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Watch the chart and LVL II on this one next week. If they do not dump any shares into the market it may move up to a different level on the chart. Just crossed 50 DMA and remains above it. Not a long term stock. Day/short term traders only.
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GWGO news. Acquisition and 2 subsidiaries going public. Great West Gold, Inc. - Acquisition and Restructuring 7/13/05
The Company confirms It Is to Make an Acquisition and Diversify From Mining Exploration
NEW YORK, NY, Jul 13, 2005 (MARKET WIRE via COMTEX) -- Great West Gold, Inc. (OTC BB: GWGO) confirms that it is to conclude an acquisition in and during next week as outlined in its announcement dated June 30, 2005.
PROPOSED ACQUISITION:-
The Company has agreed terms to acquire interests in another industry sector and this will result in the Company focusing on another business sector. Full details of these acquisitions will be announced in and during next week. Once completed, the Company will be focused on that Industry Sector and the Company's Mining Exploration interests will be held through the Company's shareholding in both Windsor Resources, Inc. ("Windsor") and Sentinel Resources, Inc. ("Sentinel"). At such time as the Company's shareholdings in Windsor and Sentinel are distributed to the Company's shareholders as a dividend, the Company will no longer have an interest in the Mining Sector.
PROPOSED NAME AND TRADING SYMBOL CHANGE:-
Upon the Company's completion of the acquisitions as above-mentioned, the Company will then change its name and Trading Symbol.
MINING EXPLORATION INTERESTS:-
BACKGROUND:-
The Company has announced plans to dispose of its interests in the two Arizona Gold Mining Projects to two newly created companies, Windsor Resources, Inc. ("Windsor") and Sentinel Resources, Inc. ("Sentinel"). It was intended that both Windsor and Sentinel obtain funding to develop these projects independently of the Company and for the shares of both Windsor and Sentinel to be admitted for trading on the OTC Market, therefore these two focused independent Gold Mining & Exploration companies would be better positioned to serve shareholder interests.
PLANS:-
The Company has now in final negotiations to expedite the transactions in respect of both Windsor and Sentinel. If successful, it is the intention of the Company to distribute the majority or all of its shareholdings in Windsor and Sentinel to the Company's shareholders, and at such time as both Windsor and Sentinel are quoted on the OTC Market. The Company will announce the dates upon which shareholders will receive these shares of Common Stock in both Windsor and Sentinel; as a dividend.
The Mining Exploration business could only be financed through the creation of these two new companies, Windsor and Sentinel. The restructuring as set out in this announcement "unlocks" considerable value for the Company's shareholders as they retain shareholdings in the Company's mining interests and now will have an interest in another Industry Sector.
RATIONALE:-
The Company has for some time recognized the fact that its dismal share price performance required a major corporate restructuring and to this end, the Company has examined countless possibilities to unlock value for its shareholders. The rationale was a "Reverse Split" of the Company's stock coupled with a financing of the Company would not be in the interests of shareholders.
DISTRIBUTION (OR DIVIDEND) OF WINDSOR AND SENTINEL SHARES:-
The Company wishes to stress that no restructuring (or Reverse Split) of its outstanding stock will take place until such time as the Company has concluded the transactions in respect of both Windsor and Sentinel. The Company stands by its promise that shareholders will not be diluted further without a significant unlocking of value for themselves. Any shareholders who have acquired shares in the Company through the Company's proposed acquisitions (in another Industry Sector) as aforesaid, will not be eligible to receive these "dividend shares" in both Windsor and Sentinel.
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The rationale was a "Reverse Split" of the Company's stock coupled with a financing of the Company would not be in the interests of shareholders.
DISTRIBUTION (OR DIVIDEND) OF WINDSOR AND SENTINEL SHARES:-
The Company wishes to stress that no restructuring (or Reverse Split) of its outstanding stock will take place until such time as the Company has concluded the transactions in respect of both Windsor and Sentinel. I think this should be safe from a R/S franklinisp in the immediate future; I'm interested in what the new business sector will be. Full details of these acquisitions will be announced in and during next week.This should get a boost between now and then; I've played this one before and made good bank, hopefully this time will be the same.
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz)
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