UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K/A

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

March 18, 2008
(Date of First Event Reported)
 
STARGOLD MINES, INC.
(Exact name of Registrant as specified in its charter)

Nevada
 
000-51197
 
98-0400208
(State or other jurisdiction of
 incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No)

1840 Gateway Drive
Suite 200
San Mateo, California 94404
(Address of principal executive offices)

(650) 378-1214
(Registrant's Telephone Number, Including Area Code)

___________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
Explantory Note

The purpose of this Amendment to Stargold Mines, Inc.’s (the “Company’s) Current Reports on Form 8-K is to provide the pro forma financial statements of the Company reflecting the acquisition of UniverCompany Limited Liability Company (“UniverCompany”). In our current report on Form 8-K with an event date of August 27, 2007, we had erroneously reported that the acquisition of UniverCompany had been completed. We thereafter learned that Russian law, with respect to this acquisition, had not been complied with and reported our error in subsequently filed current reports on Forms 8-K and our Form 10-QSB for the period ended September 30, 2007. On March 18, 2008, our Russian counsel advised that according to the laws of the Russian Federation, all requirements had been met for the acquisition of UniverCompany and that acquisition is now complete and on April 7, 2008, we filed a Form 8-K reporting on the completion of that acquisition, wherein we stated that we would file this amendment to provide the proforma financial information (as required by Item 9.01(b) of Form 8-K).

As used in this Form 8-K/A, references to the “Registrant”, the "Company," "we," "our" or "us" refer to Stargold Mines, Inc. and our subsidiary, UniverCompany Limited Liability Company, a Russian limited liability society, unless the context otherwise indicates.
 
Item 9.01 Financial Statements and Exhibits
 
Item 9.01(b) 

The Unaudited Consolidated Pro Forma financial statements for the year ended December 31, 2007 giving effect to the acquisition described above begin on page F-1 attached to this report.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to the registrant’s report(s) on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 2, 2008

 
STARGOLD MINES, INC.
 
(Registrant)
 
 
 
 
By:
/s/ F. Bryson Farrill
 
 
Name: F. Bryson Farrill
   
Title: Chief Executive Officer and Director

 
STARGOLD MINES, INC.
 
PRO-FORMA CONSOLIDATED
FINANCIAL STATEMENTS
 
YEAR ENDED DECEMBER 31, 2007
 
UNAUDITED
 
CONTENTS
 
Pro-forma Consolidated Balance Sheet
F-2
   
Pro-forma Consolidated Statement of Deficit
 
   
Pro-forma Consolidated Statement of Operations and Comprehensive Loss
F-3
   
Notes to Pro-forma Consolidated Financial Statements
F-5 - F-7

F-1

STARGOLD MINES, INC.
Pro-forma Consolidated Balance Sheet
December 31, 2007
Unaudited
 
   
Stargold
Mines, Inc.
(US)
 Dec. 31,
2007
 
UniverCompany LLC
 (Russia)
Dec. 31,
2007
 
Note
4
 
Pro-forma Adjustments
 
Stargold
Mines, Inc.
(US)
Pro-forma
Dec. 31, 2007
 
Stargold
Mines, Inc
(US)
Dec. 31,
2006
  
                           
ASSETS
                                      
Current
                                      
Cash and cash equivalents
  
$
2,930
  
$
69,000
        
$
-
  
$
71,930
  
$
7,879
  
Accounts and other receivable
   
-
    
4,310,000
          
-
    
4,310,000
    
-
  
Inventory
    
-
    
13,912,000
    
(b)
 
  
3,562,000
    
17,474,000
    
-
  
Prepaid expense
    
31,229
    
44,000
          
-
    
75,229
    
-
  
Loan receivable
    
-
    
74,000
           
-
    
74,000
    
-
  
                                       
Total Current Assets
    
34,159
    
18,409,000
          
3,562,000
    
22,005,159
    
7,879
  
Property, Plant and Equipment
    
-
    
286,000
          
-
    
286,000
    
-
  
Loan Receivable
    
1,009,925
    
711,000
    
(c)
 
  
(1,009,925
)   
  
711,000
    
1,000,000
  
Investment in Subsidiary
    
-
    
-
    
(a)
 
  
1,650,000
    
-
    
-
  
 
     -    
-
    
(b)
 
  
(1,650,000
)
  
-
    
-
  
Deferred Taxes
    
-
      
512,000
           
-
    
512,000
    
-
  
                                       
Total Assets
  
$
1,044,084
  
$
19,918,000
         
$
2,552,075
  
$
23,514,159
  
$
1,007,879
  
                                       
LIABILITIES
                                      
Current
                                      
Accounts payable
 
$
80,626
  
$
407,000
        
$
-
  
$
487,626
  
$
25,282
  
Accrued liabilities
    
47,069
    
-
          
-
    
47,069
    
-
  
Loans payable
   
155,042
    
24,000
          
-
    
179,042
    
-
  
Income taxes payable
    
-
    
33,000
          
-
    
33,000
    
-
  
Advances from related party
    
-
    
-
           
-
    
-
    
240
  
                                       
Total Current Liabilities
    
282,737
    
464,000
          
-
    
746,737
    
25,522
  
Loans Payable
    
-
    
1,420,000
    
 (c)
 
