DEBT SETTLEMENTS, SHARE STRUCTURE
The management of Gold Coast has and continues to maintain the goal of settling past obligations and funding its joint venture project within its current authorized shares and without any toxic financings or reverse splits. In keeping with that agenda, the Company has settled several past obligations of the Company that would have totaled $25,000 and up to 300mm in share issuances. These obligations were settled for the issuance a 50mm new shares as well as the repurchase by the Company of 25mm previously issued shares for a purchase price of $50,000. As a result of these settlements and the repurchase of 25mm previously issued shares, the Company has 629,887,086 shares outstanding. The Company does not foresee the need for any additional share issuances in the near term other than, when eligible, the exercise of the warrants and 40mm preferred shares that are part of funding the Company's Gold Star joint venture. As previously announced, there are 10mm warrants exercisable at $.10 per share and 10mm warrants exercisable at $.15 per share. The 40mm preferred shares are convertible on a 1 for 1 basis.
Lovito continued, "These settlements are a significant accomplishment for the Company and represent a strong commitment and belief in what we are doing by the parties accepting the settlement. Our goal here was not only to resolve past issues, but in the process show our shareholders how committed we are to preserving our share structure and building shareholder value."
The Company maintains the position that while it may need to issue shares as debt is settled and as part of securing funding for the joint venture, management has been and remains committed to no reverse splits and/or toxic financings as part of this process. The issued and outstanding stock is currently at 629,887,086. The Company intends to update shareholders on any share issuances that may occur going forward, along with the purpose behind any issuance.
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