<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-Q
Quarterly Report pursuant to Section 13 of the Securities Exchange Act of 1934
for the quarterly period ended March 31, 2000
(Commission File No. 0-13029)
American Pacific Minerals Ltd.
(Exact name of registrant as specified in its charter)
British Columbia, Canada 68-0302381
(State of incorporation) (I.R.S. Employer Identification Number)
c/o Savage Capital Corporation
595 Burrard Street
Vancouver, British Columbia,
Canada V7X 1A2
(604) 255-3835
(Address of principal executive offices)
Indicate by check mark whether the registrant (1) has filed all reports to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 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
------ _____
On December 31, 1999, the Registrant had 42,006,040 issued and outstanding
Common Shares.
1
<PAGE>
AMERICAN PACIFIC MINERALS LTD.
(Commission File No. 0-13029))
TABLE OF CONTENTS TO FORM 10-Q
Page
----
PART I - FINANCIAL INFORMATION
Item 1 Management's Discussion and Analysis of Financial
Condition and General.................................... 3
Item 2: Financial Statements..................................... F-1
SIGNATURES
EXHIBITS (None)
2
<PAGE>
Item 1. Management's Discussion and Analysis of Financial Condition
and Results of Operations
General.
The Company intends to change its business from mining to the technology
industry. Consequently, for the quarter ended March 31, 2000, the Company's
sole activities consisted of management's efforts to retain both legal and
accounting professionals to complete and bring up to date all the company's
regulatory, legal and tax filings in both the United States and Canada.
1. These financial statements should be read in conjunction with the financial
statements, and the accompanying notes for the year ended December 31, 1999
included in the Company's report on Form 10-K. Results of operations for the
interim periods are not necessarily indicative of results for the full year.
2. The Company is authorized to issue 25,000,000 preferred shares with a par
value of $1.00 (Canadian) and 100,000,000 common shares with no par value.
Issued and outstanding common shares at December 31, 1999 was 42,060,040.
3. In 1997 the new management of APML on behalf of the company and its minority
shareholders brought an action against ARC and other related parties. From
1996 to 1999 the Company was strictly involved with the legal action. During
the course of the legal action, ARC which merged with Rea Gold declared
bankruptcy under Canadian Law in early 1997. The receiver for the bankruptcy
was KPMG and to the best of management's' knowledge all assets including
Goldfield have been sold off with no excess funds for payment to any
shareholders of the parent or any subsidiary companies. Our suit was
dismissed in January 1999.
4. The Annual and Special General Meeting of the Members of American Pacific
Minerals Ltd. will be held at Suite 2900, 595 Burrard Street, Three Bentall
Center, Vancouver, B.C. on the 19th day of May, 2000 at the hour of 3:00
o'clock in the afternoon (PST) for the following purposes:
. To elect directors to hold office until the next annual general meeting
of the Company
. To fix the number of directors for the ensuing year at (5)
. Review and approve Audited financials for 1996, 1997, 1998, 1999, together
with the auditors' report thereon;
. Ratify the Changing of the Company's auditors from Price Waterhouse
Coopers, Chartered accountants to Sadovnick, Telford + Skov Certified
general Accountants for the ensuing year and to authorize the Directors to
fix the remuneration thereon.
. To approve the continuance of the Company out of the jurisdiction of
British Columbia into Delaware
3
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. Upon completion of the continuation to approve the name change of the
company to Savage Capital Corporation
. To transact such other business as may properly be transacted at such
meeting
An Information circular providing additional information relating to these
matters will be mailed to all Members in April 2000.
PART II - OTHER INFORMATION -
Item 1. Legal Proceedings
Not Applicable
Item 2. Changes in Securities.
(a) Not Applicable.
(b) Not Applicable.
(c) Not applicable.
Item 3. Defaults Upon Senior Securities.
(a) Not Applicable.
(b) Not Applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable
Item 5. Other Information.
4
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
May 29, 2000 AMERICAN PACIFIC MINERALS LTD.
By: /s/ Michael J. Savage
---------------------
Michael J. Savage, Chief Executive Officer
================================================================================
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-Q
Quarterly Report pursuant to Section 13 of the Securities Exchange Act of 1934
for the quarter ended March 31, 2000
American Pacific Minerals Ltd.