  
(1,219,000
)
  
201,000
    
-
  
Trade Payable and Other Payables
    
-
    
19,946,000
           
-
    
19,946,000
    
-
  
                                       
Total Liabilities
    
282,737
    
21,830,000
           
(1,219,000
)
  
20,893,737
    
25,522
  
                                       
STOCKHOLDERS' EQUITY
                                      
Capital Stock
    
4,122
    
347
    
(a)
 
  
1,500
    
5,622
    
9,000
  
 
     -     
-
    
(b)
 
  
(347
)
  
-
    
-
  
Additional Paid-in Capital
    
1,551,698
    
-
    
(a)
 
  
1,648,500
    
3,200,198
    
1,036,000
  
Accumulated Other Comprehensive Loss
   
(209,075
)
  
(334,000
)
  
(b)
 
  
334,000
    
-
        
 
     -     
-
    
(c)
 
  
209,075
    
-
    
-
  
Deficit
   
(585,398
)
  
(1,578,347
)
  
(b)
 
  
1,578,347
    
(585,398
)
  
(62,643
)
                                       
Total Stockholders' Equity (Deficit)
    
761,347
    
(1,912,000
)
         
3,771,075
    
2,620,422
    
982,357
  
                                       
Total Liabilities and Stockholders' Equity
  
$
1,044,084
  
$
19,918,000
         
$
2,552,075
  
$
23,514,159
  
$
1,007,879
  
                                       
Deficit – Beginning of Year
  
$
(62,643
)
$
(20,000
)
      
$
20,000
  
$
(62,643
)   
$
(11,917
)
                                       
Net loss
    
(522,755
)
  
(1,558,347
)
         
1,558,347
    
(522,755
)
  
(50,726
)
                                       
Deficit – End of Year
  
$
(585,398
)
$
(1,578,347
)
 
 
  
$
1,578,347
 
$
(585,398
)
  $
(62,643
 )
 
(The accompanying notes are an integral part of these pro-forma consolidated financial statements.)

F-2
 
STARGOLD MINES, INC.
Pro-forma Consolidated Statement of Operations and Comprehensive Loss
Year Ended December 31, 2007
Unaudited
 
   
Stargold
 
UniverCompany
      
Stargold
  
Stargold
  
   
Mines, Inc.
  
LLC
      
Mines, Inc.
  
Mines, Inc.
  
   
(US)
  
(Russia)
  
Pro-forma
  
(US)
  
(US)
  
   
Dec. 31,
  
Dec. 31,
 
Adjustments
 
Pro-forma
  
Dec. 31,
  
   
2007
 
2007
 
Note 4 (b)
  
Dec. 31, 2007
  
2006
  
                       
Revenue
  
$
-
  
$
-
  
$
-
  
$
-
  
$
4,127
  
Cost of Sales
    
-
    
-
    
-
    
-
    
3,259
  
                                 
Gross Profit
    
-
    
-
    
-
    
-
    
868
  
                                 
Expenses
                                
Bad debts
    
-
    
-
    
-
    
-
    
26,915
  
Office and general
    
82,603
    
334,347
    
(334,347
)
  
82,603
    
1,097
  
Professional fees
   
340,152
    
-
    
-
    
340,152
    
29,482
  
Salary and benefits
    
80,000
    
-
    
-
    
80,000
    
-
  
Consulting fees
    
20,000
    
-
    
-
    
20,000
    
-
  
Selling and distribution costs
    
-
    
25,000
    
(25,000
)
  
-
    
-
  
                                 
Total Expenses
    
522,755
    
359,347
    
(359,347
)
  
522,755
    
57,494
  
                                 
Operating Loss
    
(522,755
)
  
(359,347
)
  
359,347
    
(522,755
)
  
(56,626
)
                                 
Other Income (Expense)
                                
Other operating income
    
-
    
340,000
    
(340,000
)
  
-
    
-
  
Debt forgiven
    
-
    
-
    
-
    
-
    
5,900
  
Interest
    
-
    
(2,051,000
)
  
2,051,000
    
-
    
-
  
 
                                
Total Other Income (Expense)
    
-
    
(1,711,000
)
  
1,711,000
    
-
    
5,900
  
                                 
Loss Before Income Taxes
    
(522,755
)
  
(2,070,347
)
  
2,070,347
    
(522,755
)
  
(50,726
)
Income taxes - recovery
    
-
    
512,000
    
(512,000
)
  
-
    
-
  
                                 
Net Loss
    
(522,755
)
  
(1,558,347
)
  
1,558,347
    
(522,755
)
  
(50,726
)
Unrealized loss on investment
    
(209,075
)
  
(334,000
)
  
543,075
    
-
    
-
  
                                 
Comprehensive Loss
  
$
(731,830
)
$
(1,892,347
)
$
1,167,925
  
$
(522,755
)  
$
(50,726
)
                                 
Net Loss per Share Basic and Diluted
  
$
(0.01
)
            
$
(0.01
)
$
(0.00
)
 
                                
Basic and Diluted Weighted Average Number of Common Shares Outstanding During the Year (note 5)
    
59,891,775
                

74,891,775
    

80,084,932
  

(The accompanying notes are an integral part of these pro-forma consolidated financial statements.)
 
