The Cortellazzi Consortium

November 19, 2007

A Fascinating Read

Filed under: Uncategorized — 18montecristo67 @ 9:56 pm

M45 Mining “a Development Stage Company” has filed a few hours ago a quarterly report with the SEC.

A fascinating read when you consider this filing reveals that Mr. Marcel Roy (pictured below) through Exploration Minière Grenville Inc. (“EMG”) has received a significant amount of shares as compensation since 17 January 2007.

Today’s filing states :

“ITEM 2. Unregistered Sales of Equity Security and Use of Proceeds.

On January 17, 2007, the Registrant entered into an Agreement with Exploration Minière Grenville Inc. (“EMG”), a Quebec corporation, whereby EMG sold to the Registrant a total of two hundred ninety-two (292) mining claims located in the Matagami Camp, Province of Quebec in or around designated territory 32F for the purchase price of nine hundred nine thousand ninety (909,090) shares of common stock of the Registrant. Pursuant to the Agreement, the value of the mining claims represents a total of $4,500,000 (CAD).

On October 9, 2007, M45 management finalized the acquisition of 160 mining titles covering a total area of 8,935 Hectares in the East area of the Matagami Mining Camp. The mining titles were acquired from “Miniere Grenville,” a Canadian Corporation, for a total nominal consideration of One Million Two Hundred and fifty thousand dollars payable in common shares at a set price value of $ 0.20 for a total number of restricted shares of 6,250,000.”

A very large number of claims and mining titles when you consider the Quebec government database records only 174 mining titles in the name of M45 Mining.

Should you wish to know more about Mr. Roy and his previous fraudulent criminal activities the blog refers you to the 6 October 2007 and 13 October 2007 entries.

Today’s M45 Mining SEC filing is all the more interesting since it claims to have acquired $1.625 million in debt and has no revenue:

“As shown in these consolidated financial statements, the Company has an accumulated deficit of $ 1,625,302 from inception to September 30, 2007 and does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its new business. The Company’s continuation as a going concern is dependent upon management to meet any costs and expenses incurred. Management realizes that this situation may continue until the Company obtains additional working capital through equity financing.”

$1,121,145 of that $1.625 million deficit is vaguely identified as “Additional paid-in capital”.

The line item identified “Mining claim acquisition costs” does not state any amount, however another vague line item “Professional fees” accounts for $906,486.00.

Even more interesting M45 Mining, a company without revenue states it has just hired 5 consultants little more than a month ago:

“As of September 30, 2007, the Company has engaged five (5) consultants.”

Fascinating read this latest M45 Mining SEC filing, the blog will have more to comment at a later time.

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