Pacific Copper Corp (fka PPFP)

[lmcat]

Pacific Copper Corp (Public, PINK:PPFP)

http://www.google.com/finance?q=PINK%3APPFP&hl=en

I see that PPFP has been around since 2006

The Company did not raise any capital during the nine month period ended July 31, 2011.

PPFP has another convertible note due
On October 26, 2009, the Company issued 12% convertible notes to two investors with an aggregate face value of $20,000. The principal amount of the notes and interest is payable on October 26, 2011. While the note is outstanding, the investor has the option to convert the principal balance and interest, into common stock at a fixed conversion price of $0.10. In the event of certain defaults on the terms of the note, certain of which are indexed to equity risks, the holder can accelerate the payment of outstanding principal and interest (the "Default Put").

They have accumulated losses of:

Net loss attributable to Pacific Copper Corp. Stockholders
(18,944,907)

The Company is in the exploration stage and has not yet realized revenues from any operations. The Company has incurred a loss of $748,479 for the nine month period ended July 31, 2011. At July 31, 2011, the Company had an accumulated deficit during the exploration stage of $18,944,907.
During the year ended October 31, 2008 the Company raised capital of $1,475,815 (net of offering costs). Further, during the year ended October 31, 2008 the Company raised an additional $100,000 being subscription for convertible notes (See note 15-"Convertible Note Financing Transaction"). The Company raised an additional $186,500 during the year ended October 31, 2009 from issue of convertible notes. Management's plan is to continue raising capital through future equity or debt financing until it achieves profitable operations from mineral extraction activities. There is no assurance that we will be successful in obtaining such financing.

Debt conversion financing/funding aka toxic financing. I have seen the effects it can have on the stock price when these note holders convert and dump their shares into the market.

As of the date of the filing of this report, the Company has very little cash. As of the nine month period ended July 31, 2011, the Company's current liabilities were $3,810,147 while current assets were $10,077. Management has taken steps to reduce operating costs. These steps include deferral of salaries for senior management, deferral of payments to consultants and service providers, and reduction of all exploration activities.

Due to current difficult economic conditions and increased competition among small mineral exploration stage companies for available sources of capital, it has become more difficult to raise financing than in the previous operating years of the Company. The continued depletion of current cash and cash equivalents to meet ongoing administrative expenses and other continuing obligations is a material concern of management. The continued operation of the Company is dependent on raising additional financing to meet commitments and obligations and there can be no assurance that such financing can be obtained on a timely basis or on favorable terms or at all. If we fail to obtain financing, the Company may be forced to cease doing business.
http://app.quotemedia.com/quotetools/showFiling.go?webmasterId=89753&name=PACIFIC%20COPPER%20CORP.:%2010-Q,%20Sub-Doc%201&link=http%3A//quotemedia.10kwizard.com/filing.xml%3Frid%3D23%26ipage%3D7817540%26DSEQ%3D1%26SQDESC%3DSECTION_BODY%26doc%3D1&cp=off&type=HTML