Replies to post #65606 on Colorado Goldfields Inc. (fka CGFI)

[ficose]

I think this may go beyond the standard beneficial ownership issue I'm used to. From the form:

Magna Group, LLC is an affiliated fund of Hanover Holdings I, LLC but currently holds no shares of Common Stock of the Colorado Goldfields, Inc.. to its name. Magna Group, LLC does hold $77,019.00 in Convertible Notes owed by the Issuer, Colorado Goldfields, Inc.

Magna and Hanover have a relationship and are affiliated directly. I'm thinking, so what? Then I also see this on the form:

Item 4. Ownership.



Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.


(a) Amount beneficially owned: Reporting Person is the beneficial owner of 105,117 shares of common stock. In addition, Reporting Person holds Issuer’s convertible notes in the aggregate principal amount of $67,500. The Notes may not be converted into common stock such that the Reporting Person would beneficially own more the 9.99% of the Issuer’s common stock at any given time. Reporting Person disclaims beneficial ownership of the Issuer’s securities held by any other person or entity.

(b) Percent of class: 7.0042%

Magna's 5+% and Hanover's 7+% would bring he aggregate over the 9.99% limit. Hanover can't be seen to hold that percentage of cd while also holding a percentage through Magna. That's my take on it anyway.

[maxgun]

a fountain of misinformation..... as usual