History
A shell company that pivoted from wireless broadband to Guinea and Mongolian minerals, then clean coal technology, ended its 2012 mineral agreements in June 2018 with no revenue reported.
2003-2008: A shell searching for a business
The company, then called Wolfstone Corporation, took control of a new business in July 2003. It issued 4,000,000 shares to Mobile Nation, Inc. under a June 2003 agreement, giving Mobile Nation's shareholders about 97% of the stock. The plan was wireless broadband services starting in Las Vegas, and a new board replaced the old management. An earlier deal with FreeGolfStats.com had been terminated in May 2003.
In February 2006 the company signed a non-binding letter of intent with Dental Spas LLC for a reverse merger, in which Dental Spas members would get about 96% of the stock. It depended on $27 million of funding and on Dental Spas buying 17 dental spas from BriteSmile, Inc. The record does not mention it again, and it appears not to have proceeded.
By 2008 the company had limited operations and little or no trading in its stock, with 573,500 shares outstanding. In May 2008 it agreed to sell 19,426,500 new shares to Mongsource USA, LLC for $200,000, lifting the total to 20,000,000. New directors Philip Liu, Lawrence Kohler and Eric Stoppenhagen replaced the old ones.
2008-2009: Minerals come and go
Now named AuraSource, Inc., the company turned to mineral exploration. In September 2008 it signed two agreements with Société Guinea Consultant International (GCI) for four exploration licences in Guinea, in return for 30,000,000 shares held in escrow, which would have given GCI about 37% of the company. GCI did not meet the conditions, and both agreements ended in May 2009 with no shares issued.
In June 2009 AuraSource handed all its mineral exploration assets, including its Mongolian subsidiary, to majority stockholder Mongsource in exchange for forgiveness of a revolving note under which about $475,000 had been advanced. The company said it would focus on clean energy technology, notably the AuraCoal process, which removes sulphur dioxide and ash from coal before burning.
In October 2009 it raised $2,643,662 by selling 5,287,324 shares privately, to fund working capital and a pilot plant in the Gulf of Tonkin Economic and Development Area. Source Capital Group received a $264,366 commission and 528,732 warrants.
2012-2018: Minerals again, then an unwinding
The record shows a February 2012 set of mineral reserve, ore purchase and licence agreements with Gulf Coast Holdings, Gulf Coast Mining Group and HKM. Shares on issue rose over the following years, though the beats do not explain the changes. The record shows no revenue through December 2017, and late annual report notices from 2014 to 2016.
On June 19, 2018, AuraSource ended those agreements. It was to receive 20,000 tons of Iron Duke ore, which it had to collect at its own cost within 270 days or lose. The $363,077.89 owed to it was forgiven, and 16 million Mineral Deposit Shares were cancelled. As of June 2018, whether the Gulf of Tonkin plant was ever built or funded remained unstated, and doubt about the company's ability to continue persisted.
Written from the 9 story beats below (2003 to 20 June 2018), which come from the company's own announcements and filings.