(Commission File No. 0-13029)
<PAGE>
================================================================================
AMERICAN PACIFIC MINERALS LTD.
(A Development Stage Enterprise)
Expressed in United States Dollars
Balance Sheet As at March 31, 2000
================================================================================
<TABLE>
<CAPTION>
This Quarter Dec.31/99
------------ ------------
<S> <C> <C>
Assets
Current
Cash $ 7,772 $ 7,772
Fixed
Furniture/Hardware 2,581 2,581
------------ ------------
TOTAL ASSETS $ 10,353 $ 10,353
----------------------------------------------------------------============ ============
Liabilities
Current
Accounts Payable & Accrued Liabilities $ 178,032 $ 179,344
Due to Stockholders 1,322 1,322
------------ ------------
Total Liabilities $ 179,354 $ 180,666
------------ ------------
Stockholders' Deficiency
Preferred stock with par value $1 Can.
25,000 authorized - non issued & o/standing
Common stock, no par value
100,000,000 authorized - 42,006,040 issued 29,815,841 $ 29,815,841
& o/s
Accumulated Deficit (29,815,841) (29,815,841)
Deficit Accumulated during Development (169,001) (170,313)
Stage
------------ ------------
Total Stockholders' Deficiency (169,001) (170,313)
------------ ------------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIENCY $ 10,353 $ 10,353
----------------------------------------------------------------============-----------============
</TABLE>
6
<PAGE>
================================================================================
AMERICAN PACIFIC MINERALS LTD.
(A Development Stage Enterprise)
Expressed in United States Dollars
================================================================================
<TABLE>
<CAPTION>
For the 1st Quarter Year Ended Cumulative
Mar.31/00 Dec. 31/99 Dev. Stage
Jan1/96 to
Mar.3l/00
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Revenue $ - 0 - $ - 0 - $ 17,729
-------------------------------------------------------------------------------------------------
Expenses
Depreciation $ 2,139 $ 6,462
Goldfield Expenses - 0 - 47,945
Office & Miscellaneous $ (2,024) 3,396 26,233
Professional Fees 712 30,590 249,951
Rent 13,964
Travel - 0 - 42,175
-------------------------------------------------------------------------------------------------
$ (1,312) 36,125 $ 386,730
-------------------------------------------------------------------------------------------------
Gain/Loss from continuing operations $ 1,312 $ (36,125) (369,001)
Gain from settlement of Lawsuit 200,000
-------------------------------------------------------------------------------------------------
Gain/Loss for Period $ 1,312 $ (36,125) $ (169,001)
-------------------------------------------------------------------------------------------------
Note - Gain from US Exch. Var.
</TABLE>
<PAGE>
================================================================================
AMERICAN PACIFIC MINERALS LTD.
(A Development Stage Enterprise)
Statements of Changes in Stockholders' Deficiency
Expressed in United States Dollars
================================================================================
<TABLE>
<CAPTION>
Deficit
Common Shares Accumulated
-------------------------- During Total
Shares Amount Accumulated Development Stockholders'
Deficit Stage Deficiency
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance at
December 31, 1995 42,006,040 $29,815,841 $(10,457,482) $ - $ 19,358,359
Net loss for 1996 - - (19,358,359) (222,891) (19,581,250)
--------------------------------------------------------------------------------------------------------
Balance at
December 31, 1996 42,006,040 29,815,841 (29,815,841) (222,891) (222,891)
Net income for 1997 - - - 142,177 142,177
--------------------------------------------------------------------------------------------------------
Balance at
December 31, 1997 42,006,040 29,815,841 (29,815,841) (80,714) (80,714)
Net loss for 1998 - - - (53,474) (53,474)
--------------------------------------------------------------------------------------------------------
Balance at
December 31, 1998 42,006,040 29,815,841 (29,815,841) (134,188) (134,188)
--------------------------------------------------------------------------------------------------------
Balance at
December 31, 1999 42,006,040 $29,815,841 $(29,815,841) $(170,313) $ (170,313)
========================================================================================================
Balance at
March 31, 2000 42,006,040 $29,815,841 $(29,815,841) $(169,001) $ (169,001)
========================================================================================================
</TABLE>
8
