As filed
with the Commission on July 13, 2010.
File No.
33-
United
States Securities and Exchange Commission
Washington,
D.C. 20549
Form
S-1
Registration
Statement under the Securities Act of 1933
PLANDEL RESOURCES,
INC.
(Exact
name of registrant as specified in its charter)
Nevada
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1000
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|
|
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State
or other jurisdiction of
incorporation
or organization
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Primary
Standard Industrial
Classification
Code Number
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I.R.S.
Employee Identification
Number
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2432 M.
Dela Cruz, Pasay City, Philippines, 1300
Telepho
ne:
(702)
973-1853
(Address,
including zip code, and telephone number, including area code, of registrant’s
principal executive offices)
American
Corporate Enterprises
123 W Nye
Lane, Ste 129, Carson City, NV, 89706
Toll Free: (888) 274-1130
Telephone: (775)
884-9380
Fax: (775)
884-9383
(Name,
address, including zip code, and telephone number, including area code, of agent
for service)
D. Roger
Glenn
Glenn
& Glenn
124 Main
Street, Ste 8
New Paltz
NY 12561
Telephone:
(845) 256-8031
Fax
(845)
255-1814
(Copies
to the above address)
As soon as practicable after
this
Registrat
ion
Statement becomes effective
(Approximate
date of commencement of proposed sale to the public)
If any of
the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, check
the following box
x
If this
Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement of the same offering.
¨
If this
Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same
offering.
¨
If this
Form is a post-effective amendment filed pursuant to Rule 462(d) under the
Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same
offering.
¨
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b2 of the Exchange Act.
Large
accelerated filer
¨
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Accelerated
filer
¨
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Non-accelerated
filer
¨
(Do not check if a smaller reporting company)
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Smaller
reporting company
x
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Calculation of
the Registration Fee
Title
of
Each
Class
of
Securities
to
be
Registered
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Amount
to
be
Registered
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Proposed
Maximum
Offering
Price
Per
Unit
(a)
(b)
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Proposed
Maximum
Aggregate
Offering
Price
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A
mount
of
Registration
Fee
(c)
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Common
Stock
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15,000,000
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$
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0.002
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$
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30,000
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$
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2.14
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(a)
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Estimated
solely for the purpose of calculating the registration fee in accordance
with Rule 457(o) of the Securities Act of
1933.
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(b)
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There
is no public market for the shares of common stock. Our common stock
is not traded on any national exchange and in accordance with Rule 457 the
offering price was determined by the offering price for shares sold to
subscribers by way of a private
placement.
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(c)
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Fee
calculated in accordance with Rule 457(o) of the Securities Act of
1933.
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The
registrant hereby amends this registration statement on such date or dates as
may be necessary to delay its effective date until the registrant shall file a
further amendment which specifically states that this registration statement
shall thereafter become effective in accordance with Section 8 (a) of the
Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission, acting pursuant to said Section 8 (a),
may determine.
Prospectus
Subject
to Completion, Dated July 13, 2010
The
information in this prospectus is not complete and may be changed. This
prospectus is not an offer to sell these securities and is not soliciting an
offer to buy these securities in any state where the offer or sale is not
permitted. The Selling Security Holders may not sell these securities
until the registration statement filed with the Securities and Exchange
Commission is effective.
PLANDEL
RESOURCES, INC.
15,000,000
Shares of Common Stock
$0.002
Offering Price per Share
$30,000
Aggregate Offering Price
We have
prepared this Prospectus to allow the Selling Security Holders to sell up to
15,000,000 shares of Plandel Resources, Inc. (“Plandel”, “we”, “us”, “our”, “the
Company” or similar terms) that they have acquired from private placement for
resale. We will not receive any of the proceeds from the sale of these
shares.
The
Selling Security Holders identified in this prospectus are registering
15,000,000 shares of common stock for resale at a fixed price of $0.002 per
share. The Selling Security Holders have arbitrarily set the $0.002 price per
share; the price does not reflect net worth, total asset value, or any other
objective accounting measure. It is our intention to find a market maker
who will make an application to the FINRA to have our shares accepted for
trading on the OTCBB once this registration statement becomes effective.
There is no assurance that our application to the FINRA will be approved. The
Selling Security Holders are underwriters, within the meaning of Section 2(11)
of the Securities Act. Any broker-dealers or agents that participate in the sale
of the common stock or interests therein may also be deemed to be an
"underwriter" within the meaning of Section 2(11) of the Securities Act. Any
discounts, commissions, concessions or profit earned on any resale of the shares
may be underwriting discounts and commissions under the Securities
Act.
Our
common stock is not presently traded on any market or securities
exchange.
Investing
in our common stock is extremely risky and may result in a complete loss.
Potential investors should carefully consider the “Risk Factors” on page
9.
Neither
the U.S. Securities and Exchange Commission nor any state securities commission
has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal
offense.
Proceeds
to the Selling Security Holders do not include offering costs, including filing
fees, printing costs, legal fees, accounting fees, and transfer agent fees
estimated at $16,302. We will pay these expenses.
Dealer
Prospectus Delivery Obligation
Until
_________ (90
th
day
after the later of (1) the effective date of the registration statement or (2)
the first date on which the securities are offered publicly), all dealers that
effect in transactions in these securities, whether or no participating in this
offering, may be required to deliver a prospectus. This is
in addition to the dealers’ obligation to deliver a prospectus when acting
as underwriters and with respect to their unsold allotments or
subscriptions.
The date
of this Prospectus is _____, 2010.
Table of
Contents
Item
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Page
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Forward-Looking
Statements
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3
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Item
3. Prospectus Summary and Risk
Factors
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5
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Item
4. Use of Proceeds
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12
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Item
5. Determination of the Offering
Price
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12
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Item
6. Dilution
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12
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Item
7. Selling Security Holders
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12
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Item
8. Plan of Distribution
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13
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Item
9. Description of Securities to be
Registered
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14
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Item
10. Interests of Named Experts and Counsel
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15
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Item
11. Information with Respect to the Registrant
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15
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·
Description
of Business
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15
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·
Description
of Property
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17
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·
Glossary
of Mining Terms
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21
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·
Legal
Proceedings
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27
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·
Market
for Common Equity, Dividends and Related Stockholder
Matters
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27
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·
Financial
Statements
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31
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·
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
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42
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·
Changes
In and Disagreements With Accountants on Accounting and Financial
Disclosure
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45
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·
Directors
and Executive Officers
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46
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·
Executive
Compensation
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48
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·
Corporate
Governance
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48
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·
Principal
Shareholders and Security Ownership of Certain Beneficial Owners and
Management
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49
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·
Transactions
with Related Persons, Promoters and Certain Control
Persons
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50
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Item
11A. Material Changes
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50
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Item
12. Incorporation of Certain Information by
Reference
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50
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Item
12A. Disclosure of Commission Position on Indemnification for Securities
Act Liabilities
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51
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Forward-
Looking
Statements
This
prospectus attached hereto contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. Such forward looking
statements concern the Company's planned exploration and development of its
property, anticipated results of future operations, and other business plans and
matters that may occur in the future.
Any
statements that involve predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future performance predictions (often using
phrases such as "expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "estimates" or "intends", or stating that
certain events "may", "could", "would", “should”, "might" or "will" be achieved)
are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to a variety of known and unknown risks,
uncertainties and other factors which could cause actual results to differ from
those expressed or implied by the forward-looking statements, including, without
limitation: regulatory and permitting issues; timing and outcome of
exploration proposals; future financial performances of Plandel and its
projects; the estimation of mineral resources and the realization of
mineral reserves; exploration, development, and production activities and
estimated future production; costs of production, capital, operating and
exploration expenditure estimates; additional capital requirements and
acquisition; government regulation, environmental risks, reclamation and
rehabilitation expenses; title disputes or claims; insurance coverage;
and future prices of gold and other minerals.
This is
not an exhaustive list of the factors that may affect our forward-looking
statements. Some of the important risks and uncertainties that could affect
forward-looking statements are described further under “Risk Factors”,
"Description of Business" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" of this prospectus. Should one or more of
these risks come true, or should underlying assumptions prove false, actual
results may vary from those expected. Undue reliance should not be placed on any
such forward-looking statements, which are appropriate only for the date made.
We do not plan to subsequently revise these forward-looking statements to
reflect current circumstances after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events.
Item 3.
Prospectus
Summary
and
Risk Factor
s
Prospectus
Summary
Plandel
Resources, Inc.
This
summary does not contain all the information that should be considered before
making an investment in Plandel Resources, Inc.’s common stock. The
entire prospectus should be read including the “Risk Factors” on page 9 and
financial statements before deciding to invest in our common stock.
The
Offering
Common
Stock Outstanding Prior to the Offering
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30,000,000
shares
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Common
Stock to be Outstanding Following the Offering
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30,000,000
shares
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Common
Stock Offered
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15,000,000
shares
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Offering
Price
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$0.002
per share
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Aggregate
Offering Price
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$30,000
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Selling
Security Holders
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Two
(2)
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Use
of Proceeds
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We
will not receive any of the proceeds of the shares offered by the Selling
Security Holders. Plandel will pay all the expenses of this offering
estimated at $16,302.
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Underwriters
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The
Selling Security Holders are underwriters, within the meaning of Section
2(11) of the Securities Act.
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Plan
of Distribution
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The
Selling Security Holders named in the Prospectus are making this offering
and may sell at market or privately negotiated prices.
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Lack
of Liquidity [No Public Market]
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Our
common stock is not currently quoted or traded on any securities exchange
or automated quotation system. No application for such has yet been
made. Thus, no assurance can be given that there will ever be an
established public trading market for our common
stock.
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Risk
Factors
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Carefully
consider all the information, especially the “Risk Factors”, contained
within the Prospectus before deciding whether to invest in common shares
of our company.
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Legal
Proceedings
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None
pending or anticipated.
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Dividend
Policy
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We
intend to retain any future earnings to fund development and growth of our
business and do not anticipate paying cash
dividends.
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Our
Business
Plandel
Resources, Inc. (“Plandel”, “we”, “us”, “our”, “the Company” or similar
terms) was formed under the laws of the State of Nevada on March 19,
2010.
Plandel
Resources Inc. offices are located at 2432 M. Dela Cruz, Pasay City, Philippines
and can be reached at (702) 973-1853.
We are a
start-up, pre-exploration mining company formed to explore mineral properties
for gold. We have purchased a 100% interest in a 9 unit claim block
(“Plandel Gold Claim”) containing 98.5 hectares that is recorded with the
Mineral Resources Department of the Ministry of Energy and Mineral Resources of
the Government of the Republic of the Philippines. The claim was purchased
from Rojas Ventures Ltd. (an unrelated company and duly incorporated body have
its offices in Manila, Philippines) on July 2, 2009 for the sum of $5,000.
However, we do not currently have the necessary funds to undergo exploration of
this property and will need to raise capital in order to do so. If we
cannot, we may have to go out of business. The proposed two phase exploration
plan will cost approximately $39,319. There has been no production to
date. There are no full-time employees and management is able to spend only a
small amount of time with respect to these affairs. Plandel has no other
assets.
In July
2009, we hired a mining consultant, Roberto Noga, to study and propose
exploration plans for the Plandel Gold Claim. The proposal can be found
further into the prospectus under, “Description of Property” on page
18.
From our
inception March 19, 2010 through May 31, 2010, we raised $30,000 in capital
in private placements by issuing 30,000,000 shares of common stock at the price
of $0.001 per share.
We have
no subsidiaries.
Metric
Conversion Table
For ease
of reference, the following conversion factors are provided:
Metric Unit
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U.S. Measure
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U.S. Measure
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Metric Unit
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1
hectare
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2.471 acres
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1 acre
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0.4047 hectares
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1
metre
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3.2881 feet
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1 foot
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0.3048 metres
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1
kilometre
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0.621 miles
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1 mile
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1.609 kilometres
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1
gram
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0.032 troy oz.
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1 troy ounce
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31.1 grams
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Financial
Information and Accounting Principles
All “$”
or “dollars” refer to the U.S. dollar unless otherwise specified. All
references to PHP refer to the Philippine Peso. All financial statements refer
to GAAP in the United States and are reported in U.S. dollars.
Exchange
Rate Information
One PHP
is approximately $0.02. Inversely, $1 is 46.53 PHP as of May 14,
2010. A five-year low conversion strength for the US dollar was around
January 2008 where $1 was roughly 40 PHP and 5 year high around December 2005
where $1 was roughly 56 PHP. For the purposes of this prospectus $1 equates to
44 PHP.
Summary
of Financial Data
The
financial information below should be read in conjunction with the financial
statements found later in the prospectus.
|
|
Since
Inception
to
May
31,
2010
|
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Statement
of Expenses Information:
|
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Revenue
|
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$
|
-
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Net
Losses
|
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22,714
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Total
Operating Expenses
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22,714
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Exploration
Costs
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5,000
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General
and Administrative
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17,714
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As
at
May
31,
2010
|
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Balance
Sheet Information:
|
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Cash
|
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$
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23,986
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Total
Assets
|
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23,986
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Total
Liabilities
|
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13,800
|
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Stockholder
Equity
|
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10,186
|
|
Risk
Factors
There is
a high degree of risk associated with buying our common stock. Prospective
investors should carefully read this prospectus and consider the following risk
factors when deciding whether to purchase our shares. These are speculative
stocks and should be purchased by only those who can afford to lose their
entire investment.
The risk
factors outlined below are all the known, substantial, material and potential
risks that could adversely affect our business, financial condition, operating
results and common share value. There may, however, be additional risks
unforeseen and immaterial now that could result in the decline of stock price
and inability to recuperate most or all of the investment.
We cannot
assure that we will successfully address these or any unknown risks and a
failure to do so can have a negative impact on your investment.
Risks
Associated with our Company and our Industry
We are
governed by only two people, Mario Gregorio and Rizalina Raneses, which may lead
to faulty corporate governance.
We have
only one director and two (2) executive officers who make all the decisions
regarding corporate governance. This includes their (executive)
compensation, accounting overview, related party transactions and so on.
They will also have full control over matters that require Board of Directors
approval. This may introduce conflicts of interest and prevent the segregation
of executive duties from those that require Board of Directors approval.
This may lead to ineffective disclosure and accounting controls.
Noncompliance with laws and regulations may result in fines and penalties.
They would have the ability to take any action as they themselves review them
and approve them. They would exercise control over all matters requiring
shareholder approval including significant corporate transactions. We have
not implemented various corporate governance measures nor have we adopted any
independent committees as we presently do not have any independent
directors.
Our sole
director and executive officers will own a substantial amount of common
stock and will have substantial influence over our operations denying an
investor an effective voice.
Before
this offering, our director, Mario Gregorio, has control of our company with 67%
of the outstanding common shares (20,000,000). Rizalina Raneses has 33% or
10,000,000 of the 30,000,000 outstanding shares. Should the entire
offering be sold, they will still own 50% of the outstanding shares (33% and 17%
respectively). If less than all the shares are sold, they will have more
than 50% and complete control. This means that investors cannot buy an
effective voice in the company.
Our director
and officers are not residents of the United States making the enforcement of
liabilities against them difficult.
The
director and executive officers reside outside the United States in the Republic
of the Philippines. If a shareholder had a desire to sue them for damages,
the shareholder would have to serve a summons and complaint. Even if
personal service is accomplished and a judgement is entered against that person,
the shareholder would then have to locate the assets of that person, and
register the judgement in the foreign jurisdiction where the assets are
located.
Our
executive officers have other business interests which may limit the amount of
time they can devote to our Company and create conflicts of
interest.
Our
executive officers have other business interests, meaning they may not have
enough time to devote to our business operations. This could cause
business failure. They plan to devote only 10 hours per month at this time
to company affairs which may lead to sporadic exploration activities and
periodic interruptions of business operations. Unforeseen events may cause
this amount of time to become even less. Our officers may also have
conflicts of interest as a result of their relationships with other
companies.
We must
attract and maintain key personnel or our business will fail.
Success
depends on the acquisition of key personnel. We will have to compete with
other companies both within and outside the mining industry to recruit and
retain competent employees. If we cannot maintain qualified employees to
meet the needs of our anticipated growth, this could have a material adverse
effect on our business and financial condition.
We are
recently formed, lack an operating history and have yet to make any
revenues. If we cannot generate any profits, you may lose your entire
investment.
We are a
recently formed company and have yet to generate any revenues. No profits have
been made to date and if we fail to make any then we may fail as a business and
an investment in our common stock will be worth nothing. We have no
operating history and thus no way for you to measure progress or potential
future success. Success has yet to be proved. Currently, there are no
operations in place to produce revenue. We are pre-exploration and have
yet to find or produce sellable product. Financial losses should be expected to
continue in the near future and at least until such time that we enter the
production stage. As a new business we face all the risks of a ‘start-up’
venture including unforeseen costs, expenses, problems, and management
limitations and difficulties. Since inception, we have a loss of
approximately $22,714. There is no guarantee, unfortunately, that we may ever be
able to turn a profit or locate additional opportunities, hire additional
management and other personnel.
We need
to acquire additional financing or our company will fail.
We must
obtain additional capital or our business will fail. In order to explore the
claim and eventually establish operations, we must secure more funds. Currently,
we have very limited resources and have already accumulated a net loss. Without
operations, we will make no money which may result in complete loss of your
investment. Financing is also needed to bring product to market.
Financing may be subject to numerous factors including investor sentiment,
acceptance of mining claims and so on. We currently have no arrangements
for additional financing. We may also have to borrow large sums of money
that require substantial capital and interest payments. We must perform mineral
explorations on the Plandel Gold Claim to determine if any ore reserves are
present and to keep the property in good standing.
The
probability of a mineral claim having profitable reserves is very rare and our
claim, even with large investments, may never generate a profit.
We are
dependent upon our mining property for success. All anticipated future
revenues would come directly from the Plandel Gold Claim. Should we fail
to extract and sell gold from this property, our business will fail.
Mineral deposit estimates are imprecise and subject to error, and resource
calculations when made may prove unreliable. Assumptions made regarding
the supporting data may prove inaccurate and unforeseen events may lead to
further inaccuracies. Sample variability, mining and processing
adjustments, environmental changes, metal price fluctuations, and law and
regulation changes are all factors that could lead to deviances from the
original estimations. No assurances can be given that any mineral deposit
estimate will ever be reclassified as a reserve. We have no known ore
reserves. Despite future investment in exploration activities, there is no
guarantee we will locate a commercially viable ore reserve. Most
exploration projects do no result in discovery of commercially mineable
deposits. With little capital available, we will have to limit our
exploration which decreases the chances of finding a commercially viable ore
body. Even if gold is identified, the Plandel Gold Claim may not be put into
production due to high extraction costs, low gold prices, or inadequate amount
and reduced recovery rates. If the exploration activities do not suggest a
commercially successful prospect then we may altogether abandon plans to develop
the property.
The
exploration and prospecting of minerals is speculative and extremely competitive
which may make success difficult.
We
face strong competition from other mining companies for the acquisition of new
properties. New properties increase the probability of discovering a
profitable reserve. Most companies have greater financial and managerial
resources than we do and can acquire and explore attractive new mining
properties. We will face similar difficulties raising new capital to
expand operations against the larger, better capitalized
competitors. Limited supply and unforeseen demand from larger, more
competitive companies may make secure all necessary equipment and materials
difficult and may result in periodic interruptions or even business failure.
Success depends on a combination of many factors including but not limited to:
the quality of management, technical (geological) expertise, quality of land
available for exploration and the capital available for
exploration.
International
operations in the Philippines are subject to inherent risks.
Political
instability, uncertainty of the economic climate, currency fluctuations,
exchange controls and taxation laws may be significant. Access to all of the
equipment, supplies and materials necessary to begin exploration may not be
available and delay such activity. We have not yet attempted to locate or
negotiate with any suppliers of products, equipment or materials but plan to do
so when exploration begins. Exchange rate changes between
the PHP and the U.S. Dollar may also adversely affect
success.
