6-K 1 o10251e6vk.txt PRESS RELEASE DATED JUNE 5, 2003 ================================================================================ FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of The Securities Exchange Act of 1934 For the month of June, 2003 SEC File #0-24570 -------------------------------------------------------------------------------- CENTRAL MINERA CORP. Ste. 1040 - 885 West Georgia St. Vancouver, BC V6C 3E8 CANADA ---------------------------------------- (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Form 20-F [X] Form 40-F [ ] Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) : 82- ================================================================================ THIS FORM 6-K CONSISTS OF: MATERIAL CHANGE REPORT - BC FORM 53-901F PRESS RELEASE SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTRAL MINERA CORPORATION By: "Michael Cytrynbaum" Name: Michael Cytrynbaum Title: President Date: July 2, 2003 BC FORM 53-901F (PREVIOUSLY FORM 27) SECURITIES ACT (BRITISH COLUMBIA) MATERIAL CHANGE REPORT UNDER SECTION 85(1) OF THE SECURITIES ACT AND SECTION 151 OF THE SECURITIES RULES 1. REPORTING ISSUER CENTRAL MINERA CORP. 1040 - 885 West Georgia Street Vancouver, British Columbia V6C 3E8 (the "Company" or "Central Minera") 2. DATE OF MATERIAL CHANGE June 5, 2003 3. PRESS RELEASE Date of Issuance: June 5, 2003 Place of Issuance: Vancouver, B.C. 4. SUMMARY OF MATERIAL CHANGE The Company has completed a private placement for gross proceeds of US$96,611.49. The Company has also reduced the purchase price on previously issued and outstanding warrants from US$0.15 and US$0.30 per share, respectively, to US$0.10 per share. 5. FULL DESCRIPTION OF MATERIAL CHANGE Central Minera has completed a non-brokered private placement of 966,114 Units at a price of US$0.10 per Unit for gross proceeds of US$96,611.49. Each Unit consists of one Subordinate Voting Share in the capital of Central Minera and one warrant (a "Warrant"), each Warrant entitling the holder to acquire one additional Subordinate Voting Share at a price of US$0.10 per Subordinate Voting Share until June 5, 2005. 750,000 of the Units were paid for in cash and 216,114 Units were issued as consideration for settlement of an existing demand liability of Cdn$30,000. Proceeds of the private placement will be used for general working capital purposes. Shares acquired by the placees, and shares which may be acquired upon the exercise of the Warrants, are subject to a hold period until June 6, 2004, in accordance with applicable securities legislation. - 2 - The Company has also reduced the purchase price on previously issued and outstanding warrants, entitling the holders to purchase up to 3,001,670 Subordinate Voting Shares, from US$0.15 and US$0.30 per share, respectively, to US$0.10 per share. The purchase price per Subordinate Voting Share on 3,000,000 warrants to be issued on July 31, 2003, pursuant to the terms of outstanding Convertible Debentures, has also been reduced from US$0.30 to US$0.10. 6. RELIANCE ON SECTION 85(2) OF THE ACT Not applicable. 7. OMITTED INFORMATION Not applicable. 8. SENIOR OFFICERS For further information contact: Michael Cytrynbaum President Telephone: (604) 687-6191 Facsimile: (604) 669-0131 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver this 9th day of June, 2003. CENTRAL MINERA CORP. Per: "Michael Cytrynbaum" Michael Cytrynbaum, President ----------------------------- (Print Name and Title) CENTRAL MINERA CORP. SUITE 1040 885 WEST GEORGIA STREET, VANCOUVER, BRITISH COLUMBIA V6C 3E8 TELEPHONE: 604-687-6191 FAX: 604-669-0131 OTC SYMBOL: CENMF.PK NR03-03 N E W S R E L E A S E ----------------------- JUNE 5, 2003 - Central Minera has completed a non-brokered private placement of 966,114 Units at a price of US$0.10 per Unit for gross proceeds of US$96,611.49. Each Unit consists of one Subordinate Voting Share in the capital of Central Minera and one warrant (a "Warrant"), each Warrant entitling the holder to acquire one additional Subordinate Voting Share at a price of US$0.10 per Subordinate Voting Share until June 5, 2005. 750,000 of the Units were paid for in cash and 216,114 Units were issued as consideration for settlement of an existing demand liability of Cdn$30,000. Proceeds of the private placement will be used for general working capital purposes. Shares acquired by the placees, and shares which may be acquired upon the exercise of the Warrants, are subject to a hold period until June 6, 2004, in accordance with applicable securities legislation. The Company has also reduced the purchase price on previously issued and outstanding warrants, entitling the holders to purchase up to 3,001,670 Subordinate Voting Shares, from US$0.15 and US$0.30 per share, respectively, to US$0.10 per share. The purchase price per Subordinate Voting Share on 3,000,000 warrants to be issued on July 31, 2003, pursuant to the terms of outstanding Convertible Debentures, has also been reduced from US$0.30 to US$0.10. Central Minera has a direct equity interest in Cactus Gold Corp., a private precious metals development company, represented by holdings of 1.8 million shares. Cactus is developing precious metals properties in southern Nevada. ON BEHALF OF THE BOARD OF DIRECTORS "Michael Cytrynbaum" Michael Cytrynbaum, President This release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events of performance are not statements of historical fact and may be "forward looking statements". Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Factors which may cause actual results to differ include availability of financing when needed, inability to establish reserves, environmental permitting regulations and requirements, weather, unforseen technical difficulties, unusual and unexpected geological formations and other factors set forth in the Company's filings on Form 20F with the Securities and Exchange Commission. Forward looking statements in this news release may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur.

