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You are excited about them mining again as well. It will be exciting to see the mining results
Mining Soon. I can't express my excitement.
Once again you are mistaken. The Form 15-12G negates all of that since it terminates the reporting requirements.
So they need to go through the filing a Form 10-12G and go through the comment period with the SEC.
Wow. Ok. They filed a 15-12G which terminated the reporting requirements. So they would have to file a new Form 10-12G to become a reporting company.
15-12G Documents Securities registration termination [Section 12(g)]
Acc-no: 0001477932-18-000824 (34 Act) Size: 8 KB 2018-02-14 000-55659
18606463
https://www.sec.gov/Archives/edgar/data/1518380/000147793218000824/buscar_1512g.htm
This is simple. In 2008 (12 years ago), the SEC amended Rule 144 to make its use unavailable for the sale of securities...for any issuer that has, at any time, previously been a shell company unless all the requirements of Rule 144(i)(2) are met.
This would require the Company to file Form 10 information (which means become a reporting company to the SEC). CGLD is not a reporting company to the SEC and has been a shell previously. AS such, Rule 144 does not apply and all shares would have a 2 year holding period.
Read these:
http://lawcast.com/2015/06/23/section-4a1-4a1%C2%BD-exemption-recommendations-amendment-rule-144-related-shell-companies/
https://www.law.cornell.edu/cfr/text/17/230.144
You are almost there. The can fix it by filing a Form 10 and becoming a reporting company. But that is not what you are saying.
They could file a Form 10 and wait the 60 days and then the holding period would be 6 months. But no Form 10 has been filed and you are mistaken in your statements.
You must be excited about the mining operations coming online
You don't seem to understand that after filing the 15-12G - all those shares now fall outside of Rule 144 since the company is a non-reporting company and had been a shell.
http://lawcast.com/2015/06/23/section-4a1-4a1%C2%BD-exemption-recommendations-amendment-rule-144-related-shell-companies/
TWO YEAR HOLD PER NEW PRESIDENT: July 1, 2020 Our intermediate term objective is to move to OTCQX status at the appropriate time, so let me put that objective together for you here in a logical thought process that is relatable. Buscar is a non-reporting company. There is no advantage to us to change that status. In fact, you can hold QX status as a non-reporting entity. As a non-reporting company, all new shares issued to new officers and directors, including me will have a two year hold. Beyond that two years, we plan to incentivize all shareholders in a unique way that encourages long term ownership. There are approximately 3.2M shares in the float. On the day that we issue the new restricted shares to lock in majority ownership as part of the reverse merger, the float will still be 3.2M shares.
Only after two years
It clear you have a misunderstanding. The Company is a non-reporting that was once a shell. So it is a 2 year hold. No way around that.
Read this and you can understand it better: http://lawcast.com/2015/06/23/section-4a1-4a1%C2%BD-exemption-recommendations-amendment-rule-144-related-shell-companies/
So you are claiming there won't be any mining equipment?
Listen to the Podcast yourselves.
https://www.buscarcompany.com/podcast
Everyday is a day closer to Thomas pulling gold out the hills :)
We have been through this there is a 2 year hold on the shares. Once the 2 years is up then the restrictions can be removed.
Incorrect.
I will be happy to hear the update that they are milling 5 tons a day and then showing us the settlement report.
Hope they will give us a picture of the milling unit soon. But they said it won't be there till September
Some seem to be nervous about whether the company is about to be pulling gold out the mine. I for one can't wait.
Can't wait for them to begin mining and pulling gold out of the mine.
In 2 years when those restrictions can be removed - ok lol
Can't wait for the next 12 days for Thomas and his crew to be on site at the mine. I'm sure it will take a few days to get an update from them but it is exciting.
Excited to see the updates when they arrive on site August 15th. 13 days and counting.
New President Thomas Heathman is now in charge of the operations of the company as former management begins transition to shareholder status with no involvement in the day to day.
Mr. Heathman and four other team members (all of which are shareholders in CGLD with a vested interest in ensuring the success of the company) will be on site August 15, 2020.
Mining and milling equipment has been ordered and should be in place within a couple of weeks of the team setting up to begin operations.
The initial focus will be on the required 2020 assessment work where 1000 tons of ore will be mined and processed at around 6-8 tons per day.
The required 2021 assessment work will take place January through April of 2021 where another 1000 tons of ore will be mined and processed, so that’s eight consecutive months of activity.
The filed Plan of Operations consists of two phases and the company feels that phase one can begin summer of 2021.
The original milling unit can process up to 10 tons of ore per day and is scalable. Additional milling lines can be added as production increases.
