via DefinedTerm.com - Change-In-Control Put

What do we make of the company issuing a single share to PROCON worth $100? The company voluntarily delisted from the NEX and voluntarily surrendered reporting status but remains an issuer.

What then do we make of this non-reporting issuer status aside from the fact it means the company remains a going concern?

What might be going on is a change in control nonsubstantive put option embedded within an in-substantive defeasance.

The 'put' option is excerciseable for a certain number of shares, perhaps something like 500,000, with a 25% premium in Golden Band shares. The put option is deemed nonsubstantive because at the moment, the shares have virtually no value except what the company accords the put option to PROCON.

If you are still holding shares in your account, they aught to be listed as GBRIF on the pink sheets, and valued similarily to the put option to PROCON.

https://definedterm.com/change_in_control_put

Or defined in other terms:

http://www.investopedia.com/terms/p/premiumputconvertible.asp

I surmise that since the beneficial shareholders in Golden Band Resources number less than 50, the stock is closely held. That means there is no need to issue preferred's. Very likely the company will proceed at some point by relisting the shares once the convertible put option is excercised. Note that the convertible put option also means an asset transfer is to occur, and there's been a change in control, so this particular definition fits all of the conditions.

All of the considerations that the company may extiguish shares, issue series 'A' or is winding up, or that there's an amalgamation squeeze out is a considerable smoke screen to what might actually be happening. now we have the definition, it's easier to anticipate the outcome. They may still reverse split 10:1, but there hasn't been any movement.

-F6