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UGDM Universal Gold Mining Corp. (UGDM)

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Universal Gold Mining Corporation has been established with the objective of pursuing gold exploration, development and production opportunities. UGMC aims to increase shareholder value in the medium to long term via the acquisition of equity stakes in promising gold projects.

LATEST NEWS
Form 8-K
[CONTINUE]
Form 8-K
[CONTINUE]
Form 8-K
[CONTINUE]

Share Price: $0.01
Todays Change: +0.002
16.17, 07th Sep 2011

 

ABOUT

Universal Gold Mining Corporation is pursuing gold exploration and development opportunities in underexplored frontier territories.

PROJECTS

Universal Gold Mining Corporation is presently pursuing interests in:

COLOMBIA:

The Company's first acquisition was secured by an option to acquire up to 50% of the Toldafria gold project in Colombia with a resource target of approximately 4million ounces. The
Company has recently sold its stake in this project.

 

 

World Map


 

Mining in Colombia

Colombia is recognized as having rich, but as yet undeveloped mineral and energy resources. Colombia is currently the world's leading producer of emeralds, and South America's second largest gold producer and the continent's only platinum producer. Colombia also boasts the largest coal reserves, the second largest oil and the third largest natural gas reserves in South America. Colombia's impressive gold resources and high exploration potential is widely recognized, with historic gold production believed to exceed 120million ounces.

According to the Fraser Institute Annual Mining Survey, Colombia has been one of the most improved jurisdictions in the last four to five years as far as general policy and investment attractiveness is concerned. Colombia was ranked 55 out of 65 mining jurisdictions in the Fraser Institutes 2006/7 survey, but has climbed to 48 out of 72 in the most recent survey, published in April this year.

While Colombia has a long history of gold mining, the country has seen very little foreign investment due to political instability and concerns with security. Recently, however as political conditions in Colombia have improved, foreign companies, particularly mineral exploration companies, have rapidly moved into Colombia.

Major players currently in Colombia include Anglo Ashanti - La Colosa (12.9M oz), Anglo Ashanti - B2 Gold - Gramalote (2.4M oz), Medoro - Marmato (9.6M oz), Sunward - Titiribi (3.7M oz), Seafield - Quinchea (776K oz) as well as Antioquia, Ventana and Greystar the latter two of which are north east of the Toldafria mining prospect.

 

Toldafria project

The Toldafria opportunity was discovered by Mr. Richard Moores II, founder and president of Core Value Mining & Exploration Co. (CVME). CVME is the operator on the Toldafria project and has significant on the ground experience in Colombia. Universal Gold has an option agreement with CVME, which gives it the right to acquire up to a 50% interest in the Toldafria project for US$8.0million.

The Toldafria property is located 10 kilometers southeast of the city of Manizales in the Villamaria Municipality, Department of Caldas, Colombia. Toldafria has good access to local labor, water, power and transportation. The property is situated within the North Andes Mountain Belt, known as the Colombian Central Cordillera. Artisanal mining in the area has been ongoing for over a century, and the current property owners report historical production in the order of 4-8 kilograms of gold a month.

The property is located between the 9.6 million ounce Marmato deposit of Colombian Goldfields and Anglo Gold Ashanti's La Colosa project with a reported inferred resource of 12.9 million ounces.

Universal Gold has recently sold its interest in this project.

 

NEWS

March 04, 2011 - Form 8-K [CONTINUE]

 

February 17, 2011 - Form 8-K [CONTINUE]

 

January 18, 2011 - Form 8-K [CONTINUE]

 

January 15, 2011 - Proxy Statement for Special Meeting of Stockholders to be held January 26, 2011 [CONTINUE]

 

January 06, 2011 - Form 8-K Entry into a Material Definitive Agreement [CONTINUE]

 

January 04, 2011 - Form 8-K [CONTINUE]


UGDM

Common Stock
OTCQB
Contact Info
  • 1645 Village Center Circle
  • Suite 170
  • Las Vegas, NV 89134
  • Phone: (604) 608-0223

Update Company Info
Business Description

We engage in the acquisition, exploration and development of mineral deposits and reserves.