The company will be providing monthly mining results for shareholder review in the form of settlement reports from the 3rd party refinery. The company can be paid in cash or keep the bullion in a vault for sale at a later date.
Since the company has 10 or fewer mining claims, the company can perform assessment work and file evidence of the assessment work (43 CFR Part 3835). Per the BLM - assessment work includes, but is not limited to, drilling, excavations, driving shafts and tunnels, sampling (geochemical or bulk), road construction on or for the benefit of the mining claim; and geological, geochemical, and geophysical surveys. The Company will need an approved Plan of Operation if and when activity could likely cause “significant disturbance of surface resources”.
You can hear the company's first podcast yourself at the link below:
https://www.buscarcompany.com/podcast
Actually he covered that in the podcast. Those four names don't match up with the skillsets he mentioned of the people (shareholders) he's bringing with him. GLTY MM
Welcome to the board Mick! Glad to see you here. MM
He arrive on site with his team on August 15th. Two weeks from today. GLTA MM
Buscar Q&A Recap July 31, 2020
New President Thomas Heathman is now in charge of the operations of the company as former management begins transition to shareholder status with no involvement in the day to day.
Mr. Heathman and four other team members (all of which are shareholders in CGLD with a vested interest in ensuring the success of the company) will be on site August 15, 2020.
Mining and milling equipment has been ordered and should be in place within a couple of weeks of the team setting up to begin operations.
The initial focus will be on the required 2020 assessment work where 1000 tons of ore will be mined and processed at around 6-8 tons per day.
The required 2021 assessment work will take place January through April of 2021 where another 1000 tons of ore will be mined and processed, so that’s eight consecutive months of activity.
The filed Plan of Operations consists of two phases and the company feels that phase one can begin summer of 2021.
The original milling unit can process up to 10 tons of ore per day and is scalable. Additional milling lines can be added as production increases.
The company will be providing monthly mining results for shareholder review in the form of settlement reports from the 3rd party refinery. The company can be paid in cash or keep the bullion in a vault for sale at a later date.
Since the company has 10 or fewer mining claims, the company can perform assessment work and file evidence of the assessment work (43 CFR Part 3835). Per the BLM - assessment work includes, but is not limited to, drilling, excavations, driving shafts and tunnels, sampling (geochemical or bulk), road construction on or for the benefit of the mining claim; and geological, geochemical, and geophysical surveys. The Company will need an approved Plan of Operation if and when activity could likely cause “significant disturbance of surface resources”.
You can hear the company's first podcast yourself at the link below:
https://www.buscarcompany.com/podcast
You can listen to it as they posted it on-line.
https://www.buscarcompany.com/podcast
Company report? What company report? What they've said is they're holding a Q&A session to introduce the new management team and their business plan and to answer questions from shareholders. So, is that the "report" you're mentioning?
Good morning, all! CGLD!!
Should answer a lot of questions. GLTA MM
It is great that we can start with a baseline and agree that shares issued would require a 2 year hold. Glad we agree on something.
The reality is that No restrictions can be removed for 2 years. So your comment about the Company taking convertible debt and having it turn into free trading shares in 180 days is not factually correct. Section 4 (1 1/2) exemption. Again the transfer agent is the only one who can remove restrictions and their attorney would review a Section 4 (1 1/2) exemption opinion letter to make sure the 2 year hold has been complied with
The transfer agent would have to as would the broker who takes the shares. Both would have their attorneys review it as well.
The only way to remove restrictions is 4(a)(1½) exemptions which requires a 2 year holding period. This is settled law since 2008.
Doesn't change the 2 year hold. If the shares are held for 2 years then they can remove the restrictions. So glad we agree that its not 180 days.
Yep and the legal opinion would require a two year hold as would the transfer agent 's attorney who reviews Rule 4 a 1 1/2 opinions.
Glad you are agreeing that it would be a 2 year hold before those restrictions can be removed.
Yes and that would require an S-1 or a RegA+ filing which would require SEC comments and can take months or years. Then only the SEC would qualify the Reg A or be deemed effective. Plus they would have to tell you they are selling the whole time during the comment period. Only after the S-1 or RegA is effective or qualified can the shares be sold. Again that takes how every long the SEC takes to clear the comments.
So no one would be surprised and can make decisions with the disclosures made in the SEC filings.
You are mistaken. These conditions of Rule 144 can never be met by a non-reporting company, regardless of the availability of current information on OTC Markets through the OTC Markets alternative reporting standard and regardless of whether the company is currently a shell company or how long it has been since the company was a shell company.
This is a simple principal and well settled with regarding to Non-Reporting Companies that previously were shell.
http://lawcast.com/2015/06/23/section-4a1-4a1%C2%BD-exemption-recommendations-amendment-rule-144-related-shell-companies/