CWRN .0070 is pennyland bound imo. Hearing update any day now.
T/A just confirmed. ONLY 290 Mil in float. Large OS needed as explained below.
the A/S is 6,000,000,000 the O/S is 5.3 billion and a few the Float is approx 290 million shares in trade accounts as of 07.23.2009 are 173,763,364 as per the attached DTC report.
We have a large O/S in order to keep a 51% control of the common voting shares, we are in the process of completing a debt & equity agreement with a German group to fund the Baja project; thats why we needed a large O/S to stay in compliance with the SEC 10% rule and for us to keep control of the company after issuing the investors equity.. There will not be any reverse splits as we have a tight control over the O/S and will begin a buy back program begining with the first shipment of iron ore from Baja and will purchase shares after eacn shipment.
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CWRN: C.E.O. Explains Board of Directors Realignment of Share Structure 25 minutes ago - Market Wire
As of 12:00 AM ET 7/29/09 Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) -- Robert L. Cotton Jr., President, C.E.O. and B.O.D. Chairman, announced today that two of the company's affiliate shareholders have returned 2,995,000,000 restricted shares for cancellation. Mr. Cotton stated, "We have been inundated with e-mails and phone calls by our shareholders who have been concerned and somewhat confused by the large outstanding share count of the company. Many of our shareholders have asked if the company has any plans for a reverse split, there is not and should not be any reverse splits in the future as the company will begin a stock buy-back program once production starts on the Baja Pacific Iron Ore Mining Project. I will try my best to explain how and why we issued those shares to begin with.
"In the fall of 2008 we had executed a first stage agreement (a memorandum of understanding) with a Chinese investment group to join with us in the development of our Baja Pacific Iron Ore Mining Project; it was decided by all parties to wait until after the Olympics to sign the final terms and conditions contract. During this period of time, the Chinese Government had closed many steel mills to reduce air pollution in northern China, millions of tons of raw crude iron ore accumulated on the docksides reducing demand for the materials; together with the slow down in the steel industry our potential partners decided to withdraw their offer.
"As a part of the offer to finance the Baja Pacific Mining Project, the Chinese group would receive a large block of CWRN restricted shares; however, our board of directors was concerned about losing the voting control of our common shares and by unanimous consent voted in favor of the insiders and affiliates to keep in place at all times a three to one common shares voting majority; thus, the company's outstanding share count increased to cover both the SEC ten percent rules for issuing new shares and position the company's founders to maintain control of the company.
"Effective as of July 30, 2009 the following share structure of CWRN." As stated by Mr. Cotton:
Authorized Common Shares : 6,000,000,000 Issued and Outstanding Shares : 2,308,601,980 Issued and Restricted Shares : 2,009,297,818 Issued and Free Trading Shares : 299,304,162 Issued and Free Trading Shares Held in Electronic Trade Accounts: 173,763,364 as per the latest Depository Trust Corporation (DTC) Report. Issued and Free Trading Shares not Controlled by Insiders or Friendly Shareholders, approximately: 55,000,000
About Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) was founded in early 2005 as a Nevada Corporation by Robert L. Cotton, with a specific plan and goal in mind; that being, to operate a low cost and high profit junior "Iron Mineral Mining" company. Cotton & Western Mining's mission is to offer reliable, high-quality and cost effective raw materials to the steel manufacturing industry on a global scale. For more information, please visit the company's website at www.cottonwestern.com.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
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