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HavanaJournal.com: Cuba Business

Visa Gold Explorations - current state of Cuba shipwreck business

Posted March 29, 2005 by publisher in Cuba Business.
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Publisher note: After reading [url=http://www.CubaNews.com]http://www.CubaNews.com[/url] article regarding the current state of Visa Gold Explorations, Inc. (V.YVL), we decided to buy the expired domain name (VisaGoldExplorations.com) and point it to this this information page at the Havana Journal.

March 15, 2005
OSC Alleges Manipulative Trading in Shares of Visa Gold Explorations Inc.
Toronto – The Ontario Securities Commission (OSC) today alleged trading violations by six individuals in shares of Visa Gold Explorations Inc. (Visa Gold). The OSC proceeding followed a referral by the Royal Canadian Mounted Police (RCMP). The OSC issued a Notice of Hearing and Statement of Allegations in respect of Robert Zuk, Ivan Djordjevic, Matthew Coleman, Dane Walton, Derek Reid and Daniel Danzig.

OSC staff allege that in the period between August 1999 and November 2001, Robert Zuk, through brokerage accounts over which he held or exercised trading authority, traded in the common shares of Visa Gold Explorations Inc. (Visa Gold) in a manner that was designed to create - and did create - a misleading appearance as to the value of, and market activity in, Visa Gold shares.

The OSC alleges that Zuk used manipulative trading techniques, including wash trading (which involves no change in beneficial ownership of the shares), match trading (which involves entering an order to buy or sell shares with knowledge that an offsetting order of substantially the same size and price has been, or will be entered), and high close trading (trades at or near the end of the day that result in a higher closing price for the shares for a particular day). It is further alleged that the majority of these trades occurred at prices higher than the preceding reported trade.

OSC staff allege that Derek Reid, Matthew Coleman, Ivan Djordjevic and Daniel Danzig, who were registered representatives, were involved as brokers in certain of those wash, match or high close trades. In addition, Derek Reid and Dane Walton are alleged to have conducted trading for their respective brokerage firms’ inventory accounts on a prearranged basis with Robert Zuk.

Staff allege that the trading in question created a misleading appearance as to the volume of trading in Visa Gold shares and as to the market price for the shares and was therefore contrary to Ontario securities law and the public interest.

The set date appearance for the OSC respondents is scheduled for April 15, 2005 at 10:00 a.m. in the main hearing room at the Commission’s offices, located on the 17th floor, 20 Queen Street West, Toronto.

From http://www.osc.gov.on.ca/About/NewsReleases/2005/nr_20050315_osc-visagoldexplorations.jsp

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MEDIA RELEASE
For Immediate Release

January 20, 2000
Listed: CDN (Canadian Dealing Network)
Current Price: $ .60 (Can)
Symbol: VGLD
Shares Outstanding: 10,535,136

VISA GOLD EXPLORATIONS ANNOUNCES DISCOVERY OF ANOTHER SHIP WRECK

Toronto, CANADA - Paul Frustaglio, Vice-President of Corporate Relations of
Visa Gold Explorations Inc., is pleased to announce that the company’s dive
team has found another shipwreck as a result of a virgin ballast stone pile
find. Excitement of the crew and staff of Visa Gold Explorations has been
heightened to a fever pitch with the two recent developments, which also
includes the most recent approval by the Cuban Department of Patrimony to
begin excavation of artifacts and treasure.

“This thrilling find of another intact ballast stone pile verifies the
final resting place of another ancient shipwreck,” stated Vice President of
Operations Ed Burtt. After weeks of research Mr. Burtt has confirmed that
the ballast stone pile has not been disturbed since the ship sank in the
early 17th century. The Melian II scientific research analysis of
historical documentation has placed the ‘French Balandra’ of Don Juan Piti
at this exact spot of the found ballast pile. The ‘French Balandra’ ship
belonged to the 1711 fleet of the ‘Almiranta Santissima Trinidad’. Mr.
Burtt has concluded that the computer analysis of the locations of the 4
other ships is highly probable after the finding of this first ballast pile
of the suspected 1711 fleet.

