Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2016director officer appointment▲ GoodMajor
Oaxaca Resources signed a letter of intent for a reverse-merger-style arrangement with Garmatex Technologies, a private British Columbia apparel/fabric-technology company, under which Garmatex shareholders would end up controlling the renamed combined company; concurrently, CEO Mike Gilliland resigned and Devon Loosdrecht (who had separately just bought a majority stake from founder Jose Montes) took over as sole officer and director.
Oaxaca Resources' first annual report showed the company, now based in Vancouver under new management, had dropped its original Mexican mineral claim for a new one (the Elizabeth claim in British Columbia) and had $54,460 in cumulative losses since inception, with substantial doubt about its ability to continue as a going concern.
Oaxaca Resources dismissed auditor De Joya Griffith and hired MaloneBailey LLP as its new independent accountant, with no disagreements reported over prior filings.
Oaxaca Resources filed its final IPO prospectus, offering 1,700,000 shares at $0.0075 each (up to $12,750) on a self-underwritten, best-efforts basis with no minimum required to close.
The SEC sent Oaxaca Resources a comment letter on its IPO registration statement, asking it to clarify its exploration-stage disclosures before the offering can proceed.
Oaxaca Resources Corp., a newly incorporated Nevada shell led by sole officer/director Jose Montes, filed to register 1,700,000 shares at $0.0075 each (up to $12,750) for its IPO, backed only by an unexplored Mexican mineral claim.