History
A small explorer that lost its Nevada project, unwound its China deals, then became a Hong Kong-run wine agency shell before deregistering in 2020.
2005-2010: Nevada hopes fade
The company, then filing as Apolo Gold & Energy Inc., signed an agreement with Atna Resources on September 21, 2005 to explore the 2,100-acre Beowawe Project in northern Nevada. It had to spend $1,700,000 over four years to earn a 55% interest, rising to 70% with a feasibility study.
The plan never got going. In February 2007 the company agreed to end the deal because it could not secure financing, paying Atna $113,520 and issuing 2.2 million shares, on top of earlier payments and a 1,000,000-share finders' fee. The same month it announced a letter of intent to buy Great American Minerals, a private company with more than 900 mining claims, and said it awaited a report on its NUP property in Sumatra, Indonesia. The record does not show how either turned out, and it is quiet for the following years.
It resurfaced on December 31, 2010, when the company issued 1,620,589 shares at $0.10 to four current and former directors to settle $162,058.42 of debt. That was about 33% of the stock outstanding beforehand, so existing holders were diluted.
2013-2015: The China detour
In December 2013 the company moved to Hong Kong, with Kelvin Chak as CEO. It raised $1,000,000 through a private placement of 5,000,000 shares at $0.20, then agreed to buy a 70% interest in three Xinjiang gold claims from Yinfu Gold Corporation for six million shares. Days later it agreed to buy 24% of Everenergy New Material Co., a Chinese lithium battery maker, for 8 million shares plus $1.0M cash. In February 2014 it agreed to buy a further 29% for 11 million shares, giving it a 53% controlling stake. Shares on issue rose from 6.5 million at the end of 2012 to about 28.4 million by the end of 2014.
It did not last. In September 2014 the company terminated both Everenergy deals because the sellers had not delivered an audit by a PCAOB-qualified auditor despite repeated requests. It said it would cancel the 19 million shares and recover the US$1 million. In January 2015 it also cancelled the Yinfu purchase by mutual agreement, with no penalties and the six million shares to be returned. The record does not confirm that the cancellations and the recovery were completed, though the share count fell to about 21.9 million in 2015.
2017-2020: Wine and a new owner
In October 2017, under a stock purchase agreement, the board was reshuffled, with Jeffrey Firestone as President and Chow Wing Fai as CEO and CFO. About 26.1 million shares were outstanding. On October 12 the company issued 20,000,000 shares to acquire Gain First Group Corporation, a startup with nominal assets and no operating history. On December 12 it made Gain First sole sales agent for De Lasselle Ltd. wine across seven South-East Asian countries, issuing 75,000,000 shares and stating no cash terms. Shares on issue reached about 141 million.
A grant of options over 36 million shares in September 2018 was cancelled by mutual agreement in November. By November 2019, with the company now named Banny Cosmic International Holdings, Cosmic Equity Group Limited held 115,000,000 shares, or 81.48%, and Liu Wenxin led the company from its Hong Kong office. How Cosmic built its stake is not shown. In July 2020 the company deregistered its securities, ending its obligation to file reports with the SEC.
Written from the 13 story beats below (2005 to 6 July 2020), which come from the company's own announcements and filings.