Initial dive investigations show many artifacts from the ship around and on
the virgin ballast rock pile. Ballast rock was used in sailing ships before
iron ballast or lead keels were invented. The presence of earthenware jugs
and ceramics on and in the ballast pile still intact makes the chances of
this being a virgin site highly probable and very lucrative. New
photographic evidence of the ballast pile and artifacts may be viewed on
the company’s web site. [url=http://www.visagoldexplorations.com]http://www.visagoldexplorations.com[/url]

“Our extensive research of historical documentation show the ‘Almiranta
Santissima Trinidad’, the Kings appointed lead ship carried precious cargo
to be valued at 600 million, with the estimated potential of another 300
million of smuggled goods on board at the time of it’s wrecking. We have
long anticipated this moment and we are very excited to continue our
efforts to uncover the treasures of Galleon Alley,” stated the Vice
President of Operations.
Visa Gold Explorations Inc. is party to a joint venture agreement with its
Cuban partner, Geomar S.A., to search for shipwrecks in two areas in the
coastal waters of Cuba known as Galleon Alley. Visa Gold’s principal
exploration targets are located west of Havana, where a fleet of galleons
went down in 1711.

For more information, contact:
Investor Relations: The Winfield Group
Tel: 416-745-9697, Fax: 416-740-7785; E-mail: .(JavaScript must be enabled to view this email address)

LETTER TO SHAREHOLDERS (Annual Report 2000)

“From the discovery and salvage of the Palemon to the expansion of our exploration territory in Cuba’s shipwreck-rich waters, a string of successes in 2000 put Visa Gold Explorations on the map and positioned the Company for a dynamic future.”

A Year of Building … and Uncovering History

On behalf of the Board of Directors, we are pleased to present the 2nd Annual Report of Visa Gold Explorations Inc. together with the audited financial statements for the year ended December 31, 2000.

The year 2000 was one of great progress in the evolution of Visa Gold Explorations. While we entered the year in a tenuous situation, with an unstable management team, a lack of business discipline and deteriorating relations with our Cuban partners, under new management our turnaround was swift and the Company advanced on several fronts.

We restructured the organization, moved our headquarters to Toronto, Ontario, boosted our presence in Cuba and strengthened relations with our Cuban partners, Geomar S.A. A more aggressive and hands-on management approach was implemented and business fundamentals were incorporated into decision-making. Two financing deals in the form of private placements were completed in 2000, which allowed the Company to continue and expand operations, settle debts and legal claims and purchase new, state-of-the-art search technology.

In our exploration program, Visa Gold Explorations achieved two key milestones:

(1) The Government of Cuba approved the Company’s request for another zone of exploration, near Santa Clara in the north. This addition gave Visa Gold a total of three search zones (previously the Company had two zones, Havana harbour to the Bay of Honda and the south side of the island around the Isle of Youth) and over 5,000 square kilometers of searchable area. 
(2) We discovered the Palemon, a Spanish-built brigantine that sank off the north coast of Cuba in 1839. Historical documents reveal that the ill-fated ship was on its return voyage to Havana from Europe with goods collected in England and France. Months of excavation and salvage at the wreck site yielded over 7,000 artifacts, ranging from gold jewelry, glass perfume bottles and ceramic jars to precious and non-precious stones. We showcased a sampling of the artifacts at the 18th annual Havana International Fair in early November. 


As a result of the Palemon find, Visa Gold Explorations attracted significant North American press with coverage by CBC, CTV, the National Post, the Montreal Gazette, Reuters, The Washington Post, Boston Globe, Miami Herald, Report on Business TV and numerous other media outlets.

In addition to the Palemon, last year our dive team unearthed evidence of several other shipwreck sites. Some of these upon further scrutiny did not prove to hold economic potential, however, we will be investigating the more promising targets in the future.

We also took steps in 2000 to enhance investor relations, public communications and the Company’s overall profile. For example, a new, user-friendly web site was developed providing up-to-date news and images of our expeditions. A new logo and corporate colours were adopted, and we retained the services of Investor Relations Group (IRG), an investor relations firm, to help expand market recognition, enhance shareholder value and communicate with investors via a 1-800 toll-free line. In October 2000, the Company’s shares moved to Tier III of the Canadian Venture Exchange under the trading symbol YVL.

Amid these initiatives and accomplishments, substantial volatility in the economy combined with a decline in the equity markets took its toll on share performance. The market price of Visa Gold’s shares fluctuated from a high of $1.28 to a low of $0.35, ending the year in the $0.50 range. Visa Gold continues to implement its business plan and we hope the success of the Company will be reflected in the market.

Moving forward with momentum

Building on last year’s momentum, we are poised to make major strides forward. Our 2001 program will consist of the following: enhancing our search capacity; focusing on wreck targets with high economic potential; developing and executing a revenue strategy; deepening relationships in Cuba; and leveraging our strengths and foothold in Cuba. Our ultimate goal in this business is to excavate valuable shipwrecks and grow a greater inventory of artifacts, thereby enhancing the Company’s value and ability to generate income.

This year we will intensify our explorations by working multiple campaigns simultaneously, a first for the Company. The focus, particularly during the first half of 2001, will be on exploring new areas within our search territory for shipwreck targets identified through historical research. We hope to find and work on a new shipwreck site with positive results by year-end.

