Monday, August 06, 2018 7:23:18 PM
On March 27, 2009, the Company entered into a Preliminary Mineral Exploration Agreement with Omar Alejandro Flores Madrigal for a 100% interest in the Cinco Minas and Gran Cabrera Gold properties and mineral concessions in Mexico for a total purchase price of $7,500,000 USD. On March 30, 2009, the Company paid a deposit of $5,000,000 for the properties by issuing a total of 800,000,000 restricted shares at $.00625 to Comercalizadora, Servicios Y Distribuidora Track, S.A. DE C.V. (400,000,000 shares) and to Omar Alejandro Flores Madrigal, Principal Officer, (400,000,000 shares). On April 6, 2009, the 800,000,000 shares were assigned to Novamex Mineral S.A.. On December 10, 2010, the mineral exploration agreement was finalized with the purchase price for the assets comprising the mineral concessions "Gran Cabrera" was $2,500,000 and "Cinco Minas" was $5,000,000. As of May 31, 2012, the total purchase price has been paid in full and $1,420,836 has been incurred for exploration and development costs.
On July 14, 2010, the Company received a notice from Rockridge Capital Holdings Corporation to convert $800,000 of its outstanding loan to the Company and 80,000,000 restricted shares were issued at $.01 per share to retire this portion of the debt outstanding, per agreement.
On August 10, 2011, the Company converted $86,800 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 86,800,000 restricted shares at $.01 per share to retire that portion of the debt outstanding, per agreement.
On November 4, 2011, the Company purchased 200,000,000 restricted shares at $.00625 from Novamex Mineral S.A. and retired these shares back to the Company treasury as part of the Share Buy-Back Program. The Company entered a 3 year, 6% interest promissory note for the original cost and purchase price of $1,250,000
On November 23, 2010, the Company converted $76,147 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 76,147,000 restricted shares at $0.01 per share to retire that portion of the debt outstanding, per agreement.
On April 10, 2012, the Company converted $82,254 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 82,254,000 restricted shares at $.01 per share to retire that portion of the debt outstanding, per agreement.
On May 21, 2012, the Company converted $74,562 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 74,562,000 restricted shares at $.01 per share to retire that portion of the debt outstanding, per agreement.
On May 30, 2012, the Company purchased 200,000,000 restricted shares at $.00625 from Novamex Mineral S.A. and retired these shares back to the Company treasury as part of the Share Buy-Back Program. The Company entered a 3 year, 6% interest promissory note for the original cost and purchase price of $1,250,000.
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=93307
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