XML 31 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
7. Stockholders Equity
9 Months Ended
Sep. 30, 2012
Equity [Abstract]  
7. Stockholders Equity

 

The authorized capital stock of Lustros consists of 100,000,000 shares of Common Stock, $0.001 par value per share, and 10,000,000 shares of Preferred Stock, par value of $0.001 per share, designated “Series A Preferred Stock.” Each share of Series A Preferred Stock is convertible at the option of the holder into 100 shares of Common Stock and is entitled to 100 votes per share on all matters submitted to the shareholders of Lustros. At September 30, 2012, there were outstanding 70,754,821 shares of Common Stock and 175,000 shares of Series A Preferred Stock.

 

On March 9, 2012, Lustros issued and sold 60,000,000 shares of its Common Stock in the Bluestone Acquisition in exchange for 100% of the outstanding stock of Bluestone. See Note 4 Blue Stone Acquisition and Power Save Sale.

 

In April 2012, Lustros issued and sold in a private placement: (i) to Zirk Engelbrecht 100,000 shares of Series A Preferred Stock in consideration cancellation of indebtedness to Suprafin, Ltd. in the amount of $429,000 at the rate of $4.29 per share (See Note 6 - Debt), which shares were issued and registered in the name of Zirk Engelbrecht; and (ii) to Gonzalo Troncoso 75,000 shares of Series A Preferred Stock for cash in the amount of $4.29 per share. At the time of these purchases, Mr. Engelbrecht was Chief Executive Officer of the Company and Mr. Troncoso was President and Chief Operating Officer of the Company.

 

In April 2012, Lustros issued and sold 5,000,000 shares of common stock in a private placement to two entities in consideration of the cancellation of indebtedness of $1,000,000 at the rate of $0.20 per share. This indebtedness was working capital advances made by Angelique de Maison to Santa Teresa Minerals and assumed by Bluestone in the Sulfatos Acquisition. Ms. De Maison directed that 3,643,911 of these shares be issued in the name of Quatre Gats, an entity owned by Zirk Engelbrecht, Angelique de Maison, Gonzalo Troncoso and Trisha Malone, Chief Financial Officer of the Company.

 

In June 2012, Lustros issued and sold 1,636,364 shares of its Common Stock in a private placement at $0.55 per share or net proceeds of $900,000.

 

In June 2012, Lustros issued and sold to Angelique de Maison 181,818 shares of its Common Stock in consideration of the cancellation of $100,000 of debt at the rate of $0.55 per shares. This indebtedness was the remaining working capital advances assumed by Bluestone in the Sulfatos Acquisition.

 

In July 2012, Lustros issued and sold 727,272 shares of its Common Stock to a director in a private placement at $0.55 per share or net proceeds from the offering of $400,000.

 

In July and August 2012, Lustros issued and sold 352,941 shares of its Common Stock in a private placement at $0.85 per share or net proceeds from the offering of $300,000.