Bluforest Inc.

6 Feb 2013capital raising announcement▼ BadMajor

On January 30, 2013 Bluforest issued 100,000,000 shares to non-U.S. creditors to settle $900,000 of debt. The filing says this changed control: no one holds over 50%, but the issue dilutes the largest shareholder, Michael McCarthy, and by extension other existing holders. It also confirms that Amanda Miller resigned as an officer on January 10, 2013 as part of a restructuring and recapitalization. The debt settlement is separate from the earlier planned 25,000,000-share settlement of about $60,000 of creditor debt, which the filing does not mention.

Discuss in chat

9 June 2011capital raising announcement▼ BadMajor

The board approved settling $60,000 owed to CEO Branislav Jovanovic by issuing him 60,000,000 shares at $0.001 per share. The filing also corrects the share count: 242,699,975 shares are outstanding after 100,000,000 more were issued in June 2011, and Jovanovic holds 130,000,000 (53.56%), so existing holders were heavily diluted.

Discuss in chat

22 Feb 2011capital raising announcement● NeutralMajor

The company (then named Greenwood Gold Resources) signed an option with Candorado Operating Company Ltd. to earn up to 100% of the Summer mining claims in British Columbia. It issued 6,144,975 restricted shares (4.5% of shares outstanding) to Candorado on February 22, 2011; earning a 40% interest required $350,000 of spending and a $150,000 cash payment within 6 months.

Discuss in chat