WILTON, CT—February 18, 2014 - Gold Coast Mining Corp. (OTC Pink: GDSM), provides the following Corporate Update:
The Company continues to be active on several fronts as it moves forward. Negotiations continue with Gelpid, the Company's judgement holder; legal discussions are occurring to determine the best strategy for establishing a subsidiary, spinning it off and arranging a registered shelf offering; a due diligence "punch list" has been provided to the owner of the natural gas wells; and the Company is reviewing opportunities to participate in oil projects.
CEO Michael Shea states, "I am pleased with all the activity, but bringing final resolution to the settlement and closing acquisitions has to be accomplished. I am striving to accomplish this, in addition, to finally completing the long awaited audit of our financials. Our auditor, Corso & Company, has provided me a list of four remaining items, which will be provided no later than next week."
Finally, the Company wishes to address its share structure. The current common stock outstanding is approximately 3.2 billion shares and has not changed in the last 90-100 days. The Company was looking at an acquisition that would have required the issuance of a significant amount of stock. To accommodate this potential acquisition, the Company raised the authorized amount of common stock to 6.5 billion. In light of current events, the Company is no longer pursuing this acquisition but will reserve the authorized for settlement negotiations and future opportunities.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in the mining and energy sectors. The Company's goal is create a vertically integrated oil division and continue its diversification into other high growth industries. The primary goal is generate cash flow to sustain and grow profitability.
Follow us on Twitter at http://twitter.com/GoldCoastMining
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
Gold Coast Mining Corp.
Phone: (203) 210-5614
SOURCE: Gold Coast Mining Corp.