February 25, 2017 3:37 PM ET

Metals and Mining

Company Overview of Minecorp Energy Ltd.

Company Overview

Minecorp Energy Ltd., an exploration stage junior mining company, focuses on the exploration of metallurgical coal, and oil and gas projects in North American. The company was formerly known as Global Met Coal Corporation and changed its name to Minecorp Energy Ltd. in July 2014. Minecorp Energy Ltd. was incorporated in 2005 and is based in Vancouver, Canada.

315 – 837 West Hastings Street

Vancouver, BC V6C 3N6


Founded in 2005

Key Executives for Minecorp Energy Ltd.

Chief Executive Officer, President and Director
Age: 66
Total Annual Compensation: C$180.0K
Chief Financial Officer
Age: 43
Total Annual Compensation: C$30.2K
Compensation as of Fiscal Year 2016.

Minecorp Energy Ltd. Key Developments

Minecorp Energy Ltd., Annual General Meeting, Feb 06, 2017

Minecorp Energy Ltd., Annual General Meeting, Feb 06, 2017, at 10:00 Pacific Standard Time. Location: Suite 615 - 800 West Pender Street Vancouver British Columbia Canada Agenda: To receive and consider the report of the directors and the financial statements of the company together with the auditor's report thereon for the financial years ended March 31, 2015 and 2016; to determine the number of directors at three; to elect directors for the upcoming year; to appoint Smythe Ratcliffe LLP, Chartered Accountants, as the auditors for the upcoming year and to authorize the directors to approve the auditor's remuneration; to re-approve the 10% rolling Stock Option Plan; and to transact such further or other business as may properly come before the Meeting and any adjournments thereof.

Minecorp Energy Ltd. Auditor Raises 'Going Concern' Doubt

Minecorp Energy Ltd. filed its Annual on Jul 25, 2016 for the period ending Mar 31, 2016. In this report its auditor, Smythe Ratcliffe, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Minecorp Energy Ltd. Enters into Agreement with Magnum Manufacturing, LLC to Form a Joint Venture

Minecorp Energy Ltd. announced that it has entered into a letter of intent with Magnum Manufacturing, LLC, wherein the parties intend form a joint venture to conduct international business development of Magnum’s tubular running and drilling equipment and technology via a proposed Joint Venture Partnership in Mexico and other mutually agreed countries. The proposed joint venture between Magnum and Minecorp will be structured on the growing demand in the oil and gas market for Magnum’s innovative products and its industry expertise. The contributions by each party include, but are not limited to, the following: Magnum: Shall supply the trained operational personnel and industry contacts; shall provide research and development, quality control and quality assurance of its equipment, for installation/running, reaming and/or drilling; and shall provide technology information for international government affairs and approvals for implementation for its Licensee in Mexico, as needed. Minecorp: Shall provide financing for international business development in Mexico proportionate to its share of ownership of the joint venture; and shall assist with international business development in Mexico, as needed, including sales and marketing, logistics, government affairs, global import and export, trade and manufacturing of Magnum technologies. With both parties having substantially completed due diligence, Minecorp and Magnum will now proceed with the negotiation of a formal joint venture agreement. While final terms to be settled, the current understating of the Parties is that Magnum will contribute up to $11,000,000 in oilfield services equipment for a 40% interest in the joint venture while Minecorp will provide up to $8,000,000 in funding to the joint venture, of which approximately $4,000,000 would be required in the first year, for a 60% interest in the joint venture, Minecorp anticipates such funding to be by way of a combination of equity and debt financing.

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