I wonder where NSRS would have the funds or any thing else to offer up in partnership with any gold mining Co. especially a very large one. NSRS has no revenue, increased operating losses, in serious debt, no employees, no mining equipment and only 1 employee who is the CEO, CFO, Board Of Directors, and every other tittle.
Are you trying to say that a very large gold mining company would want to partner up with Lappa and NSRS, what on earth for?
How about Lappa and NSRS giving some word with their late 10Q or word when they plan on being current with their reporting to get the E removed. Word on why the web site was deleted and why no PR or word from the CEO in over 7 months.
Mark this post, this stock will soon be delisted and is headed towards the Grey's.
NSRS failed to make its second scheduled cash payment of $500,000 on or before July 31, 2012 and consequently defaulted under that part of the Earn-In Agreement under which it was entitled to acquire 10% of DGG’s(Formerly Norman Cay Development, Inc.) option to acquire the exclusive rights to explore the Edum Banso gold project for cash payments totaling $1.25 million.
And Following NSRS’s default under the Earn-In Agreement by failing to pay us $500,000 on or before July 31, 2012, NSRS retains a 5% interest in DGG’s option to acquire the exclusive rights to explore the Edum Banso gold project for the $250,000 cash it has paid to date. However, the remaining 5% of DGG’s option to acquire the exclusive rights to explore the Edum Banso gold project that NRSR was entitled to acquire if it has paid the remaining balance of $1 million on a timely basis, automatically reverted back to DGG. Moreover, NSRS is deemed to have forfeited its right to make the remaining $1 million cash payments required to acquire this additional 5% interest in DGG’s option to acquire the exclusive rights to explore the Edum Banso gold project. This increased our ownership of the option to acquire the exclusive rights to explore the Edum Banso gold project from 65% to 70%.
Further, we have an option to repurchase 50% of the 5% ownership of DGG’s option to acquire the exclusive rights to explore the Edum Banso gold project that NRSR acquired by paying us $250,000 in cash, equivalent to 2.5% of the total ownership of the exclusive rights to explore the Edum Banso gold project, for a cash payment of $150,000.
At the date of the issuance of this Report, NSRS continues to own an additional 25% of DGG’s option to acquire the exclusive rights to explore the Edum Banso gold project in return for the 10 million shares of its common stock issued to us.
However, in the event that these 10 million shares of NSRS common stock are worth less than $2.5 million on October 1, 2012, we have the option to return these shares to NSRS and require NSRS to return this additional 25% ownership in DGG’s option to acquire the exclusive rights to explore the Edum Banso gold project to us.
As at July 31, 2012, the market value of the 10 million NSRS shares of common stock was $200,000 (two hundred thousand). If the market value of the NSRS shares continues to remain at such level on October 1, 2012, it is our current intention to return the 10 million shares of NSRS common stock to NSRS and reacquire this 25% ownership of the option to acquire the exclusive rights to explore the Edum Banso gold project. This would increase our ownership in the option to acquire the exclusive rights to explore the Edum Banso gold project from its current level of 70% to 95%.
At this time there can be no guarantee that the market value of the 10 million shares of NSRS common stock will continue to be less than $2.5 million on October 1, 2012, or that if the market value of these shares is less than $2.5 million on October 1, 2012, that we will exercise our option to return these shares to NSRS and reacquire the 25% ownership of option to acquire the exclusive rights to explore the Edum Banso gold project.
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