History
Laredo Resources began as a Nevada mining shell, changed hands in 2012, chased a Montana gold property, and deregistered from the SEC in 2014 without confirming that deal.
2010-2012: A mining shell changes hands
Laredo Resources Corp. began as an exploration-stage mining company holding the ABR claims in Elko County, Nevada, optioned from Arbutus Minerals. It listed through a shareholder-resale registration that raised no real capital, and it never reported any revenue. Its accumulated deficit grew from $64,000 in FY2011 to $356,000 by FY2013, and doubt about its ability to keep operating was present throughout. Shares on issue stood at 3,570,000 through 2011.
On 14 September 2012, founder Ruth Cruz Santos sold her controlling 2,000,000 shares to Robert Gardner for $20,000 and resigned. Laredo transferred its subsidiary LRE Exploration LLC and its Elko County claims to her; she assumed the related liabilities and released her promissory notes, leaving an empty shell under new management.
2012-2014: Pony Mountain and a reshaped share structure
On 31 October 2012, the new management approved a 50-for-1 forward split, which multiplied the number of shares fiftyfold, and raised authorized shares to 4.5 billion. Shares on issue rose to 178,500,000 by year end. On 5 November 2012 Laredo signed a 60-day exclusive right to negotiate buying Magna Management Ltd.'s interest in the Pony Mountain Gold property in Montana.
The record is quiet for most of 2013. In September 2013 Laredo formalized the deal, taking over Magna's buyer rights to the roughly 4,000-acre property under an August 2013 purchase contract with the underlying sellers. Later that month it amended its articles to allow 2 billion common shares and four new classes of preferred stock.
On 12 September 2014, FINRA approved a 1-for-500 reverse split, which cut the number of shares sharply, from 2,128,500,000 to about 4,257,000. Year-end 2014 shares on issue are shown as 2,128,500,000, which matches the pre-split count and is not explained by the record. On 5 November 2014, Laredo voluntarily deregistered its common stock with the SEC, citing 88 holders of record. At that date the Pony Mountain acquisition had never been reported as completed, and its status was unresolved.
Written from the 7 story beats below (2012 to 5 Nov 2014), which come from the company's own announcements and filings.