Dutch Gold Resources Inc

On March 9, 2015 the bankruptcy court approved the trustee's report of no distribution, discharged the trustee and closed the Chapter 7 case for subsidiary Dutch Mining, LLC. This ends the Dutch Mining liquidation begun in 2014; the order itself shows no distribution was made, and it does not describe any effect on the parent's shares.

bankruptcy or receivership

The company reports that on June 11, 2014 a voluntary Chapter 7 bankruptcy petition was filed for its subsidiary Dutch Mining, LLC in the Northern District of Georgia. This follows through on the April 2014 liquidation decision; the filing does not say the parent company itself is in bankruptcy.

bankruptcy or receivership

On April 16, 2014 the board acted to liquidate its wholly owned subsidiary Dutch Mining, LLC, the unit acquired in the January 2007 share exchange. The filing says this does not affect the parent company, only the subsidiary.

bankruptcy or receivership

On July 11, 2012 the company signed a joint venture agreement with RadarNica, SA to develop the Villa Nueva 1 mines in Nicaragua through a new Georgia LLC. The company will put in $100,000 initially (net proceeds are shared equally until it has contributed $250,000), and will give RadarNica options on 20,000,000 company shares. This is a new venture separate from the Minnie Moore lease, and it adds potential dilution; the filing gives no word on the Minnie Moore lease.

material agreement

On September 26, 2011 the company signed a mining lease with the Bilbray Trust and Johnston Trust for the Minnie Moore Mine in Blaine County, Idaho: ten years plus two ten-year extensions, $10,000 a month in advance production payments, annual lease payments rising from $50,000 to $100,000 across later periods, a 4% net smelter royalty and a 14% profit share once ore is produced. Each trust also gets options on 5,250,000 shares at $1,000.00 per share (as printed), vesting after $10,000,000 of net revenue. The company can buy the property for $15,000,000, with production payments credited against the price. It also hired Carl Johnston as a consultant at $5,000 a month. This is the first mine the filing shows the company holding a right to work.

material agreement

On December 8, 2010 the company issued 1,000,000 Series A Convertible Preferred shares each to Rauno Perttu and Daniel Hollis for about $250,000 in total of past unpaid services. Each preferred share carries 350 votes and converts into 10 common shares, with no dividends or liquidation preference. Inference: with 2,000,000 preferred shares this gives the two executives 700 million votes, which would give them voting control; the filing does not state the common share count to confirm this. This is the first preferred stock issued by the company.

capital raising announcement

On June 23, 2010 the company issued 15,800,000 new shares to Embassy International, LLC to settle $50,000 of a $1,214,962 promissory note (originally issued by Dutch Mining in December 2006 and assumed by the company in the 2007 exchange). The shares are subject to adjustment and possible return based on 75% of the 20-day average price, and Embassy sold them the same day to Socius CG II, Ltd. For shareholders this means a large number of new shares for a small slice of debt, which dilutes existing holders; the note's remaining balance is not stated.

capital raising announcement

Effective December 31, 2009 the company acquired substantially all the assets of Aultra Gold, Inc.'s gold and mineral business for 9,614,667 new shares, and separately bought a controlling interest in Aultra Gold for 1,000,000 new shares. Directors Debor, Dienhart and James L. Browne resigned, and Rauno Perttu (former Aultra Gold president) joined the board and became Chief Operating Officer. This adds a second acquisition on top of Dutch Mining and dilutes existing holders by about 10.6 million shares. Financial statements for the deal are promised within 71 days.

asset acquisition disposition

On January 16, 2007 the company (now Dutch Gold Resources, Inc.) issued 24,000,000 new shares to the holders of Dutch Mining, LLC for all of that company's equity, making Dutch Mining a wholly-owned subsidiary and leaving 30,256,144 shares outstanding. Ewald Dienhart (Dutch Mining's managing director since 1994) became Chairman at a $60,000 annual salary and Dr. William Debor joined the board. This ends the period with no operating business, and existing holders now own a smaller share (the attached agreement text says the new shares are about 80% of the total). The filing text provided does not describe Dutch Mining's business or assets.