We also plan to complete the Palemon story this year. We will return to finalize the wreck site, put together background information for each of the recovered objects and undertake the separation of artifacts as per our joint venture contract. This will be an extensive, time-consuming process but once done, Visa Gold will be able to bring its share of artifacts to Canada for future sale and/or exhibitions. Armed with a story and relics of 19th century life, the Company will be in a position to begin the revenue generation process.

Management is committed to building long-term value for shareholders. There are several thousand shareholders who have put their confidence in this exciting adventure. We have taken and continue to take steps to build a competitive, world-class shipwreck exploration company. As well, we are investigating opportunities to capitalize on spin-off ventures in an effort to complement our core exploration business and to enhance shareholder value.

Similar to other junior exploration companies, we are dependent on financing to fuel operations until further established. A major challenge in the year ahead will be raising additional funds to fund increased operations into 2002. We are confident this can be achieved despite economic uncertainty and ongoing turbulence in financial markets.

I cannot close without mentioning the great contribution of our Cuban partners. We couldn’t be doing this without the cooperation and support of Geomar S.A. and the Government of Cuba. Sowing the seeds of trust, cooperation and respect take time and patience, but we believe in the end the rewards will pay off for the Company, its shareholders and the people of Cuba.

We expect another year of growth and success. I look forward to reporting on our progress during 2001.

Paul Frustaglio
Chairman & President

Toronto, Canada
May, 2001

A CUBAN-CANADIAN PARTNERSHIP

“Visa Gold Explorations has achieved tremendous results in two years, especially in the backdrop of similar ventures around the world which often deliver results in 5 to 10 years. Visa Gold’s portion of the artifacts salvaged from the Palemon wreck, which began excavation last year, will be leaving Cuba for the world to see. Our success can be attributed to the professionalism and organization of the operations team, and the harmony between Cuban technicians and scientists and our Canadian associates. What awaits this already successful Cuban-Canadian partnership is an even brighter future with world class results.”
The Management Team, Geomar S.A. (Visa Gold’s Cuban partner)

Member Comments

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On January 26, 2007, John S wrote:

Too bad that crook Frustagilo didnt do more to “help” his shareholders growth.
hope hes doing well coaching his sport teams in toronto

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On October 31, 2007, Gordon wrote:

At least one of them received some measure of justice… now, what about the rest?

Schedule A


 
IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c.S.5, AS AMENDED

AND

ROBERT PATRICK ZUK, DANE ALAN WALTON
DEREK REID, IVAN DJORDJEVIC,
DANIEL DAVID DANZIG,
and MATTHEW NOAH COLEMAN

ORDER

  WHEREAS on March 11, 2005 the Commission issued a Notice of Hearing pursuant to section 127 of the Securities Act (the “Act”) in respect of trading in the shares of Visa Gold Explorations Inc.;

  AND WHEREAS on March 11, 2005 Staff of the Commission filed a Statement of Allegations;

  AND WHEREAS on September 25, 2006 Staff of the Commission filed an Amended Statement of Allegations;

  AND WHEREAS Robert Patrick Zuk entered into a settlement agreement (the “Settlement Agreement”) in relation to the matters set out in the Amended Statement of Allegations;

  AND WHEREAS the Commission issued a Notice of Hearing setting out that it proposed to consider the Settlement Agreement;

  UPON reviewing the Settlement Agreement, the Notice of Hearing, the Statement of Allegations, and upon considering submissions from Robert Patrick Zuk and from Staff of the Commission;

  AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;

  IT IS HEREBY ORDERED, PURSUANT TO SECTIONS 127 AND 127.1 OF THE ACT, THAT :

Zuk is required to cease trading in securities for a period of 15 years from the date of the Order approving the Settlement. For greater certainty, the Order will pertain to all trading by Zuk, whether directly or indirectly, in any capacity whatsoever, or through nominee accounts;

after an initial 3-year period, Zuk will be permitted trade in securities in one RRSP account, which he will identify in writing to the Director of Enforcement of the Commission and, in that RRSP account, Zuk will be permitted to trade in mutual fund units, guaranteed investment certificates, treasury bills, or debt instruments that cannot be converted (directly or indirectly) into shares;

the exemptions contained in s. 35 of the Securities Act and OSC Rule 45.106 do not apply to Zuk for a period of 15 years from the date of the Order;

Zuk will forthwith resign from any positions that he holds as officer and/or director of any reporting issuer; and

Zuk will not act as a director or officer of a reporting issuer for a period of 15 years from the date of the Order.

Dated at Toronto, Ontario this day of February, 2007