History
A Nevada oil-and-gas shell became a short-lived gold explorer funded by convertible debt, went dark in 2012, then resurfaced in 2019 as a medical cannabis company.
2010-2011: A shell changes hands
The company began as Aurum Resources Corp., a Nevada oil-and-gas exploration shell run by its sole officer, Danil Shpeyzer. In June 2010 it filed to sell 2,000,000 shares at $0.03 each, raising up to $60,000. Its one small real asset was a 1% working interest in an Oklahoma drilling project.
In 2011 control changed. Harry Lappa bought a 72% stake of 2,500,000 shares from Shpeyzer for $306,196 and became sole officer and director. In July the company was renamed North Springs Resources Corp., authorised shares rose to 450,000,000, and a 100-for-1 forward split lifted shares outstanding from 3,470,000 to 347,000,000. The oil-and-gas plan gave way to gold exploration.
2011-2012: A gold portfolio built on debt
In August 2011 the company leased 16 unpatented gold claims in Esmeralda County, Nevada, with an option to buy them for $400,000. Later that month it declared it was no longer a shell company. In December it issued lender Kazuo Holdings a 10% convertible drawdown note allowing it to borrow up to $1,000,000, and in January 2012 raised the facility to $1,750,000, of which $630,000 had been drawn.
Deals followed quickly. It entered a joint venture on the Gold Star and One Arm Joe properties in Arizona, earning a 20% interest for $500,000 of funding, with a path to 35% for $3,000,000 more. It leased the Imperial property in Nevada for 20 years, paying $140,000 and committing to $3,000,000 of exploration spending. It signed an earn-in on a Ghanaian gold concession for up to $1,250,000. It also optioned the Rio property in Guyana.
Not everything held. The Guyana agreements, Rio and Belo, were terminated by mutual agreement effective February 15, 2012, disclosed in March, after the vendor delayed making title available. The company also paid $250,000 for 10% of an option on mineral claims in Chihuahua, Mexico. Shares on issue stood at 696,000,000 at the end of 2011 and 626,000,000 a year later.
2012-2019: Going dark
The company told the SEC in 2012 that its annual report would be late, then never filed it. Nothing further appeared. In September 2015 it filed Form 15 to deregister its stock, with only about 160 holders of record. The record for these years is otherwise silent.
2019-2021: A cannabis reboot
In December 2019 the company resurfaced under CEO J. Douglas Pulver with a move into medical cannabis. It acquired grow-equipment and product rights from Medical Cannabis Inc., an existing shareholder, for stock plus a purchase price the filing gave inconsistently as $500,000. Pulver returned 150,000,000 of his own shares to treasury. The filing was poorly drafted, so these terms are approximate.
An August 2021 filing disclosed that the company had renamed itself Medcann Industries, Inc. in January 2020 and that John Vivian became President, CEO and director in June 2021. It gave a third figure, 200,000,000 shares, for the treasury return. As of 27 August 2021 it said it was negotiating mergers or joint ventures in beverages, cosmetics and vitamins, and admitted it was not supporting its OTC Markets listing or currently filing with them.
Written from the 15 story beats below (2010 to 27 Aug 2021), which come from the company's own announcements and filings.