Buy or Sell NSRS? North Springs Resources Corp

Stats here are showing an enormous amount of searches for NSRS news and updates. If you own North Springs Resources Corp (OTCBB: NSRS) after we warned about the Pump and Dump then it serves you right to not have done your due diligence. While the company had a pittance of cash, $16, in the bank, CEO Harry Lappa has emerged as a paper millionaire after having created hundreds of millions of shares.


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Continuing the NSRS debacle, Harry Lappa, a former Canadian government official, has investor chat rooms buzzing after recently somehow winding up with an eye-popping half a billion shares of NSRS. 80 million of those shares were cancelled in December 2011 yet still, thanks in part to hyped investors, Harry Lappa remains a wealthy man (on paper anyway) thanks to campaigns that sent the penny stock price surging above $0.55 this week. NSRS was less than $0.01 in September, 2011.

Why buy a penny stock that:

  • Silly optioning-in deal on some precious metals project somewhere (often in US or Mexico, in this case the USA).
  • Recent change of sector for the company (in this case NSRS.ob was an O&G play, now suddenly into hard rock mining).
  • Pitifully small staff roster (in this case, the only listed manager or director is a scumbag named Harry Lappa).
  • No assets and a negative working capital (in this case for example, as at the last quarterly NSRS had $16 in cash at the bank…yes, that says sixteen dollars and zero cents).
  • Recent share count swindle (in this case, NSRS decided that having 348m shares outstanding just wasn’t enough and decided to double the count to 696m shares.
  • Bullshit debt facility. In this case an eventual $1m drawdown (that will never happen) with a Panama registered front for some band of scammers called Kazuo.

A Google search of Harry Lappa’s corporate history indicates that the financier is a graduate of the University of Regina in Saskatchewan and worked as a financial officer for Immigration Canada from 1989 to 2003 before he moved into the penny stock world. U.S. regulatory filings say Lappa was:

  • A director of Iciena Ventures Inc. which  was suspended from trading on the TSX Venture Exchange in March 2011
  • A director with Pennsylvania electronics recycler Endeavor Power Corp. (OTCBB: EDVP) in 2009
  • As CEO of Global Resource Energy, Inc. (OTC PINK: GBEN)
  • Lappa was named President and CEO of North Springs in August, 2011

At the reigns of NSRS, Lappa pulls in $10,000 per month acting as the company’s sole director, chief financial officer, secretary and treasurer. In other words, one man band calling the shots.

How it worked out for Lappa:

  • In March 2011, he acquired 2.5 million shares, 72.05% of a former shell called Aurum Resources Corp.
  • In June 2011, Aurum changed its name to North Springs Resources and ensued with a 1:100 forward stock split.
  • On October 31, the stock was split again, 2:1, raising shares outstanding to 696 million from 348 million

In October, NSRS was trading under $0.05. North Springs has generated zero revenue since its inception in May 2009 and had only $16 in the bank on October 31, 2011, according to financial statements filed with the U.S. Securities & Exchange Commission.

For the three months ended October 31, 2011, the company posted a net loss of $56,841 compared to a year earlier loss of $6,085. On its website, North Springs bills itself as a mineral exploration company focused on discovering and advancing precious metal properties in Nevada. Besides the lack of cash, it is hard to see what’s in the portfolio to support the current stock price.

It gets boring watching these 100% bullshit scams. On a scale of 1 to stupid, you score stupid if you even consider getting involved with scams like this. They are built for suckers who are going to be stuck holding worthless shares so don’t be one…just avoid this crap and true pieces of market shit like Harry Lappa.

This advice goes for all OTC-only mining stocks.

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***Reminder: never chase stocks that gap at the open and always protect your profits!


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One comment on “Buy or Sell NSRS? North Springs Resources Corp

  1. Pingback: North Springs Resources (NSRS) Sample Results Are In « Aim High Profits

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