Monthly Progress Report for January 2022
FORM 7
MONTHLY PROGRESS REPORT
Name of Listed Issuer: Aurwest Resources Corporation (the “Issuer” or “Company”).
Trading Symbol: AWR
Number of Outstanding Listed Securities: 97,198,134
Date: February 4, 2022
This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. This report is not intended to replace the Issuer’s obligation to separately report material information forthwith upon the information becoming known to management or to post the forms required by Exchange Policies. If material information became known and was reported during the preceding month to which this report relates, this report should refer to the material information, the news release date and the posting date on the Exchange website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized to the point that they are "material information" as defined in the Policies. The discussion in this report must be factual, balanced and non-promotional.
General Instructions
Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered nor should questions be omitted or left unanswered. The answers to the items must be in narrative form. State when the answer to any item is negative or not applicable to the Issuer. The title to each item must precede the answer.
The term “Issuer” includes the Issuer and any of its subsidiaries.
Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and General Provisions.
Report on Business
Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
Newfoundland
The phase one drilling program commenced on our Paradise Lake gold property in Central Newfoundland in January. This program will consist of 3,000 meters of drilling in thirteen holes and is expected to take approximately two months, with assays to follow.
British Columbia
No additional exploration work has been undertaken on the Stellar or Stars properties during January 2022. We are now working on filing the BC government assessment reports required by March 20, 2022.
Provide a general overview and discussion of the activities of management.
Newfoundland
Management activities involved the ongoing accumulation of technical data pertaining to the completed exploration work on the Paradise Lake and Stony Caldera gold properties in Central Newfoundland, including the phase one drill program which started in late January 2022.
British Columbia
No additional exploration activity took place on the Stellar and Stars property in BC, approximately 25-65 km southwest of Houston, BC. Assessment work was filed on the Stellar mineral claims to keep them in good standing until October 2023. Plans are now ongoing preparing work permits on both the Stellar and Stars property which will be submitted in February.
NCIB - On September 30, 2021 the Company announced a normal course issuer bid (“NCIB”) authorizing the Company to acquire up to 4,801,431 common shares, representing 5% of the common shares issued and outstanding over the course of the next year. The Company has appointed PI Financial as the broker to conduct the NCIB.
During the month of January 2022 a total of 151,500 shares were purchased
as set out below:
January 13, 2022 – 35,000 shares @ $0.125
January 18, 2022 – 21,500 shares @ $0.125
January 20, 2022 – 30,000 shares @ $0.125
January 21, 2022 – 25,000 shares @ $0.12
January 21, 2022 – 40,000 shares $0.125
These shares will be returned to Olympia Trust for cancellation. On January 10,
2022 the company announced the grant of 2,362,500 options to directors,
Management, employees, and consultants at an exercise price of $0.13 for a
period of two years.
Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned. Not Applicable
Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship. A new contract was signed with Titjulak Logistics to assist in drill pad preparation for our phase 1 program.
Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing arrangements that have been previously announced. Not Applicable
Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship. Not Applicable
Describe the acquisition of new customers or loss of customers.
Not Applicable.
Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.
Not Applicable
Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.
A former employee who had been laid off was re-hired to assist us in the preparation of the phase 1 drilling program.
Report on any labour disputes and resolutions of those disputes if applicable.
Not Applicable.
Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.
Not Applicable.
Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.
Not Applicable
Provide details of any securities issued and options or warrants granted.
Not Applicable.
Security
Number Issued
Details of Issuance
Use of Proceeds(1)
Options
2,362,500
Exerciseable at $0.13 for a period of two years.
Provide details of any loans to or by Related Persons.
Not Applicable.
Provide details of any changes in directors, officers or committee members.
Not Applicable.
Discuss any trends which are likely to impact the Issuer including trends in the
Issuer’s market(s) or political/regulatory trends.
Not Applicable.
Certificate Of Compliance
The undersigned hereby certifies that:
The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.
As of the date hereof there is no material information concerning the Issuer which has not been publicly disclosed.
The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).
All of the information in this Form 7 Monthly Progress Report is true.
Dated: February 4, 2022
Colin Christensen
Name of Director or Senior Officer
Signed: “Colin Christensen”
Signature
President &CEO
Official Capacity
Issuer Details
Name of Issuer
Aurwest Resources Corporation
For Month End
January 31, 2022
Date of Report
YY/MM/D
22/02/04
Issuer Address
Suite 650, 340 12 Ave SW
City/Province/Postal Code
Calgary, Alberta T2R 1L5
Issuer Fax No.
Issuer Telephone No.
(403)483-8363
Contact Name
Colin Christensen
Contact Position
President
Contact Telephone No.
(403)483-8363
Contact Email Address
Web Site Address
www.aurwestresources.com