**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-KSB**

 

| x      | Annual Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
|--------|---------------------------------------------------------------------------------------|
|   |                                                                                  |
|   | For the fiscal year ended:  February 29, 2008                                         |

 

 

| o      | Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
|--------|-------------------------------------------------------------------------------------------|
|   |                                                                                      |
|   | For the transition period from ________ to ________                                       |
|   |                                                                                      |
|   | Commission file number:  333-118138                                                       |

 

|   | **RAVEN GOLD CORP.**                           |   |
|--------|------------------------------------------------|--------|
|   | (Name of small business issuer in its charter) |   |

 

| Nevada                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization)****                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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Employer Identification No.) |
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                 |
| ****7250 N.W. Expressway, #260**********
****Oklahoma City, Oklahoma**********
 

 

73132

****(Address of Principal Executive Offices)**********
 

(Zip Code)

** **

 

 

 

405-728-3800

 

 

(Issuer’s telephone number)

 

 

Securities registered under Section 12(b) of the Exchange Act:

**None**

 

Securities registered under Section 12(g) of the Exchange Act:

**Common Stock, $0.001 par value**

 

Check whether the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. o

 

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

 

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes x No o

 

Issuer's revenues for the fiscal year ended April 30, 2008:  **$0**

 

On September 4 2008, the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold was $2,713,480, at a price of $0.077 per share.

 

Shares of common stock outstanding as September 4, 2008:  **35,240,000**

 

Transitional Small Business Disclosure Format (check one): Yes o No x

 

**FORWARD-LOOKING STATEMENTS**

This report, including information included in, or incorporated by reference from future filings by us with the SEC, as well as information contained in written material, press releases and oral statements issued by us or on our behalf, contain, or may contain, certain statements that are “forward-looking statements” within the meaning of federal securities laws that are subject to a number of risks and uncertainties, many of which are beyond our control. This report modifies and supersedes documents filed by us before this report. In addition, certain information that we file with the SEC in the future will automatically update and supersede information contain in this report. All statements, other than statements of historical fact, included or incorporated by reference in this report, regarding our strategy, future operations, financial position, estimated revenues andlosses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. 

All forward-looking statements speak only as of the date of this report, and, except as required by law, we do not intend to update any of these forward-looking statements to reflect changes in events or circumstances that arise after the date of this report. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. We disclose important factors that could cause our actual results to differ materially from our expectations under *“Management’s Discussion and Analysis or Plan of Operation”* and elsewhere in this report. These cautionary statements qualify allforward-looking statements attributable to us or persons acting on our behalf.  

 

**PART I**

 

**ITEM 1.**

**DESCRIPTION OF BUSINESS**

 

**Overview**

 

Unless the context otherwise requires, all references in this report to “Raven Gold,” “our,” “us,” “we” and the “Company”) refer to Raven Gold Corp. 

 

We were originally incorporated on February 9, 2005, in the State of Nevada under the name of Riverbank Resources, Inc., as a developmental stage company.  Subsequently, we changed our name to Raven Gold Corp.  The Company's principal executive offices are located at 7250 NW Expressway, suite 260, Oklahoma City, OK. The Company’s telephone number is (405) 728-3800.   

We are in the business of the acquisition, and exploration of mineral properties with a view to exploiting any mineral deposits we discover that demonstrate economic feasibility.

We intend to explore for base and precious metals on our property. There can be no assurances that valuable minerals exist on our property until proper geological work and analysis is performed. Our property has no proven or probable mineral reserves. There is no assurance that a commercially viable mineral deposit exists on our property. Further exploration is required before we can evaluate whether any exist and, if so, whether it would be economically and legally feasible to develop or exploit those resources. Even if we complete an exploration program and we are successful in identifying a mineral deposit, we would be required to spend substantial funds on further drilling and engineering studies before we could know whether that mineral deposit would constitute a reserve (a reserve is a commercially viable mineral deposit). 

**Compliance with Government Regulation**

We will be required to conduct all mineral exploration activities in accordance with the state and federal regulations. Such operations are subject to various laws governing land use, the protection of the environment, production, exports, taxes, labor standards, occupational health, waste disposal, toxic substances, well safety and other matters. Unfavorable amendments to current laws, regulations and permits governing operations and activities of resource exploration companies, or more stringent implementation thereof, could have a materially adverse impact and cause increases in capital expenditures which could result in a cessation of operations. We have had no material costs related to compliance and/or permits in recent years, and anticipate no material costs in the next year. We will not be required to obtain a permit in order to conduct Phases 1 and 2 of our proposed exploration program. 

**Competition**

There is aggressive competition within the mineral industry to discover and acquire mining properties considered to have commercial potential. We compete for the opportunity to participate in promising exploration projects with other entities, many of which have greater resources than us. In addition, we compete with others in efforts to obtain financing to explore and develop mineral properties.

 

**Employees**

At April 30, 2008, we had 0 employees.  We anticipate that we will be conducting most of our business through agreements with consultants and third parties. To the extent that we are successful in developing our business and in our efforts to diversify our business, we would anticipate hiring additional employees/contractors in the next year to handle anticipated growth.  We consider our relations with our employees to be good. 

 

 

1

 

**ITEM 2.**

**DESCRIPTION OF PROPERTIES**

 

**Corporate Office**

 

Our corporate office is currently located at 7250 N.W. Expressway, Suite 260, Oklahoma City, OK 73132.  Our office space is provided on a rent-free basis. 

 

**Mineral Properties**

 

***La Currita Property***

 

On August 23, 2006 we entered into an agreement with Tara Gold Resources Corp., for the La Currita Property, which was effective as of May 30, 2006. According to the agreement the Company was to make payments of $50,000 on the 25th day of each month commencing June 2006 and ending April 2007. A final payment of $25,000 is to be made May 25, 2007. Furthermore, according to the agreement on October 26, 2006, we issued and delivered to Tara Gold Resources Corp. 250,000 restricted shares of common stock. The Company has not made payments according to the scheduled required payments and has only paid a total of $150,000 against the scheduled required payments. 

 

On May 9, 2008, the Company failed to meet its lease commitment on the La Currita gold leases in Mexico. As a result of the default the La Currita leases were terminated. The Company has recorded in the financial statements a complete write down of its investment in joint venture.

