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EXCEL - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.R6.htm
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EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - SILVERSTAR MINING CORP.ex32-1.htm
EX-32.2 - SILVERSTAR MINING CORP.ex32-2.htm
EX-31.1 - OFFICER S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT - SILVERSTAR MINING CORP.ex31-1.htm
XML - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.R20.htm
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10-K - SILVERSTAR MINING CORP.form10k.htm
XML - IDEA: XBRL DOCUMENT - SILVERSTAR MINING CORP.R19.htm
EX-31.2 - OFFICER S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT - SILVERSTAR MINING CORP.ex31-2.htm
v2.4.0.6
Acquisition
12 Months Ended
Sep. 30, 2012
Business Combinations [Abstract]  
Acquisition

3. Acquisition

 

In accordance with ASC 805, Business Combinations, acquisitions are accounted for under the purchase method of accounting. Under the purchase method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair values. Goodwill is recorded to the extent the purchase price consideration, including certain acquisition and closing costs, exceeds the fair value of the net identifiable assets acquired at the date of the acquisition.

 

On 24 July 2008, the Company acquired Silverdale. The aggregate consideration paid by the Company was $791,860 of which $141,760 was paid in cash, and the Company issued 4,334,000 common shares of the Company valued at $650,100 to acquire 100% of the issued and outstanding common shares of Silverdale (Notes 3, 5 and 11). Silverdale was acquired pursuant to a Stock Exchange Agreement with Silverdale and the former shareholders of Silverdale dated 13 June 2008. The acquisition of Silverdale expanded the Company’s business of acquiring and exploring mineral properties.

 

A valuation of certain assets was completed and the Company internally determined the fair value of other assets and liabilities. In determining the fair value of acquired assets, standard valuation techniques were used including the market and income approach.

 

The purchase price allocation has been determined as follows:

 

    $  
Assets purchased:        
Cash and cash equivalents     1,539  
Mineral property interests     790,321  
         
Total assets acquired     791,860  
         
Purchase price     791,860