Management would like to clarify a few issues with regards to CPS-GOLD that have been brought up by many shareholders in relation to our corporate restructuring plan that was announced on the 1st of October.
One:
All CPS-GOLD will be transferred from VGMC Panama to the PCEF by December 1st 2012. There will be a new website (the official website for the PCEF) for shareholders to log in and check their account statement. The transfer of CPS-GOLD to PCEF does not depend on whether or not a shareholder subscribes to CPS-PLATINUM.
Two:
Management is not able to confirm whether CPS-GOLD in the PCEF can be transferred among shareholders. We do not foresee any obstacle to having this feature activated, but only the new management of the PCEF will be able to decide on and clarify this matter.
Three:
It is wrong to assume that CPS-GOLD has stopped paying monthly dividends to shareholders. It’s just that all dividends have been re-invested back into the company so that the share value will increase by 4-5 fold between now and listing. Management has taken a long-term view on this matter and we believe that shareholders will come to understand and appreciate this move once their shares are listed.
Four:
Shareholders in the PCEF will have the choice to exercise their option to convert their preferred shares into common shares that can be listed in the stock market. Shareholders who opt NOT to convert their shares will be grouped under a “Voluntary Asset Distribution” scheme whereby the non-listed assets of the company will be distributed to this group of shareholders. Complete details will be made available by the new management of the PCEF in December 2012.
Five:
The PCEF, registered in BVI, will have its operations office in Frankfurt, Germany. Details will be made available to shareholders in December 2012.
Friday, October 12, 2012
Monday, October 1, 2012
Restructuring of Virgin Gold Mining Corporation (1999 – 2012)
Virgin Gold
started with a humble beginning in Panama in 1999. In 2010 we decided
to offer Convertible Preferred Shares (CPS-GOLD) to raise capital for
our gold mining ventures. We are proud to say that the CPS decision has
brought huge success for both the company and our shareholders. While
the company benefited from fresh investments to fulfil its growth
potential, shareholders enjoyed good returns for the past three (3)
years.
As promised, the time has come for us to take this corporation to the next level. The Board of Directors has unanimously approved the corporate restructuring of Virgin Gold Mining Corporation effective today, the 1st of October 2012.
Note: VGMC (Panama) will maintain normal operation for the next 12 months to facilitate and to complete this corporate restructuring.
As illustrated in the diagram above, Virgin Gold Mining Corporation (Panama) will be restructured into three (3) new entities.
1. A Professional Closed-End Fund (PCEF) based in the British Virgin Islands (BVI). All Gold Mining Assets, Mining Ventures and CPS-GOLD will be converted and transferred into this fund. A new professional corporate team has been set up to manage the PCEF. The PCEF will be in full operation by December 2012 and will be listed within the next 12-15 months
2. VGMC (Belize) will assume control of all the company's Platinum Mining assets and continue to offer CPS-PLATINUM to all shareholders.
3. VG Resources Limited will be used as our corporate investment, acquisition and merger vehicles for all future mining ventures. VG Resources Ltd is a UK Corporation listed on GXG Markets. This is a regulated European wide market authorised by the Danish Financial Supervisory Authority.
On behalf of the management, I would like to take this opportunity to thank all our shareholders for their continuous support over the years. I firmly believe that the new corporate development will bring our group of companies to greater heights and fulfil every shareholder’s dream for financial freedom.
The end of today marks the beginning of another new chapter in our life.
Kenneth Elinger
CEO - Virgin Gold Mining Corporation
As promised, the time has come for us to take this corporation to the next level. The Board of Directors has unanimously approved the corporate restructuring of Virgin Gold Mining Corporation effective today, the 1st of October 2012.
Virgin Gold Mining Corporation
Corporate Restructuring Diagram
|
Transfer all Gold Mining Assets & CPS-GOLD
|
Transfer all Platinum Mining Assets Onshore Investment Vehicle
|
Note: VGMC (Panama) will maintain normal operation for the next 12 months to facilitate and to complete this corporate restructuring.
As illustrated in the diagram above, Virgin Gold Mining Corporation (Panama) will be restructured into three (3) new entities.
1. A Professional Closed-End Fund (PCEF) based in the British Virgin Islands (BVI). All Gold Mining Assets, Mining Ventures and CPS-GOLD will be converted and transferred into this fund. A new professional corporate team has been set up to manage the PCEF. The PCEF will be in full operation by December 2012 and will be listed within the next 12-15 months
2. VGMC (Belize) will assume control of all the company's Platinum Mining assets and continue to offer CPS-PLATINUM to all shareholders.
3. VG Resources Limited will be used as our corporate investment, acquisition and merger vehicles for all future mining ventures. VG Resources Ltd is a UK Corporation listed on GXG Markets. This is a regulated European wide market authorised by the Danish Financial Supervisory Authority.
On behalf of the management, I would like to take this opportunity to thank all our shareholders for their continuous support over the years. I firmly believe that the new corporate development will bring our group of companies to greater heights and fulfil every shareholder’s dream for financial freedom.
The end of today marks the beginning of another new chapter in our life.
Kenneth Elinger
CEO - Virgin Gold Mining Corporation
CPS-PLATINUM
VGMC will be offering CPS-PLATINUM to all shareholders effective 2nd of October 2012 onwards.
All shareholders of VGMC are required to maintain a minimum of 10,000 CPS-PLATINUM in order for their accounts to remain active. Shareholders who do not meet this requirement are advised to take the necessary action any time before the 1st of December 2012 to prevent the closing of the account. Requests to re-activate a closed account will not be entertained thereafter.
Below is a list of key information in regard to CPS-PLATINUM:
1. Offer Price:
• USD1.00 per CPS-PLATINUM – October 2012
• USD0.05 increment per month thereafter
2. Normal and new shareholders are allotted 10,000 CPS-PLATINUM while Premier Shareholder may subscribe up to a maximum of 50,000 shares in October 2012. This quota is expected to be higher in the following months.