Financial Reporting/Disclosure
Reporting Status U.S. Reporting: SEC Filer
Audited Financials Audited
Latest Report Not Available
Regulatory Agency Not Available
CIK 0001375596
Fiscal Year End 12/31
OTC Market Tier OTCQB
Profile Data
SIC - Industry Classification 1000 - Metal Mining
Business Status Exploration Stage Company a/o Jun 10, 2010
 
 
Incorporated In: NV, USA
Year of Inc. 2006
Employees Not Available
Company Officers
David Cather Interim CEO
Craig Niven Interim CFO
Michael Stringfellow Asst. Secretary
Company Directors
Not Available
Company Notes
  • Formerly=Federal Sports & Entertainment, Inc. until 5-2010
  • Formerly=Rite Time Mining, Inc. until 5-2008
Service Providers
Auditor/Accountant
GBH CPAs, PC
6002 Rogerdale
Suite 500
Houston, TX, 77072
United States
 
Legal Counsel
Gottbetter & Partners, LLP
488 Madison Ave.
New York, NY, 10022
United States
 
Investor Relations Firm
Not Available
UGDM Security Details
Share Structure
Market Value1 $744,100 a/o Sep 06, 2011
Shares Outstanding 93,012,500 a/o Nov 12, 2010
Float Not Available
Authorized Shares 300,000,000 a/o Jun 17, 2010
Par Value 0.001
Shareholders
Shareholders of Record 57 a/o Mar 31, 2011
Corporate Actions
  Ex. Date Record Date Pay Date
Dividend (0.00) May 10, 2010 Apr 19, 2010 May 07, 2010
 
short Selling Data
Short Interest 0 (-100%)
Jun 15, 2011
Significant Failures to Deliver No
Transfer Agent(s)
Continental Stock Transfer & Trust Company

 

Universal Gold Mining Corp. (f/k/a Federal Sports & Entertainment, Inc.)
(An Exploration Stage Company)
Consolidated Balance Sheets
(Unaudited)
 
   
June 30,
   
December 31,
 
   
2011
   
2010
 
ASSETS
           
             
Current Assets
           
Cash
  $ 525,213     $ 947,153  
Marketable securities - available for sale
    716,660       -  
Employee receivable
    -       1,084  
Related party receivable
    -       5,258  
Goods and Services tax refund receivable
    15,398       16,328  
Prepaid expenses and other current assets
    -       1,866  
Total Current Assets
    1,257,271       971,689  
                 
Property and equipment, net
    -       3,613  
Investment in mining option
    -       2,300,000  
 
               
Total Assets
  $ 1,257,271     $ 3,275,302  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Current Liabilities
               
Accounts payable
  $ 80,806     $ 326,228  
Accounts payable-related party
    12,174       65,183  
Accrued liabilities
    38,084       258,020  
Total Current Liabilities
    131,064       649,431  
                 
Total Liabilities
    131,064       649,431  
                 
Commitments and contingencies
               
                 
Stockholders' Equity
               
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2011 and December 31, 2010
    -       -  
Common stock, $0.001 par value, 1,500,000,000 shares authorized; 93,012,500 shares issued and outstanding as of June 30, 2011 and December 31, 2010
    93,013       93,013  
Additional paid-in capital
    5,933,729       5,866,408  
Other comprehensive income (loss)
    (17,281 )     2,136  
Deficit accumulated in the exploration stage
    (4,883,254 )     (3,335,686 )
Total Stockholders' Equity
    1,126,207       2,625,871  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 1,257,271     $ 3,275,302  
 
See notes to unaudited consolidated financial statements

 
4

 

Universal Gold Mining Corp. (f/k/a Federal Sports & Entertainment, Inc.)
(An Exploration Stage Company)
Consolidated Statements of Operations
(Unaudited)
 
   
Three Months Ended
   
Six Months Ended
   
May 3, 2006
(Inception)
 Through
 
   
June 30, 
2011
   
June 30, 
2010
   
June 30, 
2011
   
June 30, 
2010
   
 June 30,
2011
 
Revenues
  $ -     $ -     $ -     $ -     $ -  
      -       -       -       -       -  
Expenses
                                       
General and administrative
    89,422       652,823       885,052       679,776       3,869,569  
Mineral expenditures
    -       -       -       -       6,750  
Depreciation
    -       -       198       -       538  
Loss on sale of mining option
    660,015       -       660,015       -       660,015  
Impairment loss (mineral claims and mining option)
    -       -       -       -       376,410  
Total Expenses
    749,437       653,823       1,545,265       679,776       4,913,282  
                                         
Other Income (Expense)
                                       
Foreign currency exchange gain (loss)
    (2,274 )     -       (2,303 )     -       29,363  
Interest income
    -       212       -       212       161,827  
Interest expense
    -       -       -       -       (161,162 )
Total Other Income (Expense)
    (2,274 )     212       (2,303 )     212       30,028  
                                         
Net Loss
  $ (751,711 )   $ (653,611 )   $ (1,547,568 )   $ (679,564 )   $ (4,883,254 )
                                         
Basic and Diluted Loss Per  Common Share
  $ (0.01 )   $ (0.00 )   $ (0.02 )   $ (0.00 )        
                                         
