If you would like a full rundown on SEC regulations for mineral companies and why GDSM's claims are completely non-compliant, I can certainly do that for you. It will clearly demonstrate why they are highly unlikely to subject themselves to SEC review by filing a new registration statement.
When you view this post, it kind of tells you the "knowledge". It's all about putting a spin on a post, which, btw, this post is not correct because there is still NO increase in the common A/S:
1manband Sunday, September 16, 2012 1:57:27 PM Re: $b_rich$ post# 82901 Post # of 85401
Shareholders are being screwed.
The "piece of the action" isn't part of the mine, since the mine is worthless. Instead, it is 8 million GDSM Series E convertible preferred repurchased for $50K from WSRA. When repurchased, the preferreds had a 1 for 1 exchange ratio. After that poster purchased them, GDSM secretly changed the conversion ratio to 15 to 1, thus not only increasing the value by 1500%, but increasing the number of free trading shares they can be immediately converted to (and sold into the float) from 8 million to 120 million. That 120 million new shares can be sold right now! And shareholders are none the wiser, as the Company intentionally withheld that information from shareholders. That 50K purchase a month ago is now worth, at current trading prices, 336-400K. All at the expense of the current shareholders and done by management to screw the common shareholders!
On top of all of that, that poster (and perhaps others, as the original agreement referred to a "group of investors", not just one) can buy the other 32 million Series E preferred for $350K which now converts into an additional 480 million shares (so much for management claiming "no dilution"!), which has a current conversion value of $1.3 million or more. Again, all at the expense of the common shareholder without their knowledge.
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