Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2005asset acquisition disposition● NeutralMajor
On October 27, 2005 the Aigedzor joint venture signed an agreement to buy 100% of Sipan 1, LLC from Albert Sakhkalian for $4,550,000: $3,500,000 at closing through escrow, a $50,000 credit for Global Gold's earlier deposit, and $1,000,000 within three years, guaranteed by the venture. Global Gold contributes $260,000 plus its own costs for its 20% share, and Caucasus Resources funds the rest until production. This carries out the August 2005 joint venture.
15 Aug 2005asset acquisition disposition● NeutralMajor
On August 15, 2005 Global Gold's subsidiary agreed to form the Aigedzor Mining Company with Australian firm Caucasus Resources, owned 80% by Caucasus and 20% by Global Gold, to acquire Sipan 1, LLC (Litchkvadz-Tey and Terterasar mining properties and plant in southern Armenia) and explore within 20 km of Aigedzor. Global Gold takes a minority 20% stake in this venture.
3 Aug 2005asset acquisition disposition▲ GoodMajor
On August 1, 2005 Global Gold agreed to buy Armenian company Mego-Gold, LLC, licensee of the Tukhmanuk mine next to its Hankavan property, with a 200,000 tonne-per-year plant and seven exploration sites, for $3,500,000: $1,500,000 now for 51%, the balance for the other 49% within two years. It also closed a $3,000,000 private placement on July 29, 2005 of 4,000,000 shares at $0.75, each with a warrant for half a share at $1.50 exercisable to July 31, 2007. The company says proceeds will fund the Tukhmanuk acquisition and expansion, other projects and working capital.
Marcum & Kliegman resigned as auditor on May 27, 2004, the same day the board approved terminating it, and Allen Roth, P.A. was engaged as the new auditor. Marcum's report on 2003 included a going-concern paragraph, and the filing reports no disagreements. This is the second auditor change in about a year, following the May 2003 switch from Grassi to Marcum.
Global Gold dismissed its auditor Grassi & Co. effective May 1, 2003 and hired Marcum & Kliegman LLP, starting with the review of the quarter ended March 31, 2003. The filing says the 2001 and 2002 audit reports both carried a going-concern doubt and that there were no disagreements with the auditors. This was reported in September 2003, months after the change.
