Ireland Inc. (fka IRLD)

[davidsson10]

"Here's what the financial statement looked like on September 30:

cash: $548 thousand
current assets: $829 thousand
current liabilities: $946 thousand
NO revenue since inception
quarterly net loss: $17.5 million

"Yesterday's press release said that IRLD will need about $2 million in order to start extracting gold out of the ground. Some of the cash might be raised if warrant holders exercise their warrants. IRLD also has a laboratory at the Columbus project and it sometimes lends it to other people. Last year, a company called Nanominerals Corp used it and as a result, Ireland received $250 thousand.

"Here's where things get interesting.

"Nanominerals might be a familiar name for some of you. The ones who have invested money in Searchlight Minerals Corp. (OTCMKTS:SRCH) have probably heard of it. For those who haven't, SRCH is also looking for gold in Nevada and it's not particularly successful. IRLD and SRCH use the same exact address as the location of their principal offices and Nanominerals has stakes in both companies (27% in IRLD and 12% in SRCH).

"Now, things get even more interesting.

"According to LinkedIn, the owner of Nanominerals is called Charles Ager and a person by the same name was once at the helm of a company called Delgratia Mining Corp (a former NASDAQ stock). Delgratia's Mr. Ager said at one point that his company has found quite a lot of gold at its properties, but sadly, it turned out that this wasn't the case. The whole thing resulted in a huge scandal and a lot of legal actions.

"Can you guess where Delgratia's properties were?

"That's right, Nevada."

https://www.linkedin.com/in/charlesager

http://www.wsj.com/articles/SB871518106214025500

http://www.wsj.com/articles/SB86495408096185500

http://www.prnewswire.com/news-releases/securities-fraud-suit-filed-against-delgratia-mining-corp-75991577.html