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9. Related Party Transactions
12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
9. Related Party Transactions

From February 2012 through December 2013, Suprafin provided the Company a total of $3,524,874 in non-interest bearing unsecured demand loans. Zirk de Maison, previously a member of the Board, and formerly the Chief Executive Officer, of the Company is the owner of Suprafin. As of December 31, 2013, the outstanding balance of these loans was $1,082. See Note 7 - Debt.

 

From September through December 2012, the Company borrowed a total of $1,040,000 from two directors for working capital purposes at Sulfatos. As of December 31, 2013, the outstanding balance of these loans was $0. Mr. Engelbrecht was a guarantor of these loans. See Note 7 - Debt.

 

From January through December 2013, the Company borrowed a total of $35,385 for working capital purposes from the Company’s Chief Executive Officer. As of December 31, 2013, the outstanding balance of these loans was $1,385. See Note 7 - Debt.

 

From inception (January 26, 2012) to December 31, 2013, the Company has issued and sold an aggregate of 25,136,363 shares of Common Stock (including 175,000 shares of Series A Preferred Stock which were converted to 17,500,000 shares of Common Stock but excluding 4,500,000 shares of Common Stock which were converted to 45,000 shares of Series A Preferred Stock) to directors and executive officers. From April through September 2013 the Company has sold 386,063 shares of Series A Preferred Stock to affiliates, directors and executive officers of the Company. See Note 8 – Stockholders’ Equity.