SILLENGER EXPLORATION CORP. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - July 13, 2012
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| EXCEL - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | Financial_Report.xls | |||||
| 10-Q - SILLENGER EXPLORATION CORP - SILLENGER EXPLORATION CORP. | sillenger10q053112.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R5.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R7.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R2.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R8.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R6.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R1.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R4.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R3.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R9.htm | |||||
| EX-31.1 - SILLENGER EXPLORATION CORP. | sillenger10qex311053112.htm | |||||
| EX-32.1 - SILLENGER EXPLORATION CORP. | sillenger10qex321053112.htm | |||||
| EX-31.2 - SILLENGER EXPLORATION CORP. | sillenger10qex312053112.htm | |||||
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Stockholders Equity
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3 Months Ended |
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May 31, 2012
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| Notes to Financial Statements | |
| Stockholders Equity |
Stockholders’ Equity
At inception, Sillenger issued 3,000,000 shares of stock to its founding shareholder for $3,000 cash. During the period ended February 29, 2008, Sillenger issued 2,823,600 shares of stock for $48,150 cash. During the year ended February 28, 2010, the Company issued 50,000 shares of stock for $10,000 cash. Also, during the year ended February 28, 2010, the Company declared a 6 to 1 stock dividend valued at $0.10 per share at the grant date resulting in the issuance of 34,938,000 shares and a non-cash transaction recorded to additional paid-in capital of $3,458,862 and accumulated deficit during exploration stage of $3,493,800. There were no transactions affecting stockholders’ deficit in the year ended February 28, 2011 other than the net loss, being the comprehensive loss. During the year ended February 29, 2012, the Company issued shares pursuant to the following transactions:
On July 27, 2011, the Company issued and sold an aggregate of 4,400,000 common stock units at a purchase price of $0.05 per unit receiving proceeds of $230,544. Each unit is comprised of (i) one share of the Company's common stock and (ii) a two-year ½ warrant to purchase 0.50 shares of the Company's common stock. The exercise price applicable to the warrants is $0.10 per share.
On August 5, 2011, the Company issued 4,000,000 shares of its common stock for a one year consulting services agreement at $0.04 per share. The agreement is with an independent energy consultant specializing in the prospect evaluation, reserve assessment, risk evaluation, subsurface geological and geophysical interpretation, and database management. On August 8, 2011, the Company issued 2,000,000 shares of its common stock at $0.04 per share to a director as part consideration for his efforts in closing the contract with the government of the Republic of Equatorial Guinea.
On September 12, 2011, the Company issued and sold an aggregate of 3,500,000 common stock units at a purchase price of $0.05 per unit receiving proceeds of $176,508. Each unit is comprised of (i) one share of the Company's common stock and (ii) a two-year ½ warrant to purchase 0.50 shares of the Company's common stock. The exercise price applicable to the warrants is $0.10 per share.
On September 14, 2011, the Company issued 200,000 shares of its common stock at $0.04 per share to a consulting firm as one time consideration for advice regarding financing matters.
On September 23, 2011, the Company issued 1,500,000 shares of its common stock at $0.04 for a sixteen month administrative services agreement commencing September 1, 2012. The agreement is with an independent consultant for bookkeeping, contracts proofing and administration services.
On November 7, 2011, the Company executed debt settlement agreement with one of its creditors. The Company issued 3,620,000 shares at $0.04 to settle a payable balance amounting to $144,800.
On December 6, 2011, the Company issued and sold an aggregate of 1,300,000 common stock units at a purchase price of $0.05 per unit receiving proceeds of $68,561. Each unit is comprised of (i) one share of the Company's common stock and (ii) a two-year ½ warrant to purchase 0.50 shares of the Company's common stock. The exercise price applicable to the warrants is $0.10 per Share.
On January 30, 2012, the Board of Directors approved the increase in the Company’s authorized shares from 75,000,000 to 300,000,000.
On February 2, 2012, the Company executed debt settlement agreement with one of its creditors. The Company issued 2,500,000 shares at $0.04 to settle a payable balance amounting to $100,000. As of February 29, 2012, the $100,000 amount settled had been included as “shares to be issued” on the balance sheet; the shares were issued on March 3, 2012.
On April 13, 2012, the Company issued and sold an aggregate of 25,550,000 common stock units at a price of $0.01 per unit receiving proceeds of $258,000. $255,500 of these proceeds were received in February 2012, and were shown as “stock subscriptions received” on the balance sheet as of February 29, 2012. |
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