Our
future operations may be adversely affected by future governmental and
environmental regulations and permitting.
Environmental
regulations may negatively affect the progression of operations and these
regulations may become stricter in the future. In the Philippines, all mining is
regulated by Federal and Provincial level government agencies. Obtaining
licenses and permits from these agencies as well as an environmental impact
study for each mining property must be completed before starting mining
activities. These are expensive and affect the timing of operations.
Pollution can be anticipated with mining activities. If we are unable to
comply with current or future regulations, this may expose us to fines,
penalties and litigation that could cause our business to fail.
We are
vulnerable to the change of the world gold supply, demand and
prices.
Gold
prices change on a world market beyond our control. A drop in price would
adversely affect the ability to generate a profit. All our revenues would
be derived from the sale of gold and possibly other precious metals.
Changes in the price of gold thus may affect profitability and impede us from
being able to afford to continue operations. Gold prices historically have
fluctuated widely; price tends to be linked to a number of factors beyond our
company’s control such as: various macroeconomic factors (terrorism, political
and regional events that may include such, confidence in the global monetary
system, rate of inflation expectations, interest rates, US dollar and certain
other currency strength); speculative or hedging activities; forward sales by
producers, speculators and other holders; central bank lending; sales and
purchases of gold; industrial and jewellery demand; and the current supply and
demand. These things are impossible for us to predict. Per ounce,
gold has been $384 (1995), $279 (2000), $420 (2005), $1,120 (2010) London PM Fix
Price for instance. This volatility may favour operations now but should the
price drop unexpectedly some or all exploration activities may become
economically unfeasible in the future.
We are
subject to inherent mining hazards and risks that may result in future financial
obligations.
Risks and
hazards associated with the mining industry may adversely affect our operations
such as but not limited to: political and country risks, industrial accidents,
labor disputes, inability to retain necessary personnel or equipment,
environmental hazards, unexpected geologic formations, cave-ins, landslides,
flooding and monsoons, fires, explosions, power outages, processing
problems. Personal injury and death could result as well as property
damage, delays in mining, environmental damage, legal liability and monetary
loss. We may not be able to obtain insurance to cover these risks at
economically reasonable premiums. We do not carry any sort of insurance and
may have difficulties obtaining such once operations start as insurance is
generally sparse and cost prohibitive.
Risks
related to this offering and our stock
We may
not be able to raise additional capital through the offering of more shares but
doing so will dilute those shares issued and outstanding.
Raising
additional capital through future offerings of common stock may be necessary for
our company to continue going, but there is no guarantee that this will be
possible. Doing so will, however, dilute the total share number issued and
outstanding. Financing may be achieved by issuing more shares which will
increase the number of common shares outstanding. This may decrease the
percentage interest held by each of our shareholders. Obtaining financing
through the sale of our common stock will dilute other shareholders’
interests. As the total number of outstanding common shares will increase,
the equity attached to any individual share will decrease causing a dilution of
shareholder ownership over the company. With little other access to funds
currently, we may have to rely on this method substantially to raise additional
capital.
There is
no market for our common stock meaning that you may not be able to resell your
shares.
Our
common stock currently has no market limiting shareholders’ ability to resell
them or use them as collateral. Thus, the shareholder must sell their shares
privately which may prove very difficult. The shares are not currently
listed on any exchange or quotation system. Private sales are more
difficult and often give lower than anticipated prices.
Should a
public market develop for our stock, future sales of shares may negatively
affect their market price.
Even if a
market develops, the shares may be sparsely traded and have wide share price
fluctuations. If we succeed in receiving a quotation, the liquidity of the
stock may be low despite there being a market making it difficult to get a
return on the investment. The price also depends on potential investor’s
feelings regarding the results of our operations, the competition of other
companies’ shares, mineral prices, our ability to generate future revenues, and
market perception about future mineral exploration.
Because
our stock is a “penny stock”, trading of it may be restricted and limit a
shareholder’s ability to buy and sell shares.
As our
stock is a penny stock, there are restrictions imposed by the United States
Securities and Exchange Commission’s penny stock regulations and the FINRA’s
sales practice requirements. This might limit a shareholder’s ability to
buy and sell their shares as broker-dealers may be less likely to engage in
transactions of our common shares. A penny stock generally includes any
non-NASDAQ equity security that has a market price of less than $5.00 per
share. Our common stock is expected to trade well below that mark.
Rules 15g-1 through 15g-9 under the Exchange Act impose sale practice and
disclosure requirements on certain brokers-dealers who engage in certain
transactions involving a “penny stock”.
We have
not paid nor anticipate paying cash dividends on our common stock.
Cash
dividends are not currently paid on our common stock shares nor are they
expected to be paid in the near future. We intend to retain our cash for
the continued development of our business. Thus, you will not be able to
derive any dividend income and your return on investment will solely be based on
your ability to sell your shares in a secondary market.
Item 4.
Use of
Proceeds
This
prospectus relates to our common stock shares that will be offered on a
continuous basis by the Selling Security Holders beginning immediately after the
registration statement effective date, which is included in this prospectus, and
may continue for a period in excess of thirty (30) days from this effective
date. We are completing this registration statement to allow the Selling
Security Holders to sell their shares. We, the issuer, will not acquire
any proceeds from the common stock sale by the Selling Security Holders in this
offering. Plandel will pay all expenses of this
offering estimated at $16,302 (see PART II. Item 13)
Item 5.
Determination of Offering
Price
The
offering price can be considered arbitrary as it bears no relationship to
Plandel’s earnings, assets, book value or any other recognized criteria of
value. It should not be associated with the actual value of Plandel as it
was not based on this. It should also not be considered an indicator of
the future market price of the shares. Currently there is no established
public market for the common stock being registered. The factors used to
generate the offering price were the general condition of the stock markets,
Plandel’s financial condition, and Plandel’s lack of operating
history.
The
Selling Security Holders may offer and sell their common stock at such times and
in such manner that they want. The shares may be sold in negotiated
transactions which may involve brokers or dealers. The Selling Security Holders
are expected to sell their shares at $0.002 until they are quoted on the OTCBB
at which time they can sell them at market price. We will pay all expenses
of the Selling Security Holders, except for any broker-dealer or underwriter
commissions which will be paid by the security holder. At this time, the
Selling Security Holders have not entered into any agreements, arrangements or
understandings with any broker-dealers or underwriters.
Item 6.
Dilution
The
common stock to be sold by the Selling Security Holders is common stock that is
currently issued and outstanding so there will be no dilution to the existing
shares outstanding.
Item 7.
Selling Security
Holders
This
prospectus covers the offering of up to 15,000,000 shares of our common
stock. The shares issued to the Selling Security Holders are restricted
under applicable federal and state security laws and are being registered to
give them the opportunity to sell their shares.
The
Selling Security Holders are residents and citizens of the Republic of the
Philippines. They’re offering for sale a total of 15,000,000 shares of
common stock of Plandel. This comprises 50 percent of the total
outstanding shares. To the best of our knowledge, the Selling Security
Holders have sole voting and investment power and rights over all their shares
and are the beneficial owners. They have given all information regarding
share ownership. The shares being offered are being registered to permit
public secondary trading and the Selling Security Holders may offer all or part
of his shares from time to time but is under no obligation to immediately sell
them pursuant to this prospectus. Thus, Plandel cannot guarantee that any
shares will be sold after this registration statement is effective.
The
Selling Security Holders are the only shareholders to the company’s knowledge
and their offering is outlined below:
Owner
|
|
Shares
prior
to
offering
|
|
|
Shares
to
be
offered
|
|
|
Shares
after
offering
|
|
|
Ownership
percentage
prior
to
offering
|
|
|
Ownership
after
offering
|
|
Mario
S. Gregorio
|
|
|
20,000,000
|
|
|
|
10,000,000
|
|
|
|
10,000,000
|
|
|
|
67
|
%
|
|
|
33
|
%
|
Rizalina
Raneses
|
|
|
10,000,000
|
|
|
|
5,000,000
|
|
|
|
5,000,000
|
|
|
|
33
|
%
|
|
|
17
|
%
|
There
have been no transactions between shareholders.
Item 8.
Plan of
Distribution
15,000,000
common stock shares are being registered on behalf of the Selling Security
Holders. They may, from time to time, sell all or a portion of these
shares in privately negotiated transactions or otherwise. The sales will
be at fixed prices of $0.002 per share until amendments are made to this
prospectus or the shares are quoted on the Over-the-Counter Bulletin Board
(OTCBB) at which point they may be sold at the market price. The shares may be
sold in a lawful manner using any one or more of the following methods: private
transaction; ordinary brokerage transactions; transactions in which the
broker-dealer solicits purchasers; broker-dealer as principal purchasers and
resale by the broker-dealer for its own account; block trades in which the
broker-dealer will attempt to sell the shares as an agent, but may position and
resell a portion of the block as principal to facilitate the transaction;
broker-dealer agreements with the selling shareholder to sell a specified number
of such shares at a stipulated price per share; exchange distribution following
the rules of the applicable exchange; short sales that are not violations of the
laws and regulations of any state of the United States; through the writing or
settlement of options or other hedging transactions, whether through an options
exchange or otherwise; or through a combination of any such methods or other
lawful means.
The
Selling Security Holders are underwriters, within the meaning of Section 2(11)
of the Securities Act. Any broker-dealers or agents that participate in the sale
of the common stock or interests therein may also be deemed to be an
"underwriter" within the meaning of Section 2(11) of the Securities
Act. Any discounts, commissions, concessions or profit earned on any resale
of the shares may be underwriting discounts and commissions under the Securities
Act. The Selling Security Holders, who are "underwriters" within the meaning of
Section 2(11) of the Securities Act, are subject to the prospectus delivery
requirements of the Securities Act.
The
Brokers or dealers may receive commissions or discounts from the Selling
Security Holders, if any of the broker-dealer acts as an agent for the purchaser
of said shares, from the purchaser in the amount to be negotiated which are not
expected to exceed those customary in the types of transactions involved.
Broker-dealers may agree with the Selling Security Holders to sell a
specified number of the shares of common stock at a stipulated price per
share. In connection with such re-sales, the broker-dealer may pay
to or receive from the purchasers of the shares, commissions as described
above. Any broker or dealer participating in any distribution of the
shares may be required to deliver a copy of this prospectus, including any
prospectus supplement, to any individual who purchases any shares from or
through such broker-dealer.
We have
advised the Selling Security Holders that while they are engaged in a
distribution of the shares included in this prospectus they are required to
comply with Regulation M promulgated under the Securities Exchange Act of 1934,
as amended. With certain exceptions, Regulation M precludes the Selling Security
Holders, any affiliated purchasers, and any broker-dealer or other person who
participates in such distribution from bidding for or purchasing, or attempting
to induce any person to bid for or purchase any security which is the subject of
the distribution until the entire distribution is complete. Regulation M also
prohibits any bids or purchases made in order to stabilize the price of a
security in connection with the distribution of that security. All of the
foregoing may affect the marketability of the shares offered in this
prospectus.
The
Selling Security Holders may also elect to sell their common shares in
accordance with Rule 144 under the Securities Act of 1933, rather than pursuant
to this prospectus. After the sale of the shares offered by this prospectus the
Selling Security Holders will have 15,000,000 common shares. The sale of these
shares could have an adverse impact on the price of our shares or on any trading
market that may develop.
We have
not registered or qualified offers and sales of shares of common stock under the
laws of any country, other than the United States. To comply with certain
states’ securities laws, if applicable, the Selling Security Holders will offer
and sell their shares of common stock in such jurisdictions only through
registered or licensed brokers or dealers. In addition, in certain
states the Selling Security Holders may not offer or sell shares of common stock
unless we have registered or qualified such shares for sale in such states or we
have complied with an available exemption from registration or
qualification.
All
expenses of this registration statement, estimated to be $16,302 (see “Use of
Proceeds” page 12), including but not limited to legal, accounting, printing and
mailing fees will, be paid by Plandel. However, any selling costs or
brokerage commissions incurred by each Selling Security Holder relating to the
sale of their shares will be paid by them.
Item 9.
Description of Securities to
be Registered
Our
authorized capital stock is 300,000,000 shares of common stock, par value 0.001
per share, of which 30,000,000 shares of common stock are issued and
outstanding. No other class or series of shares are currently authorized
under Plandel’s Articles of Incorporation.
Common
Shares
Holders
of common stock are entitled to one vote per share on all matters subject to
stockholder vote. Holders of our shares of common stock do not have
cumulative voting rights, which means that the shareholders of more than 50% of
such outstanding shares, voting for the election of Directors, can elect all of
the Directors to be elected, if they so choose. In such event, the
holders of the remaining shares will not be able to elect any of our
Directors.
The
common stock has no pre-emptive or other subscription rights. All of the
presently outstanding shares of common stock are fully paid and non assessable.
If the corporation is liquidated or dissolved, holders of shares of common stock
will be entitled to share prices relating to asset values remaining after
subtraction of liabilities and subject to the rights, if any, of the holders of
preferred stock.
As of the
date of this prospectus we have not paid any cash dividends to
stockholders. The declaration of any future cash dividends will be at the
discretion of the Board of Directors and will depend on our earnings, if any,
capital requirements and financial position, general economic conditions and
other pertinent conditions. It is our present intention not to pay any
cash dividends in the near future. The holders of the common stock are entitled
to receive dividends when and as declared by the Board of Directors, out of
funds legally available therefore. The corporation has not paid cash dividends
with respect to its common stock in the past. No share of common stock of the
corporation which is fully paid is liable to calls or assessment by the
corporation.
Item 10.
Interest of Named Experts
and Counsel
No
experts named in this prospectus have an interest in the company and thus there
exist no conflicts of interest in this respect
Experts
Our
financial statements have been audited by Madsen & Associates, Inc., Unit #3
– 684 East Vine Street, Murray, Utah, 84107 as set forth in their report
included elsewhere in this prospectus (see page 32).
The
geological report on the Plandel Gold Claim dated July 10, 2009 titled "Summary
of Exploration on the Plandel Property, Baguiao, Philippines”, was authored by
Roberto Noga, P. Geol., Manila, Republic of the Philippines and has been
incorporated into the “Description of Property” on page 17. The report is
exhibit 99 to the registration statement of which this prospectus is a
part.
Legal
Matters
The law
firm of Glenn & Glenn has rendered a legal opinion regarding the validity of
the shares of common stock offered by the Selling Security Holders. It is
exhibit 5 to the registration statement of which this prospectus is a part.
i
.
Item 11.
Information with Respect to
the Registrant
Description
of business
Introduction
We are a
start-up pre-exploration mining company with one mineral claim (the Plandel Gold
claim) in the Republic of the Philippines. Our goal is to generate revenues
through the sale of gold found and extracted from this claim. We have a specific
business plan to complete exploration work on this claim and have no reason to
alter this plan within the next twelve months. The company has no
subsidiaries, affiliates or joint venture partners. We do not intend to
enter into a merger or acquisition, have not been involved in any large
purchases other than that of the Plandel Gold Claim and have not been involved
in any reclassification, bankruptcy or receivership since
inception.
Background
Plandel
Resources, Inc. was established as a private company by Mario S. Gregario and
Rizalina Raneses to acquire and develop gold properties while world gold prices
are strong.
We raised
$30,000 in initial capital in order to identify and purchase a promising mineral
property claim. Pursuant to Regulation S of the Securities Act of 1933,
Plandel sold 30,000,000 shares of its common stock in a private placement for
the $30,000.
In July
2009, we acquired, prior to its actual incorporation, the Plandel Gold Claim
from Rojas Ventures Ltd., an unrelated company, for the sum of $5000. This
is our only mineral claim.
In July
2009, we engaged a mining consultant, Roberto Noga, to develop a preliminary
scoping study for the development of the Plandel Claim. Previous
exploration work was reviewed and recommendations for an exploration program
made. His report is the basis for the “Description of Property” on page
15.
Plandel
Resources, Inc. was incorporated under the laws of the State of Nevada March 19,
2010.
Assuming
we can raise the necessary capital, we intend to carry out the exploration
program proposed on the Plandel Claim. There is the distinct possibility
that we will not only fail to raise the capital but fail to find a commercially
viable ore body. There is no guarantee that gold of significant value will
be found. We currently do not have any ore body, products or
revenues.
Executive
Offices
We lease
our principal executive offices at 2432 M. Dela Cruz, Pasay City,
Philippines.
Our
telephone number is (702) 973-1853.
Mining
Property, Facilities and Operations
The
company has a single mineral claim, the Plandel Gold Claim located in the
Republic of the Philippines. A mining geologist has proposed a two phase
exploration program of this property but no exploration has yet been carried
out. There are no operations underway, no facilities other than the
principal executive offices and no employees other than the two executive
officers. Further information can be found in the following
sections.
Exploration
and Production
We are a
pre-exploration company with no production (of gold and gold related
products). No exploration has been conducted to date either. We hope to
explore our sole mineral claim in the near future.
Products
and Gold
Plandel
does not have any products including gold yet.
Gold
Prices
Gold
prices have risen steadily over the last few years. In 2000, gold traded
between $260 and $315 USD per ounce based on London PM Fix Price. In
2005, this was between $440 and $540. In 2010, gold trades at roughly
$1000 per ounce.
Other
Minerals
We are
planning to search for gold but will consider extracting other minerals if found
in significant value on the Plandel Gold Claim.
Employees
At
present, we have no employees. We anticipate that we will be conducting
most of our business through agreements and third parties. No such
agreements have yet been made and will not be made until we near exploration.
Our two executive officers only devote a small portion of their time to the
affairs of the company. At present, we have no employment agreements with
them. We also do not have any health plans, benefits, profit sharing,
annuity, insurance, or pension plans.
Competitive
Factors
There are
numerous larger and better capitalized mining companies in competition with us
for properties, personnel, equipment and market share. We are one of the
smallest companies and right at the beginning of our journey. We lack the
resources that our competitors have. Our success depends on raising the
capital, obtaining the personnel and equipment and finding a commercially viable
ore body on our mineral claim. None has yet been found, but we are the
only entity entitled to explore this claim.
Foreign
Currency
The
Company will be conducting exploration activities in the Republic of the
Philippines. If the U.S. dollar loses strength to the PHP this may
adversely affected the Company’s operations.
Purchases
of Equity Securities by the Small Business Issuer and Affiliates
There
were no purchases of our equity securities by us from inception to May 31,
2010.
Regulation
of Mining Activity
Republic
of Philippines Mining Laws
Government
and environmental regulations exist in the Philippines and our exploration plans
are subject to these various laws. The rules are dynamic and are generally
becoming more demanding. Our plans aim to safeguard public and
environmental health. We are currently in compliance with all material
mining, health, safety, and environmental statutes of the Republic of the
Philippines.
Legislation
Changes
to current laws in the jurisdiction in which we operate may require additional
costs and financing. These changes are unpredictable and the additional
requirements may render certain exploration activities uneconomical and lead to
business failure.
Description
of Property
Information
in this section of the prospectus is based upon the geological report on the
Plandel Gold Claim dated July 10, 2009 titled "Summary of Exploration on the
Plandel Property, Baguiao, Philippines”, which was authored by Roberto Noga, P.
Geol., Manila, Republic of the Philippines (the “Report”). The Report is
exhibit 99 to the registration statement of which this prospectus is a
part.
Property
Location and Description
Plandel
Gold Claim consists of one (1) unpatented mineral claim, located 30 kilometres
northwest of the city of Baliuag at UTM co-ordinates Latitude 14 88’148”N and
Longitude 120 86’712”E. The mineral claim was assigned to Plandel
Resources, Inc. by Rojas Ventures Ltd. (an unrelated company) and the said
assignment was filed with the Mineral Resources Department of the Ministry of
Energy and Mineral Resources of the Government of the Republic of the
Philippines.
There are
no known environmental concerns or parks designated for any area contained
within the claims. The property has no encumbrances. As advanced
exploration proceeds there may be bonding requirements for
reclamation.
