Slojab
10 years ago
This is why LOIs and MOUs are meaningless.
On Oct 27, 2012 — Yinfu Gold Corporation (“Yinfu”) (OTCQB:ELRE) disclosed that it had entered into a definitive agreement to acquire a 51% interest in Hitric Resources (S) PTD Ltd., a Singapore limited company, which owns 80% rights of a coal mine located in Tanah Bumbu, South Kalimantan, Indonesia.
As of May 31, 2013, Hitric Resources (S) PTD Ltd. has not provided the required due diligence and the Company has decided not to close the Kalimantan coal mine acquisition.
On November 9, 2012, Yinfu Gold Corporation and its strategic partner Guolong Investment Management Jiangsu Co., Ltd., entered into a definitive agreement with Chongqing Number One Jewelry Co., to acquire a 30% ownership stake of Chongqing Number One Jewelry for 30 million Yinfu Gold Corporation common shares.
Following a full due diligence by Yinfu Gold Corporation, the Company decided, as of May 31, 2013, not to proceed with the acquisition of the 30% ownership stake in Chongqing Number One Jewelry Co. No shares were issued in this transaction.
Additionally, on July 31, 2012 – Yinfu Gold Corporation disclosed it had entered into a definitive agreement to acquire a 100% interest in the Abbots Brook Gold Claim for US$25,000 and 5,000,000 common shares. The claim is located in Labrador, in the Province of Newfoundland, Canada.
As of May 31, 2013 Yinfu Gold Corp reports that it has decided not to retain the Abbotts Brook Gold claim. The original claim owners will keep the US$25,000 and the 5,000,000 common shares.
It doesn't even matter if they announce they've closed!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78014422
Slojab
10 years ago
It seems a lot has happened with this ticker since I last posted here.
On June 6, 2012, the Board of Directors reported that it had replaced the entire previous Board and management.
Since that date Mr. Tsap Wai Ping, Yinfu’s President, CEO and Sole Director has attempted to retrieve the Company’s vital corporate files from previous management and the Auditor under that management, Parker Randall CF (H.K.) CPA Limited, Chartered Accountants. Specifically, on June 12, 2012, the new President Mr. Tsap Wai Ping requested the immediate return of all of the Company’s accounting, computer and corporate records from the former board and from the Company’s former Auditor. See Exhibits 99.1 and 99.2
As of this filing, no member of the previous Board nor Parker Randall has offered any cooperation. Due to this failure on the part of the previous Board of Directors and the Auditor, Yinfu Gold Corporation regrets to report that it is unlikely the Form 10-K will be filed within the prescribed time.
The failure of the previous Board to fulfill its fiduciary responsibilities to the Company and its shareholders also makes it impossible to confirm the Company’s actual ownership of the Penglai mine as reported by the previous Board. The Company is, therefore, forced to reverse and cancel the Joyous Fame acquisition, along with the shares.
Yinfu Gold Corporation has now filed a Police Report with the Hong Kong Police respecting the missing Company accounts, documents and files, (See Exhibit 99.3) and will be immediately instituting legal action against all former Board members and the former auditor, Parker Randall in Hong Kong and in the State of Wyoming.
On July 9, 2012, the Company was contacted by the US Securities Commission regarding the fact that a letter from the resigning Auditor (See Form 8-K filed June 15, 2012) required pursuant to Item 304 (a) (3) of Regulation S-K has not been submitted to the SEC. Despite a previous request from the Board of Directors, Parker Randall has not complied with the request and regulation S-K. The only response from Parker Randall was a letter from an attorney for Parker Randall. (See Exhibit 99.4. The Board has sent a second demand letter to Parker Randall. (See Exhibit 99.5)
Additionally, as a result of the fact that the former Acting CFO, Charles Lam’s signature was used without his consent in several SEC filings, (June 15, 2012 8K filing) the Company is forced to re-audit 2010 and 2011 with a new independent auditor.
Slojab
13 years ago
Now, this is interesting.
Dan's no longer an officer of the company. As of Feb 21st, he's gone.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The registrant ("YinFu Gold") has appointed Wilson Dongsheng Huang, currently Chairman of the Board of Directors of YinFu Gold, as Acting President and Charles Ying-Wai Lam as Acting CFO following the resignations of Daniel Mckinney effective February 21, 2011 as President and CEO of YinFu Gold and Mervyn Cragg as CFO of YinFu Gold on January 23, 2011. From January 2000 through November 2007 Mr. Lam was a principal in Lam & Associates, a consulting firm in Hong Kong providing accountancy, tax and business advice to a variety of private and public companies, where he also served as a director on its board of directors. From January 2008 through January 2009 Mr. Lam was Chief Accountant for the Green Vision Group, a division of Johnson Electric Holdings Ltd., a publicly traded company on the Hong Kong exchange, and from March 2009 through February 2010 Accountant for Catalist Group Limited. Mr. Lam began his career as an auditor for Coopers & Lybrand in 1977 and has held a variety of financial officer positions at private and public companies. Mr. Lam received his Bachelor of Business Administration from the Chinese University of Hong Kong in 1977 and is an associate of Hong Kong Institute of Certified Public Accountants and a Fellow of CPA Australia
Slojab
13 years ago
Bad news in the 8-K today.
