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Sanborn Resources Ltd (SANB) – updated research report

16 Jun Sanborn Resources Ltd (SANB) – updated research report

 

I noticed a couple of planted posters show up on the Sanborn Resources Ltd (SANB) forum today, June 16, 2013, which makes me think that SANB might be getting a lot closer to the inevitable future paid promotion.  Since our initial research report for Sanborn Resources Ltd (SANB) was way back on April 11, 2013, I decided to update our research especially since SANB has make some major corporate updates over the past 2 months.

The following is a re-post of our April 11, 2013 research found here followed by detailed information about all the SANB updates since April 11, 2013:

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The Set-up

Sanborn Resources Ltd was incorporated in Delaware as Universal Tech Corp on May 17, 2011.

The Incorporator for the entity (as the resident agent through Vcorp Services LLC) was Mimi Sanik.  Mini Sanik also did the incorporation filings for XUNA, CEHD, PGRX, ELGO, PVTA, VGTL, EPLC, WIZD, and SRIT.

Avinoam Cohen was assigned the role of President, Chief Executive Officer, Treasurer and Director and given 1,500,000 shares for $22,500 ($.015/share).

From 2006-2011, Avinoam Cohen was the Director of the Basha Art Gallery in Jerusalem, Israel. Since 2010, he was  the CEO of New Vision Gallery in New York City.

Anna Irena De Vincenz was assigned the role of Secretary and Director and given 500,000 shares for $7,500 ($.015/share).

Since 2004, Anna Irena De Vincenz was a Senior Fellow at the Albright Institute in Jerusalem, Israel.

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Going Public

On October 7, 2011, Universal Tech Corp filed an S-1 filing to go public.

The business plan was to focus on leveraging the burgeoning worldwide interest in art investment.  The entity actually managed $24,000 in revenues for 2011 through the sale of 2 pieces of art.

The attorney helping with the S-1 filing was Carl M. Sherer, Esq of the Rimon Law Group, P.C. in New York.

Rimon Law Group helped take two other tickers public - Valor Gold Corp (VGLD) and Geltology Inc (GELT).  Like SANB, VGLD also used Israeli officers when the shell went public and did a forward split after going public.  Like SANB, both VGLD and GELT used Weinberg & Baer LLC for accounting services.

On October 12, 2012, VGLD became an Andrew Carpenter promotion.  See our old VGLD research report here.

The VGLD share price climbed from $.80/share starting around 9/5/12 all the way to $1.20/share before the promo even kicked off on 10/12/12.  The promo was not a huge success getting going slowly before it hit a peak of $1.50/share on 10/26/12. 

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After Going Public

The S-1 for Universal Tech Corp was approved on January 12, 2012.

400,000 shares were then sold to a group of seed shareholders for $.10/share raising $40,000.

Revenues continued to improve during the start of 2012.  Between January 1st and March 31st, Universal Tech Corp made $78,500 in revenues through the sale of 3 pieces of art, but that would be the last revenues ever recorded for the ticker.

With no new art sales, the cash quickly ran out.  By September 30, 2012 it was nearly all gone.

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Change of Control

On October 3, 2012, James Davidson acquired the 2,000,000 shares held by Avinoam Cohen and Anna Irena De Vincenz for $30,000.  That was the same exact amount that the two paid for that stock in the first place.

Avinoam Cohen and Anna Irena De Vincenz both resigned from all of their positions.  James Davidson became the new CEO.

James Davidson had spent the last 5 years as a private investor. 

From 2011 through December of 2012, James Davidson was a director for Turkpower Corp which now trades as Zinco Do Brazil Inc (ZNBR).

Since 2007, James Davidson has been the CEO of California Gold Corp (CLGL).

James Davidson also spent some time with Uranium Energy Corporation.  Another member of Uranium Energy Corp was/is Alan Lindsay.  Alan Lindsay links in to Valor Gold Corp (VGLD) which was mentioned earlier in this report.

Oh, on that note, I should mention that James Davison was appointed a director for Valor Gold Corp (VGLD) on January 17, 2013.

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Further Developments

On October 10, 2012, one week after James Davidson took control, Davidson signed a $50,000 debt Note with an anonymous undisclosed source.  A second $50,000 debt Note was issued to Bay Capital Ltd in February of 2013 with the same exact terms, but still no signatory is disclosed.  Bay Capital Ltd remains a suspiciously anonymous debt Note holder.  I am going to assume that both Notes belong to Bay Capital Ltd.

On November 16, 2012, Adam Wasserman was appointed to the position of CFO.

Adam Wasserman has also served as the CFO for a few other publicly traded companies including Oriental Dragon Corp, Yew Bio-Pharm Group, STAFF, CDII, CLNT, PGLC, Wally World Media Inc, VAEV, BIGG, APGS, NXES, BOPH, GSPO and that is just since 2012.

Pershing Gold Corp (PGLC) from the list of Wasserman linked tickers was a shareholder in Valor Gold Corp (VGLD).  Probably not coincidentally, like VGLD, PGLC also got promoted by Andrew Carpenter.

