Dear Shareholders and Friends of ILST, I wanted to provide you with an update.
As reported in the last press release, ongoing efforts to raise the necessary capital to move the Van Deemen project through permitting and into production are ongoing. Has it been easy, absolutely not, but the team is committed to bringing the project into production and providing the value shareholders have patiently and painfully been awaiting.
Ms. Karpel, in conjunction with other members of management, are having constant conversations with investors. These conversations have led to further refinement of our 506C offering. The offering is now structured as Profit Participation Promissory Notes. Rather than relying on debt, the new structure allows investors to directly participate in the Van Deemen’s profit once in production. This not only allows investors to benefit from production profits, but provides an upside should gold prices climb.
Further, the offering is bifurcated such that early investors get a higher percentage of profits to entice them to commit ASAP. Whether an investors comes in early or later, the returns are very attractive based on $1,200/oz. gold. This provides a ‘win-win’ solution for all involved.
On another topic, I have received many emails regarding claim ownership. Those who say we own no claims are ill informed regarding the subject. The Bureau of Land Management (“BLM”) leases claims to mining companies, they do not sell the claims. ILST leases a portion of its claims directly from the BLM with annual payments requirements. ILST also leases critical claims from La Cuesta LLC, which is the direct lessee from the BLM. ILST pays a lease fee to La Cuesta, as well as, makes the annual BLM payments on their behalf.
Lastly, thru Ms. Karpel’s contacts, I was interviewed by UpTick Media yesterday. A link to the interview will be available on our website soon. The radio interview reaches not only retail investors, but more importantly, up to 50,000 accredited investors. This is just one of the many outlets we are pursuing to reach potential investors looking for a very unique way to take advantage of gold prices.
Make no mistake, I am acutely aware of the depressed and ridiculous share price relative to value of the Van Deemen Gold project. The whole purpose of the 506C offering is put the Van Deemen into production and put dilution behind us once and for all. We are determined to succeed.
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