AMARC Discloses Significant Related Party Payables
Ticker: AXREF · Form: 6-K · Filed: Feb 29, 2024 · CIK: 1175596
| Field | Detail |
|---|---|
| Company | Amarc Resources LTD (AXREF) |
| Form Type | 6-K |
| Filed Date | Feb 29, 2024 |
| Risk Level | high |
| Pages | 1 |
| Reading Time | 1 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: related-party-transactions, debt, governance
TL;DR
**AMARC's latest 6-K shows massive payables to related parties, including C$211.7M to Robert Dickinson, raising red flags.**
AI Summary
AMARC RESOURCES LTD filed a 6-K on February 29, 2024, for the period ending December 31, 2023. The filing details related party transactions, including C$62,208 in salaries, fees, and benefits paid to members for the nine months ended December 31, 2023, an increase from C$0 in the prior year. The company also reported C$186,602,894 payable to United Mineral Services Ltd. and C$211,702,894 payable to Robert Dickinson as of December 31, 2023.
Why It Matters
High related party payables can indicate potential conflicts of interest or financial dependencies that warrant close scrutiny by investors.
Risk Assessment
Risk Level: high — The substantial amounts payable to related parties, particularly Robert Dickinson and United Mineral Services Ltd., suggest significant financial ties that could pose governance and financial risks.
Key Numbers
- C$62,208 — Salaries, Fees, and Benefits (paid to members for the nine months ended December 31, 2023)
- C$186,602,894 — Payable to United Mineral Services Ltd. (as of December 31, 2023)
- C$211,702,894 — Payable to Robert Dickinson (as of December 31, 2023)
Key Players & Entities
- AMARC RESOURCES LTD (company) — filer
- United Mineral Services Ltd. (company) — related party receiving payments
- Robert Dickinson (person) — related party with significant interest payable
- Thomas Wilson (person) — CFO receiving fees
- Hunter Dickinson Services Inc. (company) — related party
FAQ
What was the total amount of salaries, fees, and benefits paid to members for the nine months ended December 31, 2023?
AMARC RESOURCES LTD paid C$62,208 in salaries, fees, and benefits to members for the nine months ended December 31, 2023.
How much was payable to United Mineral Services Ltd. as of December 31, 2023?
As of December 31, 2023, C$186,602,894 was payable to United Mineral Services Ltd.
What was the amount of interest payable to Robert Dickinson as of December 31, 2023?
As of December 31, 2023, C$211,702,894 was payable to Robert Dickinson.
When was this 6-K filing submitted to the SEC?
This 6-K filing was submitted to the SEC on February 29, 2024.
What is AMARC RESOURCES LTD's primary business according to its SIC code?
AMARC RESOURCES LTD's primary business, according to its Standard Industrial Classification (SIC) code 1040, is Gold & Silver Ores.
Filing Stats: 241 words · 1 min read · ~1 pages · Grade level 11.9 · Accepted 2024-02-29 14:45:08
Filing Documents
- ahr_6k.htm (6-K) — 69KB
- ahr_ex991.htm (EX-99.1) — 731KB
- ahr_ex992.htm (EX-99.2) — 1113KB
- ahr_ex993.htm (EX-99.3) — 8KB
- ahr_ex994.htm (EX-99.4) — 8KB
- ahr_ex992img2.jpg (GRAPHIC) — 41KB
- ahr_ex991img1.jpg (GRAPHIC) — 7KB
- ahr_ex992img1.jpg (GRAPHIC) — 6KB
- 0001654954-24-002404.txt ( ) — 5274KB
- ahr-20231231.xsd (EX-101.SCH) — 79KB
- ahr-20231231_lab.xml (EX-101.LAB) — 271KB
- ahr-20231231_cal.xml (EX-101.CAL) — 55KB
- ahr-20231231_pre.xml (EX-101.PRE) — 216KB
- ahr-20231231_def.xml (EX-101.DEF) — 102KB
- ahr_6k_htm.xml (XML) — 609KB
Management's Discussion and Analysis for the nine months ended December 31, 2023
Management's Discussion and Analysis for the nine months ended December 31, 2023 99.3 Form 52-109FV2 Certification of interim filings – venture issue basic certificate - CEO 99.4 Form 52-109FV2 Certification of interim filings – venture issue basic certificate - CFO 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Amarc Resources Ltd. (Registrant) Date: February 28, 2024 By: /s/ Thomas Wilson Thomas Wilson Chief Financial Officer 3