You remember how we told you Mercer Gold (MRGP.ob) but now (MRGPD.ob) was an utter scam as far back as June 20th last year? How IKN got threatened with legal action by then company CEO Rahim Jivraj for daring to tell the truth? How convicted and banned securities scammer Gordon Brent Pierce was the scumball behind this pump and dump? How it was pumped to the sheep end of the investment community by the scuzziest of bucketshops? Well let's just check on the SEC filings for Mercer this last couple of days. First this one:
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersEffective May 9, 2011, our board of directors accepted the resignation of James M. Stonehouse as an officer and director of our company. On the same date, our board of directors appointed William D. Thomas, the Company's existing Secretary, Treasurer, Chief Financial Officer and a director, to also serve as the Company's President and Chief Executive Officer.
And then this one:
In accordance with board approval, we filed a Certificate of Change with the Nevada Secretary of State on April 14, 2011 to give effect to a reverse split of our authorized and issued and outstanding shares of common stock on a three (3) old for one (1) new basis.Subsequently, the directors agreed it was in the best interest of the Company to amend the reverse split to a ratio of four (4) old for one (1) new such that the Company’s authorized capital will be decreased from 562,500,000 shares of common stock with a par value of $0.001 to 140,625,000 shares of common stock with a par value of $0.001 and, correspondingly, the Company’s issued and outstanding shares of common stock will be decreased from 69,837,500 shares of common stock to 17,459,375 shares of common stock. Accordingly, on April 28, 2011 the Company filed a Certificate of Correction with the Nevada Secretary of State to effect the four (4) old for one (1) new reverse split.
So we have a company that's down to a directorship of one person that is doing a 4:1 rollback of its share count. Strike you as a legit company? Nah, me neither.
IKN: Keeping the moolah of the naive away from sharks since 2008.