of 1st ship revenues as far as CWRN knew at the ti
Post# of 8054
Posted On: 06/13/2013 12:03:18 PM
of 1st ship revenues as far as CWRN knew at the time, 30% was distributed to project investors (Geo et al) and 5% of the 10% to management went to Geo as per CWRN's complaint, plus CWRN argues Geo was either then or eventually taking millions off the top and commingling
plus selling its restricted? CWRN stock for a profit of maybe 5.3 million (see CWRN complaint)
May 26 2011 "Revenues Distributed, 2nd Bulk Shipment Close"
Quote:
the company under Irrevocable Assignment of Documentary Letter of Credit Proceeds, distributed the revenues from its first bulk shipment of iron ore under the following percentages; 60% to ongoing operations, 30% to Project Investors and 10% to Management. The Project Investors recovered approximately 75% of their cash contributions;
The Ensenada International Terminal was paid approximately $320,000.00 for receiving, storage, material handling and cargo loading, $356,000.00 was paid to Road-Runner Trucking, $1,115,000.00 was paid to COSFAR Bulk Cargo Shipping, $220,000.00 was paid in royalty fees and surface rights .
The Company was also able to meet its obligations to PowerScreen of California paying a balance of $975,000.00 for the crushing equipment. We would like to thank PowerScreen for their ability to provide us with over $1,500,000.00 in equipment that was paid off under settlement of DLC proceeds , without their help it would have been very difficult to secure the equipment we had specified for the production. The Company will be receiving more equipment from PowerScreen shortly .
" " " Note: Pan American Mineral Ventures, LLC . Officers, Directors, Insiders and Affiliates control over 50% of the Company's Outstanding Shares, Robert L. Cotton and Sharon Vazquez are co-managers of Pan American Mineral Ventures, LLC., State of Nevada, both are Officers and Directors of CWRN.
OTC K Status: CWRN is no longer a developing company and as such the non-reporting SEC status in not desirable to maintain a healthy share value for the shareholders; therefore, the Board of Directors have agreed to move on. The company will be merging into a new mining company that will be involved with several other iron ore mining projects and will be an SEC reporting company listed on the OTC:QB ; this process shall take some time and will require shareholder's voting approval. A Shareholders meeting will be held, all shareholders of record will be given a 45 day written notice of the time and place of the meeting. A news release will also be issued with the Shareholders notice .
Source - Read More:
plus selling its restricted? CWRN stock for a profit of maybe 5.3 million (see CWRN complaint)
May 26 2011 "Revenues Distributed, 2nd Bulk Shipment Close"
Quote:
the company under Irrevocable Assignment of Documentary Letter of Credit Proceeds, distributed the revenues from its first bulk shipment of iron ore under the following percentages; 60% to ongoing operations, 30% to Project Investors and 10% to Management. The Project Investors recovered approximately 75% of their cash contributions;
The Ensenada International Terminal was paid approximately $320,000.00 for receiving, storage, material handling and cargo loading, $356,000.00 was paid to Road-Runner Trucking, $1,115,000.00 was paid to COSFAR Bulk Cargo Shipping, $220,000.00 was paid in royalty fees and surface rights .
The Company was also able to meet its obligations to PowerScreen of California paying a balance of $975,000.00 for the crushing equipment. We would like to thank PowerScreen for their ability to provide us with over $1,500,000.00 in equipment that was paid off under settlement of DLC proceeds , without their help it would have been very difficult to secure the equipment we had specified for the production. The Company will be receiving more equipment from PowerScreen shortly .
" " " Note: Pan American Mineral Ventures, LLC . Officers, Directors, Insiders and Affiliates control over 50% of the Company's Outstanding Shares, Robert L. Cotton and Sharon Vazquez are co-managers of Pan American Mineral Ventures, LLC., State of Nevada, both are Officers and Directors of CWRN.
OTC K Status: CWRN is no longer a developing company and as such the non-reporting SEC status in not desirable to maintain a healthy share value for the shareholders; therefore, the Board of Directors have agreed to move on. The company will be merging into a new mining company that will be involved with several other iron ore mining projects and will be an SEC reporting company listed on the OTC:QB ; this process shall take some time and will require shareholder's voting approval. A Shareholders meeting will be held, all shareholders of record will be given a 45 day written notice of the time and place of the meeting. A news release will also be issued with the Shareholders notice .
Source - Read More:
(0)
(0)Cotton & Western Mining Inc. (CWRN) Stock Research Links
Scroll down for more posts ▼