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EXCEL - IDEA: XBRL DOCUMENT - SILVER STREAM MINING CORP.Financial_Report.xls
10-K - ANNUAL REPORT FOR FISCAL PERIOD ENDED AUGUST 31, 2012 - SILVER STREAM MINING CORP.wsindustries10k2012.htm
XML - IDEA: XBRL DOCUMENT - SILVER STREAM MINING CORP.R2.htm
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EX-31.1 - CEO AND CFO SOX 302 CERTIFICATE - SILVER STREAM MINING CORP.exhibit311.htm
EX-32.1 - CEO AND CFO SOX 906 CERTIFICATE - SILVER STREAM MINING CORP.exhibit321.htm
v2.4.0.6
Convertible Promissory Notes
12 Months Ended
Aug. 31, 2012
Convertible Promissory Notes  
Convertible Promissory Notes

Note 8

Convertible Promissory Notes

 

 

August 31, 2012

August 31, 2011

 

 

 

Convertible promissory note payable, bearing interest at 15% per annum compounded quarterly, came due April 1, 2012

 

 

$   288,670

 

 

$    288,670

Convertible promissory notes payable with a face value of $252,294 and a fair value of $219,302 at issuance and including accumulated accretion of $32,992 (August 31, 2011 - $13,147), less repayment of $5,000 (August 31, 2011 - $nil), non-interest bearing, came due April 1, 2012

 

 

 

 

247,294

 

 

 

 

232,449

 

 

 

 

$   535,964

$     521,119

 

On April 1, 2011, the Company agreed with certain of its creditors to settle $540,964 in amounts owed in respect of accrued management and administrative fees as well as loans and advances payable to those creditors in exchange for convertible promissory notes in the same amount.  The Company accounted for the transaction as an extinguishment of debt and recorded a loss on extinguishment of $19,982,676 as a result of recording the new promissory notes at their fair value of $20,523,640.  The fair value of the notes was determined with reference to the quoted market price of the Company’s shares multiplied by the number of common shares of the Company that would be issued upon conversion of the notes.  The premium of the fair value of the notes over the principal balances totaling $20,015,668 was recorded as additional paid-in capital.

 

These notes matured on April 1, 2012 and bore no terms of interest except for the note in the amount of $288,670 which bears interest at the rate of 15% per annum.  The non-interest bearing convertible notes with an aggregate face value of $252,294 were discounted using an estimated market discount rate of 15% and their fair value was calculated to be $219,302.  The difference of $32,992 was accreted over the life to maturity using the effective interest rate method. During the year ended August 31, 2012, the Company recorded accretion expense of $19,845 (2011: $13,147) on the non-interest bearing convertible note.  During the year ended August 31, 2012, the Company recorded accrued interest of $61,168 (2011: $18,960) on the interest bearing convertible note in accrued liabilities.

 

The terms of the convertible promissory notes allow the note holders to elect to convert the principal and accrued interest thereon at any time during the term of the notes into common shares at $0.01 per share.  The conversion features of these notes are without price re-set or cash settlement clauses and therefore have not been bifurcated and recorded as a derivative liability.  

 

At August 31, 2012, $176,300 (August 31, 2011: $181,300) of the non-interest bearing promissory notes are due to an officer of the Company and his spouse.   

 

The convertible promissory notes came due on April 1, 2012.  The Company is currently negotiating to amend the terms of the debt.