March 31, 2003 June 30, 2002 -------------- ------------- Assets Current assets: Cash and cash equivalents $ 81,353 $ 6,021 Funds held in trust -- 175,000 Accounts receivable and prepaid expenses 10,249 8,929 Marketable securities (Market value March 31, 2003 - $10000) 9,617 6,418 ----------- ----------- 101,219 196,368 Capital assets 2,202 -- Investment in private company 1 1 Mineral properties 1 1 ----------- ----------- $ 103,423 $ 196,370 =========== =========== Liabilities and Shareholders Equity Current liabilities: Accounts payable and accrued liabilities $ 58,119 $ 75,290 Loan payable (note 5) 20,439 19,749 ----------- ----------- 78,558 95,039 ----------- ----------- Shareholders' equity: Convertible debentures (note 7) 300,000 250,000 Share capital (note 4) 41,441,857 41,441,857 Authorized -- unlimited Issued and outstanding (March 31, 2003 -- 21,197,568 shares; June 30, 2002 -- 21,760,068 shares) Deficit (41,716,992) (41,590,526) ----------- ----------- 24,865 101,331 ----------- ----------- $ 103,423 $ 196,370 =========== ===========

Three months ended Nine months ended ----------------------------- ---------------------------- March 31 March 31 March 31 March 31 Cumulative 2003 2002 2003 2002 ------------ ------------ ------------ ------------ ------------ Administration expenses: Accounting and audit $ 688,300 $ 1,477 $ 10,880 $ 3,086 $ 18,943 Consulting fees 1,774,839 24,838 23,758 81,021 38,553 Amortization 282,218 93 608 279 912 Legal 1,831,853 399 16,905 117,961 16,905 Office 926,772 1,358 9,254 5,309 11,426 Rent 726,565 70 52,913 293 68,447 Salaries and benefits 287,132 4,289 -- 7,734 -- Transfer agent and filing fees 159,951 1,918 6,142 14,533 6,347 Travel and promotion 1,205,064 28 795 10,535 951 ------------ ------------ ------------ ------------ ------------ 7,882,694 34,470 121,255 240,751 162,484 ------------ ------------ ------------ ------------ ------------ Other items: Interest and other income (1,511,317) (339) (14,731) (730) (27,822) Loss (gain) on foreign exchange 47,765 (4,140) 1,499 (7,732) 2,116 Investment write-down 1,000,799 -- -- Loss (gain) on marketable securities (16,040) -- -- Mineral property write-down 24,724,034 -- -- Option payment (note 8) (6,397) -- (6,397) -- Loss on sale of fixed assets 11,307 -- -- Termination costs paid to court 118,209 -- -- Allowance (recoveries) lawsuits 610,826 46,364 -- (99,427) -- Loss on sale of subsidiary 8,855,112 -- -- ------------ ------------ ------------ ------------ ------------ 33,834,298 41,885 (13,232) (114,286) (25,706) ------------ ------------ ------------ ------------ ------------ Net loss for the period (41,716,992) (76,355) (108,023) (126,465) (136,778) Deficit, beginning of period -- (41,640,637) (41,416,659) (41,590,526) (41,387,904) ------------ ------------ ------------ ------------ ------------ Deficit, end of period $(41,716,992) $(41,716,992) $(41,524,682) $(41,716,991) $(41,524,682) ------------ ------------ ------------ ------------ ------------ Net loss per common share $ (0.004) $ (0.005) $ (0.006) $ (0.006) ============ ============ ============ ============ Weighted average number of common shares 21,197,568 21,760,068 21,197,568 21,760,068

