Colorado Goldfields Inc. (fka CGFI)

[sanbrunobaby]

Looking at their last financials they received $1.8 million from convertible debt- then issued $5.8 million in shares to settle that debt.

This is besides $3 million raised in common stock sales.

Shares issued for services etc is in the millions ( wonder how much compensation taxes accrued for officers) though we dont know what they sold for.

So $4.8 million hard cash. Converible Noteholder apparently made $4 million ( lots of reasons to keep the game going.) So while maybe not untypical of convertible note holders to make this profit, and mining is an expensive business, seeing many millions of dollars for "servces" certainly I think would make anyone wonder considering the dismal track record CFO has of meeting projections.

I agree though 4 year resriction + timing of latest reverse a bit odd.