In case anyone is interested in fossicking into this company’s history as it relates to Penny’s Find here are some links .....
there are gaps but I am providing this only as a bit of a public service to potential newcomers.
It is not intended to save people doing their own research only to encourage it!
This post is only about ownership shuffling and does not provide links to other claims, delays, payments to managers, or other problems or successes.
2007 : Empire Prospectus ( Penny’s Find page 28)
http://www.resourcesempire.com.au/docs/080514ERLPenny'sOption.pdf
Empire launches at 13c Feb 2 2007
Empire
http://www.resourcesempire.com.au/docs/080514ERLPenny'sOption.pdf
13 May 2008 - Empire acquires all of Penny’s Find from Rubystar Nominees
“Directors today announced the Company had issued a final tranche of one million ordinary shares in Empire to Perth-based Rubystar Nominees Pty Ltd to virtually complete its acquisition of the Penny’s Find gold project near Kalgoorlie....”
“Only a small cash consideration, of less than $100,000 – and expected to be finalised by the end of the current financial year – remains to be transacted to hand full control of Penny’s Find to Empire.
http://www.resourcesempire.com.au/docs/080514ERLPenny'sOption.pdf
15 September 2010 - Empire agrees to sell Penny’s Find for up to $2 million to Brimstone
Brimstone to pay in stages . Initially $500,000 earns Brimstone 40%..the rest to be paid in stages whilst Brimstone funds operations :
http://www.resourcesempire.com.au/docs/150910.pdf
May 2011 Brimstone tries to launch as a public company Brimstone IPO
http://www.liongoldcorp.com/wp-content/themes/liongold/misc/Brimstone-Prospectus May 2011.pdf
This is unsuccessful
4 June 2012 LionGold announces a $3.77 million takeover bid for Brimstone
https://shareinvestor.com/news/news.html?source=si_express&nid=49715
http://www.liongoldcorp.com/brimstone-resources/
October 2012
LionGold now owns 100% of Brimstone which so far owns 40% of Penny’s Find
http://www.liongoldcorp.com/brimstone-resources/
22 October 2014 Empire and unlisted Mandara Resources agree to establish Barola Resources. Empire has 49% of Barola
http://www.resourcesempire.com.au/docs/30042015 Quarterly Activities Report.pdf
31 March 2015 : Empire to gain control of Penny’s Find after associate company, Barola Resources contracts to purchase the 40% held by Brimstone Resources
http://www.resourcesempire.com.au/docs/30042015 Quarterly Activities Report.pdf
4 June 2015 : Empire Resources Ltd (‘Empire’, ASX code:ERL) is pleased to announce that the purchase of 100% of unlisted Brimstone Resources Ltd (‘Brimstone’) from LionGold Corporation of Singapore by unlisted Australian company Barola Resources Limited (“Barola”) was successfully concluded on the 3 June 2015.
Brimstone Resources Ltd owns a 40% share in the Penny’s Find gold project and a 51% interest in the adjacent Mt McLeay project. In turn, Empire Resources currently holds a 32% interest in Barola Resources thereby owning a 73% interest in the Penny’s Find gold project (60% direct and 13% indirect)......
...Empire plans to be in production within nine months targeting production of ~19,000oz in the first year, based on the recent scoping study referred to below*.
https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTUUL5A28pmWUrJlJ2/k=
30 September 2015
The Company (Empire) has entered into a signed agreement whereby it agreed to sell 3,224,813 shares it holds in Barola for $225,000. The Company expects to receive further offers for the remaining 2,508,187 shares it owns in that company, at the same price, 7 cents a share.
http://www.resourcesempire.com.au/docs/30042015 Quarterly Activities Report.pdf
For the record I held for several years and averaged down after an initial purchase based partly on an internet media ramp claiming gold would be produced within a few months once a road was moved .
I finally grew so disappointed and suspicious of the company that I sold at a loss of around $19000 simply to be free of the association.
Final sale was around 2.1c which I thought was probably the bottom
GLTAH
Sent from my iPad
