Since the 2010 Conference the first week of November,(2010), Ken has been pretty silent. From the first of November 2010 ~ to October 31, 2012 (one of the purchaser's milestones), will be 2 years. Something in the works I believe. Just have to wait and see how it all pans out. :o) (see quote from S-1 below)
Acquisition of Handcamp and the November Properties
On June 4, 2010, pursuant to an acquisition agreement by and between our company and our parent company, we acquired 100% of the mineral rights that our parent company then held in and to Handcamp in exchange for 161,000,000 shares of our common stocks. As a result of the issuance of these shares, our parent company owns approximately 98% of the shares of our common stock and Kenneth Stead, a controlling stockholder of our parent company, beneficially owns approximately 99% of the shares of our common stock.
On November 10, 2011, in a related transaction with our parent company Kat Exploration, Inc., our parent issued 74,074,014 shares of its common stock to an individual in connection with the terms of a securities purchase agreement. The above transaction involved meeting certain milestones that require the Company to complete the following under Section 6.2 of the Securities Purchase Agreement:
“6.2. Milestones. The Company agrees with the Purchaser that it will use its commercially reasonable best efforts to cause the following actions: 35
(a) No later than December 31, 2011 (the "Disposition Date"), have completed the disposition to Kat Gold Holdings Corp. ("Kat Gold"), of the properties entitled Rusty Ridge, Collier's, North Lucky and South Lucky (collectively, the "Dispositions"); (b) No later than April 15, 2012 (the "Filing Date"), cause Kat Gold to file a registration statement on Form S-1 with the Commission (the "Registration Statement") registering shares of common stock of Kat Gold (the "Kat Gold Shares") under the Securities Act for distribution to the shareholders of the Company as of a record date that will be established on or about the Filing Date; (c) No later than October 31, 2012, cause Kat Gold to have had the Commission declare the Registration Statement effective (the "Effective Date"); and (d) In the event that: (i) the Dispositions shall not have occurred on or before the Disposition Date, the Company shall within ten (10) business days thereof transfer 5,000,000 Kat Gold Shares to the Purchaser, (ii) the Registration Statement shall not have been filed on or before the Filing Date, the Company shall within ten (10) business days thereof transfer 5,000,000 Kat Gold Shares to the Purchaser, and/or (iii) the Registration Statement shall not have been declared effective on or before the Effective Date, the Company shall within ten (10) business days thereof transfer 23,000,000 Kat Gold Shares to the Purchaser.”