asset acquisition disposition

This late catch-up filing says the Chapter 11 case was dismissed on April 29, 2004 without objection from the company, after the U.S. Trustee moved to dismiss because no disclosure statement or reorganization plan was filed and monthly operating reports stopped after October 2003. It also reports that the WDGR-AM sale to USK Broadcasting was completed under a November 19, 2003 amendment for $270,000 cash plus notes of $30,000 (due January 19, 2004) and $100,000 (due November 19, 2004), and that WDGR-AM was the company's sole operating asset. Other items: auditor Bridges & Dunn-Rankin resigned November 6, 2003 (it had noted material weaknesses in internal controls and a going-concern uncertainty in its reports); Stark Winter Schenkein & Co. was engaged December 6, 2004; directors Fleming, McMullan and Froistad resigned June 4, 2004; and Frederick J. Alger was named CFO on December 27, 2004. No annual reports for fiscal 2003 or 2004 have been filed. The dismissal ends the bankruptcy without a plan, so shareholders' shares were not cancelled by it.

bankruptcy or receivership

On May 18, 2003, the company and its subsidiary Small Town Radio of Georgia, Inc. filed for Chapter 11 bankruptcy protection in the Northern District of Georgia, and remain in control of their assets as debtors-in-possession. The company says it expects to operate normally and file a reorganization plan in due course. Director Eric Froistad resigned effective May 15, 2003. The filing does not say what happens to shareholders' stock.

bankruptcy or receivership

The company signed an agreement to sell its WDGR-AM assets to USK Broadcasting, Inc. for $500,000, with closing five business days after FCC approval of the license transfer (usually 50 to 70 days). It estimates expenses of up to $60,000 and says net proceeds will go toward reducing debt, buying stations in ex-urban areas of Georgia and the Carolinas, and working capital. This reverses the station purchase made in June 2002. The company also moved its executive office to Atlanta (3500 Lenox Road) on February 1, 2003.

asset acquisition disposition

The company (filing as Small Town Radio, Inc.) bought the assets of Dahlonega, Georgia radio station WDGR-AM 1210 from Greenwood Communications Corp. on June 26, 2002 for $153,000 in cash, plus $25,000 in cash and stock to the seller's broker. It had already been running the station since an October 2001 programming agreement. The cash came from a $216,000 secured note to investor Wayne Shortridge (12% interest, due June 30, 2004, secured by the WDGR assets), with a warrant for 58,247 shares at $2.82. The company also ended its August 2001 agreement to buy four stations from Merchants Broadcasting, citing a material adverse change in Merchants' operating results, so the earlier acquisition plan is not going ahead.

asset acquisition disposition

The Small Town Radio merger closed on June 1, 2001. Former STR shareholders received 118,467,860 shares, about 75% of the company, and Gertner resigned from the board and as an officer. The $4 million financing condition was waived, so no convertible preferred stock was issued. The old lubricants business, held through Worldwide PetroMoly Corporation, was sold to Gertner on June 7, 2001. The company's existing business is described as having had negative net worth, and it is still looking for financing to fund the radio acquisition plan.

asset acquisition disposition

The company (filing here as Worldwide PetroMoly, Inc., the name used throughout these filings; the profile name is Dutch Gold Resources) told shareholders about a planned merger with Small Town Radio, Inc. of Georgia. It would issue 112,467,860 new common shares, plus up to 33,333,333 convertible preferred shares tied to STR's financing, so STR holders would own about 75% of the company. Gilbert Gertner would resign as chairman and CEO, Lance Rosmarin would step down as an officer but stay as a director, and Robert Vail would become chairman. No shareholder vote is required, and a reverse split is expected after closing.

business combination