We learn about the convertible debt in the quarterly for the period ended 31 March filed with OTCMarkets on 7 July:
The Company has a debt to a related party for $24,771 convertible into 24,771,000 shares of common stock at par.
Between 31 March and 7 July:
The company at a date subsequent to the balance sheet appointed new officers and is in the process of issuing 25,000 restricted shares which effectuated a change in control and an implementation of a new business plan.
On the following day, 8 July, they filed an Initial Company Information and Disclosure Statement, which they said was for the period ended 31 March. By some miracle, they now had more common stock outstanding: 50,017,155. Where did the extra 50 million shares come from?
Then, in Part B, they say there're 17,155 shares issued and outstanding.
They still claim to be in the videoconferencing business.
In Part E they say that they didn't issue any "restrictive" shares in the first quarter of 2011. So presumably those 50 million shares were free trading.
Then on 1 August, they filed yet another Initial Company Information and Disclosure Statement, also supposedly for the period ended 31 March.
Common Stock – 17,155 shares of the Company's Common Stock were outstanding as of March 31, 2011. Subsequently the Company has issued 200,000,000 restricted shares and 200,000,000 common shares.
And now...
Crowne Ventures, Inc. (Crowne), is a mining company duly registered in the State of Nevada, trading on the PINK exchange under the symbol CRWV and is engaged in Mineral Exploration, Development, Mining, Processing, Property Acquisition, and Marketing of Products.
They continue:
5. Crowne Ventures, Inc has not done any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets; ...
7. Crowne Ventures, Inc did not change control.
8. Crowne Ventures, Inc did not have increase of 10% or more of the same class of outstanding equity securities;
This is their business plan:
A. Principal Products.
Crowne Ventures Inc (CROWNE) is a mining company engaged in exploration, development, mining, processing, property acquisition, marketing of products, beneficiation of small-scale mining operations and revitalization of old and abandoned mining properties into profit generating business in the Tecuala Mining area in the State of Nayarit, Mexico.
Crowne’s vision and mission for the development of the mining industry is to partner with well established local prospectors in order to acquire abandoned mines with known and proven reserves left for centuries. Similarly, develop an environmentally friendly and sustainable operation adopting the best mining practice projecting low Capital Cost projects yet income generating Business Company with optimization in the extraction of valuable minerals while at the same time aiming to provide community upliftment by strengthening local governance and enhancement of the living standards of the employee and community as a whole into sustainable economic growth.
The Small Scale Mining Project would be a catalyst into providing initial investment for the development of the main mining operations and serve as the engine for growth. As Crowne starts Large Scale Gold Mining it will be engaged on the extraction and production of precious metals, gold and rare earth minerals with bullion bars as the finished product. The high demands for metals particularly with the continuing economic boom in China and India as well as the current price and state of the world economy and currencies make this business highly active and attractive for investment.
In the other hand, the indication of healthy deposit of gold and other minerals in the area makes the district attractive to mining companies both local and foreign. With notably known world class deposits of gold the area provides big opportunity for Crowne to undertake field exploration that could generate meaningful results and likely increase the company’s mineral reserve potential. The company has engaged the services of seasoned mining experts and several support professionals who have good experience in the business and implementation of mining operations internationally.
There's more:
ITEM X. NATURE AND EXTENT OF ISSUER'S FACILITIES
The strategy of the company is to first mine and process the ores under lying within the surface zones in the mineral deposit using the Small Scale Mining Permits. Simultaneously Crowne will be pursuing further exploration program of the area. This entail rehabilitation of the tunnels for the purpose of determining the extent of mineralization at depth as well as raise confidence level of inferred resource into measured and indicated category.
