DALLAS, TX / ACCESSWIRE / August 20, 2024 / MINERALRITETM Corporation (the "Company" or "RITE"), a micro-cap stock trading on the OTC Pink Sheets, has engaged the auditing services of Zhanna Kelley CPA P.C. to conduct a PCAOB audit as the company moves to the next stages of its rebirth.
Since CEO Burgauer took over in the 4th quarter of 2023, MINERALRITETM has been actively working to clean up various pre-existing historical issues. To date, the clean-up has resulted in the recognition of an accounting profit in the amount of $519,000 from the derecognition of certain historical obligations; the reclamation of over 10 million shares of previously issued stock, with work on-going to reclaim roughly 800 million more shares; and the renegotiation of various convertible obligations which has reduced scheduled dilution by 1.2 billion shares.
CEO Burgauer has made it clear that it is his intention to get MINERALRITETM back to an auditable state, become fully reporting and re-engage with the brokerage community. This will improve RITE's access to capital markets as well as increase the stock's appeal to a vastly larger audience of potential investors.
"Becoming fully audited should allow RITE to engage in a Tier 2 Regulation A offering, allowing the company to raise $75 million annually rather than being limited to a Tier 1 offering which caps the raise at $20 million. Given the acquisitions that are already in RITE's pipeline; and given that our joint venture partners are queued up and ready to go; it only makes sense for RITE to push forward and get those audits done so that they don't become a limiting factor to RITE's growth potential," said Burgauer. "When we took on this project, we promised that we would work to rebuild RITE from the ground up - that is, rebuild it on a solid foundation. Management intends to do exactly what we committed to doing - that is, we intend to grow RITE out of the micro-cap market and onto the OTCQB. We will be acquiring mineral assets, developing those assets, liberating the values contained in assets, re-engaging with the brokerage community, raising expansion capital, and becoming an active metal supplier for our own account and a principal member in the metal supply Chain of Custody," said Burgauer. "That is what it will take to get this company back on the RITE path, and that is what we intend to do."
As an active metal supplier, RITE will own and develop mineral projects for its own account. RITE intends to engage its internationally known joint venture partners in the development process, since their contractual contribution to a project requires them to mobilize and manage the requisite workforce. Then, in its capacity as a principal in the metal supply Chain of Custody, RITE will manage the inspection, acquisition, logistics, security, refining, disposition and liquidation of the metals, in strict compliance with all applicable regulatory regimes.
"From management's perspective, engaging a PCAOB auditor is just the logical next step on the RITE path to success," said Burgauer.
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