 

***Las  Minitas Property***

 

On August 23, 2006 the Company also entered into an agreement with Tara Gold Resources Corp., for the Las Minitas Property, which was effective as of June 1, 2006. According to the agreement the Company was to make payments of $75,000 on the date of the agreement, $225,000 by August 1, 2006, and a final payment of $300,000 was to be made November 1, 2006. Furthermore, according to the agreement on October 26, 2006, the Company issued and delivered to Tara Gold Resources Corp. 1,000,000 (post split) restricted shares of common stock.  

 

On May 7, 2007, Tara Gold Resources Corp. and the Company entered into the Dissolvent of Las Minitas Groupings Joint Venture Agreement pursuant to which they agreed to release and dissolve the Las Minitas Groupings Agreement dated August 23, 2006 entered into by and among the Company, Tara and Amermin (the “LM Groupings Agreement”), as amended by Amendment No. 1 to the LM Groupings Agreement dated March 30, 2007, encompassing the Las Minitas property. Tara and the Company agreed (i) for all commitments and obligations outlined in the LM Groupings Agreement to be released and dissolved, (ii) that neither of the parties will have further recourse against each other with respect to the properties/concessions outlined in the LM Groupings Agreement, (iii) that Tara will continue to hold the sole option to acquire 100% interest in the Las Minitas property, and (iv) and otherprovisions as more fully set forth in the LM Groupings Agreement.

 

**ITEM 3.**

**LEGAL PROCEEDINGS**

 

We are not currently a party to any legal proceedings and, to our knowledge; no such proceedings are threatened or contemplated. 

 

**ITEM 4.**

**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

 

 

None.

 

 

2

 

**PART II**

 

**ITEM 5.**

**MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES**

 

**Market for the Common Stock**

 

Our common stock is traded on the OTC Bulletin Board and is quoted under the symbol “RVNG.OB.”  The following quotations were obtained from Yahoo Finance and reflect interdealer prices, without retail markup, markdown, or commission, and may not represent actual transactions. There have been no reported transactions in our stock for certain of the trading days during the periods reported below. The following table sets forth the high and low bid prices for our common stock on the OTC Bulletin Board for the periods indicated (as adjusted for stock splits): 

 

**Fiscal Year Ended April 30, 2008:**

 

**High**

 

**Low**

 

 

 

 

 

 

 

Quarter ended April 30, 2008

 

0.80

 

0.16

 

Quarter ended January 31, 2008

 

0.92

 

0.47

 

Quarter ended October 31, 2007

 

1.36

 

0.65

 

Quarter ended July 31, 2007

 

1.81

 

0.61

 

 

 

**Fiscal Year Ended April 30, 2007:**

 

**High**

 

**Low**

 

 

 

 

 

 

 

Quarter ended April 30, 2007

 

0.75

 

0.70

 

Quarter ended January 31, 2007

 

0.80

 

0.78

 

Quarter ended October 31, 2006

 

0.55

 

0.57

 

Quarter ended July 31, 2006

 

0.01

 

0.01

 

 

**Holders of the Common Stock**

 

 

At the date of this report, we had 17 stockholders of record.

 

**Dividends**

 

Our dividend policy for holders of common stock is to retain earnings to support the expansion of operations through organic growth or by strategic acquisitions. We have not previously paid any cash dividends, and we do not intend to pay cash dividends in the near future. Any future cash dividends will depend on our future earnings, capital requirements, financial condition and other factors deemed relevant by the Board of Directors. 

 

**ITEM 6.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION**

**Results Of Operations**

**Year Ended April 30, 2008 Compared to Year Ended April 30, 2007**

Revenues for the year ended April 30, 2008 were $nil ($nil – 2007), with no change from the previous year.

For the year ended April 30, 2008, operating expenses totaled $224,475 ($154,680 – 2007). This was an increase of $69,795 or 45%. This increase was primarily due to an increase in administrative costs incurred by the Company.

The net loss was $3,083,184 ($154,581 – 2007) for the year ended April 30, 2008. The decrease in profitability for the year ended April 30, 2008 was due to an increase administrative costs and a substantial impairment of mineral rights.

 

3

 

On May 9, 2008 Raven Gold failed to meet its lease commitment on the La Currita gold leases in Mexico. As a result of the default the La Currita leases were terminated. The Company has recorded in the financial statements a complete write down of the Companies investment in joint venture.

**Liquidity and Capital Resources**

 

Total current assets as of April 30, 2008 were $1,835 ($321,671 – 2007), all in cash. Additionally, a shareholders deficiency in the amount of $3,295,972 as of April 30, 2008 ($212,788 – 2007), a direct result of the Company incurring a loss of mineral rights during the aforementioned period. We have historically incurred losses and have financed our operations through loans and from the proceeds of the corporation selling shares of our common stock privately.

The number of common shares outstanding decreased from 75,240,000 to 35,240,000 effective March 8, 2008. This decrease was a result of the surrender of shares by shareholders of the Company.

The Company had a negative cash flow of $198,836 from operating activities for the year ended on April 30, 2008 ($128,472 – 2007), a decrease in cash outflow of approximately 155%.

Cash inflow from financing activities was $479,000 the year ended April 30, 2007 ($2,075,143 – 2007) attributable to issuance of promissory notes payable.

Cash outflow from investing activities was $600,000 for the year ended on April 30, 2008 ($1,625,000 – 2007).  

The on-going negative cash flow from operations raises substantial doubt about our ability to continue as a going concern. The Companies ability to continue as a going concern is dependent on the ability to raise additional capital and implement its business plan.

The Company not realized any revenues since inception, and for the year ended April 30, 2008, and is presently operating at an ongoing deficit.

The Company has not attained profitable operations and will require additional funding in order to cover the anticipated professional fees and general administrative expenses and to proceed with the anticipated investigation to identify and purchase new mineral properties worthy of exploration or any other business opportunities that may become available to it. The Company anticipates that additional funding will be required in the form of equity financing from the sale of common stock. However, the Company cannot provide investors with any assurance that sufficient funding from the sale of common stock to fund the purchase and the development of any future projects can be obtained. The Company believes that debt financing will not be an alternative for funding future corporate programs. The Company does not have any arrangements in place for any future equity financings.

