History
Golden Patriot swapped oil drilling rights for Nevada gold claims and an Arizona uranium project, funded by heavily dilutive AJW convertible notes, before selling Debut and deregistering in 2011.
2003-2005: From oil option to Nevada gold
Golden Patriot, then called Boundaries Capital, Inc., began by ending its option on two wells and drilling rights in the Pioneer Canal Project in Kern County, California. In September 2003 it leased the Dun Glen prospect in Nevada (29 claims, about 700 acres) from Scoonover Exploration LLC, which kept a 2%-4% royalty. The company took its new name, split its shares 5-for-1 and raised authorized shares from 100 million to 150 million. Allen Sewell resigned as president and Conrad Clemiss took over.
In February 2004 it bought the Sierra Claims 1-30 from ZyMin Corporation for 222,000 restricted shares. It also signed a letter of intent to buy five Scoonover properties for $10,000 and 1,000,000 shares. This was a related-party deal, since director E. L. Hunsaker III was also a director and principal shareholder of Scoonover. In July 2004 Minterra Resource Corp. was given an option on 50% of Gold View and Dun Glen, but in June 2005 it dropped Dun Glen, and the record does not say what happened to Gold View. In March 2005 the company added uranium, taking an option on the Lucky Boy project in Arizona from Handley Minerals and giving Rodinia Minerals a back-in right to 40% of its interest. By mid-2005 Bradley Rudman was signing as President and CFO from a New York address.
2006-2008: Convertible notes and Lucky Boy
In April 2006 the company began a $2,000,000 financing with AJW Partners and affiliates, closing $700,000 of 6% secured convertible notes. The notes were convertible at 50%-60% of a recent low trading price, were secured by a first lien on all assets, and came with warrants for 11,000,000 shares at $0.30. The company lacked enough authorized shares to register the resale and said it would seek shareholder approval for more. A second $600,000 closed on May 19, 2006, with 11,000,000 more warrants. A final $700,000 depended on the SEC declaring the registration effective, and the filings seen do not confirm it was received. The company also began a Frankfurt listing process.
On November 8, 2006 it exercised the Lucky Boy option, but for a 60% interest rather than the 100% first described, subject to a 3% royalty. The effect on Rodinia's back-in was not stated.
The record is then quiet until January 2008, when the company closed another $350,000 of 8% convertible notes with warrants for 10,000,000 shares at $0.006, far below the earlier $0.30. It also issued $350,000 of 2% notes to cover interest owed on the 6% notes. Proceeds were for administration and consulting fees.
2008-2011: Selling Debut and leaving the SEC
On July 22, 2008 the company agreed to sell its 100% interest in the Debut Gold Property near Elko, Nevada to Canasia Industries for $35,000 and 350,000 Canasia shares, subject to due diligence and regulatory approval. This replaced a December 2006 option for Canasia to earn 50%. Completion was not confirmed. In March 2011 the company deregistered its securities, ending its obligation to file reports with the SEC.
Written from the 11 story beats below (2003 to 21 Mar 2011), which come from the company's own announcements and filings.