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EXCEL - IDEA: XBRL DOCUMENT - Alternative Energy Partners, Inc.Financial_Report.xls
10-K - FORM 10-K - Alternative Energy Partners, Inc.f10k7312012.htm
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EX-32 - CERTIFICATION - Alternative Energy Partners, Inc.exhibit32.htm
EX-31 - PRINCIPAL ACCOUNTING OFFICER CERTIFICATION - Alternative Energy Partners, Inc.exhibit312.htm
EX-31 - CEO CERTIFICATION - Alternative Energy Partners, Inc.exhibit311.htm
v2.4.0.6
Subsequent Events
12 Months Ended
Jul. 31, 2012
Subsequent Events:  
Subsequent Events

During August to October 2012, a total of $8,200 of notes payable have been converted into 32,867,351 shares of common stock detailed below.

 

Holder

Note Date

Principal

Shares

Asher Enterprises, Inc.

August 16, 2012

 $    2,600

8,125,000

Asher Enterprises, Inc.

September 19,2012

2,200

  8,148,148

Asher Enterprises, Inc.

October 1, 2012

1,900

8,260,870

Asher Enterprises, Inc.

October 11,2012

1,500

8,333,333

 $    8,200

32,867,351

 

As a result of these transactions, there were 209,619,640 common shares outstanding at December 6, 2012.

 

On October 22, 2012, the Company entered into an Acquisition Agreement with Élan Energy & Water, Inc., Inc., its majority shareholder, to acquire Safford Acquisition I, Corp., an Arizona corporation (“SAC”), in exchange for 100,000,000 shares of post-reverse split common stock. The Board of Directors of AEGY also approved a 1:100 reverse split of the common stock, by undertaking a reduction in capital under Florida law, pursuant to which the number of shares of common stock issued and outstanding will be reduced by a factor of 100 simultaneously with the reduction in the authorized shares of common stock from 250,000,000 to 2,500,000 shares. Under Florida law, a capital reduction does not require vote of or approval by the shareholders. The capital reduction will be effective as soon as the regulatory requirements have been met, including review of a Notification of Corporate Action by FINRA. The effective date is the later of 21 days from October 22, 2012 or the date approved by FINRA, which will announce the effective date.

 

SAC is a newly formed acquisition company which will acquire the mineral interests in 160 acres of land located near Safford, Arizona. The in-ground mineral on the site has been valued independently at approximately $650,000,000, based on assays for precious metals on the property. In addition to the stock in AEGY, valued at $5,000,000 using the closing market price of Registrant’s common stock on October 22, 2012 of $0.0005 per share, AEGY also has agreed to provide the funding necessary to complete the extraction, transportation, refining and marketing of the precious metals on the site; to engage the previous owner of the site, from which Élan has agreed to acquire the mineral leases, to manage the operations and development of the site for one-third of the net profits from the minerals extracted and sold; and to pay Élan a running royalty of ten percent of the net profit from the minerals extracted and sold, after taking into account the amounts due on the operating consulting agreement.