Annual report pursuant to section 13 and 15(d)

Subsequent Events

Subsequent Events
12 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Subsequent Events


On November 25, 2011, the Company’s board of directors authorized and declared a dividend, whereby an additional 0.362612612 shares of common stock, par value $0.0001 per share, will be issued on each one share of common stock outstanding on December 9, 2011. Accordingly, the Company issued an additional 3,281,644 shares of common stock as dividends.

On December 7, 2011, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada in order to change its name to American Strategic Minerals Corporation from Verve Ventures, Inc., and change the Company’s authorized capital to 200,000,000 shares of common stock from 75,000,000 shares, change the par value to $0.0001 per share from $.001 per share, and authorized new 50,000,000 shares of preferred stock, par value $0.0001 per share.

On December 13, 2011, the Company cancelled 62,500 shares of common stock previously issued to a shareholder of the Company. In connection with the return of the 62,500 shares of common stock, the Company valued the cancelled shares at par value of $0.0001 per share and recorded it against additional paid in capital.

On December 13, 2011, the Company and an officer and director of the Company, Christopher Clitheroe, executed a waiver agreement (the “Waiver’) whereby Mr. Clitheroe agreed to release the Company from the loans advanced to the Company during the period from February 2010 to present amounting to $11,050 (see Note 3). Accordingly, such loans from Mr. Clitheroe are terminated and the Company is released from further obligation and responsibilities under the loan.  As a result of the Waiver, the loan amount of $11,050 is extinguished and the corresponding amount is recorded in additional paid-in capital.