nope, Mengi gort 15,000,000 shares from the Company fro a sale of property to Douglas
from Mengis 13 D filed on decemeber 2, 2011 from SEC EDGAR site
Notes:
(1) These 148,333,333 shares consist of (i) 133,333,333 shares held by IPP Gold Limited, a corporation organized under the laws of Tanzania, of which Mr. Mengi is the sole officer and director, and (ii) 15,000,000 shares held by Handeni Resources Limited, a limited liability company registered under the laws of Tanzania, in which Mr. Mengi has a controlling interest.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
On November 30, 2011, the Issuer closed on a Mineral Property Acquisition Agreement with Handeni Resources Limited dated August 5, 2011 (the "Agreement"), pursuant to which Handeni Resources sold to the Issuer a mineral property interest in the Handeni region of Tanzania (the "Property"
The Agreement provided that, in order to purchase the Property, the Issuer was obligated to, among other things, issue 15,000,000 restricted common shares to Handeni Resources at a deemed issuance price of .40 per share. As such, effective on November 30, 2011, the Issuer issued 15,000,000 restricted common shares at a deemed issuance price of .40 per common share (for a total deemed issuance price of $6,000,000) to Handeni Resources. The Reporting Person has a controlling interest in Handeni Resources.
stock, SEC filings are more accurate