Plandel
Resources, Inc. has purchased a 100% interest in the property.
Royalty
Obligations
None.
Accessibility,
Climate, Local Resources, Infrastructure, and Topography
Plandel
Gold Claim is accessible from Plandel by travelling on the country’s only
highway system which consists of, for the most part, one lane in each direction
and by taking an all weather gravel road. Plandel Gold Claim lies in a
non-active seismic area. The city was formed in the so-called Carbon
period, some 350 million years ago. During this period, large shallow
marshes were formed with abundant vegetation. The rotting plants and trees
in these marshes turned into peat and later into coal. The town still has
large coal reserves, which is the basis for the city’s current coal mining
industry.
The
Philippines is situated between 5 and 22 degrees North Latitude. This
means the country falls within the so-called tropical climate zone, a zone
characterized by high temperatures the whole year round, relatively high
rainfall and lush vegetation. Rainfall on the city can occur in every
month, but the wettest months are October, November and December. Annual
rainfall is approximately 1.5 metres. Due to the steep, deforested
mountains, around 60 percent of the rainwater runs quickly to the sea. The
remaining 40 percent partly evaporates and partly seeps through to the island’s
underground water aquifer.
Plandel
Gold Claim’s area has an experienced work force and will provide all the
necessary services needed for an exploration and development operation,
including police, hospitals, groceries, fuel, helicopter services, hardware and
other necessary items. Drilling companies and assay facilities are present
in Baliuag.
History
Deposits
of shell and eroded sand formed the basis for the limestone, which makes up most
of the Philippines. This limestone was, over the ages, pushed upwards
making it possible to find today sea fossils high in the country’s
mountains. This pushing up continues today. It is caused by the fact
that the Philippine Plate, on which most of the country lies, is slowly
diving under the Eurasian Plate of the mainland Asia.
The
Philippines are characterized by steep mountains without any substantial forest
cover. Highest peaks reach over 1,000 meters. The island is 300 km
long and 35 km wide. Erosion is a problem as there is a lack of forest
cover on the high, steep mountains.
The
island has vast copper, gold and coal reserves which are mined mainly in the
central part.
During
the 1990’s several properties south of Plandel Gold Claim were drilled by junior
mineral exploration companies.
Plandel
Resources, Inc. is preparing to conduct preliminary exploration work on the
property.
Geological
setting
Regional
Geology of the Area
The hilly
terrains and the middle level plain contain crystalline hard rocks such as
charnockites, granite gneiss, khondalites, leptynites, metamorphic gneisses with
detached occurrences of crystalline limestone, iron ore, quartzo-feldspathic
veins and basic intrusive such as dolerites and anorthosites. Coastal
zones contain sedimentary limestones, clay, laterites, heavy mineral sands and
silica sands. The hill ranges are sporadically capped with laterites and
bauxites of residual nature. Gypsum and phosphatic nodules occur as
sedimentary veins in rocks of the cretaceous age. Gypsum of secondary
replacement occurs in some of the areas adjoining the foot hills of the Western
Ghats. Lignite occurs as sedimentary beds of tertiary age. The Black
Granite and other hard rocks are amenable for high polish. These granites
occur in the most of the districts except the coastal area.
Stratigraphy
The
principal bedded rocks for the area of Plandel Gold Claim (and for most of the
Philippines) are Precambrian rocks which are exposed along a wide axial zone of
a broad complex.
Gold at
the Nabo Gold Mine (which, as stated above, is in close proximity to the Plandel
Gold Claim) is generally concentrated within extrusive volcanic rocks in the
walls of large volcanic caldera.
Intrusive
In
general, the volcanoes culminate with effluents of hydrothermal solutions that
carry precious metals in the form of naked elements, oxides or
sulphides.
These
hydrothermal solutions intrude into the older rocks as quartz veins. These
rocks may be broken due to mechanical and chemical weathering into sand size
particles and carried by streams and channels. Gold occurs also in these
sands as placers.
Gold
belts in sheared gneissic rocks is found in three sub-parallel auriferous load
zones where some blocks having 300 to 600 meter length and 2 to 3.5 meter width
could be identified as most promising ones.
Structure
Depositional
Environment / Geological Setting: Veins form in high-grade, dynamothermal
metamorphic environment where metasedimentary belts are invaded by igneous
rocks.
Host /
Associated Rock Types: Hosted by paragneisses, quartzites,
clinopyroxenites, wollastonite-rich rocks, pegmatites. Other associated
rocks are charnockites, granitic and intermediate intrusive rocks, quartz-mica
schists, granulites, aplites, marbles, amphibolites, magnetite-graphite iron
formations and anorthosites.
Tectonic
Setting(s): Katazone (relatively deep, high-grade metamorphic environments
associated with igneous activity; conditions that are common in the shield
areas).
Deposit
Types
Deposits
are from a few millimetres to over a metre thick in places. Individual
veins display a variety of forms, including saddle-, pod- or lens-shaped,
tabular or irregular bodies; frequently forming anastomosing or stockwork
patterns.
Mineralization
is located within a large fractured block created where prominent
northwest-striking shears intersect the north striking caldera fault zone.
The major lodes cover an area of 4 km and are mostly within 600 m of the
surface. Lodes occur in three main structural settings:
(i)
Steeply dipping
northwest-striking shears;
(ii)
Flat-dipping fractures
(flatmakes); and
(iii)
Shatter blocks between
shears.
Most of
the gold occurs in tellurides and there are also significant quantities of gold
in pyrite.
Mineralization
No
mineralization has been reported for the area of the property but structures and
shear zones affiliated with mineralization on adjacent properties pass through
it.
Exploration
Records
indicate that no detailed exploration has been completed on the
property.
Property
Geology
To the
south of the property is intrusive consisting of rocks such as tonalite,
monzonite, and gabbro while the property itself is underlain by sediments and
volcanic rock. The intrusive also consist of a large mass of granodiorite
towards the western most point of the property.
The area
consists of interlayered chert, argillite and massive andesitic to basaltic
volcanic. The volcanic are hornfelsed, commonly contain minor pyrite,
pyrrhotite.
Drilling
Summary
No
drilling is reported on the Plandel Gold Claim.
Sampling
Method, Sample Preparation, Data Verification
All the
exploration will be conducted according to generally accepted exploration
procedures with methods and preparation that are consistent with generally
accepted exploration practices. No samples have been taken.
No other
procedures of quality control will be employed and no opinion on their absence
is expressed.
Adjacent
Properties
The
adjacent properties are cited as examples of the type of deposit that has been
discovered in the area and are not relevant to this prospectus.
Interpretations
and Conclusions
The area
is well known for numerous productive mineral occurrences including the Nabo
Gold Claim.
The
locale of the Plandel Gold Claim is underlain by the units of the Precambrian
rocks that are found at those mineral occurrence sites.
These
rocks consisting of cherts and argillites (sediments) and andesitic to basaltic
volcanic have been intruded by granodiorite. Structures and mineralization
probably related to this intrusion are found throughout the region and occur on
the claim. They are associated with all the major mineral occurrences and
deposits in the area.
Mineralization
found on the claim is consistent with that found associated with zones of
extensive mineralization. Past work however has been limited and sporadic
and has not tested the potential of the property. Potential for
significant amounts of mineralization to be found exists on the property and it
merits intensive exploration.
Report
Recommendations
A two
phase exploration program to further delineate the mineralized system currently
recognized on Plandel Gold Claim is recommended.
The
program would consist of air photo interpretation of the structures, geological
mapping, both regionally and detailed on the area of the main showings,
geophysical survey using both magnetic and electromagnetic instrumentation in
detail over the area of the showings and in a regional reconnaissance survey and
geochemical soil sample surveying regionally to identify other areas on the
claim that are mineralized and in detail on the known areas of
mineralization. The effort of this exploration work is to define and
enable interpretation of a follow-up diamond drill program, so that the known
mineralization and the whole property can be thoroughly evaluated with the most
up-to-date exploration techniques.
Budget
The
proposed budget for the recommended work in PHP is 1,829,500 (or $39,319 USD) as
follows:
Phase
I
·
Geological Mapping
|
|
PHP
|
315,000
|
|
|
$
|
6,770
|
|
|
|
|
|
|
|
|
|
|
·
Geophysical Surveying
|
|
PHP
|
276,000
|
|
|
|
5,932
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
PHP
|
591,000
|
|
|
$
|
12,
702
|
|
Phase
II
|
·
|
Geochemical
surveying and surface sampling (includes sample collection and
assaying)
|
|
|
PHP
|
1,238,500
|
|
|
$
|
26,617
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
PHP
|
1,238,500
|
|
|
|
26,617
|
|
|
|
|
|
|
|
|
|
|
Grand
Total Exploration
|
|
PHP
|
1,829,500
|
|
|
$
|
39,319 USD
|
|
Glossary
of Mining Terms
Amphibolite
|
a
class of metamorphic rock composed mainly of amphibole with some
quartz
|
Andesite
|
a
class of fine-grained rock, of volcanic origin, containing mostly
plagioclase and feldspar
|
Anorthosite
|
a
phaneritic, intrusive igneous rock characterized by a
predominance of
plagioclase feldspar
|
Aplite
|
a
fine-grained granitic rock composed mostly of quartz and
feldspars
|
Aquifer
|
an
underground layer of water-bearing porous stone, earth, or
gravel
|
Argillite
|
a
rock derived either from siltstone, claystone or shale that has undergone
a somewhat higher degree of induration than is present in those
rocks.
|
Assaying
|
laboratory
examination that determines the content or proportion of a specific metal
contained within a sample.
|
Auriferous
|
refers
to gold (AU) or gold equivalents
(AUEQ).
|
Basalt
|
a
hard rock of varied mineral content; volcanic in origin, it makes up much
of the Earth's crust
|
Bauxite
|
the
principal ore of aluminium; a clay-like mineral, being a mixture of
hydrated oxides and
hydroxides.
|
Caldera
|
a
large circular volcanic depression often originating due to
collapse
|
Charnockites
|
any
orthopyroxene-bearing granite, composed mainly of quartz, perthite or
antiperthite and orthopyroxene (usually hypersthene), as an end-member of
the charnockite series
[1]
.
|
Chert
|
massive, dull-colored
and opaque quartzite, hornstone, impure chalcedony or other flint-like
mineral. By general usage in mineralogy and geology, a chert does not have
a conchoidal fracture. In North American archeology the term chert
occasionally is still used for various siliceous minerals (including
flint) that have a conchoidal fracture; this leads to confusion between
the terms flint and chert in some archeology
texts.
|
Clay
|
a
mineral substance made up of small crystals of silica and alumina, that is
ductile when moist; the material of pre-fired ceramics; an earth material
with ductile qualities
|
Clinopyroxene
|
any
pyroxene that has a monoclinic crystal
structure
|
Coal
|
a
readily combustible black or brownish-black sedimentary rock normally
occurring in rock strata in layers or veins called coal beds. The harder
forms, such as anthracite coal, can be regarded as metamorphic rock
because of later exposure to elevated temperature and pressure. Coal is
composed primarily of carbon along with variable quantities of other
elements, chiefly sulfur, hydrogen, oxygen and
nitrogen.
|
Copper
|
a
chemical element with the symbol Cu (Latin: cuprum) and atomic number 29.
It is a ductile metal with very high thermal and electrical conductivity.
Pure copper is rather soft and malleable, and a freshly-exposed surface
has a pinkish or peachy color.
|
Cretaceous
age
|
a
geological period and system from 145 to 65 million years
ago.
|
Crystalline
|
a
solid material, whose constituent atoms, molecules, or ions are arranged
in an orderly repeating pattern extending in all three spatial dimensions;
ie. crystals.
|
Dolerite
|
A
fine-grained basaltic rock
|
Dynamothermal
|
rock
formed at variable temperatures
|
Extrusive
|
the
mode of igneous volcanic rock formation in which hot magma from inside the
Earth flows out (extrudes) onto the surface as lava or explodes violently
into the atmosphere to fall back as pyroclastics or tuff. This is opposed
to intrusive rock formation, in which magma does not reach the surface.
The main effect of extrusion is that the magma can cool much more quickly
in the open air or under seawater, and there is little time for the growth
of crystals. Often, a residual portion of the matrix fails to crystallize
at all, instead becoming an interstitial natural glass or
obsidian.
|
Fault
|
a
break in the continuity of a body of rock. It is accompanied by a
movement on one side of the break or the other so that what were once
parts of one continuous rock stratum or vein are now separated. The
amount of displacement of the parts may range from a few inches to
thousands of feet.
|
Feldspar
|
any
of a large group of rock-forming minerals that, together, make up about
60% of the earth's outer crust. The feldspars are all
aluminum silicates of the alkali metals sodium, potassium, calcium
and barium. Feldspars are the principal constituents of igneous and
plutonic rocks.
|
Flatmake
|
flat-dipping
fractures
|
Fold
|
a
curve or bend of a planar structure such as rock stata, bedding planes,
foliation, or cleavage.
|
Foliation
|
A
general term for a planar arrangement of textural or structural features
in any type of rock; esp., the planar structure that results from
flattening of the constituent grains of a metamorphic
rock.
|
Formation
|
a
distinct layer of sedimentary rock of similar
composition.
|
Gabbro
|
a
group of dark-colored, basic intrusive igneous rocks composed principally
of basic plagioclase (commonly labradorite or bytownite) and clinopyroxene
(augite), with or without olivine and orthopyroxene; also, any member of
that group. It is the approximate intrusive equivalent of basalt.
Apatite and magnetite or ilmenite are common accessory
minerals.
|
Geochemistry
|
the
study of the distribution and amounts of the chemical elements in
minerals, ores, rocks, solids, water, and the
atmosphere.
|
Geophysicist
|
one
who studies the earth; in particular the physics of the solid earth, the
earth’s magnetosphere, and the
atmosphere.
|
Geotechnical
|
the
study of ground stability
|
Gneiss
|
a
foliated rock formed by regional metamorphism, in which bands or
lens-shaped strata or bodies of rock of granular minerals alternate with
bands or lens-shaped strata or bodies or rock in which minerals having
flaky or elongate prismatic habits
predominate
|
Gold
|
chemical
element with the symbol Au (from Latin: aurum, "shining dawn") and an
atomic number of 79. It has been a highly sought-after precious metal for
coinage, jewelry, and other arts since the beginning of recorded history.
The metal occurs as nuggets or grains in rocks, in veins and in alluvial
deposits. Gold is dense, soft, shiny and the most malleable and ductile
pure metal known. Pure gold has a bright yellow color and luster
traditionally considered attractive, which it maintains without oxidizing
in air or water. Gold is one of the coinage metals and has served as a
symbol of wealth and a store of value throughout history. Gold standards
have provided a basis for monetary policies. It also has been linked to a
variety of symbolisms and
ideologies.
|
Granite
|
highly
felsic igneous plutonic rock, typically light in color; rough plutonic
equivalent of rhyolite. Granite is actually quite rare in the U.S.;
often the term is applied to any quartz-bearing plutonic
rock.
|
Granodiorite
|
a
group of coarse-grained plutonic rocks intermediate in composition between
quartz diorite and quartz monzonite, and potassium feldspar, with biotite,
hornblende, or more rarely, pyroxene, as the mafic
component.
|
Granulite
|
fine
to medium–grained metamorphic rocks that have experienced high
temperatures of metamorphism, composed mainly of feldspars sometimes
associated with quartz and anhydrous ferromagnesian minerals, with
granoblastic texture and gneissose to massive structure. They are of
particular interest to geologists because many granulites represent
samples of the deep continental crust. Some granulites experienced
decompression from deep in the Earth to shallower crustal levels at high
temperature; others cooled while remaining at depth in the
Earth.
|
Graphite
|
one
of the allotropes of carbon. Unlike diamond (another carbon allotrope),
graphite is an electrical conductor, a semimetal, and can be used, for
instance, in the electrodes of an arc lamp. Graphite holds the distinction
of being the most stable form of carbon under standard
conditions.
|
Gypsum
|
a
mineral consisting of the hydrated calcium sulphate. When calcined,
it forms plaster of Paris.
|
Heavy
mineral sands ore deposits
a class
of ore deposit which is an important source of zirconium, titanium, thorium,
tungsten, rare earth elements, the industrial minerals diamond, sapphire,
garnet, and occasionally precious metals or gemstones. Heavy mineral sands are
placer deposits formed most usually in beach environments by concentration due
to the specific gravity of the mineral grains. It is equally likely that some
concentrations of heavy minerals (aside from the usual gold placers) exist
within streambeds, but most are of a low grade and are relatively
small.
Hydrothermal
|
creation
of rock with fluid at high
temperatures
|
Igneous
|
resulting
from, or produced by, the action of great heat; with rocks, it could also
mean formed from lava/magma; granite and basalt are igneous
rocks
|
Intrusions
|
masses
of igneous rock that, while molten, were forced into other
rocks.
|
Iron
|
chemical
element with the symbol Fe (Latin: ferrum) and atomic number 26. It is a
metal in the first transition series. Like other group 8 elements, it
exists in a wide range of oxidation states. Iron and iron alloys (steels)
are by far the most common metals and the most common ferromagnetic
materials in everyday use. Fresh iron surfaces appear lustrous
silvery-gray, but oxidize in air. Iron is the most common element in the
earth, albeit the fourth most common one in the earth's
crust.
|
Khondalite
|
a
granulite-facies metasedimentary
rock.
|
Laterite
|
a
red hard or gravel-like soil or subsoil formed in the tropics that has
been leached of soluble minerals leaving insoluble iron and aluminium
oxides and hydroxides; used to make bricks and
roads.
|
Lignite
|
a
low-grade, brownish-black coal
|
Limestone
|
An
abundant rock of marine and fresh-water sediments; primarily composed of
calcite (calcium carbonate); it occurs in a variety of forms, both
crystalline and amorphous.
|
Marble
|
a
non foliated metamorphic rock composed mostly of calcite, a crystalline
form of calcium carbonate. It is formed from carbonate rocks, often
limestone. It is extensively used for sculpture and as a building
material.
|
Magnetite
|
a
ferrimagnetic mineral with chemical formula Fe
3
O
4
, one
of several iron oxides and a member of the spinel
group.
|
Metamorphic
|
the
mineralogical, chemical, and structural adjustment of solid rocks to
physical and chemical conditions that have generally been imposed at depth
below the surface zones of weathering and cementation, and that differ
from the conditions under which the rocks in question
originated.
|
Metasediment
|
a
metamorphosed sedimentary rock
|
Mica
|
the
name of a group of hydrous aluminosilicate minerals
characterized by highly perfect cleavage, so that they readily separate
into very thin leaves, more or less
elastic.
|
Monzonite
|
an
intermediate igneous intrusive rock composed of approximately equal
amounts of sodic to intermediate plagioclase and orthoclase feldspars with
minor amounts of hornblende, biotite and other
minerals.
|
Ore
|
the
natural occurring mineral from which a mineral or minerals of economic
value can be extracted profitable or to satisfy social or political
objectives.
|
Oxides
|
a
chemical compound containing at least one oxygen atom as well as at least
one other element. Most of the Earth's crust consists of oxides. Oxides
result when elements are oxidized by oxygen in
air.
|
Paragneisses
|
a
gneiss from sedimentary rock
|
Peat
|
an
accumulation of partially decayed vegetation matter. Peat forms in wetland
bogs, moors, muskegs, pocosins, mires, and peat swamp forests. Peat is
harvested as an important source of fuel in certain parts of the
world.
|
Pegmatite
|
a
very coarse-grained, intrusive igneous rock composed of interlocking
grains usually larger than 2.5 cm in size; such rocks are referred to
as pegmatitic. Most pegmatites are composed of quartz, feldspar and mica;
in essence a granite. Rarer intermediate composition and mafic pegmatites
containing amphibole, Ca-plagioclase feldspar, pyroxene and other minerals
are known, found in recrystallised zones and apophyses associated with
large layered intrusions.
|
Phosphatic
nodules
black to
brown, rounded mass, variable in size from a few millimeters to 30 or more
centimeters. Usually consists of coprolites, corals, shells, and bones, more or
less enveloped in crusts of collophane. Found in many horizons of marine origin.