3. Monthly Dividend – 1 troy ounce (oz.) of Platinum per 10,000 CPS-PLATINUM.
4. Shareholders who already own CPS-PLATINUM but have less than 10,000 shares only need to subscribe to the difference to activate their account. Otherwise, the balance CPS-PLATINUM in their account will automatically be un-subscribed by the 1st of December 2012, followed by the closure of the shareholder account.
5. Platinum Trading Margin of equivalence to Subscription amount (Number of CPS-PLATINUM x price per share) will be allocated to all shareholders from the 2nd of October 2012 onwards. All current CPS-PLATINUM holders who have subscribed earlier will also be allotted the same trading margin.
6. Active shareholders (minimum: 10, 000 CPS-PLATINUM) will be able to enjoy group bonus and referral incentive as specified in shareholder’s account “2.11 Group Plan” and “2.21 Referral Plan” from October 2012 onwards.
7. Group and Referral Structure for CPS-PLATINUM is a continuation of CPS-GOLD for all active shareholders. Shareholders who do not activate their account will not be eligible for Referral Incentive (paid at real-time) and Group Bonus (monthly payment).
The objective of CPS-PLATINUM is to give shareholders contractual monthly dividend and long-term asset appreciation. The true goal of CPS-PLATINUM however is to be publicly listed and we anticipate to see this goal achieved in 2016.
Kenneth Elinger
CEO – Virgin Gold Mining Corporation
Convertible Preferred Shares (CPS) – GOLD
Virgin Gold Mining Corporation (Panama) will cease the offering of CPS – GOLD effective today, 1st October 2012. VGMC (Panama)
will swap all its gold mining assets to a Professional Closed-End Fund
(PCEF) registered in the British Virgin Islands (BVI). A new
professional corporate team has been set up to manage the PCEF. All
CPS-GOLD holders in VGMC will have their
shares and options transferred to this new investment vehicle designed
specifically for public listing purposes.
The Net Asset Value (NAV) per share of the PCEF will be audited and published on a monthly basis. In a nutshell, the PCEF is a structured pre-listing step for CPS-GOLD holders.
To simplify and further clarify the new development, below is a list of points for your understanding:
1. VGMC (Panama) stops offering CPS-GOLD effective today, 1st of October 2012.
2. VGMC (Panama) is switching all its mining interests and assets into a Professional Closed-End Fund (PCEF) based in the British Virgin Islands (BVI).
3. In consideration of the entire asset swap, CPS-GOLD shares will also be transferred from VGMC (Panama) to the PCEF based in the BVI.
4. The reason for this exercise is to:
- Create corporate transparency for all financial dealings and asset accountability in accordance with listing requirements.
- Get public listed within the next 12 – 15 months.
5. The PCEF will be in full operation after the transfer of all assets and shares from VGMC (Panama) are completed, which is expected to be on the 1st of December 2012. Shareholders will be able to see all their shares and options statement in the PCEF through the PCEF website.
6. The value of shares in the PCEF is forecasted to start at USD2.50 (or other currency in equivalent value) in December 2012. The Net Asset Value (NAV) of shares in the PCEF will be audited and accounted by certified public accounting firm on a monthly basis to show full corporate accountability and transparency.
7. All monthly dividends will be re-invested into the company’s operation to create a larger and stronger mining corporation. This will benefit the shareholders as the Net Asset Value (NAV) per share will increase in compound value by 13-18% per month until listing.
8. Shareholders who elect not to have their shares listed when the listing offer documents are ready by the end of 2013 may opt for a “Voluntary Asset Distribution”. Non-listed assets may be distributed to shareholders who opt not to have their shares listed.
9. The PCEF is expected to be listed by the end of 2013 at an estimated price of not less than USD10 per share. In brief, VGMC shareholders can anticipate their assets to appreciate approximately 5 times (last CPS-GOLD price subscribed by shareholders in September 2012 is USD1.70 per share) between now and the listing date.
10. Shareholders will be asked to download a Self Declaration Form and notarize it together with a copy of their Local ID Card or Passport and a Proof of Address. This set of documents must be sent to the company as part of the listing requirements. Further details will be announced later this month.
11. How we convert CPS-GOLD from VGMC (Panama) to the PCEF in BVI:
• Gold Trading module will be stopped and losses absorbed by the company.
• All Gold balance in VGMC shareholders’ gold account are automatically converted to credits on 1st October 2012.
• Group Bonus for September is paid on 1st October 2012.
• The last day of payment for CPS-GOLD dividend is 30th September 2012(Dividend due on 31st has also been paid on 30th September 2012).
• As there will be no Gold and Credit Account in the PCEF, all credit balances will be automatically converted to CPS-GOLD share at the rate of USD1.70 per share on the 1st of October 2012. Unfortunately we are unable to offer any alternatives to this process and while we understand that not all shareholders will be in favour of the decision, the management strongly believes that the long-term benefits will outweigh the disadvantages. We urge all shareholders to take a long-term view in this matter, as we expect shares in PCEF to increase five (5) fold within the next 12-15 months, much to the advantage of the shareholders.
• Internal auditing starts on 1st October 2012, so all CPS-GOLD will be converted to PCEF share within the next 60 days.
• All VGMC (Panama) Gold Mining Assets is to be audited and transferred to the PCEF (BVI) effective 1st October 2012
• PCEF share is expected to be valued at USD2.50 per share in December 2012 and increase by a compound value of 13 -18% per month until listing within the next 12 – 15 months.
12. Our investment bankers, financial and audit consultants will be advising the company and shareholders on the PCEF listing jurisdiction and other requirements in the later part of 2013.
13. Any other details will be clarified when the PCEF is in full operation by the 1st of December 2012.
The management urges shareholders to exercise patience and understanding with regard to this exciting development.
Kenneth Elinger
CEO – Virgin Gold Mining Corporation
The Net Asset Value (NAV) per share of the PCEF will be audited and published on a monthly basis. In a nutshell, the PCEF is a structured pre-listing step for CPS-GOLD holders.
To simplify and further clarify the new development, below is a list of points for your understanding:
1. VGMC (Panama) stops offering CPS-GOLD effective today, 1st of October 2012.
2. VGMC (Panama) is switching all its mining interests and assets into a Professional Closed-End Fund (PCEF) based in the British Virgin Islands (BVI).
