No, 2 debt holders own the rights...
The Company entered into a loan agreement with Kilpatrick’s Rose-Neath Funeral Homes, Crematorium and Cemeteries, Inc. on December 3, 2007. This company is controlled through ownership by a shareholder/director of International Star, Inc. Under terms of the agreement, the Company has an available credit line balance of $500,000 with interest accruing at 6% per annum. The interest is due and payable on a quarterly basis (every three months). The loan is collateralized by a security interest to the above mentioned lender in the amount of 51% interest in the mineral rights of all mining claims owned by theCompanyorinwhichtheCompanyhasaninterestinitspropertieslocatedin Mohave County, Arizona, along with any future claims acquired by the Company. At September 30, 2011, the Company had borrowed $500,000 under the terms of this loan agreement and had accrued interest of $97,500. This note has a maturity date of December 3, 2012 and has remained unpaid.
The Company entered into a loan agreement with Beaird Operating Companies on October 13, 2010. Under the terms of the loan agreement the Company received $200,000 and in correlation with the note the Company issued 20,000,000 warrants. This note is due on December 13, 2011. All principal and interest at the rate of 12%, per annum, is due at that time. Accrued interest for this loan was $23,000 at September 30, 2011. The loan is collateralized by a security interest to the above mentioned lender in the amount of 49% interest in the mineral rights of all mining claims owned by the Company or in which the Company has an interest in its properties located in Mohave County, Arizona, along with any future claims acquired by the Company.
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