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Saturday, July 25, 2009 7:47:11 PM
sorry about the jumbled Ibox - I have chosen to leave GDSM's old business up until the spin-off / dividend is complete.
Earlier this year, management decided to change direction, and seek out mining opportunities to invest in. One of the principals, Jason Cooper, comes from a PR / funding background where he found several such vehicles, including WSRA.
The previous business (HWP) is to merge with another public entity, change its name to Max Media, and will deliver 29,700,000 shares of the new company to GDSM (maybe already has). GDSM has also secured $500K in seed capital, in exchange for 1M shares of the new Max Media entity, which puts a value on the shares of .50.
GDSM intends on issuing a dividend of their Max Media shares to existing GDSM shareholders (no record date set yet, but they are expected to set one in early August) of no less than 14,850,000 shares, which based on the current OS of around 445M shares makes the dividend worth about 1.67 cents for each share of GDSM(emphasis mine).
GDSM is tasked with funding WSRA's buildout of several of their mines, in exchange for a significant percentage of the mine's output, less extraction costs. Those numbers can be gleaned from recent PRs, and IMO add up nicely for GDSM.
So far, management has delivered on all that they said they would - not very common on the pinks. GLTY if you choose to wade in here.
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