Recap of some but not all the topics covered in today's CC. I missed some of the early part of the call- If anyone else wants to add to this, it would be appreciated. This is from scribbly short hand- and not word for word if you want word for word, you gotta listen to the calls
end of Q1 beginning of Q2, both Cambalache and Machacala will be in production under Affinity- Cambalache already in production
1) Q. Does the company carry any convertible debt or toxic financing?
A.There are two debts on the books that are convertible, that were done a while back that are technically convertible debt. They total $10K each. Regarding toxic financing- Absolutely not- wouldn't be willing to sign up Affinity for any toxic financing.Ceo owns 40 Million warrant's, they are not cashless warrant's- strike prices between .01 and .04- Total cost for him to exercise the warrants would be approx $1.2M paid to AFYG. Once exercised to fund the company- those shares are restricted for 6 mo. if the company is current, if not current; they are restricted for 12 mo. or more and subject to the 1% rule for insider selling of shares. Not selling any shares any time soon
2) The Cambalache project is producing today.
3) Q. Who is aquagoldmining?
A. Doesn't know who they are, has nothing to do with either Corey or Affinity, has been in touch with the webhost- informed them that aquagold is misrepresenting who they are, and asked that the website be taken down. If it doesn't happen soon the next step would be to start the legal process to have the website taken down.
4) Q. Is there any relationship between Affinity and Valley High Mining?
A. Absolutely not- there is no relationship. The link was with with Corizona Mining- Corizona and Valley High had a Joint Venture relationship over a yr. ago that fell apart because Valley High couldn't come through with funding. Corizona terminated the agreement.
5) Q. How will the company (Affinity) meet it's obligations and fund Cambalache?
A. The company has raised enough money already to meet their obligations in the near term, as well as get current in their fillings. Cambalache in production already, and as soon as the new legal entities are completed, Cambalache will immediately be producing for Affinity. Once that happens and Cambalache increases production from 12 T.P.D to 60 T.P.D. within the first couple months, Affinity will be able to show, production data, bank statements, assay results, sales slips for ore etc...to show their production and their net. so they can raise more money at a higher price. (my take on that- more private placements maybe sold in the future, but sold at a higher price- to avoid dilution)
6) Q. What is the current S/S
A. Current S/S as of 12/23
A/S 250,000,000
O/S 137,310,336
Restricted shares 100,298,336
Free trading 37,012,000
Float 26,427,000
Float increased by 3.5M shares in the last 30 Days from certs that were deposited.owned between 2 shareholders. S/S on website will be updated
7) Q. What is the relationship between Corey Sandberg & Corizona Mining Partners
A. Corizona is a private company that mirror's what Affinity does. When Corey took over Affinity was in bad shape, the Peruvian entity had a bad reputation, Affinity was in a situation where they couldn't raise money on the public side, and the subsidiary side was unable to bring new projects or ventures in. The alluvial project (Machacala) was also not an "accepted" project within the industry- had to switch to a traditional Hard Rock operation. Doesn't mean they aren't going back to the Alluvial, need to focus on production through Hard Rock, and go back to the alluvial and prove to the market the validity of the project with their own capital. In order to not let Affinity miss out on projects, a group of people from MN approached him and helped to set up Corizona as a private entity in order to keep moving forward. Corizona has raised over $400K over the last 3 1/2 years. Corey Stepped down from Corizona Mining Partners when they signed the Machacala deal with Corizona in order to avoid conflict of interest.
This will be an ongoing Monthly Call- sometimes Bi-Weekly
Keep watch on the www.affinitygold.com website for updates.