3. In consideration of the entire asset swap, CPS-GOLD shares will also be transferred from VGMC (Panama) to the PCEF based in the BVI.
4. The reason for this exercise is to:
- Create corporate transparency for all financial dealings and asset accountability in accordance with listing requirements.
- Get public listed within the next 12 – 15 months.
5. The PCEF will be in full operation after the transfer of all assets and shares from VGMC (Panama) are completed, which is expected to be on the 1st of December 2012. Shareholders will be able to see all their shares and options statement in the PCEF through the PCEF website.
6. The value of shares in the PCEF is forecasted to start at USD2.50 (or other currency in equivalent value) in December 2012. The Net Asset Value (NAV) of shares in the PCEF will be audited and accounted by certified public accounting firm on a monthly basis to show full corporate accountability and transparency.
7. All monthly dividends will be re-invested into the company’s operation to create a larger and stronger mining corporation. This will benefit the shareholders as the Net Asset Value (NAV) per share will increase in compound value by 13-18% per month until listing.
8. Shareholders who elect not to have their shares listed when the listing offer documents are ready by the end of 2013 may opt for a “Voluntary Asset Distribution”. Non-listed assets may be distributed to shareholders who opt not to have their shares listed.
9. The PCEF is expected to be listed by the end of 2013 at an estimated price of not less than USD10 per share. In brief, VGMC shareholders can anticipate their assets to appreciate approximately 5 times (last CPS-GOLD price subscribed by shareholders in September 2012 is USD1.70 per share) between now and the listing date.
10. Shareholders will be asked to download a Self Declaration Form and notarize it together with a copy of their Local ID Card or Passport and a Proof of Address. This set of documents must be sent to the company as part of the listing requirements. Further details will be announced later this month.
11. How we convert CPS-GOLD from VGMC (Panama) to the PCEF in BVI:
• Gold Trading module will be stopped and losses absorbed by the company.
• All Gold balance in VGMC shareholders’ gold account are automatically converted to credits on 1st October 2012.
• Group Bonus for September is paid on 1st October 2012.
• The last day of payment for CPS-GOLD dividend is 30th September 2012(Dividend due on 31st has also been paid on 30th September 2012).
• As there will be no Gold and Credit Account in the PCEF, all credit balances will be automatically converted to CPS-GOLD share at the rate of USD1.70 per share on the 1st of October 2012. Unfortunately we are unable to offer any alternatives to this process and while we understand that not all shareholders will be in favour of the decision, the management strongly believes that the long-term benefits will outweigh the disadvantages. We urge all shareholders to take a long-term view in this matter, as we expect shares in PCEF to increase five (5) fold within the next 12-15 months, much to the advantage of the shareholders.
• Internal auditing starts on 1st October 2012, so all CPS-GOLD will be converted to PCEF share within the next 60 days.
• All VGMC (Panama) Gold Mining Assets is to be audited and transferred to the PCEF (BVI) effective 1st October 2012
• PCEF share is expected to be valued at USD2.50 per share in December 2012 and increase by a compound value of 13 -18% per month until listing within the next 12 – 15 months.
12. Our investment bankers, financial and audit consultants will be advising the company and shareholders on the PCEF listing jurisdiction and other requirements in the later part of 2013.
13. Any other details will be clarified when the PCEF is in full operation by the 1st of December 2012.
The management urges shareholders to exercise patience and understanding with regard to this exciting development.
Kenneth Elinger
CEO – Virgin Gold Mining Corporation
Thursday, April 26, 2012
Virgin Gold Convertible Preferred Shares – Platinum (CPS-PLATINUM)
Virgin Gold Mining Corporation will be offering CPS-PLATINUM to all qualified shareholders effective the 1st of May 2012.
few important points with regard to CPS-PLATINUM.
1. The need for funds. Due to the fact that Platinum mining is a new project for the company, the requirement for funds is not like our gold mining project. Therefore, management has decided to offer this investment opportunity to selected shareholders and set a limit to their subscription. Furthermore, the need for funds will be strictly controlled in the sense that management will decide to approve only X% (not all) of subscriptions every week, in accordance with the amount of funds needed for the project. Management wants to avoid holding extra cash that it does not need and bear the burden of paying dividends of the subscribed shares. In this way, management will be able to offer CPS-PLATINUM investments to its shareholders at an even higher return compared to CPS-GOLD.
2. Risk. It is wrong to consider that investment in CPS-PLATINUM represents a higher/lower risk compared to CPS-GOLD. For CPS-GOLD, the company uses the funds to invest in gold income generating activities, thus paying dividends in troy ounces of gold. For CPS-PLATINUM, the company uses the funds to invest in platinum mining activities, thus paying dividends in troy ounces of platinum. Theoretically speaking, if the CPS-PLATINUM investment goes bad, it does not affect the CPS-GOLD investment and vice-versa as we have created different special purpose vehicles for both sets of investments.
3. Many parameters such as limits and eligibility status may be adjustable from time to time and I urge shareholders to follow our news releases closely.
Below are the fine points of the CPS-PLATINUM offering:
Offer Price:
USD1.00 a share
Eligibility:
1. A shareholder of Virgin Gold for a minimum of 1 year
2. VG Premier Shareholder
Subscription Limit:
The current limit is set at a ratio of every two CPS-GOLD to one CPS-PLATINUM. For example if a shareholder owns 100,000 CPS-Gold, he/she is only eligible to apply for a maximum of 50,000 CPS-PLATINUM.
Minimum Application:
100 CPS-PLATINUM
Application Procedure:
1. Go to 1.31 in your shareholder’s account to apply.
2. A credit amount equivalent to your application must be available in your credit account. For example: If you apply for 20,000 CPS-PLATINUM at USD1.50 per share; you need 20,000 x 1.50 = 30,000 credits to apply.
3. Credit amount equivalent to your application will be deducted from your credit account.
4. Application is only open on Saturdays.
5. The acceptance of the application is not a guarantee of approval/subscription to CPS-PLATINUM.
Approval Procedure:
1. Approval of CPS-PLATINUM applications will be released every Monday or Tuesday of the following week. For example: If you apply on Saturday, the next day would be Sunday and then Monday and followed by Tuesday. Approval for all applications will be released either on Monday or Tuesday.
