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Gold Coast Mining Announces Corporate Update
Marketwired
Gold Coast Mining Corp. 4 minutes ago
WILTON, CT--(Marketwired - Mar 4, 2014) - Gold Coast Mining Corp. (OTC Pink: GDSM), provides the following Corporate Update
http://finance.yahoo.com/news/gold-coast-mining-announces-corporate-184500322.html
The problem isn't only Rizzo. It's also the hundreds of thousands of dollars they owe for notes due or coming due with no means to pay them. They obviously haven't found permit contingent financing or they would be doing everything in their power to push those permits through.
Since the pps tanked here, it takes more and more shares to pay the CEO's salary.
The company will have to sell some shares to acquire the percent interest in the wells, but who's to say they haven't already done that? At the current pps, it's definitely worth the risk IMO!
Thanks for providing the info so that people can actually take time to listen and ask their questions.
I think the current CEO has dropped the ball time and time again. SIRG had potential, but J. Rod has ran it into the ground thus far.
Thanks!
Aren't they supposed to have another shareholder conference call soon, or did that already happen?
Agreed!
Agreed!
They owe Rizzo and Associates over $569,148 because they haven't paid their invoices. The $569K came due Aug. 1, 2013.
You say mortgage and I say lien against their sole asset. I have been saying that Grand View could easily take their mine, which could easily still occur.
They do have >$500K owed to Rizzo and Associates, and SIRG hasn't paid any of their balance! Rizzo & Associates will be filing a lawsuit after Jan. 1, 2014. How much will that balance be with interest and legal fees by then??? LOL...
Did SIRG pay off the Grand View notes? No, they didn't! Seeing as the notes are still outstanding and there is a due date, there is still a chance Grand View could take the mine.
A deed of trust provides Grand View with the option to take the mine if SIRG defaults on the notes. Thus, if they fail to pay the notes, Grand View can take the mine. I definitely don't view that as a positive thing!! Until the notes are paid in full, a claim that Grand View won't take the mine is premature to say the least!
Correction, that has not happened YET!
You call charging SIRG $145,000 for a three month extension, working with them??? Too funny!!!
Not necessarily. SIRG only extended the note for 3 months, and it is costing them $145K to do so. If they default, Grand View could still easily take the mine. Only time will tell...
Is it a legal mess, or is it a fail safe so that members closely connected to SIRG get the mine back instead of Grand View?
Only time will tell where SIRG is really headed. They do have several things stacked up against them though.
It also looks like Rizzo will be taking legal action against SIRG as of January 1, 2014. A nice legal mess is coming between the two.
Regardless of where the permits stand, they have an outstanding balance of $569,148. The note came due on Aug. 1, 2013.
That is mainly due to the fact that they haven't paid Paul C. Rizzo & Associates for their permitting process and the acquisition of the additional 20% of the mine. Add those to with the interest and the additional Asher notes and you get the HUGE increase.
Grand View hasn't loaned any additional money to SIRG, nor has Medina.
Actually, they have 6 months before that could happen. In 6 months they will have to pay the $750,000 note to Medina. If they fail to do so, Medina gets the mine back. That is of course if Grand View doesn't end up taking it first.
Let me see if I have this right...
SIRG is to pay Medina $750,000 within 6 months, and an additional $4,000,000 within 5 years for the additional 20% of the mine.
If SIRG fails to meet ALL CONDITIONS, Medina has right to take back all 100% of the mine. Is this SIRG's fail safe mechanism? If SIRG fails to find long term financing, Medina will own the entire mine again, and they can just allow SIRG to fall into the abyss.
It's a 36% penalty based off of what they currently owe, and it's a 45% penalty if you base it on the amount of the initial loans.
There is no bid support at this level; so, they would most likely end up at no bid if they tried to cover these notes by dumping shares.
To break it down as of June 30, 2013:
Feb. Note: $221,412
May Note: $176,323
Extension Fee: $145,000
Total: $542,735
$542,735 / 0.0013 = 417,488,461 shares at the current pps
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9462207
Considering that at the current pps it only costs ~$400 to buy 1M shares, I wouldn't consider 13M a dump.
Wow, that sure is a lot of money for an extra month! Grand View sure isn't messing around!
