Capital Stock

9 Months Ended

Dec. 31, 2014

9.	Capital Stock

Preferred Stock

The Company is authorized to issue 100,000,000 shares of preferred stock with a par value of $0.00001. As of December 31, 2014, the Company has not issued any preferred stock.

Common Stock

The Company is authorized to issue 250,000,000 shares of common stock. All shares have equal voting rights, are non-assessable and have one vote per share. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company.

On December 9, 2014, the Company completed a private placement of 24,400,000 units at $0.025 per unit for gross consideration of $610,000. The shares are accompanied by a gold bonus distribution of a total of 244 ounces of 0.999 gold during the first 480 days of commercial gold production. The gold bonus distribution plan contains a feature where the Company retains the option to convert the gold bonus into common shares of the Company at a rate of $0.025 per share based on the spot price per ounce of gold on the payment date. At December 31, 2014, the fair value of the gold bonus was estimated to be $Nil.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Lake Victoria Mining Company, Inc. 10-Q/A