History
Trilliant moved from Blackedge claims to Ecuadorian gold, diamonds and Copper Island, funded by debt and share issues, ending 2013 with restatements, no auditor and a settled Trafalgar debt.
2007-2008: Staking a first claim
The company, then called Project Development Pacific, Inc., had begun as a health care database business and moved into mining in the last quarter of 2007. On 9 November 2007 it agreed to buy 80 mineral claims covering 99,240 hectares from Blackedge Strategic Capital and Consulting Ltd. for 10,000,000 company shares plus $500,000, with Blackedge also receiving a 3% Net Smelter Royalty, a share of future mining revenue. In February 2008, under its new name, Trilliant Exploration Corporation, it amended the deal. The cash and installments were dropped, and the whole price became 10,000,000 shares. The record does not confirm that the Blackedge purchase was completed.
2009-2010: Gold, diamonds and big plans
The record then goes quiet until March 2009, when Trilliant bought Compania Muluncaygold Corp. S.A., which held the Muluncay gold concession in Ecuador, from Compania Minera del Pacifico (MDP). It paid with a $3,600,000 note at 4.5%, repayable only once the mine reached 400 tons a day. It also released MDP from a $1,195,000 debt and agreed to invest $1,800,000 in the project. The company described itself as a shell company just before the deal.
In July 2009 it formed a UK subsidiary, Trilliant Diamonds Limited, which bought 10,000,000 Global Diamond Resources shares for £1,500,000, funded by a 12% loan from Benbrack Charkit Limited. A deal to buy 99% of Santafemining S.A., a tailings processor near Muluncay, for $1,631,844 was also signed, though completion was never confirmed. In September came far bigger ambitions: an $80,000,000 stock deal for Bozel S.A. of Luxembourg, and a £15,000,000 agreement to buy a further 100,000,000 Global Diamond shares from Samaza Limited. Neither was confirmed as completed. Bozel was terminated in December 2009 after a British Virgin Islands court order barred the seller from transferring the shares.
Meanwhile money was tight. In October 2009 a $210,000 convertible debenture from Trafalgar paid past-due mortgage payments, removing the threat of foreclosure on the Ecuadorian properties. In June 2010 the company signed a non-binding letter of intent to buy Fairfields Gold, a Mexican explorer. Its outcome was never confirmed.
2011-2012: Unpaid auditors and a change of direction
In January 2011 a $100,000 debt to Charms Investments was settled by issuing 100,000,000 shares to President and CEO William Lieberman, who had been assigned the debt. That left 186,231,500 shares outstanding, with Lieberman holding 53.7%. Year-end share counts rose sharply from 2011 to 2012, but the record does not explain the full change.
The auditor, Child, Van Wagoner & Bradshaw, resigned because the company could not pay its fees. Its reports on 2009 and 2010 carried going-concern doubt, meaning doubt the company could keep operating. It later withdrew its 2009 opinion after a significant transaction was called into question, and the company said its 2009 10-K and two 2010 quarterly reports could no longer be relied on. In mid-2012 the company turned to copper, signing a letter of intent for a 20% interest in Copper Island Mines Ltd., a private British Columbia explorer.
2013-2014: Copper Island and clean-up
In January 2013 Copper Island received 30,000,000 restricted shares for 125 of its Class C shares, far more than the 1,500,000 first mentioned. Year-end 2013 shares stood at 191,446,114.
In September 2013 the company concluded its unaudited 2012 statements were wrong. Shares recorded as issued to third parties were in fact held by the sole officer and director, and shares recorded as reducing debt were not delivered. A convertible debenture holder disputed a claimed $200,000 reduction, and the company hired lawyers to recover shares or money. Eric Radtke became CEO and President. RBSM LLP resigned as auditor on 10 December 2013.
Effective 30 December 2013, Trafalgar Capital, then in liquidation, agreed to cancel about $2,574,178 of debt and interest from 2008-2010 in return for a new $250,000, six-month note at 6%. As of 20 February 2014, no new auditor had been named, the restated filings had not been filed, and the Muluncay note, Benbrack debt and remaining Charms debt had no recent updates.
Written from the 17 story beats below (2007 to 2 Jan 2014), which come from the company's own announcements and filings.