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EXCEL - IDEA: XBRL DOCUMENT - Panex Resources Inc.Financial_Report.xls
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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
v2.4.0.6
5. Loans and Borrowings
3 Months Ended
Nov. 30, 2012
Notes to Financial Statements  
5. Loans and Borrowings

 

5.Loans and Borrowings

In March and July 2007, the Company received loan proceeds of $240,000 and $500,000 respectively from an unrelated third party. These loans were unsecured bearing interest at 8% per annum, with no fixed repayment date, but the understanding with the lender was that the loans will be repaid from the proceeds of future equity financings and/or the repayment of amounts lent to Minanca. On December 20, 2010, principal of $46,892 and interest of $15,751 was assigned to this third party. In December 2010, $267,072 of this loan as well as $200,310 of accrued interest on this loan was settled by the issue of 9,347,640 shares. In May 31, 2012 this loan was settled in full for $560,000, resulting in a gain on extinguishment of $10,426, which is included within interest income and other for the year ended August 31, 2012.

In January 2011, the Company received loan proceeds of $50,000, from an unrelated third party. This loan was unsecured, and had no stated interest rate. This amount was settled for issuance of 2,500,000 shares of common stock in February 2012.

In September and November 2012, the Company received loan proceeds of $75,000 and $25,000 respectively (totalling $100,000), from an unrelated third party. The loan is unsecured, and had no stated interest rate. $75,000 of these funds received was used to pay an aged outstanding accounts payable in December 2012.