Thanks for the info Trapper!
You called it right!
That's if they even submit a 10Q. They way this stock is looking, they may not have any money left to even pay the auditors. LOL...
Agreed!!
$217,052 / .001 = 197,320,000 shares
There sure is!!! LOL... I have been too focused on the Grand View note, that I forgot about the FOGO that was amended to a new due date of July 31, 2013.
The note totaled $217,052 as of March 31, 2013.
When people were saying this was going to trips, I didn't really think it would. Now if J. Rod tries to dilute to cover the Grand View note, it will definitely take this to no bid. The game is over for SIRG.
Michael just recently took over as CEO. People need to give the man a little time to work before they jump to conclusions about his intentions.
Thanks for the info Shawn!
It's been quiet because SIRG has been unable to secure funding to pay off the ~$400K Grand View Venture note that comes due October 15th IMO. If they miss the due date on that note, Grand View can and likely will take their sole asset, the Chloride Copper Mine.
All SIRG has left to do is print more shares and hope it doesn't hit no bid before they run out.
Gold Coast Mining Announces Acquisition of Lease/Working Interest in Oil Field
Gold Coast Mining Corp. (OTC Pink: GDSM), is pleased to announce that it has closed an investment in an oil field/well. Details as follows:
The operator and developer is Tiger Development LLC which is drilling a 4,740 foot vertical depth well in Section 13-T25N-R6W, Garfield Twp., Kalkaska Co., Michigan. The well is near completion and production/pumping of oil should commence no later than the end of August 2013. The Company has all the engineering and geological reports, as well as daily drill reports which will be posted on its Website once the site is fully developed.
The well is situated on over 1,100 acres of land controlled by Tiger Development, in which the Company also has a lease interest. It is reported that Encana, an investment grade oil & gas company owns the property surrounding our land and has several wells producing. Tiger Development's current plan is to drill additional wells on the land, which also include the prolific Collingswood shale, in which the Company can participate.
From an economic perspective, the well is projected to produce 50-60 barrels a day. Based on the engineering reports and historic characteristics of the Garfield formation, the well is expected to produce at the same flow rate for 40 years.
Given the late stage of well development, the Company was able to secure its interest through an existing large investor, Bubblin Crude Corp., with who Mr. Shea, CEO, has a close relationship. The Company's interest was acquired at Bubblin Crude's cost.
Due to the Company's limited capital resources, to date, it has closed a 2% interest in the project with an agreement to increase the interest to 5% by month end. Each percentage of interest cost the Company $10,000.
The economic potential is tremendous given the limited investment. Management projects that with at a 5% interest, the monthly net revenues would approximate $6,000. Again, this income stream requires no additional overhead or costs and is projected to run for 40 years.
Mr. Shea stated, "We are very fortunate to be able to participate in this project and have a strong desire to obtain the 5% interest level. While the projected monthly net revenue is only $6,000, one to two more similar investments should put the company in a position of sustainable profitability. This is part of my first step in stabilizing the company and utilizing share issuances only for accretive acquisitions."
Shea continued, "As the first part of the my strategy is underway, Management can now look toward phase two which may include business line diversification and/or acquisition of a larger company via a reverse merger. Obviously, the later is much more challenging and the Company must complete its audit and Form 10 for that to be a viable option. Several opportunities are in different stages of due diligence."
Lastly Shea commented, "If we are fortunate enough to acquire a small portfolio of these well interests, and a capital need arose for a more lucrative venture, I would not be averse to selling the income streams at a reasonable discount to a NPV (net present value)."
The Company will host its quarterly conference call at the end of August at which time a full update will be given, including financing of the well interest, audit, Form 10, etc. Details will be provided shortly.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp plans to pursue growth and enhance shareholder value through acquisition opportunities in and out of the mining industry. There are many lucrative mining projects that are sitting idle due to lack of capital and/or financing direction. Gold Coast will seek to capitalize on these opportunities by securing capital, finance consulting, equipment assistance and other financial assistance to these companies/projects.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
Gold Coast Mining Contact:
Michael Shea
Phone: 203-210-5614
Email: michael.shea@gdsmholdings.com
Twitter: @GoldCoastMining
Visit Us on Facebook: Gold Coast Mining
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