Also covering the ocean floors at manylocations around the
world
Placers
|
an
accumulation of valuable minerals formed by deposition of dense mineral
phases in a trap site.
|
Precious
metals
|
a rare,
naturally occurring metallic chemical element of high economic value,
which is not radioactive (excluding natural polonium, radium, actinium and
protactinium). Chemically, the precious metals are less reactive than most
elements, have high lustre, are softer or more ductile, and have higher
melting points than other metals. Historically, precious metals were
important as currency, but are now regarded mainly as investment and
industrial commodities. Gold, silver, platinum, and palladium each have an
ISO 4217 currency code.
|
Production
|
a
“production stage” project is actively engaged in the process of
extraction and beneficiation of mineral reserves to produce a marketable
metal or mineral product.
|
Pyrite
|
a
yellow iron sulphide mineral of little value and referred to as ‘fool’s
gold’.
|
Pyrrhotite
|
a
bronze-colored, magnetic iron sulphide
mineral
|
Quartz
|
a
common rock-forming mineral consisting of silicon and
oxygen
|
Quartzite
|
a
hard metamorphic rock which was originally sandstone. Sandstone is
converted into quartzite through heating and pressure usually related to
tectonic compression within orogenic belts. Pure quartzite is usually
white to grey, though quartzites often occur in various shades of pink and
red due to varying amounts of iron oxide. Other colors, such as yellow and
orange, are due to other mineral
impurities.
|
Reserve
|
the
term “reserve” refers to that part of a mineral deposit which could be
economically and legally extracted or produced at the time of the reserve
determination. Reserves must be supported by a feasibility study done to
bankable standards that demonstrates the economic extraction. (“Bankable
standards” implies that the confidence attached to the costs and
achievements developed in the study is sufficient for the project to be
eligible for external debt financing.) A reserve includes adjustments to
the in-situ tons and grade to include diluting materials and allowances
for losses that might occur when the material is
mined.
|
Schist
|
any
crystalline rock having a foliated structure and hence admitting of ready
division into slabs or slates.
|
Seismic
|
referring
to earthquakes
|
Shear
|
a
form of strain resulting from stresses that cause or tend to cause
contiguous parts of a body of rock to slide relatively to each other in a
direction parallel to their plane of
contact.
|
Silica
|
the
chemical compound silicon dioxide, also known as silica (from the
Latin silex), is an oxide of silicon with a chemical formula of
SiO
2
and
has been known for its hardness since antiquity. Silica is most commonly
found in nature as sand or quartz, as well as in the cell walls of
diatoms. Silica is the most abundant mineral in the Earth's
crust.
|
Stockwork
|
a
complex system of structurally controlled or randomly oriented veins.
Stockworks are common in many ore deposit types and especially notable in
greisens. They are also referred to as stringer
zones.
|
Stratum
|
one
of several parallel horizontal layers of material arranged
one on top of another. A layer of sedimentary rock having
approximately the same composition
throughout
|
Sulphides
|
an
anion of sulfur in its lowest oxidation number of −2. Sulfide is also a
slightly archaic term for thioethers, a common type of organosulfur
compound that are well known for their bad
odors.
|
Telluride
|
a compound
of a metal with tellurium; metal salts of tellurane. Any organic compound
of general formula R
2
Te (R
not = H), the tellurium analogues of ethers. Another name for
sylvanite.
|
Tonalite
|
an
igneous, plutonic (intrusive) rock, of felsic composition, with phaneritic
texture. Feldspar is present as plagioclase (typically oligoclase or
andesine) with 10% or less alkali feldspar. Quartz is present as more than
20% of the rock. Amphiboles and pyroxenes are common accessory
minerals.
|
UTM
|
the
Universal Transverse Mercator (UTM) coordinate system is a grid-based
method of specifying locations on the surface of the Earth that is a
practical application of a 2-dimensional Cartesian coordinate system. It
is used to identify locations on the earth, but differs from the
traditional method of latitude and longitude in several respects. The UTM
system is not a single map projection. The system instead employs a series
of sixty zones, each of which is based on a specifically defined secant
transverse Mercator projection.
|
Vein
|
a
thin, sheet-like body of hydrothermal mineralization, principally
quartz.
|
Wall
Rock
|
the
rock adjacent to a vein.
|
Wollastonite
|
a
calcium inosilicate mineral (CaSiO
3
)
that may contain small amounts of iron, magnesium, and manganese
substituting for calcium. It is usually white. It forms when impure
limestone or dolostone is subjected to high temperature and pressure
sometimes in the presence of silica-bearing fluids as in skarns or contact
metamorphic rocks. Associated minerals include garnets, vesuvianite,
diopside, tremolite, epidote, plagioclase feldspar, pyroxene and calcite.
It is named after the English chemist and mineralogist William Hyde
Wollaston (1766–1828).
|
Legal
Proceedings
None
reported or pending. Neither we nor our property are subject to any
material legal proceedings or other regulatory proceedings and to our knowledge
no such proceedings are contemplated or threatened.
Enforceability
of Civil Liabilities Against Foreign Persons
It may be
difficult to bring and enforce suits against our management in the United States
as they are citizens of the Republic of the Philippines. The Company,
however, is incorporated in the State of Nevada. Cash and the
one mineral claim are our only assets.
Market
for Common Equity, Dividends and Related Stockholder Matters
Holders
Plandel
has two (2) shareholders at the date of this prospectus.
Market
Information
At the
present time, there is no established market price for our shares. There
are no shares have been offered pursuant to or underlying an employee benefit
plan. There are no shares of common stock that are subject to outstanding
options, warrants or securities convertible into common equity of our
Company. The number of shares subject to Rule 144 is 30,000,000.
Share certificates representing these shares have the appropriate
legend.
No Public
Market for Common Stock
There is
currently no public market for our common stock. We anticipate making an
application for quotation of our common stock on the OTC Bulletin Board upon:
(i) the effectiveness of the registration statement of which this prospectus
forms a part; and (ii) our obtaining a sufficient number of stockholders to
enable our common stock to become quoted on the OTC Bulletin Board.
However, we can provide no assurance that our shares will be quoted on the
bulletin board or, if quoted, that a public market will
materialize.
The SEC
has adopted rules that regulate broker-dealer practices in connection with
transactions in penny stocks. Penny stocks are generally equity securities with
a price of less than $5.00, other than securities registered on certain national
securities exchanges or quoted on the Nasdaq system, provided that current price
and volume information with respect to transactions in such securities is
provided by the exchange or quotation system. The penny stock rules
require a broker-dealer, prior to a transaction in a penny stock, to deliver a
standardized risk disclosure document prepared by the SEC, that: (a) contains a
description of the nature and level of risk in the market for penny stocks in
both public offerings and secondary trading; (b) contains a description of the
broker's or dealer's duties to the customer and of the rights and remedies
available to the customer with respect to a violation to such duties or other
requirements of Securities laws; (c) contains a brief, clear, narrative
description of a dealer market, including bid and ask prices for penny stocks
and the significance of the spread between the bid and ask price; (d)
contains a toll-free telephone number for inquiries on disciplinary actions; (e)
defines significant terms in the disclosure document or in the
conduct of trading in penny stocks; and (f) contains such other information and
is in such form, including language, type, size and format, as the SEC shall
require by rule or regulation.
The
broker-dealer also must provide, prior to effecting any transaction in a penny
stock, the customer with: (a) bid and offer quotations for the penny stock; (b)
the compensation of the broker-dealer and its salesperson in the transaction;
(c) the number of shares to which such bid and ask prices apply, or other
comparable information relating to the depth and liquidity of the market for
such stock; and (d) monthly account statements showing the market value of each
penny stock held in the customer's account. In addition, the penny
stock rules require that prior to a transaction in a penny stock not otherwise
exempt from those rules; the broker-dealer must make a special written
determination that the penny stock is a suitable investment for the purchaser
and receive the purchaser’s written acknowledgment of the receipt of a risk
disclosure statement, a written agreement to transactions involving penny
stocks, and a signed and dated copy of a suitably written
statement.
These
disclosure requirements may have the effect of reducing the trading activity in
the secondary market for our stock if it becomes subject to these penny stock
rules. Therefore, if our common stock becomes subject to the penny stock rules,
stockholders may have difficulty selling those securities.
Outstanding
Options, Warrants or Convertible Securities
As of the
date of this prospectus, we do not have any outstanding options, warrants to
purchase our common stock or securities convertible into shares of our common
stock.
Rule 144
Shares
In
general, under Rule 144, a person who is not one of our affiliates and who is
not deemed to have been one of our affiliates at any time during the three
months preceding a sale and who has beneficially owned shares of our common
stock for at least six months would be entitled to sell them without
restriction, subject to the continued availability of current public information
about us (which current public information requirement is eliminated after a
one-year holding period).
A person
who is an affiliate and who has beneficially owned shares of a company’s common
stock for at least six months, subject to the continued availability of current
public information about us, is entitled to sell within any three month period a
number of shares that does not exceed the greater of:
1.
One percent of the number
of shares of the company's common stock then outstanding, which, in our case,
will equal approximately 300,000 shares as of the date of this prospectus;
or
2.
The average weekly trading
volume of the company's common stock during the four calendar weeks preceding
the filing of a notice on form 144 with respect to the sale.
Rule 144
is not available for either a reporting or non-reporting shell company, as
defined under Rule 405 of the Securities Act, unless the company: has ceased to
be a shell company; is subject to the Exchange Act reporting obligations; has
filed all required Exchange Act reports during the preceding twelve months; and
at least one year has elapsed from the time the company filed with the SEC,
current Form 10 type information reflecting its status as an entity that is not
a shell company.
Registration
Rights
We have
not granted registration rights to either Mario S. Gregorio or Rizalina Raneses
or to any other persons.
We are
paying the expenses of the Offering because we seek to: (i) become a reporting
company with the SEC under the Exchange Act; and (ii) obtain a sufficient number
of shareholders to enable our common stock to be quoted on the OTC Bulletin
Board. We plan to file a Registration Statement on Form 8-A with the SEC
concurrently with, or immediately following, the effectiveness of this
Registration Statement on Form S-1. The filing of the Registration
Statement on Form 8-A will cause us to become a reporting company with the SEC
under the Exchange Act concurrently with the effectiveness of the Registration
Statement on Form S-1. We must be a reporting company under the Exchange
Act in order for our common stock to be eligible for quotation on the OTC
Bulletin Board. We believe that the registration of this Offering may
facilitate the development of a public market in our common stock if our common
stock is approved for quotation on the OTC Bulletin Board.
We
believe that the development of a public market for our common stock will make
an investment in our common stock more attractive to future investors. In
the near future, in order for us to continue with our exploration program, we
may need to raise additional capital. We believe that obtaining reporting
company status under the Exchange Act and quotation on the OTC Bulletin Board
should increase our ability to raise these additional funds from
investors.
Anti-takeover
Provisions
In
accordance with the laws of the State of Nevada and the Securities Regulation
Act.
The
Chapter 78 of Nevada Revised Statutes contains a provision governing
"acquisition of controlling interest." This law provides generally that
any person or entity that acquires 20% or more of the outstanding voting shares
of a publicly-held Nevada corporation in the secondary public or private market
may be denied voting rights with respect to the acquired shares, unless a
majority of the disinterested shareholders of the corporation elects to restore
such voting rights in whole or in part. The control share acquisition act
provides that a person or entity acquires "control shares" whenever it acquires
shares that, but for the operation of the control share acquisition act, would
bring its voting power within any of the following three ranges: 20 to 33 1/3%;
33 1/3 to 50%; or more than 50%.
A
"control share acquisition" is generally defined as the direct or indirect
acquisition of either ownership or voting power associated with issued and
outstanding control shares. The shareholders or board of directors of a
corporation may elect to exempt the stock of the corporation from the provisions
of the control share acquisition act through adoption of a provision to that
effect in the articles of incorporation or bylaws of the corporation. Our
articles of incorporation and bylaws do not exempt our common stock from the
control share acquisition act.
The
control share acquisition act is applicable only to shares of "Issuing
Corporations" as defined by the Nevada law. An Issuing Corporation is a
Nevada corporation, which: has 200 or more shareholders, with at least 100 of
such shareholders being both shareholders of record and residents of Nevada; and
does business in Nevada directly or through an affiliated
corporation.
At this
time, we do not have 100 shareholders of record resident of Nevada.
Therefore, the provisions of the control share acquisition act do not
apply to acquisitions of our shares and will not until such time as these
requirements have been met. At such time as they may apply, the provisions
of the control share acquisition act may discourage companies or persons
interested in acquiring a significant interest in or control of us, regardless
of whether such acquisition may be in the interest of our
shareholders.
The
Nevada "Combination with Interested Shareholders Statute" may also have an
effect of delaying or making it more difficult to effect a change in control of
us. This statute prevents an "interested shareholder" and a resident
domestic Nevada corporation from entering into a "combination," unless certain
conditions are met. The statute defines "combination" to include any
merger or consolidation with an "interested shareholder," or any sale, lease,
exchange, mortgage, pledge, transfer or other disposition, in one transaction or
a series of transactions with an "interested shareholder" having: an aggregate
market value equal to 5 percent or more of the aggregate market value of the
assets of the corporation; an aggregate market value equal to 5 percent or more
of the aggregate market value of all outstanding shares of the corporation; or
representing 10 percent or more of the earning power or net income of the
corporation.
An
"interested shareholder" means the beneficial owner of 10 percent or more of the
voting shares of a resident domestic corporation, or an affiliate or associate
thereof. A corporation affected by the statute may not engage in a
"combination" within three years after the interested shareholder acquires its
shares unless the combination or purchase is approved by the board of directors
before the interested shareholder acquired such shares. If approval is not
obtained, then after the expiration of the three-year period, the business
combination may be consummated with the approval of the board of directors or a
majority of the voting power held by disinterested shareholders, or if the
consideration to be paid by the interested shareholder is at least equal to the
highest of: the highest price per share paid by the interested shareholder
within the three years immediately preceding the date of the announcement of the
combination or in the transaction in which he became an interested shareholder,
whichever is higher; the market value per common share on the date of
announcement of the combination or the date the interested shareholder acquired
the shares, whichever is higher; or if higher for the holders of preferred
stock, the highest liquidation value of the preferred stock.
Registered
Agent
We are
required by Section 78.090 of the Nevada Revised Statutes (the “NRS”) to
maintain a registered agent in the State of Nevada. Our registered agent
for this purpose is American Corporate Enterprises, 123 W Nye Lane, Suite 129,
Carson City, NV 89703. All legal process and any demand or notice
authorized by law to be served upon us may be served upon our registered
agent in the State of Nevada in the manner provided in NRS
14.020(2).
Transfer
Agent
We have
engaged the services of Holladay Stock Transfer, 2939 North 67
th
Place,
Scottsdale, Arizona, 85251-6015, Telephone No.: (480) 481-3940.
Dividend
Policy
We
have not declared or paid any dividends on our capital stock and do not
anticipate paying any cash dividends in the foreseeable future as we plan to
retain any earnings to support operations and to finance growth and development
of our business.
Financial
Statements
Our
fiscal year end is May 31. We will provide audited financial statements to our
stockholders on an annual basis; the financial statements have been audited by
independent accountants. Our audited financial statements for the period from
inception, March 19, 2010, to May 31, 2010 are set forth below.
FINANCIAL STATEMENTS May 31,
2010
|
|
Page
|
|
|
|
Report
of Independent Auditors
|
|
32
|
|
|
|
Balance
Sheets as at May 31, 2010
|
|
33
|
|
|
|
Statement
of Operations for the period from inception March 19, 2010 to May 31,
2010.
|
|
34
|
|
|
|
Statement
of Shareholders’ Equity for the period from inception March 19, 2010 to
May 31, 2010.
|
|
35
|
|
|
|
Statement
of Cash Flows for the period from inception March 19, 2010 to May 31,
2010.
|
|
36
|
|
|
|
Notes
to the Financial Statements
|
|
37
|
Board of
Directors
Plandel
Resources, Inc.
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have
audited the accompanying balance sheet of Plandel Resources, Inc.
(pre-exploration stage company) at May 31, 2010 and the related statements of
operations, stockholders' equity, and cash flows for the period from March 19,
2010 (date of inception) to May 31, 2010. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The company is not required to
have nor were we engaged to perform an audit of its internal control over
financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the company’s internal control
over financial reporting. Accordingly, we express no such
opinion. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosure in the financial statements. An
audit includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Plandel Resources, Inc.
(pre-exploration stage company) as at May 31, 2010 and the related statements of
operations and cash flows for the period from March 19, 2010 (date of inception)
to May 31, 2010, in conformity with accounting principles generally accepted in
the United States of America.
Murray,
Utah
|
/s/ “Madsen
& Associates, CPA’s Inc.”
|
June
18, 2010
|
|
PLANDEL
RESOURCES, INC.
(Pre-exploration
Stage Company)
BALANCE
SHEET
|
|
May
31, 2010
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash
in Trust
|
|
$
|
23,986
|
|
|
|
|
|
|
Total
Current Assets
|
|
$
|
23,986
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
13,800
|
|
|
|
|
|
|
Total
Current Liabilities
|
|
|
13,800
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
|
300,000,000
shares authorized, at $0.001 par value; 30,000,000 shares issued and
outstanding
|
|
|
30,000
|
|
Capital
in excess of par value
|
|
|
2,900
|
|
Deficit
accumulated during the pre-exploration stage
|
|
|
(22,714
|
)
|
|
|
|
|
|
Total
Stockholders’ Equity
|
|
|
10,186
|
|
|
|
|
|
|
|
|
$
|
23,986
|
|
The
accompanying notes are an integral part of these financial
statements.
PLANDEL
RESOURCES, INC.
(Pre-exploration
Stage Company)
STATEMENT
OF OPERATIONS
For the
period from March 19, 2010 (date of inception) to May 31, 2010
|
|
From
March 19, 2010
(date
of inception) to
May 31, 2010
|
|
|
|
|
|
REVENUES
|
|
$
|
-
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
Accounting
and audit
|
|
|
3,800
|
|
Consulting
|
|
|
10,000
|
|
Exploration
expenses
|
|
|
5,000
|
|
Filing
fees
|
|
|
614
|
|
Incorporation
costs
|
|
|
400
|
|
Management
fees
|
|
|
2,000
|
|
Rent
|
|
|
600
|
|
Telephone
|
|
|
300
|
|
|
|
|
|
|
NET
LOSS FROM OPERATIONS
|
|
$
|
(22,714
|
)
|
|
|
|
|
|
NET
LOSS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
$
|
(0.00
|
)
|
|
|
|
|
|
AVERAGE
OUTSTANDING SHARES
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
25,068,493
|
|
The
accompanying notes are an integral part of these financial
statements.
PLANDEL
RESOURCES, INC.
(Pre-Exploration
Stage Company)
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
Period
March 19, 2010 (date of inception) to May 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
in
|
|
|
|
|
|
|
Common
Stock
|
|
|
Excess
of
|
|
|
Accumulated
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Par Value
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
March 19, 2010
|
|
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of common shares for cash at $.001 – March 31, 2010
|
|
|
30,000,000
|
|
|
|
30,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
contributions – expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
2,900
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
operating loss for the period March 19, 2010 (date of Inception) to May
31, 2010
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(22,714
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as at May 31, 2010
|
|
|
30,000,000
|
|
|
$
|
30,000
|
|
|
$
|
2,900
|
|
|
$
|
(22,714
|
)
|
The
accompanying notes are an integral part of these financial
statements
PLANDEL
RESOURCES, INC.
