Item
8.01
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OTHER
EVENTS
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Great West Gold, Inc. - Recent Material EventOn June
30, 2008 the Company had an amount of 59,150,850,057 outstanding shares of
Common Stock.
NET ASSET VALUE PER SHARE AS
AT JUNE 30, 2008 :-
On June
30, 2008 the Company had a Net Asset Value per share of US$0.0139.
This was calculated as
follows :-
An amount
of 483,750,099 shares of Hunt Gold Corporation (HGLC.PK) Common Stock are held
by Western Diversified Mining Resources, Inc.; a wholly owned subsidiary of the
Company. The value of this holding is in the amount of US$967,500. This is
calculated at the Hunt Gold Corporation's market price of US$0.002 per share on
July 3, 2008.
An amount
of 10,000,000,000 shares of Hunt Gold Corporation (HGLC.PK) Common Stock are
held directly by the Company. The value of this holding is in the amount of
US$20,000,000. This is calculated at the Hunt Gold Corporation's market price of
US$0.002 per share on July 3, 2008.
An amount
of 1,030,034,482 shares of Bouse Mining Holdings plc are held by Western
Diversified Mining Resources, Inc.; a wholly owned subsidiary of the Company.
The value of this holding is in the amount of US$599,995,086.
This
represents 46.8% of the Issued Share Capital of Bouse Mining Holdings plc. As of
June 13, 2008, the Company entered into a Heads of Agreement to dispose their
entire shareholding in Bouse Mining Holdings plc; to an OTC Pink Sheets quoted
Gold Mining & Exploration Company (hereinafter referred to as "Goldco").
This is to be settled through the issue of restricted Shares of Common Stock in
Goldco.
Based
upon the pricing per share, the Company's stockholding in Goldco, through the
sale of its entire stockholding in Bouse Mining Holdings plc; will be valued in
the amount of US$0.5825 per 1 (one) Ordinary Share of Bouse Mining Holdings
plc.
An amount
of 1,030,421,001 shares of Copperstone Mining Holdings plc are held by Western
Diversified Mining Resources, Inc.; a wholly owned subsidiary of the Company.
The value of this holding is in the amount of US$201,035,137.
This
represents 46.8% of the Issued Share Capital of Copperstone Mining Holdings plc.
As of June 13, 2008, the Company entered into a Heads of Agreement to dispose
their entire shareholding in Copperstone Mining Holdings plc; to an OTC Pink
Sheets quoted Gold Mining & Exploration Company (hereinafter referred to as
"Goldco"). This is to be settled through the issue of restricted Shares of
Common Stock in Goldco.
Based
upon the pricing per share, the Company's stockholding in Goldco, through the
sale of its entire stockholding in Copperstone Mining Holdings plc; will be
valued in the amount of US$0.1951 per 1 (one) Ordinary Share of Copperstone
Mining Holdings plc.
SHARE REPURCHASES
:-
On June
3, 2008 the Company purchased an amount of 376,941,669 shares of its Common
stock at a price of US$0.0139 per share of Common Stock. This pricing being
based upon the Company's Net Asset Value per share as at June 30, 2008. The cost
of this repurchase was in the amount of US$5,239,488.92. This was settled
through the transfer of an amount of 2,619,744,460 restricted shares of the
Company's stockholding in Hunt Gold Corporation (HGLC.PK) and at a price of
US$0.002 per share of Hunt Gold Corporation's Common Stock; to the vendors of
these shares of the Company's Common Stock. This is calculated at the
Hunt Gold Corporation's market price of US$0.002 per share on July 3,
2008.
The
Company has instructed its Transfer Agent to cancel these shares of the
Company's Common Stock and in the amount of 376,941,669 shares of Common
Stock.
On June
3, 2008 the Company purchased an amount of 14,332,141,579 shares of its Common
stock at a price of US$0.0139 per share of Common Stock. This pricing being
based upon the Company's Net Asset Value per share as at June 30, 2008. The cost
of this repurchase was in the amount of US$199,216,768. This was settled through
the transfer of an amount of 342,003,035 Ordinary Shares of Western Diversified
Mining Resources, Inc.'s stockholding in Bouse Mining Holdings plc and at a
price of US$0.5825 per share of Bouse Mining Holdings plc Ordinary Stock; to the
vendors of these shares of the Company's Common Stock.