Interactive Investors, Inc (Adrian James) has been a large shareholder in an Alan Lindsay/Derrick Townsend/Barry Honig & co. shell called Tapimmune Inc (TPIV) (More about this group in our Bullfrog Gold Corp research report) and Pershing Gold Corp (PGLC) (formerly known as Sagebrush Gold) which was an intimate part of this VGLD merger.

This is very significant.  Adrian James owns 4 stock promotion companies.  He owns Interactive Investors, Inc,  Stock Professor Inc (SPI), Chicago Financial Times (CFT), and Streetwire Research Group Inc.

Here is an interesting link to a civil suit filed by Adrian James against Jonathon Lebed back in 2008.

Through his stock promotion companies, Adrian James was compensated $1,500,000 and 500,000 shares to run a pump&dump on Pershing Gold Corp (PGLC) then known as Sagebrush Gold (SAGE) back in October of 2011.

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Pershing Gold Corp (PGLC) was pumped again in January of 2012 by Andrew Carpenter and by several companies in March of 2012.  Here is a list of some of the promoters used during that promotion.

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Forward Split and Name Change

On March 4, 2013, Davidson filed to change the name of the Universal Tech Corp shell to Sanborn Resources Ltd (SANB) and to effect a 100:1 forward split.

No doubt, the ticker will now be focused on mining just like its older relative tickers VGLD and PGLC before it.

The forward split will become effective starting tomorrow.  The new share structure will be as follows:

Authorized - 1,000,000,000 shares
Outstanding - 240,000,000 shares
James Davidson - 200,000,000 shares (restricted)
Seed shareholders - 40,000,000 shares (free trading)

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On February 28, 2013, James Davidson registered a new domain at sanbornresources.com.  So far the website has not gone live, but it should be going live soon.

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Conclusion

With the 100:1 forward split giving insiders 40,000,000 free trading shares of stock at just $.001/share, SANB instantly became a potential future paid promotion, but with all the connections to Valor Gold Corp (VGLD) including Rimon Law Group, Weinberg & Baer LLC, James Davidson, and Adam Wasserman/PGLC, Sanborn Resources Ltd (SANB) could be a possible future Andrew Carpenter newsletter promotion.  For now, I am putting Sanborn Resources Ltd (SANB) on our list of tickers to watch for a future paid promotion.   The forward split will have to clear first, the website will have to go live, and some kind of mineral property acquisitions will have to take place so we are probably still a few weeks out from any kind of paid promotion.

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What has happened since April 11, 2013

Mineral Property Acquisition agreement

On April 17, 2013, Sanborn Resources Ltd (SANB) through its wholly owned subsidiary, Inti Holdings Limited, a corporation incorporated pursuant to the laws of the Cayman Islands, signed an agreement with Rae-Wallace Mining Company and George Cole to acquire a brand new Peru based business entity controlled by Rae-Wallace Mining Company and George Cole called Rae Wallace Peru S.A.C. for $700,000.

Chris Irwin of Irwin Lowy LLP of Ontario represented Rae Wallace Mining Company in the acquisition agreement. Jenny Egusquiza represented the Peru entity.

Rae Wallace Mining Company is a Cayman Islands entity controlled by George Cole, Chris Irwin, Edward Thompson, Randal Hardy, Gary Nordin, Andres Tinajero, and Brian Morris as shown in this Form D filing from 2011.

Rae Wallace Mining Company has signed agreements with other penny stocks including Timberline Resources Corp (TLR) and surprise, surprise - Pershing Gold Corp (PGLC).

The acquisition of the Peru entity came with several mining projects including the Liscay Project, Toro Blanco Project, Cayhua Project, Lachoc Project, Lagartija Project, Mirko Project, San Felipe Project, and Sura Project.

Sounds great on paper, but since the two pump&dump predecessors to SANB, Valor Gold Corp (VGLD) and Pershing Gold (PGLC) never made a penny in revenues, it is a pretty safe bet that SANB will never turn into a real mining company either.

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Yet another suspicious debt Note

Since SANB didn't have any cash to use to acquire Rae Wallace Peru S.A.C., the company had to borrow the $700,000.  This was achieved by signing a $775,000 Promissory Note with a very suspicious Belize business entity called Tuscan Capital Ltd.

 

Share cancellation

In May of 2013, James Davidson cancelled 199,750,000 of his shares.

 

New Share Count

Authorized - 1,000,000,000 shares
Outstanding - 40,250,000 shares
James Davidson - 250,000 shares (restricted)
Seed shareholders - 40,000,000 shares (free trading)

 

So Let's Review

1) We have a company with very strong ties to two former pump&dump tickers - PGLC and VGLD.

2) We have a company with two suspicious debt Note agreements $150,000 with Bay Capital Ltd and $775,000 with Tuscan Capital Ltd.

3) We have a company with 40,000,000 free trading shares costing those anonymous insiders just $.001/share.

There is no doubt that Sanborn Resources Ltd (SANB) is being set up for a future paid promotion.

Only one step remains.  The SANB website found here has to go live then SANB will be ready for its promotion.  At this point I am still expecting some kind of newsletter promotion involving either Andrew Carpenter or the Chicago Financial Times.

 

 

 

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