2. Management expects to receive many applications for CPS-PLATINUM from shareholders every week. Therefore it’s highly possible that only a certain amount of your application will be approved. For example: If you apply for 50,000 CPS-PLATINUM, you may only be allocated 40,000 CPS-PLATINUM that week. You may try to apply for the balance of 10,000 CPS-PLATINUM the following week.
3. Un-used credits will be automatically returned to your credit account together with the approval allotment.
Dividend:
Dividend is payable every 30 calendar days in troy ounces of platinum. The 1st day of calculation is the approval date, not the application date. Shareholders will know the contractual dividend payout when they apply for CPS-PLATINUM under “1.31 Subscribe CPS” in their shareholder account. Dividend in platinum is freely convertible to credits and vice versa.
Un-subscription:
Un-subscription of CPS-PLATINUM is only allowed after 60-days from the day of approval. The un-subscription price will be at the current month set price for CPS-PLATINUM, not at the purchased price.
Share Transfer:
CPS-PLATINUM is not freely transferable among shareholders, unlike CPS-GOLD.
Group and Referral Incentive:
There is no referral incentive paid for CPS-PLATINUM subscriptions. The good news is that the CPS-PLATINUM and CPS-GOLD monthly subscription volume will be merged for group bonus calculation.
Trading Account:
There is no spot platinum trading unlike gold.
Premier Status:
CPS-PLATINUM will not be included for calculation of Premier Status.
Listing:
Similar to CPS-GOLD, we plan for listing of this investment vehicle (CPS-PLATINUM) sometime in the future.
Conclusion:
The launch of CPS-PLATINUM is an amazing landmark for Virgin Gold.
few important points with regard to CPS-PLATINUM.
1. The need for funds. Due to the fact that Platinum mining is a new project for the company, the requirement for funds is not like our gold mining project. Therefore, management has decided to offer this investment opportunity to selected shareholders and set a limit to their subscription. Furthermore, the need for funds will be strictly controlled in the sense that management will decide to approve only X% (not all) of subscriptions every week, in accordance with the amount of funds needed for the project. Management wants to avoid holding extra cash that it does not need and bear the burden of paying dividends of the subscribed shares. In this way, management will be able to offer CPS-PLATINUM investments to its shareholders at an even higher return compared to CPS-GOLD.
2. Risk. It is wrong to consider that investment in CPS-PLATINUM represents a higher/lower risk compared to CPS-GOLD. For CPS-GOLD, the company uses the funds to invest in gold income generating activities, thus paying dividends in troy ounces of gold. For CPS-PLATINUM, the company uses the funds to invest in platinum mining activities, thus paying dividends in troy ounces of platinum. Theoretically speaking, if the CPS-PLATINUM investment goes bad, it does not affect the CPS-GOLD investment and vice-versa as we have created different special purpose vehicles for both sets of investments.
3. Many parameters such as limits and eligibility status may be adjustable from time to time and I urge shareholders to follow our news releases closely.
Below are the fine points of the CPS-PLATINUM offering:
Offer Price:
USD1.00 a share
Eligibility:
1. A shareholder of Virgin Gold for a minimum of 1 year
2. VG Premier Shareholder
Subscription Limit:
The current limit is set at a ratio of every two CPS-GOLD to one CPS-PLATINUM. For example if a shareholder owns 100,000 CPS-Gold, he/she is only eligible to apply for a maximum of 50,000 CPS-PLATINUM.
Minimum Application:
100 CPS-PLATINUM
Application Procedure:
1. Go to 1.31 in your shareholder’s account to apply.
2. A credit amount equivalent to your application must be available in your credit account. For example: If you apply for 20,000 CPS-PLATINUM at USD1.50 per share; you need 20,000 x 1.50 = 30,000 credits to apply.
3. Credit amount equivalent to your application will be deducted from your credit account.
4. Application is only open on Saturdays.
5. The acceptance of the application is not a guarantee of approval/subscription to CPS-PLATINUM.
Approval Procedure:
1. Approval of CPS-PLATINUM applications will be released every Monday or Tuesday of the following week. For example: If you apply on Saturday, the next day would be Sunday and then Monday and followed by Tuesday. Approval for all applications will be released either on Monday or Tuesday.
2. Management expects to receive many applications for CPS-PLATINUM from shareholders every week. Therefore it’s highly possible that only a certain amount of your application will be approved. For example: If you apply for 50,000 CPS-PLATINUM, you may only be allocated 40,000 CPS-PLATINUM that week. You may try to apply for the balance of 10,000 CPS-PLATINUM the following week.
3. Un-used credits will be automatically returned to your credit account together with the approval allotment.
Dividend:
Dividend is payable every 30 calendar days in troy ounces of platinum. The 1st day of calculation is the approval date, not the application date. Shareholders will know the contractual dividend payout when they apply for CPS-PLATINUM under “1.31 Subscribe CPS” in their shareholder account. Dividend in platinum is freely convertible to credits and vice versa.
Un-subscription:
Un-subscription of CPS-PLATINUM is only allowed after 60-days from the day of approval. The un-subscription price will be at the current month set price for CPS-PLATINUM, not at the purchased price.
Share Transfer:
CPS-PLATINUM is not freely transferable among shareholders, unlike CPS-GOLD.
Group and Referral Incentive:
There is no referral incentive paid for CPS-PLATINUM subscriptions. The good news is that the CPS-PLATINUM and CPS-GOLD monthly subscription volume will be merged for group bonus calculation.
Trading Account:
There is no spot platinum trading unlike gold.
Premier Status:
CPS-PLATINUM will not be included for calculation of Premier Status.
Listing:
Similar to CPS-GOLD, we plan for listing of this investment vehicle (CPS-PLATINUM) sometime in the future.
Conclusion:
The launch of CPS-PLATINUM is an amazing landmark for Virgin Gold.
