FFGO>>> The Series A and B Preferred shares can be held on book with a broker but with these shares not being quoted... there will be no change in account value.
This being said the shares do not trade on the open market like common stock. These shares are basically a promissory note for $16.00 per Series A and $2.20 per Series B which can not be cashed until Jan, 1 2011...
FFGOrs, We are getting CASHwhen Bouse and S. Copperstone are sold by NMGL of approx. .00345/share. The Preferred A and B shares are markers in our accounts for the cash when the sale is completed. Once we get the cash, we will no longer hold those Preferred A and B shares.
Our FFGO shares, however, are totally separate from the Preferred A and B shares.
The disappointment is that we don't get cash NOW... I KNOW, but we will get it some time after January 1, 2011 when NMGL sells the mines. I realize that is awhile from now and there is no date, but, personally, with the price of gold, I, again, can wait, knowing that I WILL GET CASH!
Also, to sell the mines, NMGL needs to own 100% of Bouse and S. Copperstone and that, of course, includes the historical dividend holders in those companies.
The 8K today was confusing but, again, I understand it now and the #s DO add up. I am not selling my shares until I know I qualify for what will ultimately be a cash dividend of at least or approx. .003449/share of FFGO. Also, if FFGO goes to NO BID tomorrow, because people do not understand the 8K or do not want to wait, I will see it as a buying opportunity.
Also, I am still hoping that this scenario will affect the "abusive" Naked Shorts! :-)
Lastly, the Company will be updating their website and providing clarity to shareholders but I thought this breakdown below would be helpful.
Best, V
ITEM 1.01 ENTRY MATERIAL AGREEMENT
On August 12, 2010 the Company’s wholly owned subsidiary Western Diversified Mining Resources, Inc. (“Western”) entered into an agreement with North American Gold & Minerals Fund (“North American”) pursuant to which North American agreed to acquire Western’s 23.22% shareholding in Bouse Gold Inc. (“Bouse Gold”) and Western’s 46.84% shareholding in South Copperstone Inc. (“South Copperstone”) for North American preferred stock valued at US$258,073,107, or US $0.003449 per share of the Company’s issued and outstanding common stock. The North American Series A Preferred Stock that will be issued under the Agreement has liquidation and dividend preferences that apply to future distributions from Bouse Gold, Inc.; the Series B Preferred Stock has liquidation and dividend preferences that apply to future distributions from South Copperstone, Inc. The valuation of US$258,073,107 is based on the liquidation preference of the preferred stock, which is US$16.00 per share for the Series A Preferred Stock and US$2.20 per share for the Series B Preferred Stock. The annual non-cumulative dividend preference for both Series A and Series B Preferred Stock is 3% of the respective liquidation preference. Both the Series A and Series B Preferred Stock may be redeemed by the North American Gold & Minerals Fund at any time after January 1, 2011 at a cash redemption price equal to the liquidation preference.
The Agreement is subject to several conditions of closing. The Company anticipates that Closing will occur no later than August 17, 2010.
The Agreement contemplates that the Company will distribute to the Company’s shareholders the shares received as the purchase price, and North American Gold & Minerals Fund is required to use its best efforts to cooperate in carrying out the contemplated distribution. The distribution is expected to be 0.00016168455 (rounded up) per 1 (one) share of Series A Preferred Stock for each 1 (one) share of Fortress Financial Group, Inc. common stock and 0.0003921002 (rounded up) share of Series B Preferred Stock for each 1 (one) share of Fortress Financial Group, Inc. common stock.
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