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Well, let's examine each claim one at a time...
1. They lost time with the shutdown due to fires.
On September 23rd, Mr. Heathman said this... "Due to the wildfires in the area, our progress has been hampered somewhat, but only by a few days. Our on-going assessment of the 200 acre mining site has been favorable and we have made considerable progress." A FEW DAYS
2. They are burning through the initial cash they received.
There has been no data of any sort to suggest that this is the case either by the President or the CEO of the company. SPECULATION
3. They will need to raise cash.
Once again, that is SPECULATION.
4. They will need to sell common shares through an opinion letter.
Not once has the President or CEO given any indication that they need to sell or plan to sell. In fact, what they have done is reiterate that all of the newly issued shares are locked up for 2 years.
5. They need to start up some promissory notes convertible in, what was it, 90-180 days?
No. Just no. Not at all. This is not anywhere on anyone's radar. Again, SPECULATION.
Please provide any sort of proof that you may have on these insinuations. Thanks from all of us. MM
So as we all understand it, the team is currently processing gold from 12 initial tons of ore, the results of which will give us all a feel for how well the rest of the mine will produce,
While they wait on equipment that will process 1-2 tons per hour which is expected to arrive in a couple of weeks,
And the plan of operations was filed in July, with an expected decision in October (like right now) and implemented in November.
Sounds like a fully functioning operation is coming on line relatively soon that should crank out some serious results! GO CGLD!!
Incorrect again.
You claimed the float was 19M which was proven not to be true.
Then you claimed the Plan of Operations was not filed since it was not on the June report which also was not true.
The bridge is for the larger milling circuit that can process 1-2 tons that is coming.
You are right though it is easy to blow lies up.
It is because they were making a big deal about the Plan of Operations without knowing how the system actually works.
https://www.buscarcompany.com/forum/mining/plan-of-operations-2
Where is a link that shows the road isn't open?
I'm curious to see what the report shows the percentages of the metals. Those reports should help us understand what the potential is here.
Curious how much they have crushed so far
Yep each day. The float of 3.25 million has not changed
That is probably what would be said.
Case closed.
That one has been on a loop for months now as well. No new information other than 2yr hold on new shares and 3.25M share float. Good day, sir...
The last 30 messages have been played on a loop every day for months now and yet, there's no dilution, there's no opinion letters, there's nothing but what the company has outlined in their PRs: 2yr restrictions on all new shares and 3.25M float. Tomorrow will be the same and the day after that and the day after that and the day after that...
Incorrect again.
They do not met the 144 exemption.
The first question to ask is: Is the company a reporting company to the SEC. Answer: No the company is not a reporting company to the SEC. This cannot even be argued any other way with the 15-12G filed in 2018.
2nd Question: Since the Company is not a reporting company to the SEC was it ever a shell at any point. Answer: Yes it was.
As a result, Rule 144 is not applicable to the Company.
It does matter if they ceased to be a reporting company since the Company is not a reporting company to the SEC.
They do not met the 144 exemption.
The first question to ask is: Is the company a reporting company to the SEC. Answer: No the company is not a reporting company to the SEC. This cannot even be argued any other way with the 15-12G filed in 2018.
2nd Question: Since the Company is not a reporting company to the SEC was it ever a shell at any point. Answer: Yes it was.
As a result, Rule 144 is not applicable to the Company.
This is not a difficult concept.
If you read the SEC's own guide it clear states that a former shell company that is not currently reporting to the SEC can't rely on Rule 144. It is very clear
https://www.sec.gov/info/smallbus/secg/rules144-145-secg.htm#:~:text=Under%20the%20amendments%2C%20Rule%20144,unless%20certain%20conditions%20are%20met.
How can securities of shell companies be resold?
The Commission also codified a staff interpretation relating to the treatment of the securities of shell companies. Under the amendments, Rule 144 is not available for the resale of securities initially issued by a shell company (reporting or non-reporting) or a former shell company. These securities can be resold only through a resale registration statement, unless certain conditions are met. These conditions are:
the issuer of the securities has ceased to be a shell company;
the issuer is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act;
the issuer has filed all reports and other materials required to be filed by section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months, other than Form 8-K reports; and
one year has elapsed since the issuer has filed current ‘‘Form 10 information’’ with the Commission reflecting its status as an entity that is no longer a shell company.
If these conditions are satisfied, then the securities can be sold subject to all other applicable Rule 144 conditions.
The filings are clear as are the facts.