(Pre-exploration
Stage Company)
STATEMENT
OF CASH FLOWS
For the
period from March 19, 2010 (date of inception) to May 31, 2010
|
|
From
March 19,
2010
(date of
inception)
to
May 31, 2010
|
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(22,714
|
)
|
|
|
|
|
|
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Capital
contributions – expenses
|
|
|
2,900
|
|
Changes
in accounts payable
|
|
|
13,800
|
|
|
|
|
|
|
Net
Cash Provided (Used) in Operations
|
|
|
(6,014
|
)
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|
|
-
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of common stock
|
|
|
30,000
|
|
|
|
|
|
|
Net
Cash from financing operations
|
|
|
30,000
|
|
|
|
|
|
|
Net
Increase in Cash
|
|
|
23,986
|
|
|
|
|
|
|
Cash
at Beginning of Period
|
|
|
-
|
|
|
|
|
|
|
CASH
AT END OF PERIOD
|
|
$
|
23,986
|
|
The
accompanying notes are an integral part of these financial
statements
PLANDEL
RESOURCES, INC.
(Pre-exploration
Stage Company)
NOTES TO
FINANCIAL STATEMENTS
May 31,
2010
1. ORGANIZATION
Plandel
Resources, Inc. (the “Company”) was incorporated under the laws of the State of
Nevada on March 19, 2010 with the authorized common capital stock of 300,000,000
shares at $0.001 par value.
The
Company was organized for the purpose of acquiring and developing mineral
properties. At the report date mineral claims, with unknown reserves,
had been acquired. The Company has not established the existence of a
commercially minable ore deposit and therefore has not reached the exploration
stage and is considered to be in the pre-exploration stage.
The
Company has selected May 31 as its year end.
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Accounting
Methods
The
Company recognizes income and expenses based on the accrual method of
accounting.
Dividend
Policy
The
Company has not yet adopted a policy regarding payment of
dividends.
Financial
Instruments
The
carrying amounts of financial instruments are considered by management to be
their estimated fair values due to their short term maturities.
PLANDEL
RESOURCES, INC.
(Pre-exploration
Stage Company)
NOTES TO
FINANCIAL STATEMENTS
May 31,
2010
Basic and
Diluted Net Income (loss)
Per Share
|
Basic
net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding. Diluted
net income (loss) per share amounts are computed using the weighted
average number of common and common equivalent shares outstanding as if
shares had been issued on the exercise of any common share rights unless
the exercise becomes antidilutive and then only the basic per share
amounts are shown in the report.
|
Income
Taxes
The Company utilizes the liability
method of accounting for income taxes. Under the liability method
deferred tax assets and liabilities are determined based on differences between
financial reporting and the tax bases of the assets and liabilities and are
measured using the enacted tax rates and laws that will be in effect, when the
differences are expected to be reversed. An allowance against
deferred tax assets is recorded, when it is more likely than not, that such tax
benefits will not be realized.
On May
31, 2010, the Company had a net operating loss carry forward of $22,714 for
income tax purposes. The tax benefit of approximately $6,800 from the
loss carry forward has been fully offset by a valuation reserve because the
future tax benefit is undeterminable since the Company is unable to establish a
predictable projection of operating profits for future
years. The losses will expire in 2030.
Foreign Currency
Translations
Part of
the transactions of the Company were completed in Canadian dollars and have been
translated to US dollars as incurred, at the exchange rate in effect at the
time, and therefore, no gain or loss from the translation is
recognized. The functional currency is considered to be US
dollars.
Revenue
Recognition
Revenue
is recognized on the sale and delivery of a product or the completion of a
service provided.
PLANDEL
RESOURCES, INC.
(Pre-exploration
Stage Company)
NOTES TO
FINANCIAL STATEMENTS
May 31,
2010
Advertising and Market
Development
The company expenses advertising and
market development costs as incurred.
Financial and Concentrations
Risk
The
Company does not have any concentration or related financial credit
risks.
Impairment of Long-lived
Assets
The
Company reviews and evaluates long-lived assets for impairment when events or
changes in circumstances indicate that the related carrying amounts may not be
recoverable. The assets are subject to impairment consideration under
ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts
might not be recoverable. When the Company determines that an
impairment analysis should be done, the analysis will be performed using rules
of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or
Disposal of Long-Lived Assets.
Mineral Propert
y Acquisition
Costs
|
Cost
of acquisition and option costs of mineral rights are capitalized upon
acquisition. Mine development costs incurred to develop new ore
deposits, to expand the capacity of mines, or to develop mine areas
substantially in advance of current production are also capitalized once
proven and probable reserves exist and the property is a commercially
mineable property. Cost incurred to maintain current
production or to maintain assets on a standby basis are charged to
operations. If the Company does not continue with
exploration after the completion of the feasibility study, the mineral
rights will be expensed at that time. Costs of abandoned
projects are charged to mining costs including related property and
equipment costs. To determine if these costs are in
excess of their recoverable amount periodic evaluation of carrying value
of capitalized costs and related property and equipment costs are based
upon expected future cash flows and/or estimated salvage value in
accordance with Accounting Standards Codification (ASC) 360-10-35-15,
Impairment or Disposal of Long-Lived
Assets.
|
Various factors could impact our
ability to achieve forecasted production schedules. Additionally,
commodity prices, capital expenditure requirements and reclamation costs could
differ from the assumptions the Company may use in cash flow models used to
assess impairment. The ability to
achieve
the estimated quantities of recoverable minerals from exploration stage mineral
interests involves further risks in addition to those factors applicable to
mineral interests when proven and probable reserves have been identified, due to
lower level of confidence that the identified mineralized material can
ultimately be mined economically.
PLANDEL
RESOURCES, INC.
(Pre-exploration
Stage Company)
NOTES TO
FINANCIAL STATEMENTS
May 31,
2010
Estimates and
Assumptions
Management
uses estimates and assumptions in preparing financial statements in accordance
with general accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that
were assumed in preparing these financial statements.
Environmental
Requirements
|
At
the report date environmental requirements related to the mineral claim
acquired are unknown and therefore any estimate of any future cost cannot
be made.
|
Recent Accounting
Pronouncements
The
Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial
statements.
3. AQUISITION
OF MINERAL CLAIM
|
The
Company acquired a mineral claim known as the Plandel Gold Claim located
near Baliuag in the Republic of the Philippines for $5,000 from Rojas
Ventures Ltd, an unrelated company located in Manila,
Philippines. The claim, under Philippine mineral law, remains
in good standing until such time as the Company abandons
it.
|
|
The
acquisition costs have been impaired and expensed because there has been
no exploration activities nor has there been any reserves established and
we cannot currently project any future cash flows or salvage value for the
coming year and the acquisition costs might not be
recoverable.
|
4. SIGNIFICANT
TRANSACTIONS WITH RELATED PARTY
The
officers-director have acquired 100% of the common stock issued and have made
contributions to capital of $2,900 in the form of expenses paid for the
Company.
5. CAPITAL
STOCK
On March
31, 2010, Company completed a private placement consisting of 30,000,000 common
shares sold to directors and officers at a price of $0.001 per share for a total
consideration of $30,000.
6. SUBSEQUENT
EVENTS
The
Company has evaluated subsequent events from the balance sheet through to the
date of this report and has found no material subsequent events to
report.
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
This
discussion should be considered in conjunction with audited financial statements
of the company and forward-looking statements contained here apply from this
date and involve some risks and uncertainties. We are a start-up,
pre-exploration stage company. We have a limited operating history
and have not yet generated or realized any revenues from our
activities. We have yet to undertake any exploration activity on our
sole property, the Plandel Gold Claim. As our property is in the
early stage of exploration and there is no reasonable likelihood that revenue
can be derived from the property in the foreseeable future. Our plan
is to explore the Plandel Gold Claim for gold; we want to proceed but lack of
sufficient cash is our limiting factor. The two phase exploration
program will cost $12,702 (PHP 591,000) for Phase I and $26,617 (PHP
1,238,500) for Phase II. Thus, the anticipated company expenses over
the next year are roughly $40,000 in exploration alone if Phase I and Phase II
are undertaken. We also anticipate an additional $12,175 for
operating expenses including professional legal and accounting services required
after becoming a reporting company. No revenues have yet been
earned. We are a pre-exploration company and do not anticipate
revenues until a commercially profitable product can be extracted and
sold. As exploration has not yet commenced, we remain uncertain as to
whether we will ever discover profitable amounts of mineral and what the market
will be for it when and if we do produce some. If conditions are
favourable, then upon discovery we will enter into production. If we do not
proceed then we will try to acquire an interest in another mineral
claim. Should we not have sufficient funds to purchase another
mineral claim outright then we may have to make a share offering to obtain an
option on a property. If that succeeds then again we would try to
explore with money raised by offering our stock, engaging in borrowing, or
locating a joint venture partner. We have not generated any revenues and
no revenues are anticipated until we begin removing and selling minerals, if
ever. Accordingly, we must raise cash from sources other than the sale of gold
found on the Plandel Gold Claim.
To
implement further exploration work on the Plandel Gold Claim and to stay in
business, we must raise additional cash – particularly over the next 12
months. If we cannot raise additional funds we will not have
sufficient funds to satisfy our cash requirements and would have to go out of
business. Since our business activity is related solely to the exploration and
evaluation of the Plandel Gold Claim, it is the opinion of management that the
most meaningful financial information relates primarily to current liquidity and
solvency. As at May 31, 2010, we had $10,186 in working
capital. Our future financial success will be dependent on the success of
the exploration work on the Plandel Gold Claim. Such
exploration may take years to complete and future cash flows, if any, are
impossible to predict at this time. The realization value from
any mineralization which may be discovered by us is largely dependent on factors
beyond our control such as the market value of metals produced, mining
regulations in the Philippines and foreign exchange rates.
Liquidity
and Capital Resources
Since
inception to May 31, 2010 we have raised capital through private placements of
common stock aggregating $30,000 with our only two shareholders and officers
Mario Gregorio and Rizalina Raneses. We currently have no working
capital and we will have to draw down additional funds from the loan facility
provided by our President and/or raise capital from other sources within the
next twelve months, and in order to satisfy our cash requirements. As
of May 31, 2010 our total assets were $23,986 and our total liabilities were
$13,800.
Our
capital commitments for the coming twelve months consist of administrative
expenses together with expenses associated with the completion of our planned
exploration program. Including this exploration work, we estimate
that we will have to incur the following expenses during the next nine
months:
Expenses
|
|
Amount
|
|
Description
|
Accounting
|
|
$
|
4,650
|
|
Fees
to the independent accountant for preparing the quarterly and annual
working papers for the financial statements for the calendar year ended
2011.
|
Audit
|
|
|
4,550
|
|
Review
of the quarterly financial statements and audit of the annual financial
statements
|
Exploration
|
|
|
12,702
|
|
Per
Roberto Noga for Phase I
|
Filing
Fees
|
|
|
475
|
|
Annual
fee to the Secretary of State for Nevada
|
Office
|
|
|
1,000
|
|
Photocopying,
delivery and fax expenses
|
Transfer
agent’s fees
|
|
|
1,500
|
|
Annual
fee of $500 and estimated miscellaneous charges of
$1,000
|
Estimated
Expenses
|
|
$
|
24,877
|
|
|
Since our
initial share issuances, the Company has been unable to raise additional cash
forcing it to rely in the future upon cash advances from its directors to meet
current and future liabilities over the next few months.
We have
no plant or significant equipment to sell, nor are we going to buy any plant or
significant equipment during the next twelve months. We will not buy
any equipment until we have located a body of ore and we have determined it is
economical to extract the ore from the land. We may attempt to interest other
companies to undertake exploration work on the Plandel Gold Claim through joint
venture arrangement or even the sale of part of the Plandel Gold
Claim. Neither of these avenues has been pursued as of the date of
this prospectus. Our geologist has recommended an exploration program for the
Plandel Gold Claim. However, even if the results of this work suggest
further exploration work is warranted, we do not presently have the requisite
funds and so will be unable to complete anything beyond the exploration work on
Phase I recommended in Roberto Noga’s Report until we raise more money or find a
joint venture partner to complete the exploration work. If we cannot
find a joint venture partner and do not raise more money, we will be unable to
complete any work beyond the exploration program recommended by our
geologist. If we are unable to finance additional exploration
activities, we do not know what we will do and we do not have any plans to do
anything else. We do not intend to hire any employees at this
time. All of the work on the Plandel Gold Claim will be conducted by
our two officers who have extensive experience in geology. They will
be responsible for supervision, surveying, exploration, and excavation and will
be capable of evaluating the information derived from the exploration and
excavation including advising Plandel on the economic feasibility of removing
any mineralized material we may discover.
Limited
Operating History; Need for Additional Capital
There is
no historical financial information about us upon which to base an evaluation of
our performance as an exploration corporation. We are a pre-exploration stage
company and have not generated any revenues from our exploration activities. We
cannot guarantee we will be successful in our exploration activities. Our
business is subject to risks inherent in the establishment of a new business
enterprise, including limited capital resources, possible delays in the
exploration of our properties, and possible cost overruns due to price and cost
increases in services.
To become
profitable and competitive, we must invest into the exploration of our property
before we start production of any minerals we may find. We must obtain equity or
debt financing to provide the capital required to fully implement our phased
exploration program. We have no assurance that financing will be
available to us on acceptable terms. If financing is not available on
satisfactory terms, we may be unable to commence, continue, develop or expand
our exploration activities. Even if available, equity financing could result in
additional dilution to existing shareholder.
Results
of Operations – For the period from March 19, 2010 to May 31,
2010
We
incurred a net loss of $22,714 for the period from March 19, 2010 to May 31,
2010, resulting in a loss per share of $0.00. The loss was attributable to an
aggregate of administrative expenses of $17,714 and $5,000 in exploration
expenses.
Our
Planned Exploration Program
We must
conduct exploration to determine what, if any, amounts of minerals exist on the
Plandel Gold Claim and if such minerals can be economically extracted and
profitably processed.
Our
planned exploration program is designed to efficiently explore and evaluate our
property.
Our
anticipated exploration costs for Phase I work on the Plandel Gold Claim are
approximately $12,702. This figure represents the anticipated cost to
us of completing only Phase I work recommended by Roberto
Noga. However, should the results of this work be sufficiently
encouraging to justify our undertaking Phase II work recommended in the Roberto
Noga Report (included in “Description of Property”), at an estimated cost of
$26,617, we will have to raise additional investment
capital. Regardless, we will have to raise additional funds within
the next twelve months in order to satisfy our ongoing cash requirements and
finance anything beyond Phase I work on the Plandel Gold Claim.
Balance
Sheet
Total
cash as at May 31, 2010 was $23,986. Our working capital as at
May 31, 2010 was $10,186.
Since
inception to May 31, 2010, our working capital was derived from the completion
of an initial seed capital offering March 31, 2010 which raised $30,000.Total
shareholder’s deficit as at May 31, 2010 was $10,186. Total shares outstanding
as at May 31, 2010 were 30,000,000.
Trends
We are in
the pre-explorations stage, have not generated any revenue and have no prospects
of generating any revenue in the foreseeable future. We are unaware
of any known trends, events or uncertainties that have had, or are reasonably
likely to have, a material impact on our business or income, either in the long
term of short term, other than as described in this section or in “Risk
Factors”, page 9.
Critical
Accounting Policies
Our
discussion and analysis of its financial condition and results of operations,
including the discussion on liquidity and capital resources, are based upon our
financial statements, which have been prepared in accordance with accounting
principles generally accepted in the United States. The preparation of these
financial statements requires us to make estimates and judgments that affect the
reported amounts of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. On an ongoing basis, management
re-evaluates its estimates and judgments.
The going
concern basis of presentation assumes we will continue in operation throughout
the next fiscal year and into the foreseeable future and will be able to realize
our assets and discharge our liabilities and commitments in the normal course of
business. Certain conditions, discussed below, are currently present that raise
substantial doubt upon the validity of this assumption. The financial statements
do not include any adjustments that might result from the outcome of the
uncertainty.
Our
intended exploration activities are dependent upon our ability to obtain third
party financing in the form of debt and equity and ultimately to generate future
profitable exploration activity or income from its investments. As of the date
of this registration statement we have not generated revenues, and have
experienced negative cash flow from minimal exploration activities. We may look
to secure additional funds through future debt or equity financings. Such
financings may not be available or may not be available on reasonable
terms.
Changes
in and Disagreements with Accountants on Accounting Procedures and Financial
Disclosure
None
exist.
Directors
and Executive Officers
Plandel
has one director and two executive officers. The Board may consist of
one to nine members as specified by the bylaws. They serve until
their successor is elected and qualified. Elections are by
stockholders at the annual general meeting. Officers are appointed by
the Board and serve until their successors are appointed at the next annual
meeting.
Name
|
|
Age
|
|
Position
|
|
Address
|
Mario
S. Gregorio
|
|
47
|
|
Chief
Executive Officer (President and Director)
|
|
2432
M. Dela Cruz St., Pasay City, Philippines
|
Rizalina
Raneses
|
|
56
|
|
Chief
Financial Officer (Secretary and Treasurer)
|
|
2479
Ramos Street, Pasay City,
Philippines
|
Mario
Santos Gregorio – President and Director
Mr.
Gregorio has 25 years of mining experience. He is a citizen of the
Philippines and attended the University of the Far East, Manila,
Philippines. There he received a Bachelor of Science in Geology with
Honors and authored papers on Methodology of Exploration. Some of
these findings were incorporated by the Bureau of Mines in the Philippines in
1994. Starting in 1985, he was a staff geologist for Bayabas
Resources in Manila and was responsible for both site visits and evaluating the
findings of geologists for properties that his company was considering to
explore. In 1999, he became Director of Exploration of Jumpay Mining LLC in
Cebu, Philippines and was responsible for making recommendations to upper
management as to whether or not a property should be explored and regarding
personnel matters. Since 2003, he has been Senior Director of
Exploration for Silva Mining and is responsible for all exploration activities
in the northern part of the Philippines. Fifteen geologists report
directly to him. Currently he works only part-time with the company
devoting a few hours a month to administrative issues.
Rizalina
Raneses – Secretary and Treasurer
Mrs.
Raneses has 35 years of mining experience. She is a citizen of the
Philippines and attended the University of Philippines, Manila,
Philippines. There she received a Bachelor of Science in
Geology. In 1975, she became employed by the Bureau of Mines and
Mining of the Government of the Philippines as a field geologist and was
responsible for coordinating all field visits by Bureau personnel of mining
claims in the southern part of the country. In 2000, she started work
with Barrios Resource Inc. in Manila as Senior Consulting Geologist and was
responsible for evaluating the findings of field geologists
regarding potential mineral exploration sites. Currently she
works only part-time with the company devoting a few hours a month to accounting
matters.
Currently
neither of the executive officers are directors or executive officers of any
other mining companies. There is no guarantee that this won’t change
in the future and may present a conflict of interest. A Code of
Ethics has thus been adopted to ensure responsible conduct to its customers,
employees, lenders, shareholders and other stakeholders.
No other
significant employees exist with our company at this time and there are no paid
employees. Our Officers and Director fulfil many functions that would
otherwise require Plandel to hire employees or outside
consultants.
Conflicts
of Interest
Our
officers and director are not directors or officers of any other company
involved in the mining industry. However there can be no assurance
such involvement will not occur in the future. Such present and
potential future, involvement could create a conflict of interest.
To ensure
that potential conflicts of interest are avoided or declared to Plandel and its
shareholders and to comply with the requirements of the Sarbanes Oxley Act of
2002, the Board of Directors adopted, on March 23, 2010, a Code of Business
Conduct and Ethics. Plandel’s Code of Business Conduct and Ethics embodies our
commitment to such ethical principles and sets forth the responsibilities of
Plandel and its officers and director to its shareholder, employees, customers,
lenders and other stakeholder. Our Code of Business Conduct and Ethics addresses
general business ethical principles and other relevant issues.
