Dutch Gold Resources Inc

8 Dec 2010capital raising announcement▼ BadMajor

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.

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1 July 2010capital raising announcement▼ BadMajor

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.

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12 Jan 2010asset acquisition disposition● NeutralMajor

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.

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25 Jan 2007asset acquisition disposition● NeutralMajor

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.

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29 Dec 2004bankruptcy or receivership▼ BadMajor

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.

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21 May 2003bankruptcy or receivership▼ BadMajor

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.

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12 Mar 2003asset acquisition disposition● NeutralMajor

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.

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2 July 2002asset acquisition disposition● NeutralMajor

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.

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