1. Company is not currently a reporting company - see 15-12G
https://www.sec.gov/Archives/edgar/data/1518380/000147793218000824/buscar_1512g.htm
2. The Company was previously a shell
Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
https://www.sec.gov/Archives/edgar/data/1518380/000112785514000242/cgm10q123113.htm
https://www.sec.gov/info/smallbus/secg/rules144-145-secg.htm#:~:text=Under%20the%20amendments%2C%20Rule%20144,unless%20certain%20conditions%20are%20met.
Those filings show it is not a reporting company to the SEC and was a shell in past prior to 2016.
That is factually not true.
The company is not a reporting company to the SEC. Not sure why you would say that they are a reporting company. But to help you understand this - the Company filed a 15-12G in 2018 which ceased its reporting requirements under the Exchange Act. As such, it is not a reporting company to the SEC.
SEC Form 15-12G is the certification and notice of termination of registration of a class of securities under Section 12(g)of the Securities Exchange Act of 1934. The Form is also used to provide notice of suspension of duty to file reports under sections 13 and 15(d) of the Securities Exchange Act.
https://www.sec.gov/files/form15.pdf.
So the only way they would be able to become a reporting company again is to file a Form 10 with the SEC.
SEC link stating that Rule 144 doesn't apply since the Company is not "subject to the reporting requirements of section 13 or 15(d) of the Exchange Act"
https://www.sec.gov/info/smallbus/secg/rules144-145-secg.htm#:~:text=Under%20the%20amendments%2C%20Rule%20144,unless%20certain%20conditions%20are%20met.
The Company is not reporting so everything requires a two year hold as Rule 144 doesn't apply.
Incorrect again.
There is no dilution. There will be no dilution.
The company has accomplished a lot in 3 months.
So if the settlement report show more gold than "a gram or two of gold" then I assume you will admit that you were wrong.
Incorrect again.
The company is not reporting so those shares are restricted for 2 years.
fingers crossed
From 300 pounds. Let see what it is in the coming weeks.
Didn't you say they would not even do 1 ounce?
Small float of only 3.25M. MM
3.25M share float. MM
Yep. A lot of progress in 3 months
Those shares were issued for the reverse merger and acquisition of EON Discovery and the rights to the Treasure Canyon gold mine. They are also restricted.
5 ounces of metals so far. That is great but we will need to see what ratios of the metals are. Hopefully we will see that information soon.
Falsie information again. Those shares were issued for the reverse merger and acquisition of EON Discovery and the rights to the Treasure Canyon gold mine.
No one has argued that it is a shell. Yes the company is not a shell - so not sure why you keep saying this.
Did you also confirm in your investigation that the company is not a reporting company to the SEC? This is the only issue that matters per Rule 144.
https://www.sec.gov/info/smallbus/secg/rules144-145-secg.htm#:~:text=Under%20the%20amendments%2C%20Rule%20144,unless%20certain%20conditions%20are%20met.
Each day they keep progressing towards their goals.
I think it is use failing to understand that those shares are restricted for 2 years since the company is not a reporting company to the SEC.
The float has not changed from the 3.25 million in years regardless of the false information about that.
False information.
The current shell status is irrelevant since the Company is not a reporting company to the SEC.
This is a very simple concept that even the SEC has explained on their website.
https://www.sec.gov/info/smallbus/secg/rules144-145-secg.htm#:~:text=Under%20the%20amendments%2C%20Rule%20144,unless%20certain%20conditions%20are%20met.
Under the amendments, Rule 144 is not available for the resale of securities initially issued by a shell company (reporting or non-reporting) or a former shell company. These securities can be resold only through a resale registration statement, unless certain conditions are met. These conditions are:
the issuer of the securities has ceased to be a shell company;
the issuer is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act;
the issuer has filed all reports and other materials required to be filed by section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months, other than Form 8-K reports; and
one year has elapsed since the issuer has filed current ‘‘Form 10 information’’ with the Commission reflecting its status as an entity that is no longer a shell company.
Incorrect again. The current shell status is irrelevant since the Company is not a reporting company to the SEC.
This is a very simple concept that even the SEC has explained on their website.
https://www.sec.gov/info/smallbus/secg/rules144-145-secg.htm#:~:text=Under%20the%20amendments%2C%20Rule%20144,unless%20certain%20conditions%20are%20met.
Under the amendments, Rule 144 is not available for the resale of securities initially issued by a shell company (reporting or non-reporting) or a former shell company. These securities can be resold only through a resale registration statement, unless certain conditions are met. These conditions are:
the issuer of the securities has ceased to be a shell company;
the issuer is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act;
the issuer has filed all reports and other materials required to be filed by section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months, other than Form 8-K reports; and
one year has elapsed since the issuer has filed current ‘‘Form 10 information’’ with the Commission reflecting its status as an entity that is no longer a shell company.