Monday, April 2, 2012
3rd Edition Virgin Gold - Fifty Gram (50g) 999.9 Gold Bar Entitlement
Management is pleased to announce that upon achieving great financial results in the 1st quarter of 2012, we have decided to offer a special edition of 2012 – 3rd Edition Virgin Gold 50 gram, 999.9 gold bar to eligible shareholders.
Conditions: One lump sum subscription of fifty thousand (50,000) CPS-GOLD.
Offer Period: 1st April 2012 – 31st December 2012
Terms and Conditions of the promotion:
1. Every one single 50,000 CPS-GOLD subscription will be eligible for one 50g gold bar. If you subscribe 100,000 CPS-GOLD in one single subscription, you are entitled for two bars. If you subscribe 500,000 CPS-GOLD in one subscription, you are entitled to ten bars, et cetera.
2. A split CPS-GOLD subscription, for example 10,000 CPS-GOLD x 5 subscriptions = 50,000 CPS-GOLD will not be eligible for the gold bar; even if all 5 subscriptions are made within the same day.
3. Gold bars will be delivered to qualified shareholders after three months of qualification. Presentation of gold bars can be delayed by the management on reasonable grounds.
4. Un-subscription/Transfer of shares made by an account holder eligible for this gold bar entitlement from the shareholders account before delivery of the bar(s) will result in disqualification.
5. Management reserves full rights to not deliver the gold bars to the qualified shareholders for undisclosed reasonable reasons.
6. Management reserves full rights to deliver the gold bars with a different design from the one displayed.
7. Management reserves the right to change the gold bar for any other prize deemed to be of equal value to the one promoted.
Conditions: One lump sum subscription of fifty thousand (50,000) CPS-GOLD.
Offer Period: 1st April 2012 – 31st December 2012
Terms and Conditions of the promotion:
1. Every one single 50,000 CPS-GOLD subscription will be eligible for one 50g gold bar. If you subscribe 100,000 CPS-GOLD in one single subscription, you are entitled for two bars. If you subscribe 500,000 CPS-GOLD in one subscription, you are entitled to ten bars, et cetera.
2. A split CPS-GOLD subscription, for example 10,000 CPS-GOLD x 5 subscriptions = 50,000 CPS-GOLD will not be eligible for the gold bar; even if all 5 subscriptions are made within the same day.
3. Gold bars will be delivered to qualified shareholders after three months of qualification. Presentation of gold bars can be delayed by the management on reasonable grounds.
4. Un-subscription/Transfer of shares made by an account holder eligible for this gold bar entitlement from the shareholders account before delivery of the bar(s) will result in disqualification.
5. Management reserves full rights to not deliver the gold bars to the qualified shareholders for undisclosed reasonable reasons.
6. Management reserves full rights to deliver the gold bars with a different design from the one displayed.
7. Management reserves the right to change the gold bar for any other prize deemed to be of equal value to the one promoted.
Thursday, February 2, 2012
VG Premier Visit Promotion – February to December 2012
Dear Shareholders,
Effective the 1st of February 2012 until the 31st of December 2012, Virgin Gold will be launching a special promotion for all shareholders.
Promotion Criteria:
1. Subscribe 100,000 Virgin Gold CPS in one single subscription, or
2. Subscribe a total of 200,000 CPS within a 60-day period.
Qualified shareholders will be rewarded with:
1. Two business class air tickets from your home country to Dubai
2. One room accommodation at one of the most luxurious five (5) star hotels in Dubai
3. A Visit to VG Premier Dubai office
4. Tour of some of the landmarks in Dubai and Abu Dhabi
5. Total stay in Dubai is expected to be three (3) days and two (2) nights.
Qualified shareholders are advised to contact our VG Premier office in Dubai to make travel arrangements.
Thank you.
Matthew Jacobsen
Vice President of Public Listing & Investor Relations
Virgin Gold Mining Corporation
Effective the 1st of February 2012 until the 31st of December 2012, Virgin Gold will be launching a special promotion for all shareholders.
Promotion Criteria:
1. Subscribe 100,000 Virgin Gold CPS in one single subscription, or
2. Subscribe a total of 200,000 CPS within a 60-day period.
Qualified shareholders will be rewarded with:
1. Two business class air tickets from your home country to Dubai
2. One room accommodation at one of the most luxurious five (5) star hotels in Dubai
3. A Visit to VG Premier Dubai office
4. Tour of some of the landmarks in Dubai and Abu Dhabi
5. Total stay in Dubai is expected to be three (3) days and two (2) nights.
Qualified shareholders are advised to contact our VG Premier office in Dubai to make travel arrangements.
Thank you.
Matthew Jacobsen
Vice President of Public Listing & Investor Relations
Virgin Gold Mining Corporation
VG Ambassador Appointments
Dear Shareholders:
Management has decided to recognize the contribution of shareholders who have been actively promoting the good image and business philosophy of Virgin Gold.
Shareholders who meet the following criteria will earn the title of “VG Ambassador”. To qualify as a VG Ambassador, a shareholder MUST meet these 3 criteria at all times.
1. Be a shareholder of Virgin Gold for a period of at least twelve (12) months,
2. Have achieved a group bonus of at least USD20,000 for a period of three (3) consecutive months and consistently achieve the same thereafter,
3. Maintain a minimum of 20,000 CPS in his/her shareholder’s account, and
4. Consistently support the business growth and promote the good image of Virgin Gold.
A VG Ambassador will enjoy many benefits including, among others:
1. Quarterly gathering of VG Ambassadors with the management for seminars and brain storming. VG Ambassadors will get first-hand information on the latest vision and upcoming progress of Virgin Gold before others.
2. Receive special gifts and other incentives from the company.
Terms and Conditions:
1. No replacement candidates will be approved for any VG Ambassadors who cannot attend any of the organized functions.
2. Spouses may or may not be invited for some of the events or functions, depending on the decision of the management.
3. The appointment of VG Ambassadors is at the full discretion of the management. Therefore the management reserves its full rights to completely suspend or cancel any appointment without prior notice and reasons.
Evaluation of the performance of each VG Ambassadors will be carried out on a quarterly basis. VG Ambassadors gatherings are expected to be held on the beginning of every quarter, namely January, April, July and October.
The first (1st) VG Gathering is expected to take place in April 2012.
