V acceptance, and all securities issued pursuant to the Financing will be subject to a hold period of four months and one day as required under applicable securities legislation. Board Change • Aug 15
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Wayne Tisdale is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jul 04
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Wayne Tisdale is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jun 29
Bullet Exploration Inc., Annual General Meeting, Aug 24, 2023 Bullet Exploration Inc., Annual General Meeting, Aug 24, 2023. Location: Burnaby British Columbia Canada Board Change • Jun 14
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Wayne Tisdale is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Feb 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Wayne Tisdale is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 31
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. President, CEO & Director Ted Pomerleau is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 08
Bullet Exploration Inc., Annual General Meeting, Apr 08, 2022 Bullet Exploration Inc., Annual General Meeting, Apr 08, 2022. Board Change • Jan 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. CFO, Corporate Secretary & Director Riaz Sumar was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 09
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. CFO, Corporate Secretary & Director Riaz Sumar was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 09
Bullet Exploration Inc. (TSXV:AMMO) completed the acquisition of Anita Property in British Columbia from Independence Gold Corp. (TSXV:IGO). Bullet Exploration Inc. (TSXV:AMMO) entered into an definitive agreement to acquire Anita Property in British Columbia from Independence Gold Corp. (TSXV:IGO) from CAD 0.08 million on May 28, 2021. Bullet Exploration shall acquire a 100% interest in the Anita Property in consideration for a cash payment of CAD 30,000 and the issuance of 300,000 common shares of Bullet Exploration. The transaction remains subject to the approval of the TSX Venture Exchange.
Bullet Exploration Inc. (TSXV:AMMO) completed the acquisition of Anita Property in British Columbia from Independence Gold Corp. (TSXV:IGO) on June 8, 2021.