Item 1.02 Termination of a Material Definitive Agreement.
On January 25, 2010 the registrant ("YinFu Gold") entered into a sales and purchase agreement to acquire three gold mines, one of which was the Rongcheng gold mine in Shandong Province, China, in exchange for 90,000,000 restricted shares of Yinfu Gold common stock that was reduced to 76,500,000 restricted shares of Yinfu Gold common stock pursuant to a revised sales and purchase agreement dated March 31, 2010. The purchase of the Penglai gold mine was closed on June 15, 2010 and the Company anticipates that gold production and exploration of Penglai will resume February 9, 2011 following inspection of the mine for compliance with local government safety regulations and ensuring compliance with those regulations. Yinfu Gold terminated the acquisition of the Wendeng gold mine on March 31, 2010.
Based on due diligence data, Yinfu Gold's management determined that the value of the Rongcheng gold mine was far below the agreed purchase value and has been in negotiation with owners of Rongcheng for a price reduction. On February 4, 2011 the seller of the Rongcheng gold mine elected to terminate the sale of the mine in accordance with the terms of the sale and purchase agreement and return the shares of Yinfu Gold's common stock deposited towards the purchase price of that gold mine.
Yinfu Gold's management intends to seek other gold mines to acquire.
Slojab
13 years ago
Hadn't noticed this before.
Variation of BCSC Cease Trade Order
Nov 29, 2010
OTC Disclosure & News Service
Vancouver, BC, Canada -
2010 BCSECCOM 644
Variation of Cease Trade Order
Yinfu Gold Corporation
(formerly Element92 Resources Corp.)
Sections 164 and 171 of the Securities Act, R.S.B.C. 1996, c. 418
¶ 1 On August 6, 2010, the Executive Director ordered (the Cease Trade Order) under section 164 of the Act that trading in the securities of Element92 Resources Corp. (the Company) cease until the Company files the required records referred to in the Cease Trade Order and the Executive Director makes an order under section 164 of the Act revoking the Cease Trade Order.
¶ 2 On August 16, 2010, the Company changed its name from Element92 Resources Corp. to Yinfu Gold Corporation.
¶ 3 The Company has not filed the required records and the Executive Director has not made an order under section 164 of the Act revoking the Cease Trade Order.
¶ 4 Under section 171 of the Act, the Executive Director varies the Cease Trade Order to:
1. reflect the Company’s change of name from Element92 Resources Corp. to Yinfu Gold Corporation, and
2. amend paragraph 3 (2) of the Cease Trade Order to delete “section 164” and substitute “section 171” therefor.
¶ 5 November 29, 2010
Slojab
13 years ago
Back to a mc of $88M. lol
RESULTS OF OPERATIONS
Results Of Operations For The Period From Inception Through March 31, 2007
We have not earned any revenues from the time of our incorporation on September 1, 2005 to March 31, 2007. We do not anticipate earning revenues unless we enter into commercial production on the optioned claims, which is doubtful. We have not commenced the exploration stage of our business and can provide no assurance that we will discover economic mineralization on any of the claims, or if such minerals are discovered, that we will enter into commercial production.
We incurred operating expenses in the amount of $63,333 for the period from our inception on September 1, 2005 to March 31, 2007. These operating expenses were comprised of mineral property acquisition costs of $60,000, legal and accounting fees of $41, bank and interest charges of nil, shareholder information nil, organizational costs of $2,916 and office and sundry fees of nil.
Results Of Operations For The Period From April 1, 2007 Through March 31, 2008.
We incurred operating expenses in the amount of $60,504 for the period from March 31, 2007 to March 31, 2008. These operating expenses were comprised of mineral property acquisition costs of $2,000, legal and accounting fees of $21,635, bank and interest charges of $40, shareholder information $157, organizational costs of $36,584 and office and sundry fees of $88.
We have not attained profitable operations and are dependent upon obtaining financing to pursue exploration activities. For these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern.
Results Of Operations For The Period From April 1, 2008 Through March 31, 2009.