Involvement
in Certain Legal Proceedings
To the
knowledge of the Company, during the past five years, none of our directors or
executive officers:
(1)
|
has
filed a petition under the federal bankruptcy laws or any state insolvency
law, nor had a receiver, fiscal agent or similar officer appointed by the
court for the business or property of such person, or any partnership in
which he was a general partner at or within two years before the time of
such filings;
|
(2)
|
was
convicted in a criminal proceeding or named subject of a pending criminal
proceeding (excluding traffic violations and other minor
offenses);
|
(3)
|
was
the subject of any order, judgment or decree, not subsequently reversed,
suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining him from or otherwise limiting, the following
activities:
|
(i)
acting as a futures commission merchant, introducing broker, commodity trading
advisor, commodity pool operator, floor broker, leverage transaction merchant,
associated person of any of the foregoing, or as an investment advisor,
underwriter, broker or dealer in securities, or as an affiliate person, director
or employee of any investment company, or engaging in or continuing any conduct
or practice in connection with such activity;
(ii) engaging
in any type of business practice; or
(iii)
engaging in any activities in connection with the purchase or sale of any
security or commodity or in connection with any violation of federal or state
securities laws or federal commodities laws;
(4)
|
was
the subject of any order, judgment, or decree, not subsequently reversed,
suspended, or vacated, of any federal or state authority barring,
suspending or otherwise limiting for more than 60 days the right of such
person to engage in any activity described above under this Item, or to be
associated with persons engaged in any such
activities;
|
(5)
|
was
found by a court of competent jurisdiction in a civil action or by the SEC
to have violated any federal or state securities law, and the judgment in
such civil action or finding by the SEC has not been subsequently
reversed, suspended, or vacated.
|
(6)
|
was
found by a court of competent jurisdiction in a civil action or by the
Commodity Futures Trading Commission to have violated any federal
commodities law, and the judgment in such civil action or finding by the
Commodity Futures Trading Commission has not been subsequently reversed,
suspended or vacated.
|
Executive
Compensation
We have
no standard arrangement to compensate directors for their services in their
capacity as directors. The Director and Officers are not paid for meetings
attended. All travel and lodging expenses associated with
corporate matters are reimbursed by us, if and when incurred. Currently,
the director and officers receive and have received no funds or other cash
considerations. There are no financial agreements with our executive
officers at this time although we will reimburse them for reasonable expenses
incurred during their performance. We won’t pay compensation for
attendance at meetings. The table below summarizes
compensation:
Summary
Compensation Table
Annual
Compensation
|
|
|
Long-term
Compensation
|
|
|
|
|
Awards
|
|
|
Payouts
|
|
Name
and
Principal
Position
|
|
Year
|
|
Salary
($)
|
|
|
Other
Annual
Compensation
($)
|
|
|
Restricted
Stock
Awards
($)
|
|
|
Options/SAR
(Number)
|
|
|
LTIP
Payouts
($)
|
|
|
All
Other
Compensation
($)
|
|
(a)
|
|
(b)
|
|
(c)
|
|
|
(d)
|
|
|
(e)
|
|
|
(f)
|
|
|
(g)
|
|
|
(h)
|
|
Mario
Gregorio, CEO
|
|
2010
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
Rizalina
Raneses, CFO
|
|
2010
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
Employment
Agreements
We have
no employment agreements with any of our executive officers.
Equity
Compensation Plans, Stock Options, Bonus Plans
No such
plans or options exist. None have been approved or are
anticipated. No Compensation Committee exists either.
Corporate
Governance
Director
Independence
Our
Director is not independent within the meaning of Section 5605 of
NASDAQ.
Board
Committees
The Audit
Committee
We have
an Audit Committee whose members consist of Mario Santos Gregorio, our CEO, and
Rizalina Raneses, our CFO, neither of whom are independent. Further,
neither Mr. Gregorio nor Ms. Raneses can be considered an “audit committee
financial expert” as defined in Item 401 of Regulation
S-K. Given our size and limited financial ability, we do not
anticipate seeking an audit committee financial expert in the near
future.
The
Charter of the Audit Committee of the Board of Directors sets forth the
responsibilities of the Audit Committee. The primary function of the
Audit Committee is to oversee and monitor our accounting and reporting processes
and the audits of our financial statements.
Apart
from the Audit Committee, we have no other Board Committees. Since
inception, our Board has conducted its business entirely by consent
resolutions.
Principal
Shareholders and Security Ownership of Certain Beneficial Owners and
Management
Principal
Shareholders
Mario
Gregorio and Rizalina Raneses are the principal and only shareholders on record
for our common stock with a combined interest of 30,000,000 shares of common
stock as at June 15, 2010.
Security
Ownership of Certain Beneficial Owner and Management
The
following table sets forth, as at May 31, 2010 the total number of shares owned
beneficially by each of our director, officers and key employees and the present
owner of 5% or more of our total outstanding shares. The shareholders listed
below have direct ownership of their shares and possess sole voting and
dispositive power with respect to the shares. Except as indicated in the
footnotes to these tables, and as affected by applicable community property
laws, all persons listed have sole voting and investment power for all shares
shown as beneficially owned by them.
Title or Class
|
|
Name and Address of
Beneficial Owner (1)
|
|
Amount of Beneficial
Ownership (2)
|
|
|
Percent of
Class
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
|
|
Mario
Gregorio, CEO (President and Director), 2432 M. Dela Cruz St., Pasay
City, Philippines
|
|
|
20,000,000
|
|
|
|
67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
|
|
Rizalina
Raneses, CFO (Secretary and Treasurer), 2479 Ramos Street, Pasay
City, Philippines
|
|
|
10,000,000
|
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
30,000,000
|
|
|
|
100
|
%
|
(1)
|
Unless
otherwise noted, the security ownership disclosed in this table is of
record and beneficial.
|
(2)
|
Under
Rule 13-d of the Exchange Act, shares not outstanding but subject to
options, warrants, rights, conversion privileges pursuant to which such
shares may be acquired in the next 60 days are deemed to be outstanding
for the purpose of computing the percentage of outstanding shares owned by
the person having such rights, but are not deemed outstanding for the
purpose of computing the percentage for such other
persons. None of our officers or director has options,
warrants, rights or conversion privileges
outstanding.
|
We have
no knowledge of any arrangements, including any pledge by any person of our
securities, the operation of which may at a subsequent date result in a change
in our control.
We are
not, to the best of our knowledge, directly or indirectly owned or controlled by
another corporation or foreign government.
Relationships
and Transactions with related persons, promoters and certain control
persons
Relationships
Our
executive officers are not related.
Transactions
with related persons, promoters and certain control persons
We have
not entered into any transaction involving our officers and directors or any
entity controlled by them.
To this
date, and aside from the following transaction proposed with this share
offering, there have been no agreements or transactions with the
director/officers, nominees for election as directors, any principal security
holders, or any relative or spouse of such named persons. There have been no
transactions, or proposed transactions, which have materially affected or will
materially affect us in which any director, executive officer, or beneficial
holder of more than 10% of the outstanding common stock, or any of their
respective relatives, spouses, associates or affiliates has had or will have any
direct or material indirect interest, except as follows:
As of the
date of this prospectus Plandel had issued, to our officers Mario Gregorio and
Rizalina Raneses, an aggregate of 30,000,000 common shares all at the price of
$0.001 per shares for an aggregate consideration of $30,000.
The
shares issued to the officers were in consideration of their agreeing to take
the initiative in developing and implementing the business plan of the Company,
including, among other things, providing the initial seed capital to allow the
Company to engage a professional geologist to assist in identifying a mineral
prospect considered worthy of exploration thus enabling the Company to implement
its business plan
No
transactions between the Selling Security Holders are known to have
occurred.
Item 11A.
M
aterial
changes
No
material changes have occurred within the Company.
Item 12.
Incorporation of Certain
Information by Reference
Where you
can find additional information
We are
not subject to the informational requirements of the Exchange Act and,
accordingly, do not file current and periodic reports, proxy statements and
other information with the SEC. We have filed a registration statement on Form
S1 under the Securities Act, as amended, in connection with this offering. This
prospectus, which is part of the registration statement, does not contain all of
the information contained in the registration statement. For further information
with respect to us and the shares of common stock offered hereby, reference is
made to such registration statement, including the exhibits thereto, which may
be read, without charge, and copied at the public reference facilities
maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. The public
may obtain information on the operation of the public reference room by calling
the SEC at 1-800-SEC-0330. The SEC maintains a site on the World Wide Web at
http://www.sec.gov that contains current and periodic reports, proxy statements
and other information regarding registrants that filed electronically with the
SEC. Statements contained in this prospectus as to the intent of any contract or
other document referred to are not necessarily complete, and in each instance
reference is made to the copy of such contract or other document filed as an
exhibit to this registration statement, each such statement being qualified in
all respects by such reference.
Item
12A.
Disclosure of Commission
Position on Indemnification for Securities Act Liabilities
We are
incorporated under the laws of the State of Nevada. Section 78.138 of
the Nevada Revised Statutes (“NRS”) provides that neither a director nor an
officer of a Nevada corporation can be held personally liable to the
corporation, its stockholders or its creditors unless the director or officer
committed both a breach of fiduciary duty and such breach was accompanied by
intentional misconduct, fraud, or knowing violation of law. Nevada does not
exclude breaches of the duty of loyalty or instances where the director has
received an improper personal benefit.
A Nevada
corporation may indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, except an
action by or in the right of the corporation, by reason of the fact that he is
or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses, including attorneys’ fees, judgments, fines and
amounts paid in settlement actually and reasonably incurred by him in connection
with the action, suit or proceeding, if he is not liable under NRS 78.138 (see
above), acted in “good faith” and in a manner he reasonably believed to be in
and not opposed to the best interests of the corporation, and with respect to
any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful. However, with respect to actions by or in the right of the
corporation, no indemnification shall be made with respect to any claim, issue
or matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the court in which such action or
suit was brought shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which such court
shall deem proper. A director or officer who is successful, on the merits
or otherwise, in defence of any proceeding subject to the Nevada corporate
statutes’ indemnification provisions must be indemnified by the corporation for
reasonable expenses incurred in connection therewith, including attorneys’
fees.
The
Company’s Bylaws provide that the corporation shall, to the maximum extent and
in the manner permitted by the NRS, indemnify and hold harmless any and all
persons whom it shall have power to indemnify under said provisions from and
against any and all liabilities (including expenses) imposed upon or reasonably
incurred by him or her in connection with any action, suit or other proceeding
in which he or she may be involved or with which he or she may be threatened, or
other matters referred to in or covered by said provisions both as to action in
his or her official capacity and as to action in another capacity while holding
such office, and shall continue as to a person who has ceased to be a director
or officer of the corporation. The Company’s Bylaws do not modify Nevada law in
this respect.
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and persons controlling us pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of
the SEC, such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.
We have
no liability insurance.
PART II
–
INFORMATION NOT
R
EQUIRED IN
PROSPECTUS
Item 13. Other
Expenses of Issuance and Distribution
The
following table sets forth the costs and expenses payable by us in connection
with the issuance and distribution of the securities being registered
hereunder. No expenses will be borne by the Selling Security
Holders. All of the amounts shown are estimates, except for the SEC
registration fee.
Expense
|
|
Amount
|
|
|
|
|
|
SEC
filing fees
|
|
$
|
2.14
|
|
|
|
|
|
|
Photocopying
and delivery expenses
|
|
|
1,000.00
|
|
|
|
|
|
|
Consulting
– preparation of Form S-1
|
|
|
10,000.00
|
|
|
|
|
|
|
Accountant
– financial statement preparation
|
|
|
1,050.00
|
|
|
|
|
|
|
Auditors’
examination of financial statements
|
|
|
2,750.00
|
|
|
|
|
|
|
Attorney
opinion letter
|
|
|
1,500.00
|
|
|
|
|
|
|
Estimation
|
|
|
16,302.14
|
|
Item
14. Indemnification of Director and Officers
Under
Chapter 78 of Nevada Revised Statutes Law and our Articles of Incorporation, our
director will have no personal liability to us or our stockholders for damages
incurred as the result of the breach or alleged breach of fiduciary duty as a
director of the Company involving any act or omission of any such
director. This provision does not apply to the directors' (i) acts or
omissions that involve intentional misconduct, fraud or knowing violation of
law, or (ii) approval of an unlawful dividend, distribution, stock repurchase or
redemption under Section 78.300 of the Nevada Revised Statutes. This
provision would generally absolve the director of personal liability for
negligence in the performance of duties, including gross
negligence.
The
effect of this provision in our Articles of Incorporation, is to eliminate the
rights of our Company and our stockholders (through stockholder's derivative
suits on behalf of our Company) to recover damages against a director for breach
of his fiduciary duties as a director (including breaches resulting from
negligent or grossly negligent behavior) except in the situations described in
clauses (i) and (ii) above. This provision does not limit nor
eliminate the rights of our Company or any stockholder to seek relief such as an
injunction or rescission in the event of a breach of a director's fiduciary
duties. The Chapter 78 of Nevada Revised Statutes grants corporations
the right to indemnify their directors, officers, employees and agents in
accordance with applicable law. In addition, our Bylaws authorize the
Company to indemnify directors and officers of the Company in cases where such
officer or director acted in good faith and in a manner reasonably believed to
be in the best interest of the Company, and with respect to any criminal action
or proceeding, had no reasonable cause to believe his conduct was
unlawful.
Item 15. Recent Sales of
Unregistered Securities.
Since the
inception of the Company (March 19, 2010) to the date of this prospectus, the
following sales of unregistered securities were completed:
On March
31, 2010, the Company sold 20,000,000 shares of common stock at one tenth of a
cent ($0.001) to its President and Chief Executive Officer, Mario Gregorio, for
a total purchase price of $20,000 in cash. At the same time,
10,000,000 shares of common stock were sold at one tenth of a cent ($0.001) to
its Chief Financial Officer and Secretary, Rizalina Raneses, for a total
purchase price of $10,000.
Plandel
believes that the above sales were exempt from registration upon reliance of
Section 4(2) of the Securities Act of 1933 and upon Regulation S promulgated
under the Securities Act. No commissions were paid in connection with
the above transactions.
Item 16.
Exhibits
and
Financial Statement Schedules
Exhibit
No.
|
|
Description
|
|
|
|
3.1
|
|
Certificate
of Incorporation
|
|
|
|
3.2
|
|
Articles
of Incorporation
|
|
|
|
3.4
|
|
Bylaws
|
|
|
|
4
|
|
Specimen
Stock Certificate
|
|
|
|
5
|
|
Opinion
re. Legality – Glenn & Glenn
|
|
|
|
10.1
|
|
Transfer
Agent and Registrar Agreement
|
|
|
|
11
|
|
Statement
re: Computation of Per Share Earnings
|
|
|
|
23.1
|
|
Consent
of Madsen & Associates, CPA’s.
|
|
|
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23.2
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Consent
of Legal Counsel – Glenn & Glenn (see Exhibit No.
5)
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23.3
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Consent
of Roberto Noga, Professional Geologist. Geological report by Roberto
Noga, P. Geol.
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99
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Geological
Report of Roberto Noga
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Exhibits
can be found at the end of the S-1 Form.
Item
17. Un
dertakings
Plandel
hereby undertakes:
(a)
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(1)
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File,
during any period in which it offers or sells securities, a post-effective
amendment to this registration statement
to:
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(i) Include
any prospectus required by section 10 (a) (3) of the Securities Act of
1933;
(ii) Reflect
in the prospectus any facts or events which, individually or together, represent
a fundamental change in the information in the registration statement, and
notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospects filed
with the U.S. Securities and Exchange Commission pursuant to Rule 424 (b) if, in
the aggregate, the changes in the volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the “Calculation of
Registration Fee” table in the effective registration statement.
(iii)
Include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement.
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(2)
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That,
for the purpose of determining any liability under the Securities Act of
1933, treats each post-effective amendment as a new registration statement
of the securities offered, and the offering of the securities at that time
to be initial bona fide offering.
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(3)
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File
a post-effective amendment to remove from registration any of the
securities that remain unsold at the end of the
offering.
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(4)
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For
determining liability of the undersigned small business issuer under the
Securities Act to any purchaser in the initial distribution of the
securities, the undersigned small business issuer undertakes that in a
primary offering of securities of the undersigned small business issuer
pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned small business issuer will be a
seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
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(i)
Any preliminary
prospectus or prospectus of the undersigned small business issuer relating to
the offering required to be filed pursuant to Rule 424 (§ 230.424 of this
chapter);
(ii)
Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned small
business issuer or used or referred to by the undersigned small business
issuer;
(iii)
The portion of any other free writing
prospectus relating to the offering containing material information about the
undersigned small business issuer or its securities provided by or on behalf of
the undersigned small business issuer; and
(iv)
Any other communication that is an
offer in the offering made by the undersigned small business issuer to the
purchaser.
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(e)
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Insofar
as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of
the small business issuer pursuant to the foregoing provisions, or
otherwise, the small business issuer has been advised that in the opinion
of the Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the small business
issuer of expenses incurred or paid by a director, officers or controlling
person of the small business issuer in the successful defence of any
action, suit or proceedings) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
small business issuer will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it
is against public policy as expressed in the Securities Act of 1933 and
will be governed by the final adjudication of such
issue.
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(g)
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For
the purpose of determining liability under the Securities Act to any
purchaser, each prospectus filed pursuant to Rule 424(b) (§ 230.424(b) of
this chapter) as part of a registration statement relating to an offering,
other than registration statements relying on Rule 430B or other than
prospectuses filed in reliance on Rule 430A (§ 230.430A of this
chapter), shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use,
supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or
made in any such document immediately prior to such date of first
use.
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Signatures
Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly
caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized in the City of Pasay of the Republic of
the Philippines, on July 8, 2010.
PLANDEL
RESOURCES,
INC.
Mario
Santos Gregorio
Chief
Executive Officer, President and Director
Power of
Attorney
Each
person whose signature appears below constitutes and appoints each of Mario
Gregorio and Rizalina Raneses his or her attorney-in-fact and agent, with the
full power of substitution and resubstitution and full power to act without the
other, for them in any and all capacities, to sign any and all amendments,
including post-effective amendments, and any registration statement relating to
the same offering as this registration that is to be effective upon filing
pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to this
registration statement, and to file the same, with exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission,
hereby ratifying and confirming all that said attorneys-in-fact, or their
substitute or substitutes, may do or cause to be done by virtue
hereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated.
/s/
Mario Santos Gregorio
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President
and Director
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(Principal
Executive Officer)
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July
8, 2010
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/s/
Rizalina Raneses
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Secretary
and Treasurer
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(Principal
Financial Officer)
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July
8, 2010
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Exhibit
3.3 – By laws
BY
LAWS
OF
PLANDEL
RESOURCES, INC.
A Nevada
Corporation
ARTICLE
I
Offices
Section
1. The
registered office of this corporation shall be in the City of Carson City, State
of Nevada.
Section
2. The
Corporation may also have offices at such other places both within and without
the State of Nevada as the Board of Directors may from time to time determine or
the business of the corporation may require.
ARTICLE
2
Meetings
of Stockholders
Section
1. All
annual meetings of the stockholders shall be held at the registered office of
the corporation or at such other place within or without the State of Nevada as
the Directors shall determine. Special meetings of the stockholders may be held
at such time and place within or without the State of Nevada as shall be stated
in the notice of the meeting, or in a duly executed waiver of notice
thereof.
Section
2. Annual
meetings of the stockholders shall be held on the anniversary date of
incorporation each year if not a legal holiday and, and if a legal holiday, then
on the next secular day following, or at such other time as may be set by the
Board of Directors from time to time, at which the stockholders shall elect by
vote a Board of Directors and transact such other business as may properly be
brought before the meeting.
Section
3. Special
meetings of the stockholders, for any purpose or purposes, unless otherwise
prescribed by statute or by the Articles of Incorporation, may be called by the
President or the Secretary, by resolution of the Board of Directors or at the
request in writing of stockholders owning a majority in amount of the entire
capital stock of the corporation issued and outstanding and entitled to vote.
Such request shall state the purpose of the proposed meeting.