Thank you.
Kenneth Elinger
President
Virgin Gold Mining Corporation
Management has decided to recognize the contribution of shareholders who have been actively promoting the good image and business philosophy of Virgin Gold.
Shareholders who meet the following criteria will earn the title of “VG Ambassador”. To qualify as a VG Ambassador, a shareholder MUST meet these 3 criteria at all times.
1. Be a shareholder of Virgin Gold for a period of at least twelve (12) months,
2. Have achieved a group bonus of at least USD20,000 for a period of three (3) consecutive months and consistently achieve the same thereafter,
3. Maintain a minimum of 20,000 CPS in his/her shareholder’s account, and
4. Consistently support the business growth and promote the good image of Virgin Gold.
A VG Ambassador will enjoy many benefits including, among others:
1. Quarterly gathering of VG Ambassadors with the management for seminars and brain storming. VG Ambassadors will get first-hand information on the latest vision and upcoming progress of Virgin Gold before others.
2. Receive special gifts and other incentives from the company.
Terms and Conditions:
1. No replacement candidates will be approved for any VG Ambassadors who cannot attend any of the organized functions.
2. Spouses may or may not be invited for some of the events or functions, depending on the decision of the management.
3. The appointment of VG Ambassadors is at the full discretion of the management. Therefore the management reserves its full rights to completely suspend or cancel any appointment without prior notice and reasons.
Evaluation of the performance of each VG Ambassadors will be carried out on a quarterly basis. VG Ambassadors gatherings are expected to be held on the beginning of every quarter, namely January, April, July and October.
The first (1st) VG Gathering is expected to take place in April 2012.
Thank you.
Kenneth Elinger
President
Virgin Gold Mining Corporation
Thursday, January 19, 2012
Notice of Upgrading from 1,000 CPS to 2,000 CPS
Dear Shareholders:
The new circular with regards to the minimum CPS to be held by Virgin Gold shareholders was announced by our CEO, Mr. Elinger, in December 2011. This announcement hereby further clarifies this matter.
Effective as of the 1st of January 2012; all VGMC shareholders MUST maintain a minimum of 2,000 CPS (accumulated amount in one shareholder’s account) ON the 90th calendar day, calculated from their initial subscription date.
Shareholders holding less than 2,000 CPS will face automatic un-subscription on day-90, calculated from their initial subscription date as day-1.
A further example is shown below:
Initial Subscription Date: 5th January 2012
The shareholder MUST maintain 2,000 CPS within 90 days = 5th January + 90days
• January 5th – 31st = 26 days
• February 1st – 29th = 29 days
• March 1st – 31st = 31 days
• April 1st – 4th = 4 days
Failure to maintain 2,000 CPS before the 4th of April will result in automatic un-subscription on the 4th of April.
Un-subscription price: Current month CPS price
Payment: Like regular CPS un-subscription, full payment minus administration charges will be returned to the shareholder’s credit account after 45 days.
All VGMC Shareholders who had subscribed for CPS before 1st January 2012 need to maintain a minimum of 2,000 CPS (accumulated amount in one shareholder’s account) at the latest by the 29th of March 2012. Failure to do so will result in automatic un-subscription on the 30th of March 2012.
Reminders will be sent and/or posted in all shareholders´ accounts that have yet to maintain the minimum required CPS before the expiry date. However, we remind all shareholders who have yet to upgrade to 2,000 CPS to do so as early as possible. Un-subscription of CPS is an automatic procedure and non-reversible.
Thank you for your support and understanding.
Matthew Jacobsen
Vice President Investor Relations
Virgin Gold Mining Corporation
The new circular with regards to the minimum CPS to be held by Virgin Gold shareholders was announced by our CEO, Mr. Elinger, in December 2011. This announcement hereby further clarifies this matter.
Effective as of the 1st of January 2012; all VGMC shareholders MUST maintain a minimum of 2,000 CPS (accumulated amount in one shareholder’s account) ON the 90th calendar day, calculated from their initial subscription date.
Shareholders holding less than 2,000 CPS will face automatic un-subscription on day-90, calculated from their initial subscription date as day-1.
A further example is shown below:
Initial Subscription Date: 5th January 2012
The shareholder MUST maintain 2,000 CPS within 90 days = 5th January + 90days
• January 5th – 31st = 26 days
• February 1st – 29th = 29 days
• March 1st – 31st = 31 days
• April 1st – 4th = 4 days
Failure to maintain 2,000 CPS before the 4th of April will result in automatic un-subscription on the 4th of April.
Un-subscription price: Current month CPS price
Payment: Like regular CPS un-subscription, full payment minus administration charges will be returned to the shareholder’s credit account after 45 days.
All VGMC Shareholders who had subscribed for CPS before 1st January 2012 need to maintain a minimum of 2,000 CPS (accumulated amount in one shareholder’s account) at the latest by the 29th of March 2012. Failure to do so will result in automatic un-subscription on the 30th of March 2012.
Reminders will be sent and/or posted in all shareholders´ accounts that have yet to maintain the minimum required CPS before the expiry date. However, we remind all shareholders who have yet to upgrade to 2,000 CPS to do so as early as possible. Un-subscription of CPS is an automatic procedure and non-reversible.
Thank you for your support and understanding.
Matthew Jacobsen
Vice President Investor Relations
Virgin Gold Mining Corporation
Tuesday, January 10, 2012
Virgin Gold Convertible Preferred Stocks (CPS)
- 2.001 What is Virgin Gold CPS?
- Virgin Gold is currently undergoing an exercise that issues fresh Convertible Preferred Stocks (CPS). It invites willing investors worldwide to participate in this offering exercise. CPS are shares with conversion prices named at issuance, so they can be converted to the company's common stocks at the set rate. Virgin Gold CPS holders will receive fixed monthly dividends and reserve full rights to convert their stocks into common stocks. This can be done by paying 50% of the price difference between their CPS subscription price and IPO price when Virgin Gold launches an Initial Public Offering (IPO) or reserves a take-over listing. For example, if a Virgin Gold CPS holder subscribed his/her CPS at $2.00 and the IPO offering price is $10.00; he/she will then need to pay 50% x (10.00 – 2.00) = $4.00 per share in order to convert his CPS to public listed common shares.