As of April 30, 2008 the Company had a working capital deficiency of $2,739,352 ($1,781,168 – 2007). A major portion of debt is attributed to payments made for mineral properties, investment in a joint venture and operating deficiency. 

At April 30, 2008 there was no bank debt.

**Off-Balance Sheet Arrangements**

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

4

 

**Recent Accounting Pronouncements**

 

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes”.  The interpretation clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements in accordance with SFAS No. 109, “Accounting for Income Taxes”.  Specifically, the pronouncement prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  The interpretation also provides guidance on the related derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition of uncertain tax position.  The interpretation is effective for fiscal years beginning after December 15, 2006.  The adoption of FIN 48 is notexpected to have a material impact on the Company’s financial position, results of operations or cash flows; however, the Company is still analyzing the effects of FIN 48.

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”.  This Statement defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure related to the use of fair value measures in financial statements.  The Statement is to be effective for the Company’s financial statements issued in 2008; however, earlier application is encouraged.  The Company does not anticipate the adoption of SFAS No. 157 will have a material impact on the Company’s financial statements.

SFAS 155, Accounting for certain Hybrid Financial Instruments and SFAS 156, Accounting for servicing of Financial Assets were recently issued. SFAS 155 and 156 have no current applicability to the Company and have no effect on the financial statements.

In May 2005, the FASB issued SFAS 154, Accounting Changes and Error Corrections. This Statement replaces APB Opinion No. 20, Accounting Changes, and FASB statement No 3, Reporting Accounting Changes in Interim Financial Statements, and changes the requirements for the accounting for and reporting of a change in accounting principle. This (Expressed in U.S. Dollars) Statement applies to all voluntary changes in accounting principle. It also applies to changes required by an accounting pronouncement in the usual instance that the pronouncement does not include specific transition provisions. SFAS 154 also requires that a change in depreciation, amortization or depletion method for long-lived, non-financial assets be accounted for as a change in accounting estimate effected by a change in accounting principle. This Statement is effective in fiscal years beginning after December 15,2005. The Company does not anticipate the adoption of SFAS No. 154 will have a material impact on the Company’s financial statements.

In September 2006, the SEC issued Staff Accounting Bulletin No. 108 (“SAB 108”).  Due to diversity in practice among registrants, SAB 108 expressed SEC staff views regarding the process by which misstatements in financial statements are evaluated for purposes of determining whether financial statement restatement is necessary.  SAB 108 is effective for fiscal years ending after November 15, 2006, and early application is encouraged.  The Company does not anticipate the adoption of SFAS No. 108 will have a material impact on the Company’s financial statements.

**Critical Accounting Policies**

 

We have identified the policies outlined below as critical to our business operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management's judgment in their application. The impact and any associated risks related to these policies on our business operations are discussed throughout Management's Plan of Operations where such policies affect our reported and expected financial results. Note that our preparation of the financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue andexpenses during the reporting period. There can be no assurance that actual results will not differ from those estimates.

 

5

 

**Going Concern**

 

The Company has not attained profitable operations and is dependent upon obtaining financing to pursue its business objectives.  For these reasons, the Company’s auditors stated in their report on the Company’s audited financial statements that they have substantial doubt the Company will be able to continue as a going concern without further financing. 

The Company may continue to rely on equity sales of the common shares in order to continue to fund the Company’s business operations.  Issuances of additional shares will result in dilution to existing stockholders.  There is no assurance that the Company will achieve any additional sales of the equity securities or arrange for debt or other financing to fund planned business activities.

**Off-Balance Sheet Arrangements**

 

The Company has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders. 

 

**ITEM 7.**

**FINANCIAL STATEMENTS**

 

Financial Statements and Financial Statement Schedules - See Index to Consolidated Financial Statements and Schedules immediately following the signature page of this report. 

 

**ITEM 8.**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

 

 

Not applicable.

 

 

**ITEM 8A.**

**CONTROLS AND PROCEDURES.**

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by it in the reports that it files or submits to the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized, and reported within the time periods specified by the Securities and Exchange Commission's  rules and forms,  and that information is accumulated and communicated to its management, including its principal executive and principal financial officers (whom we refer to in this periodic report as our Certifying Officers), as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of its Certifying Officers, the effectiveness of its disclosure controls and procedures as of April 30, 2008, pursuant to Rule 13a-15 under the Securities ExchangeAct. Based upon that evaluation, our Certifying Officers concluded that, as of April 30, 2008, our disclosure controls and procedures were effective. 

 

Our management is responsible for establishing and maintaining effective internal control over financial reporting as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements. Our controls are designed to provide reasonable assurance that our assets are protected from unauthorized use and that transactions are executed in accordance with established authorizations and properly recorded.  Management used the framework set forth in the report entitled "Internal Control-Integrated Framework" published by the Committee of Sponsoring Organizations of the Treadway Commission (referred to as "COSO") to evaluate the effectiveness of our internal control over financialreporting as of April 30, 2008.  Based on that evaluation, management concluded that the design and operations of our internal controls over financial reporting at April 30, 2008 were effective and provided reasonable assurance that the books and records accurately reflected our transactions. 

 

6

 

            There were no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

 

This report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management's report in this annual report.

 

**ITEM 8B.**

**OTHER INFORMATION.**

 

 

None.

 

**PART III**

 

**ITEM 9.**

**DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT**

 

Our Board of Directors is currently composed of three (3) persons. The term of each director is one-year ending at the 2009 Annual Meeting or until he or she resigns or is succeeded by another qualified director who has been elected. The following is a list of the current members of our Board of Directors, including each member’s age, the year he became a director of the Company and his current position with the Company: 

 

**Name**

 

**Age**

 

**Director Since**

 

**Position**

 

 

 

 

 

 

 

Mike Wood

 

48

 

2007

 

Director, President and Chief Executive Officer

Sam E. Caruso

 

45

 

2008

 

Director

Francis D.A. Forbes III

 

45

 

2007

 

Director

Michael Sandidge

 

 

 

2007

 

Director

 

Set forth below is a brief description of the background and business experience of our executive officers and directors. 