F-3
 
THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

(The accompanying notes are an integral part of these pro-forma consolidated financial statements.)
 
F-4

STARGOLD MINES, INC.
Notes to Pro-forma Consolidated Financial Statements
December 31, 2007
Unaudited
 
1.
Basis of Presentation
 
These unaudited pro-forma consolidated financial statements have been prepared to give effect to the following:
 
Pursuant to the terms of the purchase agreement between Stargold Mines, Inc. ("Stargold") and the shareholder of UniverCompany LLC ("UniverCompany"), dated Nov 30, 2006, Stargold acquired all of the shares of UniverCompany on March 18, 2008. In consideration, Stargold issued to the shareholder of UniverCompany 15,000,000 shares of the Stargold's common stock for a total value of $1,650,000.
 
The unaudited pro-forma consolidated financial statements are based on the balance sheets of the following:
 
 
a)
Stargold as of December 31, 2007 (audited) and December 31, 2006 (audited).
 
 
b)
UniverCompany as of December 31, 2007 (audited).
 
The unaudited pro-forma consolidated financial statements include the statement of operations and comprehensive loss and statement of deficit for the following:
 
 
a)
Stargold for the year ended December 31, 2007 (audited) and for the year ended December 31, 2006 (audited).
 
 
b)
UniverCompany for the year ended December 31, 2007 (audited).
 
The unaudited pro-forma consolidated financial statements are not necessarily indicative of the actual results that would have occurred had the proposed transaction occurred on the date indicated and are not necessarily indicative of future earnings or financial position.
 
2.
Significant Accounting Policies
 
The unaudited pro-forma consolidated financial statements have been compiled using the significant accounting policies as set out in the financial statements of Stargold for the year ended December 31, 2007.
 
The unaudited pro-forma consolidated financial statements should be read in conjunction with the audited financial statements of Stargold and UniverCompany, including the notes thereto, for the year ended December 31, 2007.
 
F-5

STARGOLD MINES, INC.
Notes to Pro-forma Consolidated Financial Statements
December 31, 2007
Unaudited
 
3.
Acquisition of UniverCompany
 
The acquisition of UniverCompany was effected by means of a share exchange pursuant to which UniverCompany exchanged all of its common shares for 15,000,000 common shares of Stargold. Upon completion of the acquisition, Stargold had 56,219,311 issued and outstanding common shares on an undiluted basis, 41,219,311 (73.3%) held by the incumbent Stargold shareholders and 15,000,000 (26.7%) held by former shareholder of UniverCompany.
 
In the preparation of these unaudited pro-forma consolidated financial statements, Stargold is considered the acquirer for accounting purposes. The purchase consideration has been allocated to the fair value of identifiable assets and liabilities acquired. The fair values assumed are based on management's best estimates after taking into account the relevant information available at the time the acquisition took place.
 
The total aggregate consideration amounts to $1,650,000 and is based on the fair value of Stargold's share price on March 18, 2008, the date of the acquisition of UniverCompany.
 
The fair value of UniverCompany's assets and liabilities acquired, based on consideration paid, is set out below:

Description
  
Amount
  
       
Cash and cash equivalents
  
$
69,000
  
Accounts and other receivable
    
4,310,000
  
Inventory
    
17,474,000
  
Prepaid expense
    
44,000
  
Loan receivable
    
785,000
  
Property, plant and equipment
    
286,000
  
Deferred taxes
    
512,000
  
Accounts payable
    
(407,000
)
Income taxes payable
    
(33,000
)
Loans payable
    
(1,444,000
)
Trade payable and other payables
    
(19,946,000
)
         
   
$
1,650,000
  
         
Fair value of Stargold shares issued
  
$
1,650,000
  
 
F-6
 
4.
Pro-forma Assumptions and Adjustments
 
The unaudited pro-forma consolidated financial statements include the following adjustments:
 
 
a)
To record the issuance of common shares by Stargold for the acquisition of UniverCompany.
 
 
b)
To eliminate the pre-acquisition stockholders' deficit of UniverCompany at December 31, 2007 as Stargold is the acquirer. The acquisition of UniverCompany by Stargold was accounted for by the purchase method, with the net assets of UniverCompany brought forward at their fair value basis, based on the assumption that the increase in fair value was attributable to inventory.
 
 
c)
To eliminate the loan balances between Stargold and UniverCompany at December 31, 2007.
 
5.
Shares Outstanding
 
   
Year Ended
  
   
December 31,
  
   
2007
  
Basic and diluted:
      
       
Weighted average Stargold shares outstanding during the year
  
$
59,891,775
  
Number of Stargold shares issued to acquire UniverCompany
    
15,000,000
  
         
Pro-forma basic and diluted weighted average shares outstanding
  
$
74,891,775
  
 
F-7