- 2.002 What if I do not wish to convert my Virgin Gold CPS into common stocks an IPO or public listing exercise?
- Subject to the listing terms and conditions, we will refund to you the full amount of monies equivalent to our latest CPS price, prior to listing.
- 2.003 What benefits do Virgin Gold CPS holders have?
- Virgin Gold CPS holders are entitled to a fixed monthly dividend payment as agreed at the time of subscription, are able to enjoy appreciation of Virgin Gold share value (capital gain) and have a gold trading margin for holding/trading paper gold position.
- 2.004 How would I know if I am allowed to subscribe to Virgin Gold CPS under the financial regulations of my country?
- Potential investors should consult local professional financial and legal advisors to obtain advice in relation to their country’s financial regulations before subscribing to Virgin Gold CPS or referring potential shareholders.
- 2.005 What is the minimum and maximum number of shares I can subscribe to?
- The minimum and maximum amount of shares that you can subscribe to is from 1,000 to 999,900. The minimum amount may be raised from time to time but the maximum amount is fixed by CPS subscription Terms and Conditions.
- 2.006 How can I subscribe to Virgin Gold CPS?
- You may begin subscribing to CPS once you have credits in your credit account. You can do so by logging on to your online shareholder account. Click on the "1.0 Account" link, and then "1.11 Subscribe Shares". Indicate the number of shares you wish to subscribe to. The amount of credits needed for subscription is equal to the number of shares multiplied by the price per share. To learn more about "Credit Top Up" within your credit account, please log in to your shareholder account and go to "1.14 Credit Top Up"
- 2.007 When should I expect my first return after I subscribe to CPS?
- Your return is in the form of dividends in troy ounce(s) of gold and will be credited to your gold account each month. If you subscribed to Virgin Gold CPS on the 3rd of January, you will receive your dividend on the 3rd day of each month. On months when there are no 29th, 30th and 31st days, your dividend will be paid on the next payment day (on the 1st of the following month)
- 2.008 How much dividend can I expect from Virgin Gold CPS?
- Preferred Stock holders will have their dividend amounts fixed upon subscription to their shares. If the dividend offered/agreed upon subscription was 1 ounce per 10,000 shares, they will then receive 1 ounce as agreed.
- 2.009 To which account will the dividend be paid?
- All Virgin Gold CPS dividends are credited in the shareholder’s gold account.
- 2.010 Why are dividends paid in units of gold?
- As a gold-stake mining company, it is natural that returns come in units of gold. Returns being paid in gold also help in safeguarding the interests of both the company and our shareholders. Please refer to the link "Our Investors"---> "Risk Factors" at our website for more information.
- 2.011 Can I un-subscribe my Convertible Preferred Shares (CPS)?
- Shareholders may unsubscribe their purchased shares after 45 days from the initial subscription date.
- 2.012 Is my un-subscription request approved immediately?
- No. After requesting un-subscription, a shareholder must wait 3-5 working days for our administrative staff to process and approve the request.
- 2.013 When will I get reimbursed for my un-subscription?
- You must wait 45 days after your un-subscription request has been approved by the company to be reimbursed.
- 2.014 How is my un-subscription payment reimbursed to me?
- Forty five (45) days after approval, credits equivalent to your un-subscription amount minus any miscellaneous charges will be transferred to your credit account.
- 2.015 Are there any charges imposed on un-subscription of CPS?
- To date no administrative charges have been imposed.
- 2.016 Why does it take up to 90-100 days from the day I subscribe to un-subscribed and get reimbursed?
- When a shareholder subscribes to Virgin Gold CPS, the money is put to good use in order to generate good returns to shareholders for the long run. Virgin Gold as a business corporation invests its shareholders’ money into income generating operations. Such operations do not generate returns overnight and absolutely cannot be interrupted only because some shareholders want to pull out of their investment. Un-subscription is a disruption to corporate financial planning and management. Un-subscription of shares by a shareholder means that Virgin Gold has to replace them with new shareholder(s) so that this does not interfere with our ongoing business operations. It therefore takes time to process refunds to shareholders who un-subscription their shares. Virgin Gold does not operate like a bank whereby depositors may transfer their money in and out at their own convenience.
- 2.017 How do I un-subscribe my shares?
- Log in to your shareholder's portal; click on the "1.11 Subscribe Shares" link and you will see a list of all your subscriptions. Under the "Action" column you may click on "Un-subscription" for the transaction you would like to un-subscribe.
- 2.018 If I subscribed to 20,000 shares in one transaction, can I un-subscribe 5,000 shares from that transaction?
- Yes. A shareholder may unsubscribe any amount of shares (smallest amount is 10 shares as our share certificate is issued as a "Ten (10) Shares Certificate"). The minimum amount of CPS that must be maintained in an active shareholder account is currently set at 1,000. This minimum number of shares may be raised in the future.
- 2.019 Are there any requirements I must fulfill before I can unsubscribe my Virgin Gold CPS?
- Your Gold Trading account must not have any outstanding/open deals when you unsubscribe your shares. This is because your trading margin is allocated for free using your CPS as collateral. Should you need to unsubscribe your shares, you will need to make sure that your trading account’s unrealized profit/loss is equal to zero.
- 2.020 I tried to unsubscribe my CPS online but the system does not allow me to do so. Why is that so?
- First, if you have any gold trading transaction that is still "Open", you may not be allowed to unsubscribe your CPS until the transaction status is "Closed". Secondly, you may only unsubscribe your shares after a minimum period of 45 days from the subscription date.
- 2.021 Can all Virgin Gold CPS be unsubscribed?
- ONLY purchased Virgin Gold CPS can be unsubscribed. Other classes including Free or Bonus CPS issued by Virgin Gold CPS cannot be unsubscribed.
- 2.022 How can I reinvest my CPS dividends??
- Since your dividend is paid in ounces of gold, you will need to convert your gold units into credit, and then subscribe to more Virgin Gold CPS through your credit account.
- 2.023 Is there an auto-reinvestment module that shareholders can use for convenient reinvestments?