 

**Mike Wood**

***President and Director***

 

Mr. Wood is from Oklahoma and is a partner in several business ventures including Oklahoma Casino Management systems that control all back-end aspects of casinos, 3D Electronics Imaging and Interactive Games. Mr. Wood has an excellent track record in bringing companies from start-up stage to fruition.

 

**Sam E. Caruso**

***Director***

Mr. Caruso is from Oklahoma and has held the position of President and Chief Executive Officer for BKJ Solutions, Inc. a construction management company for the past three years. Under his leadership the company increased revenues from $500,000 per year to a projected $50,000,000 for 2008. In addition to his current duties with BKJ Solutions, Inc., Mr. Caruso also sits on the Board of Directors for the Apache Tribe of Oklahoma Gaming Development Board. Mr. Caruso is also in the second year of a three term as a Gaming Commissioner for the Seminole Nation of Oklahoma. In addition, Mr. Caruso is currently serving as President-Elect for the American Indian Chamber of Commerce of Oklahoma. Sam is also the co-founder of Oklahoma Indian Gaming and Tourism Magazine. Mr. Caruso also holds a Master of Business Administration degree.

 

7

 

**Francis D.A. Forbes III**

***Director***

Mr. Forbes III, resides predominantly in Mexico and specializes in consulting to companies doing business in Mexico. Mr. Forbes, is fluent in English, French and Spanish and was born in Koln, West Germany.  Mr. Forbes, has been instrumental in many projects in Mexico, due to his political and government contacts. Many of these projects include major real estate and land developments.

**Michael Sandidge**

***Director***

Mr. Sandidge is a Registered Professional Geologist in Washington State, and has a Master's Degree in Geological Sciences from the University of Texas at El Paso. He has worked as an exploration geologist for more than 20 years, having worked in more than 50 countries. His broad range of experience includes porphyry copper, copper-gold systems in Mexico and South America and southwest Pacific, IOCG (Iron Oxide Copper Gold) in Chile, epithermal precious metal systems in Latin America, sedimentary-hosted base metal deposits in Latin America, ultramafic-mafic base metal-PGM deposits in Scandinavia and northwest Russian Federation, and sediment-hosted uranium deposit types in western United States. He has authored or co-authored more than 15 scientific articles relating to structural geology, metallogenesis, and tectonics. Mr. Sandidge has affiliations with the Society of EconomicGeologists, the Society of Geology Applied to Mineral Deposits, is a qualified person under NI 43-101 (Canadian National Instrument Qualified Person standards), and is a Washington State Professional Geologist.

**Compliance with Section 16(a) of the Securities Exchange Act of 1934**

Section 16(a) of the Exchange Act requires our directors and executive officers, and persons who own more than ten percent of our common stock, to file with the Securities and Exchange Commission initial reports of ownership and reports of changes in ownership of our common stock and other equity securities. Officers, directors and greater than ten percent shareholders are required by SEC regulation to furnish US with copies of all Section 16(a) forms they file.  Forms 3 for Messrs. Wood, Caruso, Forbes and Sandidge have yet to be filed and are delinquent as of the date of this report.  

 

**Code of Ethics**

 

As of the date of this report, we have not adopted a code of ethics.  We have not implemented a code of ethics due to the limited nature of our operations.

 

**Corporate Governance**

 

We do not  presently does not have an audit committee of the board of directors due to the early stage of our operations and the fact that we have only recently started to acquire leases and working interests in oil and gas properties.  Additionally, our size makes it impractical to implement board committees at this point. 

 

**ITEM 10.**

**EXECUTIVE COMPENSATION.**

 

 

We have not paid any compensation to our current officers or directors.

 

 

8

 

**ITEM 11.**

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.**

 

As of April 30, 2008, based upon ownership filings with the SEC, we have no shareholders that beneficially own more than 5% of our outstanding shares of common stock.  As of June 30, 2008, none of our directors or named executive officers owned any shares of our common stock.  

 

**ITEM 12.**

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.**

 

**Certain Relationships and Related Transactions**

 

 

None.

 

**Director Independence**

 

The Board has determined that all of the directors other than Messrs. Beard and Mee, including those who serve on the Audit Committee, are “independent” as defined by Nasdaq Rule 4200(a)(15), Nasdaq Rule 4350(c)

 

**ITEM 13.**

**EXHIBITS**

 

 

**Exhibit** **Number*** 

**Description of Exhibit**  

**Location**

**Item 31**

**Rule 13a-14(a)/15d-14(a) Certifications**

 

31.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

This filing

**Item 32**

**Section 1350 Certifications**

 

32.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

This filing

 

 

**ITEM 14.**

**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

 

The following table sets forth information regarding the amount billed to us by our independent auditor for the fiscal years ended April 30, 2008 and April 30, 2007: 

 

 

**Year Ended April 30,**

 

 

**2008**

**2007**

 

 

 

 

 

Audit Fees 

$11,800

10,500

 

Audit-Related Fees 

-

-

 

Tax Fees 

-

-

 

All Other Fees 

-

-

 

 

 

9

 

            Audit fees consist of billings for professional services rendered for the audit of our company's consolidated financial statements and review of the interim consolidated financial statements included in quarterly reports that are normally provided by independent accounting firms in connection with regulatory filings, including audit services performed related to mergers and acquisitions.

Prior to our engagement of our independent auditor, such engagement was approved by our board of directors. The services provided under this engagement may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. Pursuant our requirements, the independent auditors and management are required to report to our board of directors at least quarterly regarding the extent of services provided by the independent auditors in accordance with this pre-approval, and the fees for the services performed to date. Our board of directors may also pre-approve particular services on a case-by-case basis. All audit-related fees, tax fees and other fees incurred by us for the year ended April 30,2008, were approved by our board of directors.

