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GBGD re-listed on the OTCQB with USD$20,350,985 in Debt

Global Gold Corp (GBGD) shares have finally been re-listed on the OTCQB from the PINK sheets. GBGD shares were dropped because it failed to timely file their year-end and quarterly financial statements.

Now that the F/S are filed, here are some highlights for GBGD:

  • The company has $54,164 in cash and $20,350,985 in debts
  • Its Armenian subsidiary (Mego Gold LLC) that owns their Toukhmanuk Gold Mine has been declared bankrupt by Armenia's Cassation Court
  • JV partner Linne Minning at Toukhmanuk, has filed a creditor claim of $30,000,000 in the bankruptcy of Mego Gold
  • They need $5,000,000 to fund their Marjan Project in southern Armenia
What can one say about a company run by Mr. Van Z. Krikorian, President, CEO, Director and  Lawyer, and Mr. Ian Hague, Director and Principal of hedge fund Firebird LLC (

Mr. Ian Hague had made director loans to Global Gold which amounted to $5,052,262, including interest. In order to clean up the books of the company, in 2010 Mr. Hague converted his cash advances to shares of the company at $0.15 now worth about $0.015. 

Mr. Hague owns and controls a total of 44,869,915 common shares of GBGD, representing 48.78 % of all outstanding shares.

Since 2011 the company has managed to fund its operations with JVs that all have ended in lawsuits, but not before Mr. Van Z. Krikorian organised for GBGD to scam its investors out of over $11 million dollars using deceptive and fraudulent gold resource models that showed that the Toukhmanuk Gold Mine contained 2 million ounces of gold, which evidence exists now that this was a FRAUD.   Read my previous blogs for more information.

Additional funding for GBGD comes from the former President, Secretary and Chairman Emeritus of Global Gold, Mr. Drury Galagher.  He has made cash advances to GBGD totalling $3,125,114 to support a "technically" bankrupt compnay that is carrying $20,350,985 of debts. Why? What is he trying to hide by supporting GBGD? Or, is he just a bad investor?

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Global Gold Corp ( PINK:GBGD ) is  $20,917,023 in debt , so what does Mr. Van Krikorian , the President, CEO and Director of the Company do? He conspires with his fellow directors and officers of the company to reclassify $6,463,255 of that debt, which is owed to them, as secured promissory notes, to the detriment of its other creditors and secured creditors. Van Krikorian announced on November 1, 2017, in the company's June 30, 2017, 10-Q report , that these secured promissory notes were issued on July 1, 2017, and interest and principal were due on September 1, 2017. What was the security granted to Mssrs Van Krikorian , Drury Gallagher , Ian Hague , Lester Ceasar and Jan Dulman ? Everything . And now these newly issued secured promissory notes are in DEFAULT. These officers and directors have been involved with the Company almost from the beginning where the stock climbed to a high of $3.80 in May 2006 and now rests on its deathbed at $0.015 . The strange t