History
A small mining-claims shell, Greenwood Gold, failed on its British Columbia option, then became Bluforest, an Ecuador carbon-credit developer paying for assets with large share issues.
2011-2012: From British Columbia claims to Ecuador
The company, then called Greenwood Gold Resources, began 2011 as a mining explorer. In February it signed an option with Candorado Operating Company Ltd. to earn up to 100% of the Summer mining claims in British Columbia, issuing 6,144,975 restricted shares (4.5% of shares outstanding) to Candorado. In June the board settled $60,000 owed to CEO Branislav Jovanovic by issuing him 60,000,000 shares, and 100,000,000 more shares were issued that month. This left 242,699,975 shares outstanding, with Jovanovic holding 53.56%, so other holders were heavily diluted. In August Candorado terminated the option after the company missed the payment and exploration spending due by August 17, and it kept no rights to the property.
In February 2012 the company turned to Ecuador, agreeing to buy the Hacienda Juval property from Oceanview Real Estate for 70,000,000 shares, after a planned 1-for-500 reverse split. Charles Miller was to replace Jovanovic as sole officer and director. That deal was rescinded because Oceanview did not deliver the title documents.
2012-2013: Bluforest and the carbon-credit properties
On March 30, 2012 the company instead agreed to buy rights to a property of about 105,000 hectares from Global Environmental Investments Limited (GEIL) for 75,000,000 restricted shares, a 75% control interest. By June, now named Bluforest Inc., it corrected its filing to say the purchase covered timber and related rights, to be developed as a carbon credit project. The package also included a three-year consulting deal with Mainland Investment Ltd. at $1,000,000 a year, and debt settlements, including about $152,000 owed to Jovanovic.
In July Bluforest agreed to buy the roughly 30,000-hectare Hacienda Forestal San Agustin from Ecuador Farms S.A. for 26,750,000 shares, which the filing valued at about $180,000,000. The shares sat in escrow, to be cancelled if the transfer was not completed. Year-end share counts rose from 424,500 in 2011 to 104,193,166 in 2012, in line with these large issues.
In late 2012 it signed two non-binding letters of intent, for PROFOCO in the UK and New World Generation in Ontario; neither had a formal agreement. On January 30, 2013 it issued 100,000,000 shares to non-U.S. creditors to settle $900,000 of debt. As of February 6, 2013, no one held over 50%, Amanda Miller had resigned as an officer on January 10 amid a restructuring, and the property transfers and both acquisitions were still unresolved.
Written from the 8 story beats below (2011 to 6 Feb 2013), which come from the company's own announcements and filings.