CEO bails on KMAG, which is great.. Here is some info I found on what he is up to on this new start up he is devoting all his time and KMAG shareholder resources on.
KMAG shareholders are sadly left in the GREYS trading bags back and fourth while the CEO is doing this..
Kerr who is 26, brought in this past summer and no relation to the Duncan-Kerr mining project was very generous with his time and info... I don't believe he gave me any secrets as much of what he said is in the 8-k and other filings. Following is a short summary based on what Kerr said and from filings that we discussed:
Expect shares to begin trading at market toward end of this month. TA is VStock Tranfer LLC out of Cedarhurst, NY (Nassau County, Long Island). I read in filings there are 59 holders of record with 3,381,000 shares. There are 338,100,000 share outstanding. These numbers are in the filings and may change by the time they're trading.
They have 9.1 million ounces of silver from 910,000 tons.... in piles above ground ready to be processed ... will go outside for refining (they like to use ozs instead of gms as it's easier for sh & used in markets).
They've been bringing new equipment to the site as well as renovating a building for operations. I read in filings, they're currently paying $100/mth (1-yr lease) for a virtual office in Ontario and have an ancillary office until 6/30/13 at $1500/mth. Since incorporating 5/16/12 until 9/30/12 they've spent at least $645,000.
There are three directors (Jeffrey Reid, Donald Page & Sam Kerr) who btw, I read in filing getting paid $241,704/yr for Reid and $120,852/yr for each of Page & Kerr. Also have consulting one PR firm and one IR firm, both from NY... four full time employees at the mine and "will increase that number very soon". There's also one consultant at the mine and they have a geologist on a consulting basis now that they "hope to bring on board full time". Kerr sounded very excited about this.
He was surprised when I inquired about needing 8-million dollars. He added they've recently had offers made from third parties and are entertaining offers but Kerr said quote "I can tell you with confidence the success of the business is in no way contingent or reliant on any big investor coming along because with the processing we have and revenues capable of generating for our operations on site, that sustains positive cash flow without any big investor but that would enable us to expedite the business plan. As soon as any deal happens will share it with the public."
