SILLENGER EXPLORATION CORP. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - July 13, 2012
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| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R10.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R5.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R4.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R1.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R3.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R7.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R6.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R2.htm | |||||
| XML - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | R8.htm | |||||
| EXCEL - IDEA: XBRL DOCUMENT - SILLENGER EXPLORATION CORP. | Financial_Report.xls | |||||
| EX-32.1 - SILLENGER EXPLORATION CORP. | sillenger10qex321053112.htm | |||||
| EX-31.2 - SILLENGER EXPLORATION CORP. | sillenger10qex312053112.htm | |||||
| EX-31.1 - SILLENGER EXPLORATION CORP. | sillenger10qex311053112.htm | |||||
| 10-Q - SILLENGER EXPLORATION CORP - SILLENGER EXPLORATION CORP. | sillenger10q053112.htm | |||||
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Related Party Transactions
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3 Months Ended |
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May 31, 2012
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| Notes to Financial Statements | |
| Related Party Transactions |
Related Party Transactions
On April 28, 2011, Sillenger entered into an agreement with a former director to compensate him for his role in procuring the agreements with the government of the Republic of Equatorial Guinea. Under the terms of the agreement, Sillenger has agreed to pay $150,000 and issue 2,000,000 Sillenger common shares (note 5). The $150,000 payment was contingent upon raising $400,000 of equity financing. The $150,000 was recognized as an expense for the year ended February 29, 2012.
As of February 29, 2012, the Company had received advances of $49,598 from First African in accordance with the terms of the agreement signed with First African (“First African Agreement”) on September 16, 2011. Pursuant to the same agreement, as of February 29, 2012, the Company had advanced $48,480 to First African. The advance is for short-term working capital financing and is interest free. A former non-executive director of Sillenger is a part shareholder of First African.
Under the terms of the First African Agreement, First African has two primary obligations: one, assist Sillenger to procure and set-up country contracts in Africa and the Middle East and two, assist with the execution phase of the contracts procured. First African is entitled to a fee for the successful completion of each of the two phases. The Company and First African agreed to a fee of $950,000 for successful implementation of the set-up phase of the contract with the Republic of Benin dated November 25, 2011. The fee of $950,000 is due immediately and has been included as accounts payable as of May 31, 2012. Should this fee not be paid by November 30, 2012, the unpaid amount will be subject to an annual interest rate of 9%.
On June 5, 2012, the Company engaged the services of First African to assist in securing the project financing for the Company's Airborne Geophysical Survey project in Benin. The engagement specifies that Sillenger will pay a yet to be determined fee to First Africa upon successful closing of the financing. |
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