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Promissory Note | 12 Months Ended
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Dec. 31, 2022
Promissory Note. |
Promissory Note | 3. Promissory Note A promissory note was acquired in the Aquila acquisition in December 2021. In October 2021, Aquila sold its Wisconsin assets to Green Light Metals in return for a C$4.9 million ($3.9 million) promissory note. In June 2022, an amended agreement was executed. Under the amended promissory note, Green Light Metals was to deliver C$4.9 million in Green Light Metal common shares once Green Light Metals went public, or private shares of Green Light Metals at the maturity date of December 31, 2022, whichever occurred first. In December 2022, a second amended agreement was executed (1) amending the maturity date to December 28, 2022, (2) clarifying the definition of “qualified financing” which set the value to C$0.40 per share for the common shares that were to be issued at maturity; and (3) adding a top-up provision that would result in additional common shares being issued to the Company if any Green Light Metals financing was raised at less than C$0.40 per share before March 31, 2023, essentially preventing dilution and ensuring that the total value of the Green Light Metals shares held by the Company at March 31, 2023 remains C$4.9 million. Upon maturity on December 28, 2022, the Company received 12,250,000 private shares of Green Light Metals, which settled the promissory note. Consequently, as of December 31, 2022, the balance of the promissory note receivable is zero.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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