Replies to post #65761 on Discovery Minerals LTD (DSCR)

[PaperLion]

DSCR announced that an audit would be done months ago.

[Proprium]

Little late, but here's the official words:

(Scottrade).

( DSCR ) Discovery Minerals to Commence Audit to Solidify Financing
83 days 1 hour 27 minutes ago - DJNF
LOS ANGELES, CA / ACCESSWIRE / June 24, 2015 / Discovery Minerals Ltd., (PINKSHEETS: DSCR) ("Discovery") management would like to update shareholders on the status of the financial statement audit necessary to meet the requirements of an SEC reporting issuer on the OTCQB tier. The Company will commence the audit within the latter half of July 2015.
Additionally, to meet the terms of a financing commitment currently being negotiated, the Company will file an S-1 registration statement. This financing facility shall be accessible upon an effective registration statement notice and is intended to be utilized for CAPEX and business development expenditures devoted to increasing shareholder value.

What is a Form S-1? Form S-1 includes:

Form S-1 is an SEC filing used by companies planning on going public to register their securities with the U.S. Securities and Exchange Commission (SEC) as the "registration statement by the Securities Act of 1933". The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (IPO). Other less detailed registration forms, such as Form S-3 may be used for certain registrations.

Every business day from 10 to 5,[clarification needed] S-1 forms are filed with the SEC's EDGAR filing system, the required filing format of the U.S. Securities and Exchange Commission. However many of these (typically 30% to 90%)[dubious – discuss] are of the related Form S-1/A, which is used for filing amendments to a previously filed Form S-1.

The S-1 form has an OMB approval number of 3234-0065 and the online form is only 8 pages long. However the simplicity of the form's design is belied by the OMB Office's figure of the estimated average burden – 972.32 hours. This means that much time and effort in preparation of the form is being used to collect and display information about the filer (a corporate registrant or new registrant who intends to offer securities). The S-1 form requires that the registrant provide information from diverse sources and incorporate this information using many rules or regulations, such as General Rules and Regulations under the Securities Act, Regulation C, Regulation S-K and Regulation S-X.

Under the JOBS Act, it has been possible since April 2012 for "emerging growth companies" to file a Form S-1 on a confidential basis, only making the contents public 21 days prior to the road show for the IPO. This quickly became a popular method for even established companies (such as Manchester United and MGM Studios) to conduct securities offerings.[1]

https://en.wikipedia.org/wiki/Form_S-1

If they want to make sure their house is in order so that they can " conduct securities offerings" what securities (esp. Series A Preferred etc.,), are they going to offer ... esp. if they have maxed out or nearly maxed out their AS(at ~5 Billion)? The answer to this last question is the thing that has me scared. They don' have any more money/printable paper. I'm not going to say this any more but the logical worst case alternative is the R/S. Assuming I am wrong, someone please disabuse me of my error. If they offer more "preferred" what are they trying to say that those shares are protected against? The answer is obvious.

Yes, I'm still long DSCR. But if they did not have the money to gather and process the upper stems and leaves for CBD's(that's where the real money is), Why the HE## didn't they raise the SS to 5 Billion at that time to do it? No, they (apparently) left it to rot on the field. IMO, I think they went conservative and only went with that(seeds) which they knew they could get a buyer. But they should have let people know. That would create interest and show progress.

I apologize for being this long, but I feel our hard earned money is worth the time. If DSCR is smart (and I think they are), it is in their best interest to create news they can sell into ---before Any Thing(action). It will be up to us to make our decisions at the next promotion, based on what has transpired between now and then. There is a reason the company does any thing. Their filings/PR releases should at least give us a clue as to their intent. GLTA. Still Long DSCR.