Global Gold Corp (GBGD) shares have finally been re-listed on the OTCQB from the PINK sheets. GBGD shares were dropped because it failed to timely file their year-end and quarterly financial statements.
Now that the F/S are filed, here are some highlights for GBGD:
The company has $54,164 in cash and $20,350,985 in debts
Its Armenian subsidiary (Mego Gold LLC) that owns their Toukhmanuk Gold Mine has been declared bankrupt by Armenia's Cassation Court
JV partner Linne Minning at Toukhmanuk, has filed a creditor claim of $30,000,000 in the bankruptcy of Mego Gold
They need $5,000,000 to fund their Marjan Project in southern Armenia
What can one say about a company run by Mr. Van Z. Krikorian, President, CEO, Director and Lawyer, and Mr. Ian Hague, Director and Principal of hedge fund Firebird LLC (www.fbird.com)?
Mr. Ian Hague had made director loans to Global Gold which amounted to $5,052,262, including interest. In order to clean up the books of the company, in 2010 Mr. Hague converted his cash advances to shares of the company at $0.15 now worth about $0.015.
Mr. Hague owns and controls a total of 44,869,915 common shares of GBGD, representing 48.78 % of all outstanding shares.
Since 2011 the company has managed to fund its operations with JVs that all have ended in lawsuits, but not before Mr. Van Z. Krikorian organised for GBGD to scam its investors out of over $11 million dollars using deceptive and fraudulent gold resource models that showed that the Toukhmanuk Gold Mine contained 2 million ounces of gold, which evidence exists now that this was a FRAUD. Read my previous blogs for more information.
Additional funding for GBGD comes from the former President, Secretary and Chairman Emeritus of Global Gold, Mr. Drury Galagher. He has made cash advances to GBGD totalling $3,125,114 to support a "technically" bankrupt compnay that is carrying $20,350,985 of debts. Why? What is he trying to hide by supporting GBGD? Or, is he just a bad investor?