History
Star Alliance International spent years chasing gold and other mining deals, bought California's Troy claims, then leaned on heavily dilutive financing while its auditors kept changing.
2018-2019: Hunting for a mine
Star Alliance International Corp. spent its early years looking for mining assets. In June 2018 it signed a letter of intent with Starving Lion, Inc. for a magnesium mine and a gold mine in Guatemala, plus a gold extraction process. In August it won a six-month exclusive option to buy those assets for $1,000,000 cash plus stock equal to 58% of its post-closing shares. The filing said the company had no financing commitments, and the record does not show how the option ended.
In November 2018 it signed a letter of intent to buy 85% of Troy Mining Corporation, owner of 78 gold claims in Mariposa County, California. In August 2019 it instead bought the assets directly, paying with 1,900,000 Series B Preferred shares and a $500,000 note. It funded the first $50,000 with a 10% convertible note. If the note went unpaid, the assets would go back to Troy.
2020-2022: Honduras and new promises
The record is quiet for 2020 and most of 2021, although shares on issue rose over those years. In December 2021 the company agreed to buy 51% of Commsa, owner of the Rio Jalan gold project in Honduras, from Juan Lemus for $1,000,000 cash and 5,000,000 shares. It also committed up to $7,500,000 of working capital. It first claimed the mines were already producing gold, then corrected this in January 2022, saying production was expected in the latter part of the first quarter of 2022.
On March 28, 2022 it borrowed $400,000 through a 10% secured note, convertible at 50% of a recent low closing price. The money was meant to clear the Troy balance and start mining, and Chairman Richard Carey agreed to transfer 4,000,000 of his own shares to the investor. In May 2022 it signed a letter of intent to form Magma International with the Mepe Trust, committing at least $10,000,000. No definitive agreement has been reported.
2023-2024: Discounted funding and auditor turnover
In March 2023 Star agreed to sell Keystone Capital Partners up to 75,000,000 new shares at 85% of a recent average price. A resale registration statement was required before any sales could begin. Shares on issue grew from about 200 million at the end of 2022 to about 471 million at the end of 2023.
In October 2023 Gries & Associates resigned as auditor, with no reason given, and GreenGrowth CPAs was appointed. In December 2023 Star hired the Knightsbridge Group to reach Asian investors and create a gold-backed digital coin, STARAU. Payment was 48 million common shares, 50,000 Series D preferred shares convertible into 25,000,000 common shares, and 10% of the coins.
On May 15, 2024 Star signed a line of credit for up to $25,000,000, with each note due in 60 days and secured by all its assets. The first note converts at 75% of a recent low price, and Star also owes the investor a $500,000 convertible note.
On August 15, 2024 Star replaced GreenGrowth, which had only reviewed three quarters, with Bush and Associates CPA. The filing said no audited statements for those years had been filed, which conflicts with the October 2023 filing. As of that date, the going-concern doubt and the internal control weaknesses remained, and it was unclear how much of the credit line had been drawn.
Written from the 13 story beats below (2018 to 16 Aug 2024), which come from the company's own announcements and filings.