KAT Exploration Inc (KATX)

[falon]

White Cobra,

Good post.


I believe Ken only owns 2,264,000 and they are probably really owned by KATX. Ken and KATX both don't get 65,000,000 shares.


When KATX (Ken Stead) purchased BVIG, KATX received 2,264,000 shares of Common Stock, constituting approximately 85.6% of such shares and Non-Affiliated Shareholders held 380,500 shares of Common Stock constituting approximately 14.4% of such shares.

We found out and knew was coming, a share increase of BVIG AS to 500,000,000 of which 96,000,000 will be issued.

Reason for the Increase

The proposed Increase is necessary in order for the Company to have a sufficient number of Shares authorized and issuable to the Seller issued in the Acquisition described below. The Increase will raise the number of the Company’s authorized Shares from 70,000,000 to 500,000,000. The Amendment will not affect any of the Company’s authorized 5,000,000 “blank check” preference shares, par value $0.001 per share (the “ Preferred Shares ”).

On June 4, 2010 (the “ Closing Date ”), pursuant to a Purchase Agreement dated as of May 28, 2010 (the “ Agreement ”) by and the Company and Kat Exploration Inc, a company organized under the laws of Nevada (the “ Seller ”), the Company acquired (the “ Acquisition ”) 100% of “Handcamp,” a gold property (the “ Property ”) from the Seller, solely in exchange for 161,000,000 Shares (the “ Purchase Shares ”).

Under the terms of the Agreement, the Company issued 65,000,000 Purchase Shares to the Seller on the Closing Date, and the remaining 96,000,000 Purchase Shares shall be issued as soon as reasonably practical after the Company shall have effectuated the Increase in its number of authorized shares of Common Stock to enable it to issue such 96,000,000 Purchase Shares to the Seller.

These 96,000,000 along with 65,000,000 already issued will cover the restricted shares owed to KATX shareholders. Unless the company issue more shares, the float will be 380,500 shares minimum.

IMO





(1) Beneficial ownership is calculated based on the 67,644,500 Shares issued and outstanding as of the Record Date hereof, together with securities exercisable or convertible into Shares within sixty (60) days of the Record Date hereof for each stockholder. The Shares issuable pursuant to those convertible securities, options or warrants are deemed outstanding for computing the percentage ownership of the person holding such convertible securities, options or warrants but are not deemed outstanding for the purposes of computing the percentage ownership of any other person.

What I do know from the filing is that there are 67,644,500 Shares issued and outstanding. 65,000,000 restricted for KATX shareholders, 380,500 held by Non-Affiliated Shareholders leaving 2,264,000 shares. Will these 2,264,000 be restricted.