Weighted Average Number of Common Shares Outstanding - Basic and Diluted
    93,012,500       154,105,833       93,012,500       176,662,155          
                                         
See notes to unaudited consolidated financial statements

 
5

 

 Universal Gold Mining Corp. (f/k/a Federal Sports & Entertainment, Inc.)
(An Exploration Stage Company)
Consolidated Statements of Cash Flows
(Unaudited)
 
   
Six Months Ended
   
May 3, 2006
(Inception)
Through
 
   
June 30, 2011
   
June 30, 2010
   
June 30, 2011
 
Cash flows from operating activities
                 
                   
Net loss
  $ (1,547,568 )   $ (679,564 )   $ (4,883,254 )
Adjustments to reconcile net loss to net cash used in operating activities:
                       
Depreciation
    198       -       538  
Stock-based compensation
    67,321       435,910       666,262  
Loss on disposal of fixed assets
    3,518       -       3,518  
Loss on sale of mining option
    660,015       -       660,015  
Impairment expense (mineral claims and mining options)
    -       -       375,000  
Accretion of discount on note receivable
    -       -       (103,144 )
Amortization of deferred financing costs
    -       -       103,144  
Expenses paid by stockholder
    -       14,500       14,500  
Bad debt expense
    2,803       -       69,170  
Foreign currency exchange (gain)/loss
    2,303       -       (29,363 )
Changes in operating assets and liabilities:
                       
Employee receivable
    1,057       -       -  
Related party receivable
    5,125       -       -  
Other receivable
    (2,265 )     -       (85,778 )
Prepaid expenses and other current assets
    1,866       2,500       2,505  
Accounts payable
    (245,359 )     210,448       209,147  
Accounts payable - related party
    (52,702 )     (7,500 )     12,154  
Accrued liabilities and expenses
    (94,803 )     -       40,783  
Net cash used in operating activities
    (1,198,491 )     (23,706 )     (2,944,803 )
                         
Cash flows from investing activities
                       
Issuance of note receivable
    -       -       (338,838 )
Purchases of property and equipment
    -       -       (4,045 )
Proceeds from sale of mining option
    902,035       -       902,035  
Purchase of put and call option/convertible note
    -       (1,027,276 )     (1,027,276 )
Proceeds from exercise of put option on convertible note
    -       -       1,059,100  
Cash paid for investment in mining option
    (125,000 )     (2,300,000 )     (2,675,000 )
Net cash provided (used) in investing activities
    777,035       (3,327,276 )     (2,084,024 )
                         
Cash flows from financing activities
                       
Advances from stockholder
    -       -       82,405  
Repayment of advance from stockholder
    -       (82,405 )     (82,405 )
Issuance of common stock, net of offering costs
    -       3,757,428       5,214,928  
Borrowings on debt, net of costs
    -       -       338,838  
Net cash provided by financing activities
    -       3,675,023       5,553,766  
                         
Effect of exchange rates on cash activities
    (484 )     -       274  
                         
Net (Decrease) Increase in Cash
    (421,940 )     324,041       525,213  
Cash at Beginning of Period
    947,153       -       -  
Cash at End of Period
  $ 525,213     $ 324,041     $ 525,213  
                         
Supplemental Disclosures
                       
Cash paid for:
                       
Interest
  $ -     $ -     $ -  
Income taxes
  $ -     $ -     $ -  
                         
Non-cash Investing and Financing Activities
                       
Assignment of note receivable for satisfaction of note payable
  $ -     $ 500,000     $ 500,00  
Discount on note receivable
  $ -     $ -     $ 161,162  
Contributed capital - payables settled by Stockholder
  $ -     $ 131,052     $ 145,522  
Contributed capital - shares acquired by Stockholder and cancelled
  $ -     $ 21,500     $ 21,500  
Investment in miming option- accrued and impaired
  $ -     $ -     $ 125,000  
Receipt of marketable securities in sale of mining option
  $ 737,950     $ -     $ 737,950  
Change in unrealized loss on marketable securities
  $ (21,290 )   $ -     $ 21,290  
 