We incurred operating expenses in the amount of $102,170 this total is comprised of Mineral Property Interest of $76,047. These Mineral Property Interest consisted of $50,000 in shares at $0.10 per share issued to the Optionor of the claims, cash payment of $15,000 paid to the Optionor and $11,047 for exploratory work on the claims. Additionally, our operating expenses included Consulting Fees of $12,000, paid to a Director, in restricted shares at an agreed upon price of $0.25 per share, $10,682 in professional fees, bank fees and interest charges of $3, shareholder information $102, transfer agent fees of $2,773 and office and sundry fees of $563.
Results Of Operations For The Period From April 1, 2009. Through March 31, 2010.
We incurred operating expenses in the amount of $446,708 this total is comprised of operating expenses including consulting fees of $200,500, paid in restricted shares, $24,202 in professional fees, bank fees and interest charges of $224, shareholder information $212,264, transfer agent fees and regulatory fees of $8,631 and office and sundry fees of $887.
Results Of Operations For The Period From April 1, 2010 Through September 30, 2010
We have achieved a turnover of $2,701,535 (meaning what?) and a gross profit of ~$839,000 for the period. After taking into account administration expenses of $1,002,671 we arrived at a net loss of the period of $194,054.
14
--------------------------------------------------------------------------------
Capital Resources and Liquidity
As of September 30, 2010 we had cash and cash equivalents of $477,719. This cash was as a result of a loan of $20,000 from a director of the Company and $46,675 loan from related parties being, Joyous Fame International Group Limited and its subsidiaries, therefore we have very limited capital resources and will rely upon the issuance of common stock to fund expenses including legal and auditing fees, exploration expenses, required payments for our claims and office expenses. Cash and cash equivalents from inception to date have been insufficient to cover expenses involved in starting our business. We will require additional funds to continue to implement our business plan during the next twelve months
We currently do not have enough cash to satisfy our minimum cash requirements for the next twelve months. The Company's financial statements have been presented on the basis that it is a going concern, which contemplates the realization of the mineral properties and other assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from inception to September 30, 2010. The Company has not realized economic production from its mineral properties as of September 30, 2010. These factors raise substantial doubt about the Company's ability to continue as a going concern.
Management continues to actively seek additional sources of capital to fund current and future operations. There is no assurance that the Company will be successful in continuing to raise additional capital, establishing probable or proven reserves, or determining if the mineral properties can be mined economically. These financial statements do not include any adjustments that might result from the outcome of these uncertainties. If we are unable to raise a sufficient amount of capital to continue to implement our business plan, we may be forced to pursue a definitive agreement for the acquisition of our Company through a reverse merger. (in other words, they'll give up.)
Slojab
13 years ago
What I'd like to know is, how many shares did he sell when the shares were at much higher prices. This pr is so fluffy you could make a pillow of it!!! lol
Yinfu Gold Announces Stock Purchase by CEO
Today : Wednesday 15 December 2010
Yinfu Gold Corporation ("Yinfu" or the "Company") (OTCBB:ELRE) announced today that CEO Daniel Mckinney purchased 2,000 common shares in the open market on December 14th at $1.25 per share and on December 15th for 2,500 shares at $1.00.
The Company said it was encouraged with the progress in the Company's operations and acquisition targets.
As reported on September 28th, two Memorandums Of Understandings ("MOU") were signed with the China International Economic Cooperation Development Bureau and the China Overseas Oil and Mineral Resource Company, respectively, to negotiate on behalf of Yinfu for the Maoling gold mine in Liaoning Province and the Zhaishang gold property in Min County in Gansu Province.
Geological surveys of the Gansu Zhaishang gold exploration property in 2009 included mapping, sampling and diamond drilling. These surveys, combined with historical results, have identified 30 gold ore bodies outlining a possible 108 tons of gold resources, under Chinese reporting standards. These assets have good potential for large-scale, low-cost open pit mining.
The Liaoning Maoling gold exploration property had a pre-feasibility study completed in 2005. This study and subsequent work has outlined mineral resources under Canadian 43-101 standards, as 4.8 million contained gold ounces in the Measured and Indicated category and an additional 4.4 million contained gold ounces in the Inferred category. Development work continues on the property, which has great potential also for large-scale, low-cost open pit mining.
Daniel Mckinney, Yinfu Chief Executive Officer, commented, "These two gold mines represent two of the largest gold opportunities in China. With the price of gold hitting all time highs earlier this month, the market is not recognizing the inherent value and potential of these assets and Yinfu."
"The recent stock price has been impacted by market factors and it does not reflect our long-term value. The increase in my stock position reflects my confidence in the Company's operations and its future. As a shareholder, my interests are aligned with my fellow shareholders, to build shareholder value."
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