Update on total shares used for services/mining properties.
From the 2007 year end financials:
1)From April through December 2006, a total of 368,365,000 shares of common stock were issued for various services rendered. These valued $368,365.
2)In February and March 2007 185,000,000 shares were issued for services provided to
the company. These shares were valued at $185,000.
3)In May 2007, 60,000,000 common shares were issued and sold for $60,000. These
shares have not been paid for and are reflected as a Note Receivable on the Balance sheet.
The total of shares in the hands of vendors/land owners is 613,365,000. I am surprised at the large percentage in the hands of a few non director/officer types. This amount represents 84.5% of the fully dilited shares and 72.2% of the authorized stock (850,000,000).
If I were a Keevil, I would want to make damn sure that I had a controlling interest in the company before I put my future on the line. If this amount still exists in the hands of a few outsiders, another mining concern could make a few quick trades and get controlling interest. I would think that one of the first questions Scott had when he was approached to take over the company was, "who controls the stock?"
I am more than convinced that there has been some allowance made so that another interest group wouldn't/couldn't get a controlling interest. I'll bet that when the 950,000,000 A/S was reduced to 850,000,000 and the 50,000,000 preferred were eliminated, the majority interest was held by the Keevils/friendly group. I don't know for sure, but usually a company has a preferred issue that is used to retain majority interest (it has a convertible feature that would kick in when a hostile takeover ocurred - used to maintain majority interest).
Since the convertible issue has been cancelled, I believe this to mean that another method has been secured to ensure majority ownwership by the company/Keevils/friendly group. This alleged friendly buying group could have purchased these stocks in 2007 before Scott's takeover - even after his takeover.
The main point I am attempting to make is that with a small capitalization ($21.77 million as of Fridays close) and a big multi billion dollar deposit about to be proven up, many mining groups would be tripping over themselves for the vendor shares as they represent majority interest. No way Scott hasn't addressed this issue as he knows this game better than any of us!....Cheers...Jim
PS You can bet that this will be a question put to Scott when I get the chance....Jim
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