See notes to unaudited consolidated financial statements








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PostSubject
#135   Custodial Management LLC filed a certificate of amendment profund 09/20/18 03:16:04 PM
#134   Custodianship Status Check 09/11/2018 profund 08/21/18 02:31:41 PM
#133   Outstanding Shares 93,012,500 Float 50,696,250 Restricted 42,316,250 profund 06/26/18 01:25:41 PM
#132   Nevada Custodianship Case A-17-765192-P in which custodianship was profund 06/26/18 01:23:01 PM
#131   UGDM, I've been noticing, breaking .01 looks imminent Mark 06/13/18 07:39:20 PM
#130   $UGDM: Nobody else watching this... hitting $0.0079 makinezmoney 06/13/18 12:08:52 PM
#129   $UGDM: Touching $0.006.... $0.0078 is next makinezmoney 06/11/18 02:47:44 PM
#128   $UGDM: 2days now on the move... now at $0.005 makinezmoney 06/11/18 10:15:38 AM
#127   UGDM: Renee 09/20/12 09:05:27 AM
#126   http://www.universalgoldmining.net/logo.jpg $NoClue$ 07/12/12 07:51:56 AM
#125   this is new I found today now $NoClue$ 06/24/12 05:24:33 PM
#124   Its hard to get any shares on this tattoo1 01/11/12 11:39:49 AM
#123   Read the 10Q this company is done aka Surfman 11/30/11 02:31:24 PM
#122   that's interesting that the bid jumped from .008 mac0904 11/02/11 10:38:05 AM
#121   Seems like somone wants some shares here. ShootinBlanks 11/02/11 10:03:27 AM
#120   i'm trying to start a little bidding war mac0904 10/31/11 11:23:29 AM
#119   Whats a happening ' boyz & grilz.. AliEn BRaInZ stox 10/28/11 01:43:02 PM
#118   i just tapped the assk for 500 shares, mac0904 10/28/11 01:10:48 PM
#117   Ok guys, technically speaking, this thing looks really TheMaestroWay 10/28/11 10:55:59 AM
#116   I say wait for the .0012's again. TheMaestroWay 10/28/11 08:22:26 AM
#115   What you think?could be? SOUTHGAS 10/28/11 08:00:22 AM
#114   Could be cheap down here??? ShootinBlanks 10/27/11 11:50:03 PM
#113   OH YES!!!!VERY RICH THANK YOU HA HAAAAAAAA A SOUTHGAS 10/27/11 10:50:58 PM
#112   Me too. TheMaestroWay 10/27/11 04:25:06 PM
#111   That's funny. As soon as I finally break mac0904 10/27/11 04:24:17 PM
#110   LOL! 13K share bid. Next bid TheMaestroWay 10/27/11 03:27:25 PM
#109   Yeah, looks like a POS. I need TheMaestroWay 10/27/11 01:59:32 PM
#108   Wow. I'm embarrassed I ever bought this up mac0904 10/27/11 01:55:23 PM
#107   Are we rich yet? ShootinBlanks 10/24/11 02:33:43 PM
#106   Really this stock is goin way higher than SOUTHGAS 10/11/11 07:23:25 PM
#105   it is said that everyone should have some PenniesGoneWild 10/11/11 07:14:48 PM
#104   Just threw it in my IRA. No TheMaestroWay 10/11/11 07:13:24 PM
#103   Good co. but Heck of a gap aint it? SOUTHGAS 10/11/11 06:27:51 PM
#102   Grabbed those this morning. TheMaestroWay 10/11/11 10:36:32 AM
#101   As folks get impatient, looks like MM's are TheMaestroWay 09/27/11 10:07:22 AM
#100   Just waiting to see what gold mine they $NoClue$ 09/26/11 07:44:57 PM
#99   Still following the wave how are we looking Gibbyson 09/26/11 05:27:32 PM
#98   Been quiet with this one lately. Hopefully ShootinBlanks 09/23/11 11:54:10 PM
#97   Bidding... TheMaestroWay 09/19/11 12:23:34 PM
#96   Universal Gold Minin (UGDM) $NoClue$ 09/18/11 07:21:12 PM
#95   Chart is going along great into Breakout here now. $NoClue$ 09/18/11 07:20:10 PM
#94   Support/Resistance Type Value Conf. resist. 0.07 2 resist. 0.05 2 resist. 0. $NoClue$ 09/18/11 07:16:44 PM
#93   UGDM - Universal Gold Minin (OTCBB) $NoClue$ 09/18/11 07:12:23 PM
#92   Welcome aboard and I like the way they $NoClue$ 09/16/11 08:51:25 AM
#91   got the email and thought I would check retireearly 09/16/11 08:48:35 AM
#90   Email Tonight From The Wave $NoClue$ 09/15/11 06:28:10 PM
#89   Bucks You have made a great asset to $NoClue$ 09/15/11 04:23:55 PM
#88   I felt the same way when I 'stumbled' Bucks4Buckeyes 09/15/11 04:18:53 PM
#87   Support/Resistance Type Value Conf. resist. 0.07 2 $NoClue$ 09/15/11 04:14:17 PM
#86   Great day today on the next steps up $NoClue$ 09/15/11 04:12:36 PM
PostSubject