 

**SIGNATURES**

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

 

**Raven Gold Corp.**

 

 

 

 

 

 

Date:  September 5, 2008

By:

/s/ Mike Wood

 

 

Mike Wood

 

 

President and Chief Executive Officer

 

 

(acting principal financial officer)

 

 

Pursuant to the requirements of the Securities Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

**Name**

**Title**

**Date**

 

 

 

/s/ Mike Wood

Director, President and Chief Executive Officer

September 5, 2008

Mike Wood

 

 

 

 

 

 

 

 

/s/ Sam E. Caruso

Director

September 5, 2008

Sam E. Caruso

 

 

 

 

 

 

 

 

/s/ Francis D.A. Forbes III

Director

September 5, 2008

Francis D.A. Forbes III

 

 

 

 

 

 

 

 

 

Director

 

Michael Sandidge

 

 

 

 

 

10

 

**EXHIBIT INDEX**

 

 

**Exhibit****Number**

**Description of Exhibit**

**Method of Filing**

**Item 31**

**Rule 13a-14(a)/15d-14(a) Certifications**

 

31.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed electronically herewith

**Item 32**

**Section 1350 Certifications**

 

32.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed electronically herewith

 

 

 

 

11

 

 

 

**RAVEN GOLD CORP.**

 

(formerly Riverbank Resources Inc.)

(An Exploration Stage Company)

REPORT AND FINANCIAL STATEMENTS

April 30, 2008 and 2007

(Stated in US Dollars)

 

F-1

 

**MOORE & ASSOCIATES, CHARTERED**

* *

*ACCOUNTANTS AND ADVISORS*

* *

*PCAOB REGISTERED*

 

 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 

**To the Board of Directors**

**Raven Gold Corp.**

(An Exploration Stage Company)

 

We have audited the accompanying balance sheets of Raven Gold Corp. (An Exploration Stage Company) as of April 30, 2008 and April 30, 2007, and the related statements of operations, stockholders’ equity and cash flows for the years ended April 30, 2008 and April 30, 2007 and from inception on February 9, 2005 through April 30, 2008. These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.  

 

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Raven Gold Corp. (An Exploration Stage Company) as of April 30, 2008 and April 30, 2007, and the related statements of operations, stockholders’ equity and cash flows for the years ended April 30, 2008 and April 30, 2007 and from inception on February 9, 2005 through April 30, 2008, in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 1a to the financial statements, the Company has accumulated losses of $2,796,972 and a working capital deficiency of $2,739,352 since its inception, which raises substantial doubt about its ability to continue as a going concern.  Management’s plans concerning these matters are also described in Note 1a.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

***/s/ Moore & Associates, Chartered***

 

Moore & Associates Chartered

Las Vegas, Nevada

September 2, 2008

 

*2675 S. Jones Blvd. Suite 109, Las Vegas, NV 89146 (702) 253-7499 Fax (702) 253-7501*

 

 

F-2

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

BALANCE SHEETS

 (Stated in US Dollars)

 

 

**As of April 30,**

**2008**

**As of April 30,**

**2007**

**ASSETS**

 

 

 

Current Assets

 

 

Cash and Equivalents

$          1,835 

$      321,671 

 

 

 

Investment in Joint Venture

- 

500,000 

 

 

 

Mineral Properties

- 

1,625,000 

 

 

 

Total Assets

$         1,835 

$  2,446,671 

 

 

 

**LIABILITIES**

 

 

 

Current

 

 

Accounts Payable 

$      47,261 

$       24,739 

Advances from Related party

3,100 

3,100 

Accrued Interest

136,826 

- 

Loans Payable

2,554,000 

2,075,000 

 

 

 

Total Liabilities

2,741,187 

2,102,839 

 

 

 

**STOCKHOLDERS’ EQUITY (DEFICIENCY)**

 

 

 

Capital stock

 

 

Preferred stock, $0.001 par value, 1,000,000 shares authorized,

 

 

None issued and outstanding. 

$                - 

$               - 

Common stock, $0.001 par value 500,000,000 authorized,

35,240,000 shares issued and outstanding as of April 30, 2008

 

 

and 75,240,000 as of April 30, 2007

35,240 

75,240 

Additional paid-in capital

521,380 

481,380 

Deficit accumulated during the exploration stage 

(3,295,972)

(212,788)

 

 

 

Total Stockholders’ Equity (Deficit)

(2,739,352)

343,832 

 

 

 

Total Liabilities and Stockholders’ Equity (Deficit)

$          1,835 

$  2,446,671 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

 

F-3

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

(An Exploration Stage Company)

STATEMENTS OF OPERATIONS

 (Stated in US Dollars)

 

 

 

 

 

**February 9, 2005**

 

 

 

 

**(Date of**

 

**Years ended**

 

 

**Inception) to**

 

**April 30,**

 

 

**April 30,**

 

**2008**

**2007**

 

 

**2008**

Expenses:

 

 

 

 

 

Exploration costs and expenses

$                - 

$              - 

 

 

$         29,750 

Professional fees

86,846 

56,925 

 

 

165,378 

General and administrative

111,765 

40,870 

 

 

152,933 

Listing and filing

15,141 

29,217 

 

47,806 

Investor relations

10,723 

24,668 

 

 

35,670 

Total expenses

224,475 

151,680 

 

 

431,537 

 

 

 

 

 

 

Loss before other items

(224,475)

(151,680)

 

 

(431,537)

 

 

 

 

 

 

Other Income and Expenses:

 

 

 

 

 

Interest Expense

(136,826)

- 

 

 

(136,826)

Impairment (loss) of Mineral Rights

(2,725,000)

- 

 

 

(2,728,000)

Foreign Currency transaction (loss)

3,117 

(2,901)

 

 

391 

Provision for Income Taxes

- 

- 

 

 

- 

 

 

 

 

 

 

Net loss for the year

$ (3,083,184)

$   (154,581)

 

 

$  (3,295,972)

 

 

 

 

 

 

Basic and diluted loss per share – continuing

operations

$          (0.00)

$        (0.00)

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

69,338,360 

74,804,384 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

 

F-4

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIENCY)

from February 9, 2005 (Date of Inception) to April 30, 2008

(Stated in US Dollars)

 

 

 

 

 

 

 

 

**Deficit**

 

 

 

 

 

 

 

 

 

**Accumulated**

 

 

 

 

 

 

 

 

**Additional**

**During the**

 

 

 

 

 

 

 

 

**Paid-in**

**Exploration**

 

