Nature of Business
New America Energy Corp (formerly Atheron,
Inc.) was incorporated in Nevada on May 8, 2006 as a development stage company, initially developing a technology for ethanol-methanol
gasoline. The Company did not progress the development of this technology.
On November 5, 2010, we underwent a
change of control and the Companys newly appointed sole director and majority shareholder approved a name change to New
America Energy Corp. and a twenty-five (25) new for one (1) old forward stock split of the Companys issued and outstanding
shares of common stock, such that its issued and outstanding shares of common stock increased from 2,150,000 to 53,750,000.
On November 16, 2010, the Nevada Secretary
of State accepted for filing of the Certificate of Amendment to the Companys Articles of Incorporation to change our name
from Atheron Inc. to New America Energy Corp.
The forward stock split and name change
has become effective with the Over-the-Counter Bulletin Board at the opening of trading on December 1, 2010 under the Companys
new symbol NECA. Our new CUSIP number is 641872 106.
The effect of the stock split has been
recognized retroactively in the stockholders equity accounts as of May 8, 2006, the date of our inception, and in all shares
and per share data in the financial statements.
On February 3, 2011 we entered into
property acquisition agreements with First Liberty Power Corp. (FLPC), and GeoXplor Inc. (GeoXplor).
Pursuant to the terms of the agreements, we acquired an option, as well as exploration rights, in certain unpatented mining claims
located in Southern Utah which we refer to the Uravan Property. On May 31, 2011, we amended
the agreement to extend the payment date for an additional 120 days. The Company did not pay the required option payments
under the agreements and the property was lost on September 30, 2011.
On May 31, 2011, we entered into a property
acquisition agreement with GeoXplor Corp. Pursuant to the terms of the agreement. Pursuant to the terms of the agreement, we acquired
an option, as well as exploration rights, in certain unpatented mining claims located in Clayton Valley, Nye County, Nevada. Subsequently
on October 27, 2011, we entered into an amended property acquisition agreement whereby we acquired additional claims. Further
on June 20, 2012, we entered into an amended property acquisition agreement which amended and replaced the May 31, 2011 agreement
and the October 27, 2011 agreement. Under the amended agreement we amended and extended the terms for payments to GeoXplor Corp.
in exchange for the issuance of additional shares:
As a result of these agreements, the
Company will be focused exclusively on the acquisition and development of mineral resource properties.