19 Aug 2019capital raising announcement● NeutralMajor
The company closed an asset purchase from Troy Mining Corporation (78 gold claims near El Portal, California), paying with 1,900,000 new Series B Preferred shares and a $500,000 note, $50,000 of it paid at closing. This is a direct asset purchase rather than the 85% stock deal in the 2018 letter of intent. It funded the first payment with a $50,000 convertible note at 10% interest convertible at $0.05 per share, and the filing says the assets go back to Troy if the note defaults. The preferred shares add to the share count when converted.