New Colombia Resources Inc fka NEWC

[Potse]

Doubloon...CEO, financing, etc.....

Anyone that blames a mining company or it's management should not be in the investing arena, I am so sick of these cry babies. I am willing to ride it out, I made the decisions and I will live by them.

One thing with this company, it has over $46 million in proven reserves and a market cap of $1.4 million, it is the attitude of the investing public that needs a kick in the pants.

I have been considering picking up a position in NEWC again recently, but have been reluctant to do so primarily because I don't get a very "comfortable" feeling with the management of this company. While I agree that sector/industry/market conditions can and have made things difficult for a number of companies, I think retail investors in NEWC have every right to be more than a little annoyed/irritated with John Campo.

IMO, the CEO of this company has been doing an inadequate job of disclosing important information related to the financing and fully-diluted share structure of this company. Unless I completely missed something, the recently-released 2013 10-K contained no references/mentions of any kind regarding the coffee, African palm tree, and road building material businesses that have been prominently featured in press releases during the last 6+ months. The acquisition of the coffee business occurred during January, but there has been no filing or press release disclosing the terms of the acquisition.

I think Campo needs to provide a much clearer picture of what NEWC looks like from a fully-diluted share structure standpoint. Depending on the various interactions of the preferred shares and the potentially ugly financing instruments that now exist, the fully-diluted share structure is likely significantly higher than what most people probably think.

Part of what made NEWC an attractive investment back in late 2012 and early 2013 was the fact that Campo had taken some action on the floorless convertible debt that was depressing the share price. IMO, much of that goodwill he generated has now been pretty much flushed down the toilet because it appears he has gone right back to using floorless convertible instruments (based on information in the 2013 10-K).......

On February 15, 2014, the Company executed a term sheet with a third party in which the third party shall invest a gross sum of $1,000,000 in exchange for a 50% interest in the Company. The 50% interest shall be delivered in the form of the Company’s common stock. The Company agrees to pay 15%, or $150,000, in fees associated with the funding, and issue 7.5% of the Company’s common stock to the third party for the placement of the aforementioned funds. In addition, the third party will have the right to appoint two members to the Company’s Board of Directors.

On February 18, 2014, the Company issued a convertible promissory note to a third party in the amount of $47,500. The note accrues interest at the rate of 8% per annum and has a maturity date of November 20, 2014. The note is convertible after 180 days from the date of issuance at 58% of the average lowest three-day trading price of common stock during the 10 days preceding the date of conversion.

The combination of this recent floorless convertible, floorless warrants issued during 2013, and the $555K debt that NEWC has on its books (matures in October 2014, and has a floorless feature) could cause significant additional pressure on the stock unless management counteracts it.