UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act 1934
Date of Report (date of earliest event reported): June 11, 2010
CAMELOT CORPORATION
(Exact name of registrant as specified in charter)
Colorado 0-8299 84-0691531
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
730 W. Randolph Street, Suite 600
Chicago, IL 60661
(Address of principal executive offices)
312-454-0015
(Issuer's Telephone Number)
Copies to:
Kristen A. Baracy, Esq.
Synergy Law Group, LLC
730 West Randolph Street, Suite 600
Chicago, IL 60661
Phone: 312-454-0015 - Fax: 312-454-0261
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
CAMELOT CORPORATION
Current Report on Form 8-K
July 26, 2010
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 11, 2010, Camelot Corporation (the "Company") entered into a Mineral
Lease Agreement (the "Lease") with Timberwolf Minerals, Ltd. ("Timberwolf") to
lease certain unpatented lode mining claims (the "Property") owned by Timberwolf
located in Section 2, Township 2 North, Range 38 East and Section 35, Township 3
North, Range 38 East, Mt. Diablo Meridian in Esmeralda County, Nevada subject to
the terms of the Lease. The Property consists of Claims BJ 101, 103, 105, 107,
109, 110, 112, 114, 116 and 118 with BLM Serial No. NMC# Lead File 1017556 (the
"Claims").
The Lease grants the Company the exclusive right to explore, develop and mine
the Property for gold, silver and other minerals. Under the Lease, the Company
is obligated to pay all Federal, State and County annual mining claim
maintenance or rental fees and execute, record or file proof of payment of same
and of Timberwolf's intention to hold the Claims.
Upon execution of the Lease, the Company paid $11,456.50 inclusive of $1,456.50
for 2010 maintenance fees. The Company is obligated to pay to Timberwolf minimum
annual rental payments beginning on the first anniversary of the Lease as
follows: $15,000 on or before the first anniversary of the Lease, $20,000 on or
before the second anniversary of the Lease, $25,000 on or before the third
anniversary of the Lease, $50,000 on or before the fourth anniversary of the
Lease and $50,000 on or before the fifth anniversary of the Lease. The Company
has the right to purchase all of Timberwolf's unpatented Claims covered by the
Lease and within the boundaries of the area of interest for $5,000,000 on or
before the sixth anniversary of the Lease, failure of which will terminate the
Lease.
The Company's plan of operations is to conduct mineral exploration activities on
the Property in order to assess whether the Claims possess commercially
exploitable mineral deposits. (Commercially exploitable mineral deposits are
deposits which are suitably adequate or prepared for productive use of a natural
accumulation of minerals or ores). This exploration program is designed to
explore for commercially viable deposits of gold, silver or other valuable
minerals. (Commercially viable deposits are deposits which are suitably adequate
or prepared for productive use of an economically workable natural accumulation
of minerals or ores). The Company has not, nor has any predecessor, identified
any commercially exploitable reserves of these minerals on our Claims. (A
reserve is an estimate within specified accuracy limits of the valuable metal or
mineral content of known deposits that may be produced under current economic
conditions and with present technology). The Company is an exploration stage
company and there is no assurance that a commercially viable mineral deposit
exists on its Claims.
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Upon acquiring a lease on the Property, David A. Wolfe, Professional Geologist,
prepared a geologic report for the Company on the mineral exploration potential
of the Claims. Mr. Wolfe is the President of Timberwolf Minerals LTD, the
company from whom the Property is leased. Included in Mr. Wolfe's report is a
recommended exploration program which consists of mapping, sampling, staking
additional claims and drilling.
At this time the Company is uncertain of the extent of mineral exploration it
will conduct before concluding that there are, or are not, commercially viable
minerals on the Claims. Further phases beyond the current exploration program
will be dependent upon numerous factors such as Mr. Wolfe's recommendations
based upon ongoing exploration program results and the Company's available
funds.
Since 1998, the Company has not engaged in any operations and has been dormant.
The Company has no revenues and has incurred losses since inception. The notes
to the Company's financial statements include a statement raising substantial
doubt about the Company's ability to continue as a going concern. The Company
will not generate revenues even if its exploration program indicates that a
mineral deposit may exist on its Claims. Accordingly, the Company will be
dependent on future additional financing in order to maintain operations and
continue exploration activities.
ITEM 901 FINANCIAL STATEMENTS AND EXHIBITS
Exhibits required by Item 601 of Regulation S-K:
Exhibit
Number Description of Exhibit
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3.1 Articles of Incorporation*
3.2 Certificate of Amendment of Articles of Incorporation dated
December 16, 1988*
3.3 Articles of Reinstatement dated June 21, 1996*
3.4 Articles of Reinstatement dated September 7, 1999*
3.5 Bylaws*
10.1 Mineral Lease Agreement dated June 11, 2010 between Camelot
Corporation and Timberwolf Minerals, Ltd.
99.1 Blair Junction Summary Report of Timberwolf Minerals Ltd.
99.2 Blair Junction Summary and Recommendations of Timberwolf Minerals Ltd.
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* Incorporated by reference herein from the Company's Registration Statement
on Form 10 filed with the Securities and Exchange Commission on June 23,
1976.
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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 hereunto duly authorized.
CAMELOT CORPORATION
July 26, 2010 By /s/ Jeffrey Rochlin
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Name: Jeffrey Rochlin
Title: President
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