Company: WOLV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001062993-25-001810
Chunk: 6

Company: Wolverine Resources Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Item 8
Chunk 6
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 by the Company to six third-party individuals and an individual related to the CEO of the Company. Following the assignments, the Company entered into settlement agreements with these third-party individuals and the individual related to the CEO of the Company and agreed to settle the assigned amounts by issuing an aggregate of 1,050,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $23,598. Refer to Note 6(b). As at November 30, 2024, the Company owed $16,649 (May 31, 2024 - $5,997) to this company. As at November 30, 2024, the Company also owes $5,250 (May 31, 2024 - $5,342) to the CEO for expense reimbursement, which is non-interest bearing, unsecured and due on demand.
            (d) On February 28, 2022, the Company acquired a 40% interest in the Frog Property located in Labrador, Canada from Rich Resources Inc. (formerly 86835 Newfoundland & Labrador Corp.), a private company controlled by the CEO and by a director of the Company. Refer to note 5(b). As at November 30, 2024, the Company owes $5,779 (Cdn$8,100) (May 31, 2024 - $5,938 (Cdn$8,100)) to a private company controlled by the CEO and by a director, which is non-interest bearing, unsecured and due on demand.
            (e) During the six months ended November 30, 2024, the Company recorded consulting fees of $37,052 (Cdn$50,000) (2023 - $nil) to a director of the Company and $741 (Cdn$1,000) (2023 - $nil) to an individual related to the director of the Company. On August 31, 2024, the Company entered into a settlement agreement with the director of the Company and the individual related to the director of the Company and agreed to settle the accounts payable by issuing an aggregate of 2,040,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $45,847. Refer to Note 6(d).

    F-9WOLVERINE RESOURCES CORP.Notes to the Financial StatementsNovember 30, 2024(Expressed in U.S. dollars)(Unaud