Attached files
| file | filename |
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| 8-K/A - CURRENT REPORT - RIMROCK GOLD CORP. | f8k021113a1_rimrockgold.htm |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012 AND 2011 FOR RIMROCK MINING, INC. - RIMROCK GOLD CORP. | f8k021113a1ex99i_rimrock.htm |
Exhibit 99.2
Rimrock Gold Corp. and Rimrock Mining Inc.
Unaudited Pro Forma Balance Sheet
February 11, 2013
The following unaudited pro forma balance sheet gives effect to the Share Exchange Agreement dated February 11, 2013 between the Company and Rimrock under which the Company acquired 100% of the shares of Rimrock in exchange for the issuance of 17,800,000 shares of common stock of the Company with a par value $0.001. In addition, it also gives effect to the issuance of 2,000,000 shares of common stock of the Company with a par value of $0.001 to a consultant in connection with the transaction. The unaudited pro forma balance sheet has been prepared from the historical financial statements of the Company and Rimrock and should be read in conjunction therewith.
Management believes that the assumptions used provide a reasonable basis on which to present the unaudited pro forma financial data. The unaudited pro forma financial information has been provided for informational purposes only and should not be considered indicative of the Company’s financial position or results of operations. In addition, the unaudited pro forma financial information does not purport to represent the future financial position or results of operations of the Company. The unaudited pro forma financial information should be read in conjunction with the Company’s audited financial statements as of August 31, 2012.
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RIMROCK GOLD CORP.
Condensed Combined Pro Forma Balance Sheet
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Rimrock Gold Corp,
February 11, 2013 |
Rimrock Mining Inc,
February 11, 2013 |
Pro Forma Adjustments
Increase (Decrease) |
Pro Forma Combined
February 11, 2013 |
Note
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(Unaudited)
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(Unaudited)
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(Unaudited)
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ASSETS
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Current assets
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Cash
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$ | 420,976 | $ | - | $ | (52,117 | ) | $ | 368,859 |
(a)
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Prepaid and sundry
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18,662 | - | - | 18,662 | |||||||||||||
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Total current assets
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439,638 | - | (52,117 | ) | 387,521 | ||||||||||||
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Long term assets
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Mineral property claims
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$ | 133,108 | $ | 74,970 | $ | 2,947,147 | $ | 3,155,225 |
(a)
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Equipment
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852 | $ | - | $ | - | 852 | |||||||||||
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Total long term assets
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133,960 | 74,970 | 2,947,147 | 3,156,077 | |||||||||||||
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Total assets
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$ | 573,598 | $ | 74,970 | $ | 2,895,030 | $ | 3,543,598 | |||||||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities
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Accounts payable and accrued liabilities
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$ | 18,932 | $ | - | $ | - | $ | 18,932 | |||||||||
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Total current liabilities
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18,932 | - | - | 18,932 | |||||||||||||
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Stockholders' equity
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Capital stock
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$ | 10,814 | $ | 1 | $ | (1 | ) |
(b)
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| - | - | 19,800 | 30,614 |
(c)
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Additional paid-in-capital
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2,416,114 | 74,969 | (74,969 | ) |
(b)
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| - | - | 2,950,200 | 5,366,314 |
(a) & (c)
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Accumulated other comprehensive loss
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(9,785 | ) | - | - | (9,785 | ) | |||||||||||
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Deficit accumulated during the development stage
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(1,862,477 | ) | - | - | (1,862,477 | ) | |||||||||||
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Total stockholders' equity
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554,666 | 74,970 | 2,895,030 | 3,524,666 | |||||||||||||
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Total liabilities and stockholders' equity
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$ | 573,598 | $ | 74,970 | $ | 2,895,030 | $ | 3,543,598 | |||||||||
Notes to the Pro Forma Combined Balance Sheet
The following pro forma adjustments result from accounting for the Merger. Rimrock Mining Inc.’s assets were comprised of exploration stage mining properties. The acquisition of Rimrock Mining Inc. was deemed not to be business combination and has been accounted for as an acquisition of assets.
The descriptions related to these preliminary adjustments are as follows:
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(a)
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To increase the carrying value of mining rights acquired of $74,970 to their fair value of $2,970,000 plus the legal costs incurred of $52,117 relating to the transaction.
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(b)
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To eliminate capital stock and additional paid-in-capital of Rimrock Mining Inc.
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(c)
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This reflects the issuance of 19,800,000 shares of common stock of Rimrock Gold Corp. with a par value of $0.001 (17,800,000 shares of common stock issued in exchange for 100% shares of Rimrock Mining, Inc. and 2,000,000 shares of common stock issued to a consultant in connection with the transaction). The offsetting accounting entry of $2,950,200 was made to additional paid-in-capital.
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