 

 

**Preferred Shares**

**Common Shares**

 

**Capital**

**Stage**

 

**Total**

 

**Shares**

**Amount**

**Shares**

**Amount**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital stock issued for cash February 9, 2005: - at $0.00001

1,000,000

$            - 

64,200,000 

$      64,200

 

$   (57,780)

$                 - 

 

$         6,420 

- at $0.005

 

 

10,040,000 

10,040

 

40,160 

- 

 

50,200 

Net loss for the period February 9, 2005 (inception) to April 30, 2005

-

-

- 

-

 

- 

(7,290)

 

(7,290)

 

 

 

 

 

 

 

 

 

 

Balance, as at April 30, 2005

1,000,000

-

74,240,000 

74,240

 

(17,620)

(7,290)

 

49,330 

 

 

 

 

 

 

 

 

 

 

Net loss for the year

-

-

- 

-

 

- 

(50,917)

 

(50,917)

 

 

 

 

 

 

 

 

 

 

Balance, as at April 30, 2006

1,000,000

-

74,240,000 

74,240

 

(17,620)

(58,207)

 

(1,587)

 

 

 

 

 

 

 

 

 

 

Stock issued for investment in Joint Venture at $0.50/share

-

-

1,000,000 

1,000

 

499,000 

- 

 

500,000 

 

 

 

 

 

 

 

 

 

 

Net loss for the year

-

-

- 

-

 

- 

(154,581)

 

(154,581)

 

 

 

 

 

 

 

 

 

 

Balance, as at April 30, 2007

1,000,000

-

75,240,000 

75,240

 

481,380 

(212,788)

 

343,832 

 

 

 

 

 

 

 

 

 

 

Surrender of stock  March 6, 2008 (Note 4)

-

-

(40,000,000)

(40,000)

 

40,000 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

Net loss for the year

-

-

- 

-

 

-

(3,083,184)

 

(3,083,184)

 

 

 

 

 

 

 

 

 

 

Balance, as at April 30, 2008

1,000,000

$            -

35,240,000 

$      35,240

 

$   521,380 

$ (3,295,972)

 

$ (2,739,352)

 

The accompanying notes are an integral part of these financial statements

 

F-5

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

STATEMENTS OF CASH FLOWS

 (Stated in US Dollars)

 

 

 

 

 

 

**February 9, 2005**

 

 

 

 

**(Date of**

 

**Years ended**

 

**Inception) to**

 

**April 30,**

 

**April 30,**

 

**2008**

**2007**

 

**2008**

 

 

 

 

 

Operating Activities:

 

 

 

 

Net loss for the year

$ (3,083,184)

$     (154,581)

 

$ (3,295,972)

Adjustments to reconcile net loss to net 

cash used in operating activities:

Impairment of Mineral Properties

2,725,000 

- 

 

2,725,000 

Prepaid expenses

- 

1,370 

 

- 

Accounts payable and expenses

22,522 

24,739 

 

47,261 

Interest Expense

136,826 

- 

 

136,826 

 

 

 

 

 

Cash used in operating activities

(198,836)

(128,472)

 

(386,885)

 

 

 

 

 

Investing Activities:

 

 

 

 

Purchase of mineral rights

(600,000)

(1,625,000)

 

(2,225,000)

 

 

 

 

 

Cash used in investing activities

(600,000)

(1,625,000)

 

(2,225,000)

 

 

 

 

 

Financing Activities:

 

 

 

 

Issuance of common stock

- 

- 

 

56,620 

Issuance of promissory notes payable

479,000 

2,075,000 

 

2,554,000 

Due to related party

- 

3,100 

 

3,100 

Bank overdraft

- 

(2,957)

 

- 

 

 

 

 

 

Cash from financing activities

479,000 

2,075,143 

 

2,613,720 

 

 

 

 

 

Increase (decrease) in cash during the period

(319,836)

321,671 

 

1,835 

 

 

 

 

 

Cash, beginning of the year

321,671 

- 

 

- 

 

 

 

 

 

Cash, end of the year

$         1,835 

$      321,671 

 

$         1,835 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

 

 

 

F-6

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS

(Stated in US Dollars)

continued

 

 

 

**Years ended**

 

**April 30,**

 

**April 30,**

 

**2008**

 

**2007**

 

 

 

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

Investment in joint venture

$                - 

 

$        (500,000)

Issuance of promissory notes payable

- 

 

500,000 

 

 

 

 

  

$                - 

 

$                      - 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

F-7

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

APRIL 30, 2008

(Stated in US Dollars)

 

Note 1

**SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION**

 

 

a)

Basis of Presentation

 

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  At April 30, 2008, the Company had not yet achieved profitable operations, has accumulated losses of $2,795,972 since its inception, has a working capital deficiency of $2,739,352 (April 30, 2007 - $1,781,168) and expects to incur further losses in the development of its business, all of which casts substantial doubt about theCompany’s ability to continue as a going concern.  The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.  Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available.  **

 

 

b) 

Organization

 

Riverbank Resources Inc. (an exploration stage company) (“the Company”) was incorporated under the laws of the State of Nevada on February 9, 2005. The Company is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the development stage include developing the business plan and raising capital.

 

 

c)

Use of estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates.

 

 

d)

Cash and Cash Equivalents

 

For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchaser to be cash equivalent.

 

 

e)

Mineral Interest

 

Pursuant to SFAS No. 141 and SFAS No. 142, as amended by EITF 04-02, mineral interest associated with other than owned are classified as tangible assets. The Company had capitalized $3,000 related to the mineral rights acquired in 2005 and which were impaired as of April 30, 2008.

 

F-8

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

APRIL 30, 2008

 (Stated in US Dollars)

 

Note 1

**SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION** – (continued)

 

 

f)

Long-lived Assets

 

The Company accounts for long-lived assets under the statements of Financial Accounting Standards Nos. 142 and 144 “Accounting for Goodwill and Other Intangible Assets” and “Accounting for Impairment or Disposal of Long-lived Assets” (“SFAS No. 142 and 144”). In accordance with SFAS No. 142 and 144, long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, goodwill and intangible assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets.

