Gold Coast Mining Announces Corporate Update
February 11 2014 - 8:00AM
Marketwired
Gold Coast Mining Announces Corporate Update
WILTON, CT--(Marketwired - Feb 11, 2014) - Gold Coast Mining
Corp. (OTC Pink: GDSM), provides the following Corporate
Update:
The Company has spent the last couple of months working on
several fronts. Most importantly, the Company has been in
discussion with potential merger partners and/or acquisitions. Gold
Coast is now in negotiations with the owner of several producing
natural gas wells. If successful, the wells would be acquired with
debt/seller financing allowing the seller to have a "purchase
money" security interest. This protects the seller should the
judgment holder, Gelpid, attempt to foreclose on the asset, while
providing the Company a revenue producing asset. The negotiations
are moving forward and the Company will be providing frequent
updates.
The Company is also reviewing several oil well participations
which appear attractive and remains the basis of the business
model.
In regards to the negotiations with the judgment holder, several
term sheets have been generated. At this time, discussions
continue, however, the Company refuses to allow a reverse split
followed by substantial dilution in return for the judgment being
converted into secured convertible securities.
CEO Michael Shea said, "Gelpid realizes that in order for its
judgment to have value, the Company must create value and we
continue to explore a workable solution. In fact, one of Gelpid's
principals has a private company (in the "hot" sector) that he
would like to take public. I have offered to establish a subsidiary
of Gold Coast, which would be spun out, to allow this to
happen."
Shea further commented, "Regardless of my ethical beliefs of
this 'sector,' I would be willing to entertain this idea for the
good of the Company."
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in
the mining and energy sectors. The Company's goal is create a
vertically integrated oil division and continue its diversification
into other high growth industries. The primary goal is generate
cash flow to sustain and grow profitability.
Follow us on Twitter at http://twitter.com/GoldCoastMining
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These include,
but are not limited to: the impact of economic, competitive and
other factors affecting the Company and its operations, markets,
product, and distributor performance.
CONTACT: Michael Shea Gold Coast Mining Corp. Phone:
(203) 210-5614 Email:
Michael.shea@gdsmholdings.com
1pm Industries (CE) (USOTC:OPMZ)
Historical Stock Chart
From Aug 2024 to Sep 2024
1pm Industries (CE) (USOTC:OPMZ)
Historical Stock Chart
From Sep 2023 to Sep 2024