The
Company has instructed its Transfer Agent to cancel these shares of the
Company's Common Stock and in the amount of 14,332,141,579 shares of Common
Stock.
CANCELLATION OF ADDITIONAL
SHARES OF THE COMPANY'S COMMON STOCK :-
The
Company failed to complete a Consulting Agreement with Mr. Leslie Smiedt.
Accordingly, the amount of 1,500,000,000 shares of the Company's Common Stock
issued to Mr. Leslie Smiedt in respect thereof, has now been cancelled by the
Company.
The
Company has instructed its Transfer Agent to cancel these shares of the
Company's Common Stock and in the amount of 1,500,000,000 shares of Common
Stock.
EFFECT UPON THE COMPANY'S
STOCK HOLDINGS IN HUNT GOLD CORPORATION AND IN BOUSE MINING HOLDINGS PLC
:-
The
Company's direct holding in the amount of 10,000,000,000 shares of Hunt Gold
Corporation (HGLC.PK) Common Stock has been reduced by an amount of
2,619,744,460 shares of Hunt Gold Corporation Common Stock. The Company's direct
holding in Hunt Gold Corporation is now in the amount of 7,380,255,540 shares of
Common Stock. The value of the Company's direct stockholding in Hunt Gold
Corporation is now in the amount of US$14,760,511. This is calculated at the
Hunt Gold Corporation's market price of US$0.002 per share on July 3,
2008.
The
Company's indirect stockholding in Bouse Mining Holdings plc in the amount of
1,030,034,482 shares has now been reduced by an amount of 342,003,035 Ordinary
Shares. The Company's indirect holding in Bouse Mining Holdings plc is now in
the amount of 688,031,447 Ordinary Shares. The value of this holding is in the
amount of US$400,778,318.
NUMBER OF OUTSTANDING SHARES
AT JULY 7, 2008
The
Company's outstanding shares have been decreased from an amount of
59,150,850,057 shares of Common Stock to an amount of 42,941,766,809. An amount
of 16,209,083,248 shares of the Company's stock have been repurchased and
cancelled. This represents a 27.4% reduction in the Company's outstanding shares
of Common Stock.
NET ASSET VALUE PER SHARE AS
AT JULY 7, 2008 :-
Based
upon an outstanding amount of 42,941,766,809 shares of the Company's shares of
Common Stock at July 7, 2008, the Net Asset Value per Share is in the amount
US$0.0144.
The
Company calculates in Net Asset Value in the amount of US$617,541,466 as at July
7, 2008.
This is calculated as
follows :-
Hunt Gold
Corporation (HGLC.PK) shares of Common Stock held directly by the Company in the
amount of 7,380,255,540 and at a market price of US$0.002 per share, give a
valuation in the amount of US$14,760,511.
Hunt Gold
Corporation (HGLC.PK) shares of Common Stock held indirectly by the Company in
the amount of 483,750,099 and at a market price of US$0.002 per
share, give a valuation in the amount of US$ US$967,500.
Copperstone
Mining Holding Ordinary Shares held indirectly by the Company in the amount of
1,030,421,001 and at a value of US$0.1951 per Ordinary Share, give a valuation
in the amount of US$201,035,137.
Bouse
Mining Holding Ordinary Shares held indirectly by the Company in the amount
of 688,031,447 and at a value of US$0.5825 per Ordinary Share, give a
valuation in the amount of US$400,778,318.
The value
of the Company's stockholding in St James Capital Holdings, Inc. (SJCH.PK) and
the Company's intangible assets have been excluded from this
calculation.
GENERAL
:-
St James
Capital Holdings, Inc., nor any its subsidiary companies, are no longer a
stockholder in the Company following these above-mentioned
transactions.
Not
Applicable
Not
Applicable
None.
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.
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