 

 

g)

Exploration Costs

 

The Company uses the successful efforts method of accounting for oil and gas producing activities. Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory wells that find proved reserves, to drill and equip development wells and related asset retirement costs are capitalized. Costs to drill exploratory wells that do not find proved reserves, geological and geophysical costs, and costs of carrying and retaining unproved properties are expensed.

 

 

h)

Foreign Currency Translation

 

The Company’s functional currency is the United States dollar as substantially all of the Company’s operations were in the United States.  The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission (“SEC”) and in accordance with the SFAS No. 52.

 

Assets and liabilities dominated in a foreign currency were translated at the exchange rate in effect at the period end and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.  Translation adjustments arising from the use of difference exchange rates from period to period were included in the cumulative effect of foreign currency translation adjustment account in stockholders’ equity.

 

Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  Any exchange gains and losses are included in the Statement of Operations.

 

 

i)

Income Taxes

 

The Company accounts for income taxes under the Statement of Financial Accounting Standards No. 109, “Accounting for Income Taxes” (“Statement 109”). Under Statement 109, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under Statement 109, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

F-9

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

APRIL 30, 2008

 (Stated in US Dollars)

 

Note 1

**SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION** – (continued)

 

 

i)

Income Taxes - continued

 

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 39% to the net loss before provision for income taxes for the following reasons:

 

 

 

April 30, 2008

 

 

 

 

 

 

Income tax expense at statutory rate

$   (1,094,429)

 

 

Valuation allowance

1,094,429 

 

 

Income tax expense per books

$                   - 

 

 

Net deferred tax assets consist of the following components as of:

 

 

 

April 30, 2008

 

 

 

 

 

 

NOL carryover

$    1,094,429 

 

 

Valuation allowance

(1,094,429)

 

 

Net deferred tax asset

$                   - 

 

 

 

j)

Loss Per Share

 

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by Financial Accounting Standards No. 128, “Earnings Per Share.” As of April 30, 2008, there were no dilutive securities outstanding.

 

 

k)

Business Segments

 

The Company operates in one segment and therefore segment information is not presented

 

 

l) 

Recent Accounting Pronouncements

 

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes”.  The interpretation clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements in accordance with SFAS No. 109, “Accounting for Income Taxes”.  Specifically, the pronouncement prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  The interpretation also provides guidance on the related derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition of uncertain tax position.  The interpretation is effective for fiscal years beginning after December 15, 2006.  The adoption of FIN 48 is notexpected to have a material impact on the Company’s  financial position, results of operations or cash flows; however, the Company is still analyzing the effects of FIN 48.

 

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”.  This Statement defines fair value as used in numerous accounting pronouncements, establishes a framework for 

 

F-10

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

APRIL 30, 2008

 (Stated in US Dollars)

 

Note 1

**SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION** – (continued)

 

 

l) 

Recent Accounting Pronouncements – (continued)

 

measuring fair value in generally accepted accounting principles and expands disclosure related to the use of fair value measures in financial statements.  The Statement is to be effective for the Company’s financial statements issued in 2008; however, earlier application is encouraged.  The Company does not anticipate the adoption of SFAS No. 157 will have a material impact on the Company’s financial statements.

 

SFAS 155, Accounting for certain Hybrid Financial Instruments and SFAS 156, Accounting for servicing of Financial Assets were recently issued. SFAS 155 and 156 have no current applicability to the Company and have no effect on the financial statements.

 

In May 2005, the FASB issued SFAS 154, Accounting Changes and Error Corrections. This Statement replaces APB Opinion No. 20, Accounting Changes, and FASB statement No 3, Reporting Accounting Changes in Interim Financial Statements, and changes the requirements for the accounting for and reporting of a change in accounting principle. This (Expressed in U.S. Dollars) Statement applies to all voluntary changes in accounting principle. It also applies to changes required by an accounting pronouncement in the usual instance that the pronouncement does not include specific transition provisions. SFAS 154 also requires that a change in depreciation, amortization or depletion method for long-lived, non-financial assets be accounted for as a change in accounting estimate effected by a change in accounting principle. This Statement is effective in fiscal years beginning after December 15, 2005. TheCompany does not anticipate the adoption of SFAS No. 154 will have a material impact on the Company’s financial statements.

 

In September 2006, the SEC issued Staff Accounting Bulletin No. 108 (“SAB 108”).  Due to diversity in practice among registrants, SAB 108 expressed SEC staff views regarding the process by which misstatements in financial statements are evaluated for purposes of determining whether financial statement restatement is necessary.  SAB 108 is effective for fiscal years ending after November 15, 2006, and early application is encouraged.  The Company does not anticipate the adoption of SFAS No. 108 will have a material impact on the Company’s financial statements.

 

Note 2

**ACQUISITION OF MINERAL RIGHTS**

 

On April 26, 2005, the Company acquired the mining rights to two claims collectively known as the Big Mike Border Gold property located in the Skeena Mining District of British Columbia, Canada, for a purchase price of $3,000. The Company received rights to all minerals contained in the Big Mike Border Gold property.

 

On August 23, 2006 the Company entered into an agreement with Tara Gold Resources Corp., for the La Currita Property, which was effective as of May 30, 2006. According to the agreement the Company was to make payments of $50,000 on the 25th day of each month commencing June 2006 and ending April 2007. A final payment of $25,000 is to be made May 25, 2007. Furthermore, according to the agreement on October 26, 2006, the Company issued and delivered to Tara Gold Resources Corp. 

 

F-11

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

April 30, 2008

(Stated in US Dollars)

 

Note 2

**ACQUISITION OF MINERAL RIGHTS - continued**

 

250,000 restricted shares of common stock. The Company has not made payments according to the scheduled required payments and has only paid a total of $150,000 against the scheduled required payments. An amount owing of $425,000 for the agreement is owing.

 

On August 23, 2006 the Company also entered into an agreement with Tara Gold Resources Corp., for the Las Minitas Property, which was effective as of June 1, 2006. According to the agreement the Company was to make payments of $75,000 on the date of the agreement, $225,000 by August 1, 2006, and a final payment of $300,000 was to be made November 1, 2006. Furthermore, according to the agreement on October 26, 2006, the Company 

issued and delivered to Tara Gold Resources Corp. 1,000,000 (post split) restricted shares of common stock. Upon payment of the balance, the Company will retain a 20% interest in this property.

