I do this annually. BTW, I wasn't paying attention on the SHM date, it is in fact the week before Rosh HaShanah this year. Damn, I could have gone.
Please learn to read the SEC filings. Check the ownership of New Vision. Read the notes in 2008, then 2011. Please ask management what did New Vision do to "earn" those shares.
From the 2Q 2011 10-Q (never let a few hundred million shares stand in the way of the facts)
NOTE 3 – NOTES PAYABLE
As of June 30, 2011, we had outstanding $3,565,076 of two-year promissory notes that we have issued to various investors starting in 2009. Interest accrues on the notes at the rate of 7% per year, and is payable monthly, except for notes issued to New Vision Financial, Ltd., which provide that interest is payable annually. Principal and interest due on the notes is convertible into shares of Class A Common Stock at the election of the holder at conversion prices ranging from $0.015 to $0.276 per share. The conversion price of the notes is set at the market price of the Class A Common Stock on the date of issuance. The notes mature at various dates ranging from July 23, 2011 to June 30, 2013. During the three and six months ended June 30, 2011, we issued $732,709 and $1,520,709 of new notes, respectively.
During the three and six months ended June 30, 2011, we issued 1,685,506 and 3,535,506 shares of our common stock, respectively, upon conversion of notes payable with an aggregate principal amount of $115,000 and $192,600, respectively.
(at these rates, 700M won't be far)
NOTE 8 - CAPITAL STOCK
During the three and six months ended June 30, 2011, we issued 17,027,191 and 34,905,502 shares of Class A Common Stock, respectively.
(oh, I'm soo surprised)
FROM THE 10-K
15
Our Directors Have A Material Conflict of Interest With Respect To A Royalty Interest In The Sinker Tunnel.
One of our directors, Pierre Quilliam, controls an entity that owns a 7.5% royalty in the Sinker Tunnel. (ed: New vision) Under the royalty, we are obligated to pay two entities, one of which is controlled by Mr. Quilliam, an aggregate royalty of 15% of the net smelter return or net refinery return of any ore which originates, terminates or was gained access through the Sinker Tunnel or the grounds of the Sinker Tunnel complex. As a result, Mr. Quilliam’s financial interest in our use of the Sinker Tunnel may cause him to favor use of the Sinker Tunnel to extract ore from War Eagle Mountain over alternative methods that might be more cost effective.
(That company is ta da! New Vision, based NOT in Bermuda,, but wait, there's more)
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
The following table sets forth certain information, as of March 9, 2011, with respect to the beneficial ownership of our common stock by (i) all of our directors, (ii) each of our executive officers named in the Summary Compensation Table, (iii) all of our directors and named executive officers as a group, and (iv) all persons known to us to be the beneficial owner of more than five percent (5%) of any class of our voting securities.
40
IGGY
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Class A Shares
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Class B Shares
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Name and Address of Beneficial Owner
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Amount and Nature of Beneficial Ownership
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Percent of Class (1)
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Amount and Nature of Beneficial Ownership
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Percent of Class (1)
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New Vision Financial, Ltd. (2)
Akara Bldg 24
De Castro Street
Wickhams Cay
British Virgin Islands
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36,781,202
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11.9%
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