Section
4. Notices
of meetings shall be in writing and signed by the President or Vice-President or
the Secretary or an Assistant Secretary or by such other person or persons as
the Directors shall designate. Such notice shall state the purpose or purposes
for which the meeting is called and the time and the place, which may be within
or without this State, where it is to be held. A copy of such notice shall be
either delivered personally to or shall be mailed, postage prepaid, to each
stockholder of record entitled to vote at such meeting not less than ten nor
more than sixty days before such meeting. If mailed, it shall be directed to a
stockholder at his address as it appears upon the records of the corporation and
upon such mailing of any such notice, the service thereof shall be complete and
the time of the notice shall begin to run from the date upon which such notice
is deposited in the mail for transmission to such stockholder. Personal delivery
of any such notice to an officer of the corporation or association, or to any
member of a partnership shall constitute delivery of such notice to such
corporation, association or partnership. In the event of the transfer of stock
after delivery of such notice of and prior to the holding of the meeting, it
shall not be necessary to deliver or mail such notice of the meeting to the
transferee.
Section
5. Business
transactions at any special meeting of stockholders shall be limited to the
purpose stated in the notice.
Section
6. The
holders of a majority of the stock issued and outstanding and entitled to vote
thereat, present in person or represented by proxy, shall constitute a quorum at
all meetings of the stockholders for the transaction of business except as
otherwise provided by statute or by the Articles of Incorporation. If, however,
such quorum shall not be present or represented at any meeting of the
stockholders, the stockholders entitled to vote thereat, present in person or
represented by proxy, shall have power to adjourn the meeting from time to time,
without notice other than announcements at the meeting, until a quorum shall be
presented or represented. At such adjourned meetings at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting as originally notified.
Section
7. When
a quorum is present or represented at any meeting, the vote of the holders of
10% of the stock having voting power present in person or represented by proxy
shall be sufficient to elect Directors or to decide any question brought before
such meeting, unless the question is one upon which by express provision of the
statute or of the Articles of Incorporation, a different vote shall govern and
control the decision of such question.
Section
8. Each
stockholder of record of the corporation shall be entitled at each meeting of
the stockholders to one vote for each share standing in his name on the books of
the corporation. Upon the demand of any stockholder, the vote for Directors and
the vote upon any question before the meeting shall be by ballot.
Section
9. At
any meeting of the stockholders any stockholder may be represented and vote by a
proxy or proxies appointed by an instrument in writing. In the event that any
such instrument in writing shall designate two or more persons to act as
proxies, a majority of such persons present at the meeting, or, if only one
shall be present, then that one shall have and may exercise all the powers
conferred by such written instruction upon all of the persons so designated
unless the instrument shall otherwise provide. No proxy or power of attorney to
vote shall be voted at a meeting of the stockholders unless it shall have been
filed with the Secretary of the meeting when required by the inspectors of
election. All questions regarding the qualifications of voters, the validity of
proxies and the acceptance of or rejection of votes shall be decided by the
inspectors of election who shall be appointed by the Board of Directors, or if
not so appointed, then by the presiding officer at the meeting.
Section
10. Any
action which may be taken by the vote of the stockholders at a meeting may be
taken without a meeting if authorized by the written consent of stockholders
holding at least a majority of the voting power, unless the provisions of the
statute or the Articles of Incorporation require a greater proportion of voting
power to authorize such action in which case such greater proportion of written
consents shall be required.
ARTICLE
3
Directors
Section
1. The
business of the corporation shall be managed by its Board of Directors which may
exercise all such powers of the corporation and do all such lawful acts and
things as are not by statute or by the Articles of Incorporation or by these
Bylaws directed or required to be exercised or done by the
stockholders.
Section
2. The
number of Directors which shall constitute the whole board shall be riot less
than one and not more than eight. The number of Directors may from time to time
be increased or decreased to not less than one or more than eight by action of
the Board of Directors. The Directors shall be elected at the annual meeting of
the stockholders and except as provided in section 2 of this Article, each
Director elected shall hold office until his successor is elected and qualified.
Directors need not be stockholders.
Section
3. Vacancies
in the Board of Directors including those caused by a decrease in the number of
Directors, may be filed by a majority of the remaining Directors, though less
than a quorum, or by a sole remaining Director, and each Director so elected
shall hold office until his successor is elected at the annual or a special
meeting of the stockholders. The holders of a two-thirds of the outstanding
shares of stock entitled to vote may at any time peremptorily terminate the term
of office of all or any of the Directors by vote at a meeting called for such
purpose or by a written statement filed with the Secretary or, in his absence,
with any other officer. Such removal shall be effective immediately, even if
successors are not elected simultaneously and the vacancies on the Board of
Directors resulting therefrom shall only be filled from the
stockholders.
A vacancy
or vacancies on the Board of Directors shall be deemed to exist in case of
death, resignation or removal of any Director, or if the authorized number of
Directors be increased, or if the stockholders fail at any annual or special
meeting of stockholders at which any Director or Directors are elected to elect
the full authorized number of Directors to be voted for at that
meeting.
The
stockholders may elect a Director or Directors at any time to fill any vacancy
or vacancies not filled by the Directors. If the Board of Directors accepts the
resignation of a Director tendered to take effect at a future time, the Board or
the stockholders shall have power to elect a successor to take office when the
resignation is to become effective
No
reduction of the authorized number of Directors shall have the effect of
removing any Director prior to the expiration of his term of
office.
ARTICLE
4
Meeting
of the Board of Directors
Section
1. Regular
meetings of the Board of Directors shall be held at any place within or without
the State which has been designated from time to time by resolution of the Board
or by written consent of all members of the Board. In the absence of such
designation regular meetings shall be held at the registered office of the
corporation. Special meetings of the Board may be held either at a place so
designated or at the registered office.
Section
2. The
first meeting of each newly elected Board of Directors shall be held immediately
following the adjournment of the meeting of stockholders and at the place
thereof. No notice of such meeting shall be necessary to the Directors in order
legally to constitute the meeting, provided a quorum be present. In the event
such meeting is not so held, the meeting may be held at such time and place as
shall be specified in a notice given as hereinafter provided for special
meetings of the Board of Directors.
Section
3. Regular
meetings of the Board of Directors may be held without call or notice at such
time and at such place as shall from time to time be fixed and determined by the
Board of Directors.
Section
4. Special
meetings of the Board of Directors may be called by the Chairman or the
President or by the Vice-President or by any two Directors. Written
notice of the time and place of special meetings shall be delivered personally
to each Director, or sent to each Director by mail or by other form of written
communication, charges prepaid, addressed to him at his address as it is shown
upon the records or if not readily ascertainable, at the place in which the
meetings of the Directors are regularly held. In case such notice is mailed or
telegraphed, it shall be deposited in the postal service or delivered to the
telegraph company at least forty-eight (48) hours prior to the time of the
holding of the meeting. In case such notice is delivered or taxed, it shall be
so delivered or taxed at least twenty-four (24) hours prior to the time of the
holding of the meeting. Such mailing, telegraphing, delivery or taxing as above
provided shall be due, legal and personal notice of such Director.
Section
5. Notice
of the time and place of holding an adjourned meeting need not be given to the
absent Directors if the time and place be fixed at the meeting
adjourned.
Section
6. The
transaction of any meeting of the Board of Directors, however called and noticed
or wherever held, shall be as valid as though transacted at a meeting duly held
after regular call and notice, if a quorum be present, and if, either before or
after such meeting, each of the Directors not present signs a written waiver of
notice, or a consent of holding such meeting, or approvals of the minutes
thereof. All such waivers, consents or approvals shall be filed with the
corporate records or made a part of the minutes of the meeting.
Section
7. The
majority of the authorized number of Directors shall be necessary to constitute
a quorum for the transaction of business, except to adjourn as hereinafter
provided. Every act or decision done or made by a majority of the Directors
present at a meeting duly held at which a quorum is present shall be regarded as
the act of the Board of Directors, unless a greater number be required by law or
by the Articles of Incorporation. Any action of a majority, although not at a
regularly called meeting, and the record thereof, if assented to in writing by
all of the other members of the Board shall be as valid and effective in all
respects as if passed by the Board in regular meeting.
Section
8. A
quorum of the Directors may adjourn any Directors meeting to meet again at
stated day and hour; provided, however, that in the absence of a quorum, a
majority of the Directors present at any Directors meeting, either regular or
special, may adjourn from time to time until the time fixed for the next regular
meeting of the Board.
ARTICLE
5
Committees
of Directors
Section
1. The
Board of Directors may, by resolution adopted by a majority of the whole Board,
designate one or more committees of the Board of Directors, each committee to
consist of two or more of the Directors of the corporation which, to the extent
provided in the resolution, shall and may exercise the power of the Board of
Directors in the management of the business and affairs of the corporation and
may have power to authorize the seal of the corporation to be affixed to all
papers which may require it. Such committee or committees shall have such name
or names as may be determined from time to time by the Board of Directors. The
members of any such committee present at any meeting and not disqualified from
voting may, whether or not they constitute a quorum, unanimously appoint another
member of the Board of Directors to act at the meeting in the place of any
absent or disqualified member. At meetings of such committees, a majority of the
members or alternate members at any meeting at which there is a quorum shall be
the act of the committee.
Section
2. The
committee shall keep regular minutes of their proceedings and report the same to
the Board of Directors.
Section
3. Any
action required or permitted to be taken at any meeting of the Board of
Directors or of any committee thereof may be taken without a meeting if a
written consent
thereto
is signed by all members of the Board of Directors or of such committee, as the
case may be, and such written consent is filed with the minutes of proceedings
of the Board or committee.
ARTICLE
6
Compensation
of Directors
Section
1. The
Directors may be paid their expenses of attendance at each meeting of the Board
of Directors and may be paid a fixed sum for attendance at each meeting of the
Board of Directors or a stated salary as Director. No such payment shall
preclude any Director from serving the corporation in any other capacity and
receiving compensation therefore. Members of special or standing committees may
be allowed like reimbursement and compensation for attending committee
meetings.
ARTICLE
7
Notices
Section
1. Notices
to Directors and stockholders shall be in writing and delivered personally or
mailed to the Directors or stockholders at their addresses appearing on the
books of the corporation. Notices to Directors may also be given by fax and by
telegram. Notice by mail, fax or telegram shall be deemed to be given at the
time when the same shall be mailed.
Section
2. Whenever
all parties entitled to vote at any meeting, whether of Directors or
stockholders, consent, either by a writing on the records of the meeting or
filed with the Secretary, or by presence at such meeting or oral consent entered
on the minutes, or by taking part in the deliberations at such meeting without
objection, the doings of such meeting shall be as valid as if had at a meeting
regularly called and noticed, and at such meeting any business may be transacted
which is not excepted from the written consent to the consideration of which no
objection for want of notice is made at the time, and if any meeting be
irregular for want of notice or such consent, provided a quorum was present at
such meeting, the proceedings of said meeting may be ratified and approved and
rendered likewise valid and the irregularity or defect therein waived by a
writing signed by all parties having the right to vote at such meeting; and such
consent or approval of stockholders may be by proxy or attorney, but all such
proxies and powers of attorney must be in writing.
Section
3. Whenever
any notice whatever is required to be given under the provisions of the statute,
of the Articles of Incorporation or of these Bylaws, a waiver thereof in
writing, signed by the person or persons entitled to said notice, whether before
or after the time stated therein, shall be deemed equivalent
thereto.
ARTICLE
8
Officers
Section
1. The
officers of the corporation shall be chosen by the Board of Directors and shall
be a President, a Secretary and a Treasurer. Any person may hold two or more
offices.
Section
2. The
Board of Directors at its first meeting after each annual meeting of
stockholders shall choose a Chairman of the Board who shall be a Director, and
shall choose a President, a Secretary and a Treasurer, none of whom need be
Directors.
Section
3. The
Board of Directors may appoint a Vice-Chairman of the Board, Vice-Presidents and
one or more Assistant Secretaries and Assistant Treasurers and such other
officers and agents as it shall deem necessary who shall hold their offices for
such terms and shall exercise such powers and perform such duties as shall be
determined from time to time by the Board of Directors.
Section
4. The
salaries and compensation of all officers of the corporation shall be fixed by
the Board of Directors.
Section
5. The
officers of the corporation shall hold office at the pleasure of the Board of
Directors. Any officer elected or appointed by the Board of Directors may be
removed any time by the Board of Directors. Any vacancy occurring in any office
of the corporation by death, resignation, removal or otherwise shall be filled
by the Board of Directors.
Section
6. The
Chairman of the
Board
shall preside at meetings of the stockholders and the Board of
Directors, and shall see that all orders and resolutions of the Board of
Directors are carried into effect.
Section
7. The
Vice-Chairman
shall, in the absence or disability of the Chairman of the Board, perform the
duties and exercise the powers of the Chairman of the Board and shall perform
other such duties as the Board of Directors may from time to time
prescribe.
Section
8. The
President
shall
be the chief executive officer of the corporation and shall have active
management of the business of the corporation. He shall execute on behalf of the
corporation all instruments requiring such execution except to the extent the
signing and execution thereof shall be expressly designated by the Board of
Directors to some other officer or agent of the corporation.
Section
9. The
Vice-Presidents
shall act under the direction of the President and in absence or disability of
the President shall perform the duties and exercise the powers of the President.
They shall perform such other duties and have such other powers as the President
or the Board of Directors may from time to time prescribe. The Board of
Directors may designate
one or
more Executive Vice-Presidents or may otherwise specify the order of seniority
of the Vice-Presidents. The duties and powers of the President shall descend to
the Vice-Presidents in such specified order of seniority.
Section
10. The
Secretary
shall
act under the direction of the President. Subject to the direction of the
President he shall attend all meetings of the Board of Directors and all
meetings of the stockholders and record the proceedings. He shall perform like
duties for the standing committees when required. He shall give, or cause to be
given, notice of all meetings of the stockholders and special meetings of the
Board of Directors, and will perform other such duties as may be prescribed by
the President or the Board of Directors.
Section
11. The
Assistant
Secretaries
shall act under the direction of the President. In order of
their seniority, unless otherwise determined by the President or the Board of
Directors, they shall, in the absence or disability of the Secretary, perform
the duties and exercise the powers of the Secretary. They shall perform other
such duties and have such other powers as the President and the Board of
Directors may from time to time prescribe.
Section
12. The
Treasurer
shall act
under the direction of the President. Section Subject to the direction of the
President he shall have custody of the corporate funds and securities and shall
keep full and accurate accounts of receipts and disbursements in books belonging
to the corporation and shall deposit all money and other valuable effects in the
name and to the credit of the corporation in such depositories as may be
designated by the Board of Directors. He shall disburse the funds of the
corporation as may be ordered by the President or the Board of Directors, taking
proper vouchers for such disbursements, and shall render to the President and
the Board of Directors, at its regular meetings, or when the Board of Directors
so requires, an account of all his transactions as Treasurer and of the
financial condition of the corporation.
If
required by the Board of Directors, the Treasurer shall give the corporation a
bond in such sum and with such surety as shall be satisfactory to the Board of
Directors for the faithful performance of the duties of his office and for the
restoration to the corporation, in case of his death, resignation, retirement or
removal from office, of all books, papers, vouchers, money and other property of
whatever kind in his possession or under his control belonging to the
corporation.
Section
13. The
Assistant
Treasurers
in order of their seniority, unless otherwise determined by
the President or the Board of Directors, shall, in the absence or disability of
the Treasurer, perform the duties and exercise the powers of the Treasurer. They
shall perform such other duties and have such other powers as the President or
the Board of Directors may from time to time prescribe.
ARTICLE
9
Certificates
of Stock
Section
1. Every
stockholder shall be entitled to have a certificate signed by the President or a
Vice- President and the Treasurer or an Assistant Treasurer, or the Secretary or
an Assistant Secretary of the corporation, certifying the number of shares owned
by him in the corporation. If the corporation shall be authorized to issue more
than one class of stock or more that one series of any class, the designations,
preferences and relative, participating, optional or other special rights of the
various classes of stock or series thereof and the qualifications, limitations
or restrictions of such rights, shall be set forth in full or summarized on the
face or back of the certificate which the corporation shall issue to represent
such stock.
Section
2. If
a certificate is signed (a) by a transfer agent other than the corporation or
its employees or (b) by a registrar other than the corporation or its employees,
the signatures of the officers of the corporation may be facsimiles. In case any
officer who has signed or whose facsimile signatures have been placed upon a
certificate shall cease to be such officer before such certificate is issued,
such certificate may be issued with the same effect as though the person had not
ceased to be such officer. The seal of the corporation, or a facsimile thereof,
may, but need not be, affixed to certificates of stock.
Section
3. The
Board of Directors may direct a new certificate or certificates to be issued in
place of any certificate or certificates theretofore issued by the corporation
alleged to have been lost or destroyed upon the making of an affidavit of that
fact by the person claiming the certificate of stock to be lost or destroyed.
When authorizing such issue of a new certificate or certificates, the Board of
Directors may, in its discretion and as a condition precedent to the issuance
thereof, require the owner of such lost or destroyed certificate or
certificates, or his legal representative, to advertise the same in such manner
as it shall require and/or give the corporation a bond in such sum as it may
direct as indemnity against any claim that may be made against the corporation
with respect to the certificate alleged to have been lost or
destroyed.
Section
4. Upon
surrender to the corporation or the transfer agent of the corporation of a
certificate for shares duty endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, it shall be the duty of the
corporation, if it is satisfied that all provisions of the laws and regulations
applicable to the corporation regarding transfer and ownership of shares have
been compiled with, to issue a new certificate to the person entitled thereto,
cancel the old certificate and record the transaction upon its
books.
Section
5. The
Board of Directors may fix in advance a date not exceeding sixty (60) days nor
less than ten (IO) days preceding the date of any meeting of stockholders, or
the date of the payment of any dividend, or the date of the allotment of rights,
or the date when any change or conversion or exchange of capital stock shall go
into effect, or a date in connection with obtaining the consent of stockholders
for any purpose, as a record date for the termination of the stockholders
entitled to notice of and to vote at any such meeting, and any adjournment
thereof, or entitled to receive payment of any such dividend, or to give such
consent, and in the such case, such stockholders, and only such stockholders as
shall be stockholders of record on the date so fixed, shall be entitled to
notice of and to vote as such meeting, or any adjournment thereof, or to receive
such payment of dividend, or to receive such allotment of rights, or to exercise
such rights, or to give such consent, as the case may be, notwithstanding any
transfer of any stock on the books of the corporation after such record date
fixed as aforesaid.
Section
6. The
corporation shall be entitled to recognize the person registered on its books as
the owner of the share to be the exclusive owner for all purposes including
voting and dividends, and the corporation shall not be bound to recognize any
equitable or other claims to or interest in such shares or shares on the part of
any -other person, whether or not it shall have express or other notice thereof,
except as otherwise provided by the laws of Nevada.
ARTICLE
10
General
Provisions
Section
1. Dividends
upon the capital stock of the corporation, subject to the provisions of the
Articles of Incorporation, if any, may be declared by the Board of Directors at
any regular or special meeting, pursuant to law. Dividends may be paid in cash,
in property or in shares of the capital stock, subject to the provisions of the
Articles of Incorporation.
Section
2. Before
payment of any dividend, there may be set aside out of any funds of the
corporation available for dividends such sum or sums as the Directors from time
to time, in their absolute discretion, think proper as a reserve or reserves to
meet contingencies, or for equalizing dividends or for repairing and maintaining
any property of the corporation, or for such other purpose as the Directors
shall think conducive to the interests of the corporation, and the Directors may
modify or abolish any such reserve in the manner in which it was
created.
Section
3. All
checks or demands for money and notes of the corporation shall be signed by such
officer or officers or such other person or persons as the Board of Directors
may from time to time designate.
Section
4. The
fiscal year of the corporation shall be fixed by resolution of the Board of
Directors.