 

In May 2007, the Company wire transferred $505,000 to Tara Gold Resources Corp. for a further interest in the La Currita Property.

 

In June 2007 the Company wire transferred an additional $95,000 to Tara Gold Resources Corp. for an additional further interest in the La Currita Property.

 

Note 3

**LOANS**

 

In May of 2006, the Company received $3,000 in advances from its former president. The balance is non-interest bearing and due on demand

 

On May 25, 2006 the Company borrowed funds in the amount of $75,000 from Paradisus Investment Corp. The Company wired $75,000 on the same date to Tara Gold Resources Corp. as part of a purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp. for “Las Minitas” property.

 

On May 26, 2006 the Company borrowed funds in the amount of $75,000 from Paradisus Investment Corp. The Company wired $75,000 on the same date to Tara Gold Resources Corp. as part of a purchase agreement between Raven Gold Corp and Tara Gold Resources Corp for “La Currita” property.

 

On June 25, 2006 the Company borrowed $50,000 from RPMJ Corporate Communications Ltd. The Company wired $50,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp and Tara Gold Resources Corp for “La Currita” property.

 

On June 27, 2006 the Company borrowed $175,000 from Zander Investment Limited. The Company wired $175,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp. for “Las Minitas” property.

 

On June 25, 2006 the Company borrowed $50,000 from RPMJ Corporate Communications Ltd. The Company wired $50,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp and Tara Gold Resources Corp for “La Currita” property.

 

F-12

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

April 30, 2008

(Stated in US Dollars)

 

Note 3

**LOANS – (continued)**

 

On June 27, 2006 the Company borrowed $175,000 from Zander Investment Limited. The Company wired $175,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp. for “Las Minitas” property.

 

On July 27, 2006 the Company borrowed $50,000 from Zander Investment Limited. The Company wired $50,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp for “La Currita” property.

 

On August 23, 2006 the Company borrowed $50,000 from Paradisus Investment Corp. The Company wired $50,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp for “Las Minitas “property.

 

On September 21, 2006 the Company borrowed $100,000 from Coach Capital, LLC. The Company wired $100,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp for “Las Minitas “property.

 

On October 3, 2006 the Company borrowed $200,000 from 1230144 Alberta Ltd., a private corporation. 

 

On October 5, 2006 the Company borrowed $500,000 from Coach Capital, LLC. The Company wired $500,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp., $75,000 for the “Las Minitas” and $425,000 for the “la Currita” properties.

 

On October 12, 2006 the Company borrowed $500,000 from Coach Capital, LLC. The company wired $500,000 on the same date to Tara Gold Resources Corp. to invest in the Start-Up Capital to be repaid from 60% of the net operating revenue derived from “La Currita” property.

 

On January 25, 2007 the Company wired $50,000 to Tara Gold Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp for “La Currita” property.

 

On May 15, 2007 the Company borrowed $205,000 from Coach Capital, LLC. The company wired $205,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp for “La Currita” property.

 

On June 13, 2007 the Company borrowed $100,000 from Coach Capital, LLC. The company wired $100,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp for “La Currita” property.

 

On July 26, 2007 the Company borrowed $100,000 from Coach Capital, LLC. The company wired $100,000 on the same date to Tara Gold Resources Corp. as part of the purchase agreement between Raven Gold Corp. and Tara Gold Resources Corp for “La Currita” property.

 

On October 2, 2007 the Company borrowed $12,000 from Coach Capital, LLC for operations. 

 

On November 9, 2007 the Company borrowed $12,000 from Coach Capital, LLC for operations.

 

F-13

 

**RAVEN GOLD CORP.**

(formerly Riverbank Resources Inc.)

 (An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

April 30, 2008

(Stated in US Dollars)

 

Note 3

**LOANS – (continued)**

 

On December 11, 2007 the Company borrowed $20,000 from Coach Capital, LLC for operations.

 

In February 2008 the Company borrowed $30,000 from Coach Capital LLC for operations.

 

At April 30, 2008 the Company had promissory notes outstanding totalling $2,554,000 which are unsecured, bear interest at 10% per annum accruing from May 1, 2007 and are due on demand.   The Company has recorded interest of $136,826 as interest expense on the promissory notes.  

 

Note 4 

**STOCKHOLDERS’ EQUITY**

 

During 2005, the Company issued 6,420,000 shares of common stock to its founders for cash of $6,420 ($0.001 per share)

 

During 2005, the Company issued 1,004,000 shares of common stock for cash of $50,200 ($0.05 per share).

 

In June 2006 the Company performed a 5:1 forward split of its common stock for a total of 37,120,000 shares issued and outstanding.

 

On October 6, 2006 the Company entered into an agreement to acquire certain mineral properties from Tara Gold Resources Corp. Terms of the agreement required the Company to issue 500,000 restricted shares of common stock of the Company. On October 6 the Company issued the required restricted common stock of the Company for a stock subscription price of $100,000 ($0.20 per share).  

 

In March 2007 the Company increased the authorized capital of common stock to 500,000,000.

 

In March 2007 the Company performed a 2:1 forward split of its common stock for a total of 75,240,000 shares issued and outstanding. The reporting of the stock split was applied retroactively.

 

On March 6, 2008 the company received a surrender of 40,000,000 shares of common stock.

 

Note 5

**STATEMENT OF OPERATIONS – Impairment of Mineral Properties**

 

On May 9, 2008 Raven Gold failed to meet its lease commitment on the La Currita gold leases in Mexico. As a result of the default the La Currita leases were terminated. The Company has recorded in the financial statements a complete write down of its investment in joint venture.

 

Note 6

**STATEMENTS OF CASH FLOWS**

 

In the April 30 2007 financial statements, “Investing Activities” in the “Statement of Cash Flows” included $500,000 for “Investment in Joint Venture” financed by the issuance of common stock shown as a financing activity. This transaction was removed from the Statements of Cash Flows as it did not constitute a cash activity. The April 30, 2007 financial statements were re-stated and filed. 

 

 

F-14

 

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