Southern USA Resources, Inc.(fka SUSA)

[mr40]

I also received the same brochure in the mail today. Says profits could hit $285,800 a day and gold is heading to $5,000!

AMERICA'S MOST UNLIKELY GOLD DISCOVERY COULD PUT THIS UNDER $2 STOCK ON THE FAST TRACK TO $65 OR MORE"

I see SUSA is OTCQB so that makes it worth a look.

I don't like this for starters.

Capital Change=shs decreased by 1 for 1000 split. Ex-date=04/23/2012.

Has anyone done any extensive DD on this company?

Pretty difficult to scan this 16 page mailer.

From their 8K filed November 29, 2012.

On November 29, 2012 (the “Closing Date”), Southern USA Resources, Inc., a Delaware corporation (the “Company”), entered into and consummated the sale to certain accredited investors pursuant to the Subscription Agreement (the “Subscription Agreement”) of Secured Convertible Promissory Notes due November 29, 2014 (the “Notes”) in the aggregate principal amount of $200,000.

The Notes were issued at an original issue discount of 20% and bear no additional interest. The Notes are convertible into shares of the Company’s common stock, par value $.000001 per share (“Common Stock”), at a conversion price of $0.20 per share. The conversion price of the Notes will be reduced to seventy five percent (75%) of its then-current amount if the Company fails to deliver for refining at least 700 ounces of gold by December 31, 2012. The conversion price is subject to adjustment for certain events, including the dividends, distributions or split of Common Stock, the Company’s consolidation, merger or reorganization, or in the event of the Company’s issuance of securities at a price lower than the per share conversion price then in effect.

The Company's obligations under the Subscription Agreement and the Notes are secured by all assets of the Company pursuant to a Security Agreement, dated as of April 27, 2012, as amended by the Subscription Agreement.

Does anyone know if they delivered that 700 ounces of gold?