Three months ended Nine months ended ----------------------- ------------------------ March 31 March 31 March 31 March 31 Cumulative 2003 2002 2003 2002 ------------ -------- --------- --------- --------- Cash and cash equivalents provided by (used in): Operating activities: Net loss for the period $(41,716,992) $(76,355) $(108,023) $(126,465) $(136,778) Items not involving cash: Amortization 282,217 93 608 278 912 Loss on sale of subsidiary 8,855,112 -- -- -- -- Loss on sale of fixed assets 11,307 -- -- -- -- Investment write-down 1,000,799 -- -- -- -- Mineral property write-down 24,724,036 -- -- -- -- Stipulation of settlement agreement 375,000 -- -- -- -- ------------ -------- --------- --------- --------- (6,468,521) (76,262) (107,415) (126,187) (135,866) Net change in non-cash working capital items: Accounts receivable and prepaid expenses (10,249) 6,054 (10,266) (1,320) 14,486 Rent deposits -- -- 17,307 -- -- Marketable securities (9,617) -- -- (3,199) -- Accounts payable and accrued liabilities 58,119 25,635 102,407 (17,171) 99,420 ------------ -------- --------- --------- --------- (6,430,268) (44,573) 2,033 (147,877) (21,960) ------------ -------- --------- --------- --------- Financing activities: Loans and debentures payable 320,439 1,423 -- 50,690 -- Funds held in trust -- -- -- 175,000 -- Shares issued for cash 25,316,857 -- -- -- -- ------------ -------- --------- --------- --------- 25,637,296 1,423 -- 225,690 -- ------------ -------- --------- --------- --------- Investing activities: Mineral property expenditures (17,310,637) -- -- -- -- Investments (1,000,799) -- -- -- -- Purchase of fixed assets (814,239) -- -- (2,481) -- ------------ -------- --------- --------- --------- (19,125,675) -- -- (2,481) -- ------------ -------- --------- --------- --------- Increase (decrease) in cash & cash equivalent 81,353 (43,150) 2,033 75,332 (21,960) Cash and cash equivalents, beginning of period 124,503 6,812 6,021 30,805 ------------ -------- --------- --------- --------- Cash and cash equivalents, end of period $ 81,353 $ 81,353 $ 8,845 $ 81,353 $ 8,845 ============ ======== ========= ========= =========

Price per share Shares Consideration --------- ---------- ------------- Balance June 30, 2002 21,760,068 Escrow shares cancelled (562,500) ---------- ------------- Balance, March 31, 2003 21,197,568 $41,441,857 ========== =============

June 30, 2002 Granted Expired March 31, 2003 Price Expiry Date ------------- ------- --------- -------------- ------ ------------------ 1,065,000 1,065,000 -- $0.20 September 14, 2002 1,100,000 875,000 900,000 1,075,000 $0.20 December 31, 2005

June 30, 2002 Cancelled Exercised March 31, 2003 Price Expiry Date ------------- --------- --------- -------------- ---------- ----------------- 3,000,000 -- -- 3,000,000 $0.15/2 wt November 30, 2003 3,003,340 -- -- 3,003,340 $0.30/2 wt November 30, 2003

2003 2002 ------- ------- Consulting or other fees paid to directors/officers or to companies controlled by directors/officers $81,021 $35,118

MARCH 31 ----------------------------- 2003 2002 ----------- ----------- Share capital, under Canadian GAAP $41,441,857 $41,441,857 Adjustment for APB No. 25 21,563 21,563 ----------- ----------- Share capital under U.S. GAAP $41,463,420 $41,463,420 =========== =========== Deficit, under Canadian GAAP $41,716,992 $41,524,628 Adjustment for APB No. 25 21,563 21,563 ----------- ----------- Deficit under U.S. GAAP $41,738,555 $41,546,191 =========== ===========

Account Variance Explanation -------------------------------------------------------------------------------- Consulting (42,000) New management agreement -------------------------------------------------------------------------------- Legal fees (101,000) Settlement of lawsuits -------------------------------------------------------------------------------- Rental & office expense 74,000 Lease terminated/relocation -------------------------------------------------------------------------------- Interest & other income (27,000) -------------------------------------------------------------------------------- Option payment 6,000 California Mine -------------------------------------------------------------------------------- Other expenses (55,000) Furlong lawsuit/travel -------------------------------------------------------------------------------- Other income 155,000 Settlement of lawsuit/exchange -------------------------------------------------------------------------------- (Increase) decrease in loss for the period 10,000

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