- We are still working on an auto-reinvestment mechanism that could possibly be ready in 2012.
- 2.024 Is Virgin Gold CPS transferable among shareholders?
- Yes, Virgin Gold CPS can be transferred to another active shareholder (shareholder who maintains a minimum of 1,000 Virgin Gold CPS shares). It should also be noted that the transfer of CPS between shareholders is a private arrangement whereby Virgin Gold CPS will not be responsible if one or another party claims that personal payment arrangements or agreements were not fulfilled.
- 2.025 How do I transfer my CPS to another shareholder?
- First of all, only CPS shares that have been subscribed to for more than 45 days are transferable. To transfer your CPS, log in to your shareholder’s portal; click on the “1.11 Subscribe Shares” link and you will see a list of all your CPS subscriptions. Under the “Action” column you may click on “Transfer” for the CPS transaction that you intend to transfer. Indicate the receiving shareholder ID and number of shares you intend to transfer on the pop-up page and click “Transfer”. Take note that shares can only be transferred to active shareholders (Shareholders with a minimum of 1,000 CPS in their account)
- 2.026 Is the transfer of shares an immediate/real-time process?
- No. Share transfers require approval by the Virgin Gold administrative department. Under normal circumstances, it takes 3 working days for share transfers to be approved. Before share transfers are approved, both shareholders and administrative officers have the right to cancel and reject the application.
There will be a USD10.00 processing fee for this application. Charges will be deducted from the shareholder making the share transfer request.
- No. Share transfers require approval by the Virgin Gold administrative department. Under normal circumstances, it takes 3 working days for share transfers to be approved. Before share transfers are approved, both shareholders and administrative officers have the right to cancel and reject the application.
- 2.027 If I subscribed to 10,000 shares in one transaction, can I transfer 3,000 shares to another shareholder?
- Yes, but before you transfer the shares, you will first need to close all outstanding/open transactions in your Gold Trading account. This is because your trading margin is directly correlated to the amount of shares that you have in your account. Just take note that an active shareholder of Virgin Gold CPS needs to maintain a minimum of 1,000 CPS.
- 2.028 If the shareholder that I referred transfers his/her CPS to another shareholder, will my bonus shares be removed?
- If your referred shareholder transfers his/her CPS to another shareholder, your bonus shares will not be affected and you may continue to receive dividends from these bonus shares.
- 2.029 If the shareholder that I referred unsubscribes his/her CPS, will this affect my bonus shares?
- If your referred shareholder unsubscribe his/her CPS, your bonus shares will be automatically be returned to the company and dividends will not be paid for these bonus shares.
- 2.030 Do shareholders receive a copy of the share certificate for the subscribed CPS?
- Yes, all shareholders are entitled to receive a copy of the share certificate for all CPS subscribed in the form of an Electronic Certificate (E-Cert). All E-Certs are issued for 10 shares per certificate. To view your E-Cert, go to "3.0 Reports" followed by "3.23 Certificate". Click on "View" and the list of E-Certs will be displayed. Proceed to click on the certificate number to view each E-Cert. Certificates will only be available for shareholders who have authenticated their accounts. For authentication, shareholders must log in and go to "4.21 Submit Supporting Documents".
Tuesday, January 3, 2012
VGMC Press Release
CPS Price Maintained at USD1.30 per share in January 2012
Dear Shareholders,
The Board of Directors has agreed to the proposal from our Executive Board that the price increment for Virgin Gold Convertible Preferred Shares (VG-CPS) be temporarily suspended for the month of January 2012.
Therefore, the VG-CPS price will continue to be offered at USD1.30 per share from the 1st until the 31st of January 2012.
The New VG-CPS Offer Price will be:
February 1st 2012 – USD1.35
March 1st 2012 – USD1.40
April 1st 2012 – USD1.45
May 1st 2012 – USD1.50
The Executive Board came to this decision following numerous requests from our shareholders in the last week of December 2011. The Board of Directors unanimously approveds our request in an emergency meeting held on the 31st of December 2011. I hereby thank all shareholders for your support and the Board of Directors for their understanding.
Thank you.
Kenneth Elinger
CEO and President
Virgin Gold Mining Corporation
Monday, January 2, 2012
About Virgin Gold Mining Corporation (VGMC) - (1)
- 1.01 What is Virgin Gold?
- Virgin Gold Mining Corporation (VGMC) is an investment holding company that ventures into the gold and precious metal mining and exploration industry.
- 1.02 Where is Virgin Gold based?
- Virgin Gold is based in Panama, an international offshore tax-free financial center.
- 1.03 Where does Virgin Gold operate and what is its purpose?
- Virgin Gold currently operates in parts of Africa and South America and is focused on growing shareholders’ value through joint ventures, acquisitions, exploration and the development of potentially large-scale gold and precious metal mining projects.
- 1.04 Why is Virgin Gold based offshore while operating onshore?
- Virgin Gold utilizes various offshore vehicles to facilitate its onshore business operations and stake-holding. This means that we are able to generate maximum revenue and legitimately pay tax-free dividends to our shareholders.
- 1.05 Who owns and manages Virgin Gold?
- Virgin Gold is owned by two groups of shareholders, normal and preferred. Virgin Gold is managed by an Executive Board headed by the newly appointed Chief Executive Officer, Mr. Kenneth Elinger since August 2011. The Executive Board reports to the Board of Directors which oversees the company’s financial statement, operations and future planning.
- 1.06 How many office(s) does Virgin Gold operate?
- We maintain an administrative office in Panama City, Panama and operate a Premier Shareholder’s office in Dubai, United Arab Emirates to service our premier shareholders. We also have a few other corporate regional offices onshore that are not available to the public.
- 1.07 Does Virgin Gold plan to open more premier or investor relations offices worldwide?
- If there is a necessity, we may do so in the future.
- 1.08 How can I learn more about Virgin Gold?
- All necessary corporate and shareholder information is available at our website. All shareholders must thoroughly read the entire FAQ in order to fully understand how to operate a shareholder account, understand the complete business flow of Virgin Gold and resolve any arising issues by themselves.
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