Section
5. The
corporation may or may not have a corporate seal, as may be from time to time
determined by resolution of the Board of Directors. If a corporate seal is
adopted, it shall have inscribed thereon the name of the corporation and the
words "Corporate Seal" and "Nevada". The seal may be used by causing it or a
facsimile thereof to be impressed or affixed or in any manner
reproduced.
ARTICLE
11
Indemnification
Every
person who was or is a party or is a threatened to be made a party to or is
involved in any action, suit or proceeding, whether civil, criminal,
administrative or investigative, by reason of the fact that he or a person of
whom he is the legal representative is or was a Director or officer of the
corporation or is or was serving at the request of the corporation or for its
benefit as a Director or officer of another corporation, or as its
representative in a partnership, joint venture, trust or other enterprise, shall
be indemnified and held harmless to the fullest legally permissible under the
General Corporation Law of the State of Nevada from time to time against all
expenses, liability and loss (including attorney's fees, judgments, fines and
amounts paid or to be paid in settlement) reasonably incurred or suffered by him
in connection therewith. The expenses of officers and Directors incurred in
defending a civil or criminal action, suit or proceeding must be paid by the
corporation as they are incurred and in advance of the final disposition of the
action, suit or proceeding upon receipt of an undertaking by or on behalf of the
Director or officer to repay the amount if it is ultimately determined by a
court of competent jurisdiction that he is not entitled to be indemnified by the
corporation. Such right of indemnification shall be a contract right which may
be enforced in any manner desired by such person. Such right of indemnification
shall not be exclusive of any other right which such Directors, officers or
representatives may have or hereafter acquire and, without limiting the
generality of such statement, they shall be entitled to their respective rights
of indemnification under any bylaw, agreement, vote of stockholders, provision
of law or otherwise, as well as their rights under this
Article.
The Board
of Directors may cause the corporation to purchase and maintain insurance on
behalf of any person who is or was a Director or officer of the corporation, or
is or was serving at the request of the corporation as a Director or officer of
another corporation, or as its representative in a partnership, joint venture.
trust or other enterprise against any liability asserted against such person and
incurred in any such capacity or arising out of such status, whether or not the
corporation would have the power to indemnify such person.
The Board
of Directors may form time to time adopt further Bylaws with respect to
indemnification and amend these and such Bylaws to provide at all times the
fullest indemnification permitted by the General Corporation Law of the State of
Nevada.
ARTICLE
12
Amendments
Section
1. The
Bylaws may be amended by a majority vote of all the stock issued and outstanding
and entitled to vote at any annual or special meeting of the stockholders,
provided notice of intention to amend shall have been contained in the notice of
the meeting.
Section
2. The
Board of Directors by a majority vote of the whole Board at any meeting may
amend these Bylaws, including Bylaws adopted by the stockholders, but the
stockholders may from time to time specify particulars of the Bylaws which shall
not be amended by the Board of Directors.
APPROVED
AND ADOPTED MARCH 22, 2010
CERTIFICATE OF THE
SECRETARY
I,
Rizalina Gregorio Raneses , hereby certify that I am the Secretary Treasurer of
Plandel Resources, Inc. and the foregoing Bylaws, consisting of 11 pages,
constitute the code of Bylaws of this company as duly adopted by the Secretary
of the corporation on March 22, 2010.
IN
WITNESS WHEREOF, I have hereunto subscribed my name on March 22,
2010.
RIZALINA GREGORIO RANESES
|
|
Rizalina
Gregorio Raneses
|
|
Secretary
Treasurer
Exhibit
99 Geological Report of Roberto
Noga
SUMMARY
OF EXPLORATION
ON THE
PLANDEL PROPERTY
PLANDEL,
PHILIPPINES
PLANDEL
GOLD CLAIM
Latitude
14º88'148”
North Longitude
120º 86' 712” East
for
Plandel
Resources Inc.
2432. M.
Dela Cruz
Pasay
City, Philippines
by
Roberto
Noga
July 10,
2009
TABLE OF
CONTENTS
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SUMMARY
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3
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1.
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INTRODUCTION
AND TERMS OF REFERENCE
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4
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1.1
Disclaimer
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4
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2.
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PROPERTY
DESCRIPTION AND LOCATION
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5
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3.
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ACCESSIBILITY,
CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
TOPOGRAPHY
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5-6
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4.
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HISTORY
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6
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5.
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GEOLOGICAL
SETTING
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7
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5.1 REGIONAL
GEOLOGY OF THE AREA
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7
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5.11
STRATIGRAPHY
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7
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5.12
INTRUSIVE
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7
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5.13
STRUCTURE
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8
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6.
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DEPOSIT
TYPES
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8
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7.
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MINERALIZATION
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9
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8.
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EXPLORATION
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9
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8.1
PROPERTY GEOLOGY
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9
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9.
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DRILLING
SUMMARY
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10
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10.
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SAMPLING
METHOD; SAMPLE PREPARATION; DATA VERIFICATION
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10
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11.
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ADJACENT
PROPERTIES
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10
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12.
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INTERPRETATIONS
AND CONCLUSIONS
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10
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13.
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RECOMMENDATIONS
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11
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13.1
BUDGET
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12
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14.
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STATEMENT
OF QUALIFICATIONS
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13-14
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15.
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APPENDIX
I – REFERENCES
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15
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16.
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APPENDIX
II – LOCATION MAPS
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SUMMARY
Plandel
Resources Inc. has purchased a 100% interest in Plandel Gold Claim. The property
consists of one – 9 unit claim block containing 98.5 hectares which have been
staked and recorded with the Mineral Resources Department of the Ministry of
Energy and Mineral Resources of the Government of the Republic of
Philippines.
Plandel
Gold Claim, located about 30 km Northeast of the city of Baliuag, (closest city)
lies 30 km Southwest of Baliuag and 25 km Northwest of Apalit, is a gold
exploration project, located 25 km South of the past producing Nabo Gold Mine.
The claims are accessible by all-weather government-maintained roads to the town
of Baliuag (to the Southwest) and to Apalit to the Northwest. Year-round deep
sea port facilities at Baliuag and the skilled population base found between
Baliuag and Apalit is readily available.
The past
producing mines yielded 29 million ounces of gold during the years 1915 and
2002.
The
district is immensely rich in mineral resources. The high elevation forest of
the district have concentrations of heavy minerals like Ilmenite, Rutile,
Monosite and Zircon which offer scope of exploitation for industrial
purpose.
A
recommended two phased mineral exploration program consisting of air photo
interpretation, geological mapping, geochemical soil sampling and geophysical
surveying will enhance the targets for diamond drilling. This exploration
program to fully evaluate the prospects of the Plandel Gold Mine, at a cost of
Php 1,829,500 is fully warranted to be undertaken.
In 2009,
Plandel Resources Inc. acquired a 100% interest in the Plandel Gold Claim that
was staked to cover gold zones within the similar to the Nabo Gold Claim which
is located approximately 35 kilometers to the south of the Plandel Gold Claim,
produced in excess of 29 million ounces of gold and is currently being
reactivated on a limited basis.
The claim
is located 25 km Northwest of Apalit, 30 km Northeast Baliuag which is the
closest city.
Previous
exploration work to investigate the mineral potential of the property has
outlined some favourable areas for continued exploration and
development.
This
report was initiated by the President of Plandel Resources Inc. to summarize the
exploration potential of the Plandel Gold Claim and its mineral prospects, to be
filed with the appropriate regulatory bodies
In order
to write the report, historical and current geological reports of the area and
of the property were reviewed. A visit to the area of the property was made in
July 6 – 8, 2009 for the purpose of evaluating the exploration potential of the
area. The reports by previous qualified persons as presented from a literature
search of the Mineral Resources Department of the Ministry of Energy and Mineral
Resources of the Government of the Republic of the Philippines in its annual
reports, papers, Geological Survey maps and assessment reports provide most of
the technical basis for this report.
2.
|
PROPERTY
DESCRIPTION AND LOCATION
|
Plandel
Gold Claim project consists of 1 unpatented mineral claim, located 30 kilometers
Northwest of the city of Baliuag at UTM co-ordinates Latitude 14º88'148” N and
Longitude 120º 86' 712” E. The mineral claim was assigned to Plandel Resources
Inc. by Rojas Ventures Ltd and the said assignment was filed with the Mineral
Resources Department of the Ministry of Energy and Mineral Resources of the
Government of the Republic of the Philippines.
There are
no known environmental concerns or parks designated for any area contained
within the claims. The property has no encumbrances. As advanced exploration
proceeds there may be bonding requirements for reclamation.
Plandel
Resources Inc. has purchased a 100% interest in the property.
3.
|
ACCESSIBILITY,
CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
TOPOGRAPHY
|
Plandel
Gold Claim is accessible from Plandel by traveling on the country’s only highway
system which for the most part consists of one lane in each direction and by
taking an all weather gravel road. Plandel lies in a non-active seismic area,
which means that it is free from major earthquakes. The city was formed in the
so-called Carbon period, some 350 million years ago. During this period, large
shallow marshes were formed with abundant vegetation. The rotting plants and
trees in these marshes turned into peat and later into coal. The town still has
large coal reserves, the basis for the city’s coal mining industry of
today.
The
Philippines is situated between 5 and 22 degrees North latitude. This means the
country falls within the so-called tropical climate zone, a zone characterized
by high temperatures the whole year round, relatively high rainfall and lush
vegetation. Rainfall on the city can occur in every month, but the wettest
months are October, November and December. Annual rainfall is approximately 1.5
meters. Due to the steep, deforested, mountains on average 60 percent of the
rainwater runs off fast to the sea. The remaining 40 percent partly evaporates
partly seeps through to the island’s underground water
aquifier.
Plandel
has an experienced work force and will provide all the necessary services needed
for an exploration and development operation, including police, hospitals,
groceries, fuel, helicopter services, hardware and other necessary items.
Drilling companies and assay facilities are present in Baliuag.
Deposits
of shell and eroded sand formed the basis for the limestone, which makes up most
of Philippines. This limestone was, over the ages, pushed upwards, making it
possible to find today sea fossils high in the country’s mountains. This pushing
up continues today. It is caused by the fact that the Philippine Plate, on which
most of the country lies, is slowly diving under the Eurasian Plate of the
mainland of Asia.
Philippines
are characterized by steep mountains without any substantial forest cover.
Highest peaks reach over 1,000 meters. The island is 300 km long and 35 km wide.
High, steep mountains, short distances and lack of forest cover mean that
rainwater runs fast to the sea, causing substantial erosion.
The
island has vast copper, gold and coal reserves which are mined mainly in the
central part.
Numerous
showings of mineralization have been discovered in the area and six prospects
have achieved significant production, with the nearby Nabo Gold Mine (25
kilometers away) producing 225,000 ounces of Gold annually.
During
the 1990’s several properties south of Plandel Gold Claim were drilled by junior
mineral exploration companies.
Plandel
Resources Inc. is preparing to conduct preliminary exploration work on the
property.
5.1
|
Regional
Geology of the Area
|
The hilly
terrains and the middle level plain contain crystalline hard rocks such as
charnockites, granite gneiss, khondalites, leptynites, metamorphic gneisses with
detached occurrences of crystalline limestone, iron ore, quartzo-feldspathic
veins and basic intrusives such as dolerites and anorthosites. Coastal zones
contain sedimentary limestones, clay, laterites, heavy mineral sands and silica
sands. The hill ranges are sporadically capped with laterites and bauxites of
residual nature. Gypsum and phosphatic nodules occur as sedimentary veins in
rocks of the cretaceous age. Gypsum of secondary replacement occurs in some of
the areas adjoining the foot hills of the Western Ghats. Lignite occurs as
sedimentary beds of tertiary age. The Black Granite and other hard rocks are
amenable for high polish. These granites occur in most of the districts except
the coastal area.
The
principal bedded rocks for the area of Plandel Gold Claim (and for most of the
Philippines for that matter) are Precambrian rocks which are exposed along a
wide axial zone of a broad complex.
Gold at
the Nabo Gold Mine (which, as stated above, is in close proximity to the Plandel
Gold Claim) is generally concentrated within extrusive volcanic rocks in the
walls of large volcanic caldera.
In
general the volcanoes culminate with effluents of hydrothermal solutions that
carry precious metals in the form of naked elements, oxides or
sulphides.
These
hydrothermal solutions intrude into the older rocks as quartz veins. These rocks
may be broken due to mechanical and chemical weathering into sand size particles
and carried by streams and channels. Gold occurs also in these sands as
placers.
Recent
exploration result for gold occurrence in Plandel, Kalinga is highly
encouraging. Gold belt in sheared gneissic rocks is found in three subparallel
auriferous load zones where some blocks having 300 to 600 meter length and 2 to
3.5 meter width could be identified as most promising
ones.
DEPOSITIONAL
ENVIRONMENT / GEOLOGICAL SETTING: Veins form in high-grade, dynamothermal
metamorphic environment where metasedimentary belts are invaded by igneous
rocks.
HOST/ASSOCIATED
ROCK TYPES: Hosted by paragneisses, quartzites, clinopyroxenites,
wollastonite-rich rocks, pegmatites. Other associated rocks are charnockites,
granitic and intermediate intrusive rocks, quartz-mica schists, granulites,
aplites, marbles, amphibolites, magnetite-graphite iron formations and
anorthosites.
TECTONIC
SETTING(S): Katazone (relatively deep, high-grade metamorphic environments
associated with igneous activity; conditions that are common in the shield
areas).
DEPOSITIONAL
ENVIRONMENT / GEOLOGICAL SETTING: Veins form in high-grade, dynamothermal
metamorphic environment where metasedimentary belts are invaded by igneous
rocks.
Deposits
are from a few millimeters to over a metre thick in places. Individual veins
display a variety of forms, including saddle-, pod- or lens-shaped, tabular or
irregular bodies; frequently forming anastomosing or stockwork
patterns
Mineralization
is located within a large fractured block created where prominent
northwest-striking shears intersect the norths triking caldera fault zone. The
major lodes cover an area of 4 km and are mostly within 600m of the surface.
Lodes occur in three main structural settings:
(i)
|
steeply
dipping northweststriking shears;
|
(ii)
|
flatdipping
(1040) fractures (flatmakes); and
|
(iii)
|
shatter
blocks between shears.
|
Most of
the gold occurs in tellurides and there are also significant quantities of gold
in pyrite.
No
mineralization has been reported for the area of the property but structures and
shear zones affiliated with mineralization on adjacent properties pass through
it.
Previous
exploration work has not to the author’s knowledge included any attempt to drill
the structure on Plandel Gold Claim. Records indicate that no detailed
exploration has been completed on the property.
To the
south of the property is intrusives consisting of rocks such as tonalite,
monzonite, and gabbro while the property itself is underlain by sediments and
volcanics. The intrusives also consist of a large mass of granodiorite towards
the western most point of the property.
The area
consists of interlayered chert, argillite and massive andesitic to basaltic
volcanics. The volcanics are hornfelsed, commonly contain minor pyrite,
pyrrhotite.
No
drilling is reported on the Plandel Gold Claim.
10.
|
SAMPLING
METHOD; SAMPLE PREPARATION; DATA
VERIFICATION
|
All the
exploration conducted to date has been conducted according to generally accepted
exploration procedures with methods and preparation that are consistent with
generally accepted exploration practices. No opinion as to the quality of the
samples taken can be presented.
No other
procedures of quality control were employed and no opinion on their lack is
expressed.
The
adjacent properties are cited as examples of the type of deposit that has been
discovered in the area and are not major facets to this report.
12.
|
INTERPRETATIONS
AND CONCLUSIONS
|
The area
is well known for numerous productive mineral occurrences including the Nabo
Gold Claim.
The
locale of the Plandel Gold Claim is underlain by the units of the Precambrian
rocks that are found at those mineral occurrence sites.
These
rocks consisting of cherts and argillites (sediments) and andesitic to basaltic
volcanic have been intruded by granodiorite. Structures and mineralization
probably related to this intrusion are found throughout the region and occur on
the claim. They are associated with all the major mineral occurrences and
deposits in the area.
Mineralization
found on the claim is consistent with that found associated with zones of
extensive mineralization. Past work however has been limited and sporadic and
has not tested the potential of the property.
Potential
for significant amounts of mineralization to be found exists on the property and
it merits intensive exploration.
A two
phased exploration program to further delineate the mineralized system currently
recognized on Plandel Gold Claim is recommended.
The
program would consist of air photo interpretation of the structures, geological
mapping, both regionally and detailed on the area of the main showings,
geophysical survey using both magnetic and electromagnetic instrumentation in
detail over the area of the showings and in a regional reconnaissance survey and
geochemical soil sample surveying regionally to identify other areas on the
claim that are mineralized and in detail on the known areas of mineralization.
The effort of this exploration work is to define and enable interpretation of a
follow-up diamond drill program, so that the known mineralization and the whole
property can be thoroughly evaluated with the most up to date exploration
techniques.
The
proposed budget for the recommended work in Php 1,829,500 is as
follows:
Phase
I
1. Geological
Mapping
|
|
Php
|
315,000
|
|
|
|
|
|
|
2. Geophysical
Surveying
|
|
Php
|
276,000
|
|
|
|
|
|
|
TOTAL
PHASE I
|
|
Php
|
591,000
|
|
Phase
II
1. Geochemical
surveying and surface sampling
|
|
Php
|
1,238,500
|
|
(includes
sample collection and essaying)
|
|
|
|
|
|
|
|
|
|
TOTAL
PHASE II
|
|
Php
|
1,238,500
|
|
|
|
|
|
|
GRAND
TOTAL EXPLORATION
|
|
Php
|
1,829,500
|
|
14.
|
STATEMENT
OF QUALIFICATIONS
|
I,
ROBERTO NOGA, of 45 Mora Street, Mexico, Panpamga, Philippines hereby certify
that:
1.
I am a graduate of
the University of The Philippines, Manila, Philippines with a Bachelor of
Science degree in Geology (1978) and a Masters of Science (1982) from the same
University;
2.
I have worked as Geologist for over 30 years;
3.
I have worked as a Geological Consultant for companies in the Philippines such
as Legaspi Resources, Villeyo Explorations, and Leogarndo Resources and have
consulted for several other companies around the world writing reports for their
use and am therefore qualified to write this report and recommend the proposed
exploration program and budget in this report;
4.
I am a member of the Geological Society of Philippines.
5.
I visited the property from July 6
th
to
8
th
,
2009. During this visit, I was able to interview field party personnel who were
working throughout the property.
6.
I am responsible for this report and the opinions expressed therein including
the information in the Appendices which are affixed to this report and are a
part of it, and referred to in the report but contain more "field work" type
detail and specifications of the analysis.
7.
There are no material facts or material changes in the subject matter of this
report that would mislead the reader.
8.
I have no interest, direct or indirect, in the properties or shares of
Plandel Resources Inc, nor do I expect to receive any.
9.
I have no prior involvement with this property and have read Instrument and Form
43-101 F1 and this technical report has been prepared in compliance with this
instrument and Form 43-101 F1.
10. I
hereby grant my permission for Plandel Resources Inc. to use this report for any
corporate use normal to the business of the Company.
Dated at
Manila, Philippines this 10
th
day of
July, 2009.
Roberto
Noga
APPENDIX
I
REFERENCES
|
·
|
Corby,
Grant W., et al GEOLOGY AND OIL POSSIBILITIES OF THE
PHILIPPINES
|
|
·
|
Garrison,
R. E., et.al. / PETROLOGY, SEDIMENTOLOGY, AND DIAGENESIS OF HEMIPELAGIC
LIMESTONE AND TUFFACEOUS TUBIDITES IN THE AKSITERO FORMATION, CENTRAL
LUZON, PHILIPPINES
|
|
·
|
Mining
Bureau Gold in the Philippines
|
|
·
|
By
James W. Boyd Fundamentals of Coal and Mineral
Valuations
|
|
·
|
Ricardo
Carrere (WRM International Coordinator) MINING Social and Environmental
Impacts
|
|
·
|
Presidential
Decrees on Mining, with Implementing Regulations, Special Laws, and other
Materials. Manila, Philippines
|