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EXCEL - IDEA: XBRL DOCUMENT - Panex Resources Inc.Financial_Report.xls
10-Q - FORM 10-Q - Panex Resources Inc.tenq.htm
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EX-32 - EXHIBIT 32 - Panex Resources Inc.exhibit32.htm
EX-31.2 - EXHIBIT 31.2 - Panex Resources Inc.exhibit31-2.htm
EX-31.1 - EXHIBIT 31.1 - Panex Resources Inc.exhibit31-1.htm
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4. Related Party Transactions
3 Months Ended
Nov. 30, 2012
Notes to Financial Statements  
4. Related Party Transactions

 

4.Related Party Transactions
a.There were no donated services provided by the president of the Company during the three months ended November 30, 2012 (November 30, 2011: $15,260).
b.The Company incurred $34,403management fees during the three months ended November 30, 2012 (prior period: $Nil) for services provided by the president of the Company. Management fees are 10,000 Swiss Francs per month and the agreement expires in December 2015, however can be terminated with 6 months notice. As of November 30, 2012, the Company has an accrued liability of $21,538 for management fees and travel expenses due to this related party.
c.Included in professional fees during the three months ended November 30, 2012 were$22,615 in consulting feesrecognized for services performed by Coresco AG (prior period:$11,772), including the amount paid to the Chief Financial Officer. Consulting fees are 7,000 Swiss Francs per month and the agreement, which may be extended, expires in December 2015.The President and CFO exert significant influence over this company. The fees are in relation to work performed for fund raising, corporate office and management activities. As of November 30, 2012, the Company has an accrued liability of $24,768 due to this related party.