Jovita Baltrusaityte

General Metals Corp. (OTCBB: GNMT) Discovers a New Way to Pay its Bills

by Jovita Baltrusaityte June 11, 2009
gnmt_logo.jpgIf your mail box is jammed with different bills and you can't imagine how to pull through with all of your debt, you should look how General Metals Corporation is tackling this problem. The company suggests a very simple solution: for all the services you receive pay with shares of stock!

In a single quarter ending on January 31st, General Metals Corporation (GNMT.ob or OTCBB: GNMT), which acquires, explores, develops, and mines gold, silver, and other precious and base metal properties, issued almost 140 million shares and paid for different services, including mining acquisition agreement with Sunergy, Inc., different gross agreements and other.

Since then the company does not seem to stop settling its accounts with different players. According to my calculations, through the months of February and March, GNMT has already repaid different parties with about 15 million shares (Shazam Stocks got 400,000 shares). Doesn't that look like the company is pulling the lion on his whisker?

The best part of it is that if you turn this number of shares into money, you will see that this sum does not even exist in GNMT bank account (as of January 31, total amount of assets is $1,632,000). On the one hand, the increasing number of shares is helping the company to find a way around the problem of paying the actual money. On the other hand, present investors may suffer from the dilution of stock under the circumstances. All in all, the pluses and minuses of the activity should be considered.

And what about you? Have you already paid all your bills?

gnmt.gif

Reference:

http://www.generalmetalscorporation.com

Comments 0

Type the characters that you see in the box (5 characters).