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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2022
Related Party Transactions  
RELATED PARTY TRANSACTIONS

 

10.RELATED PARTY TRANSACTIONS

 

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 8).

 

   September 30, 2022  

December 31,

2021

 
         
Directors and Officers of the Company   32,860    26,759 
NAN   -    199,145 
Total   32,860    225,904 

 

These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

 

(a)Related-party transactions

 

During the nine months ended September 30, 2022, ThreeD Capital subscribed for 1,213,538 common shares of PNRC (representing 1,279,069 common shares of the Company following the RTO, on a post-Consolidation basis), representing an investment of US$2,427,076 (2021 - $374,123). As of September 30, 2022, ThreeD Capital beneficially owns or controls 8,662,347 common shares of the Company (2021 - 7,383,278 shares) on a post-Consolidation basis, representing approximately 7.5% (2021 - 9.14%) of the issued and outstanding common shares of the Company as at September 30, 2022.

 

Between March 2, 2022 and March 3, 2022, PNRC issued promissory notes to its officers and directors as well as its shareholders as below:

 

      
Directors and Officers of the Company   35,000 
ThreeD Capital   762,180 
NAN   1,270,000 
Total   2,067,180 

 

 

 

Notes to the Unaudited Condensed Interim Consolidated Financial statements

For the Three and Nine Months Ended September 30, 2022

(Expressed in Canadian dollars)

 

On April 30, 2022, all amounts owing in respect of the above promissory notes were repaid in full by payment of cash in an amount of $2,018,568, including interest and fees, and by issuing 310,000 PNRC Shares (326,740 shares of the Company) on a post-RTO and post-consolidation basis).

 

(b)Key management personnel is defined as members of the Board of Directors and senior officers.

 

Key management compensation was as follows:

 

   September 30, 2022   September 30, 2021 
Management fees   1,701,211    436,626 
Due diligence BCL   -    90,000 
Corporate and administration expenses   40,884    96,555 
Total   1,742,095    623,181