http://www.ponymountaingold.com/ | As loyal readers are aware by now Mr. Robert "Chuckles" Gardner loaded up on gobs of LRDR.o paper at a cent a couple months ago, giving him 54% of the outstanding. Naturally the SP was walked up to the $ .45 levels on dead goofy trades.
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Latest is the launching of the obligatory promo for dopos and darn citizens, what was the name of that subject property at the center of the GNM/Good fiasco again? Pin the tail on your Pony twas indeed.
Now we have Chuckles making promotional hay with complete chit with a deal he was being paid (very well) to represent for another party. Hmmmmm. Takes the $ 75k and then launches multiple lawsuits against all involved.
There are names for this, none of them acceptable here, sadly.
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SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
____________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest
event reported): November 2, 2012
Laredo Resources
Corp.
(Exact name of registrant as specified in its charter)
| Nevada |
333-171457 |
n/a |
| (State
or other jurisdiction of incorporation) |
(Commission
File Number) |
(I.R.S.
Employer Identification No.) |
|
300
Jameson House
838
West Hastings Street
Vancouver,
B.C., Canada
|
V6C
0A6 |
| (Address
of principal executive offices) |
(Zip
Code) |
Registrant’s
telephone number, including area code: (604) 669-9000
|
________________________________________________________
(Former
name or former address, if changed since last report)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| [ ] |
Written
communications pursuant to Rule 425 under the Securities Act (17CFR
230.425) |
|
|
| [ ] |
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
| [ ] |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
|
|
| [ ] |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
SECTION
8 – OTHER EVENTS
Item
8.01 Other Events
On November
2, 2012, we entered into a letter agreement with Magna Management Ltd. (“Magna”)
under which we have been granted the exclusive right, for a period of sixty (60)
days, to negotiate for the purchase of all rights held by Magna in the mineral
property known as Pony Mountain Gold, located in the Mineral Hills District
(commonly called the Pony District) in southwestern Montana. During the
exclusive negotiation period, we will have access to all documentation and
information regarding the title and geology of the property and any other
information necessary for the completion of our due diligence. We anticipate
that our purchase of Magna’s rights to the property, if consummated, would be
made through a combination of cash payment and issuance of common stock, with
the rights being assigned to a wholly-owned subsidiary to be formed. Pricing and
other details of the potential acquisition of Magna’s rights are the subject of
ongoing negotiations.
The Pony
Mountain Gold property is comprised of an approximately 4000-acre package of
properties, assembled over the years by a local family and local geologist. The
property contains several previously-mined, underground hard-rock vein systems,
such as the Mountain Cliff, Strawberry-Keystone, Amy, and Atlantic-Pacific (A-P)
mines. Historically, the Pony Mountain Gold property has been productive, and we
believe it has potential for new productivity.
In the
event that we acquire Magna’s rights to the Pony Mountain Gold property, we will
assume Magna’s rights and duties under a Memorandum of Understanding between
Magna and the various owners of the property (the “MOU”). As the assignee of
Magna’s rights under the MOU, we would be entitled to exclusive proprietary
marketing rights for the property in exchange for total payments of $3,000,000
to be made in quarterly installments of $250,000 each. The deadline for the
first installment payment to the owners, as currently extended, is December 5,
2012. All net revenues received from third-party processors of material mined
from the property will be paid to the owners of the property and applied to the
total purchase price until paid in full. The owners will retain a perpetual 2%
net smelter royalty. Closing of the transaction contemplated by the MOU will be
documented under a definitive Mining Lease and Option Agreement.
Magna has
engaged Moen Excavating, LLC to take and prepare samples from dumps located on
the Pony Mountain Gold property, to coordinate laboratory testing of samples
taken from the property, and to conduct negotiations with the Golden
Sunlight-Barrick mill for the processing of material from the property. Magna
has also agreed to engage Moen Excavating for all surface work on the property
and for the future hauling of dump material from the property to the mill. In
the event that we are assigned Magna’s rights to the property, we plan to
continue the engagement with Moen Excavating as Magna’s assignee.
Section
9 – FINANCIAL STATEMENTS AND EXHIBITS
Item
9.01 Financial Statements and Exhibits
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Laredo
Resources Corp.
/s/
Robert Gardner
Robert
Gardner
President,
Chief Executive Officer
Date:
November 5, 2012
Read
more:
http://www.faqs.org/sec-filings/121105/Laredo-Resources-Corp_8-K/#ixzz2DNKSvNep
"Feel it work from the first kick to the warm afterglow." 
