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Lode-Star Mining Inc. (OTCQB:LSMG) announced the resignation of its Corporate Secretary and Director, Mr. Samuel Sternheim, effective October 6, 2022, as he seeks to pursue other opportunities. Mr. Mark Walmesley will serve as the interim Corporate Secretary and Treasurer. This change in leadership may bring fresh perspectives as the company continues exploring various business opportunities.
Lode-Star Mining Inc. (LSMG) has rescinded its asset purchase and royalty agreements with Sapir Pharmaceuticals due to unforeseen circumstances, returning both parties to their pre-agreement states. This rescission means LSMG will no longer issue 1,000,000 shares of preferred stock to Sapir. Additionally, LSMG reinstated approximately $2.224 million in debt to its controlling shareholder, Lode Star Gold, Inc., and converted over $2.6 million in accrued debt into over 70 million shares at $0.037 each, affecting common stock circulation.
Lode-Star Mining (OTCQB:LSMG) entered into a Settlement Agreement with Lode Star Gold, Inc. to terminate the Option Agreement related to the Goldfield Bonanza Project in Nevada. The Company will return its 20% interest in the Property, and in exchange, LSG forgives approximately $2.224 million in owed payments. The Agreement includes a mutual release, allowing the Company to progress in a new direction without additional liabilities. This follows Lode-Star's recent acquisition of intellectual property from Sapir Pharmaceuticals for future pharmaceutical development.
Lode-Star Mining Inc. (OTCQB:LSMG) announced the appointment of Samuel Sternheim to the Board of Directors effective January 14, 2022. Sternheim, who has extensive experience as a financial advisor and CFO of Sapir Pharmaceuticals, will also serve as Corporate Secretary and Treasurer. The company is optimistic about the fresh perspectives and expertise Sternheim will bring to enhance strategic operations. Lode-Star focuses on the exploration and production of mineral assets, including the Goldfield Bonanza property.
Lode-Star Mining Inc. (OTCQB:LSMG) announced the acquisition of assets related to a proprietary stabilized formulation of the Epigallocatechin-gallate (EGCG) molecule from Sapir Pharmaceuticals, Inc.. The acquisition, valued at 1,000,000 shares of Series A Preferred Stock ($1.00/share), aims to further develop this antioxidant polyphenol known for its potential health benefits. Each preferred share can convert to 450 common shares, providing significant voting power. Investors are cautioned about forward-looking statements regarding future performance.
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