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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>UNITED STATES<BR>SECURITIES AND EXCHANGE
COMMISSION <BR><U>Washington, D.C. 20549 </U></B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K</B> </FONT></P>

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<A NAME=A004></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CURRENT REPORT

<BR>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</B> </FONT></P>

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<A NAME=A005></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>Date of Report: December 27, 2007</B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Golden Eagle
International, Inc.</B>  </FONT></P>

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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact Name of Registrant as
Specified in its Charter) </FONT></P>


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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=38% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Colorado</B></U></FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>0-23726</B></U></FONT></TD>
     <TD WIDTH=32% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>84-1116515</B></U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or Other</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(I.R.S. Employer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jurisdiction of</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File Number)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Incorporation)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No.)</FONT></TD></TR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>9661 South 700 East, Salt Lake City, Utah 84070</B> </U><BR>(Address of Principal
Executive Offices) (Zip Code) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>(801) 619-9320</B> </U><BR>(Registrant&#146;s
Telephone Number, Including Area Code) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Not applicable</B></U>  <BR>(Former Name or Former
Address, If Changed Since Last Report.) </FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section 3 &#151;
Securities Trading Markets </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Item 3.02 Unregistered
Sales of Equity Securities</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On December 27, 2007, the holders of
3,210,042 of our Series B Contingent Convertible Preferred Shares, who had previously been
qualified as accredited investors, converted those shares into 802,510,500 shares of our
restricted common stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On December 27, 2007 we issued 5
million shares of our restricted common stock to Sabrina Martinez, an accredited investor
and our Director of Investor and Public Relations, as part of a severance package in
gratitude for her loyal and committed service to our Company over the course of the past
11 years. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of the conversions from
our Series B Contingent Convertible Preferred Shares, and the issuance of shares to our
employee as indicated above, as of December 27, 2007 our total number of common shares
outstanding was: 1,602,510,490. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following sets forth the
information required by Item 701 in connection with these transactions: &nbsp; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The creation of our Series B Contingent Convertible Proffered Shares was authorized by our
Board of Directors on December 29, 2006 and disclosed in Current Reports filed on Forms
8-K and 8-K/A on January 8, 2007 and January 19, 2007 respectively. Those same Current
Reports reported on sales of Series B preferred shares, as did Current Reports on Form 8-K
filed on February 14, 2007 and July 5, 2007. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      There was no placement
agent or underwriter for any of these transactions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The total offering price was $3,210,042 for the Series B preferred shares and $50,000 for
the severance package given to our employee.&nbsp; No underwriting discounts or
commissions were paid. &nbsp;  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We
relied on the exemption from registration provided by Section 3(a)(10) under the
Securities Act of 1933 (the &#147;Securities Act&#148;) for the conversion of the Series
B shares and on Sections 4(2) and 4(6) under the Securities Act for the issuance of
shares to our employee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We did not engage in any public
advertising or general solicitation in connection with any of these transactions. We
provided the accredited investors with disclosure of all aspects of our business,
including providing the accredited investors with our reports filed with the Securities
and Exchange Commission, our press releases, access to our auditors, and other financial,
business, and corporate information.&nbsp; Based on our investigation, we believe that
these accredited investors obtained all information regarding Golden Eagle International,
Inc. they requested, received answers to all questions they posed, and otherwise
understood the risks of accepting our securities for investment purposes.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
restricted common stock is not convertible or exchangeable.&nbsp; We have no registration
obligation with respect to the shares of restricted common stock issued. &nbsp; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We
did not receive any proceeds as a result of the conversion of the Series B preferred
shares or the issuance of restricted common stock to our employee.  </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Item 3.03 Material
Modification to Rights of Security Holders</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the conversion of the Series B preferred shares, there are significantly fewer
outstanding shares of capital stock with a liquidation preference or other preferences
senior to our shares of outstanding common stock. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized, on the
31<SUP>st</SUP> day of December, 2007. </FONT></P>






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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Golden
Eagle International, Inc.</B><BR><BR>
<BR>By: /s/ Terry C. Turner  <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
 Terry C. Turner  <BR>President and Chief Executive Officer</FONT></TD>
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{"company-data": {"conformed-name": "GOLDEN EAGLE INTERNATIONAL INC", "cik": "0000869531", "assigned-sic": "1000", "irs-number": "841116515", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23726", "film-number": "071334081"}, "business-address": {"street1": "9661 SOUTH 700 EAST", "city": "SALT LAKE CITY", "state": "UT", "zip": "84070", "phone": "8016199320"}, "mail-address": {"street1": "9661 SOUTH 700 EAST", "city": "SALT LAKE CITY", "state": "UT", "zip": "84070"}, "former-company": {"former-conformed-name": "BENEFICIAL CAPITAL FINANCIAL SERVICES CORP", "date-changed": "19940329"}}
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: December 27, 2007
Golden Eagle
International, Inc.
(Exact Name of Registrant as
Specified in its Charter)
Colorado
0-23726
84-1116515
(State or Other
(Commission
(I.R.S. Employer
Jurisdiction of
File Number)
Identification
Incorporation)
No.)
9661 South 700 East, Salt Lake City, Utah 84070
(Address of Principal
Executive Offices) (Zip Code)
(801) 619-9320
(Registrant's
Telephone Number, Including Area Code)
Not applicable
(Former Name or Former
Address, If Changed Since Last Report.)
Section 3 —
Securities Trading Markets
Item 3.02 Unregistered
Sales of Equity Securities
On December 27, 2007, the holders of
3,210,042 of our Series B Contingent Convertible Preferred Shares, who had previously been
qualified as accredited investors, converted those shares into 802,510,500 shares of our
restricted common stock.
On December 27, 2007 we issued 5
million shares of our restricted common stock to Sabrina Martinez, an accredited investor
and our Director of Investor and Public Relations, as part of a severance package in
gratitude for her loyal and committed service to our Company over the course of the past
11 years.
As a result of the conversions from
our Series B Contingent Convertible Preferred Shares, and the issuance of shares to our
employee as indicated above, as of December 27, 2007 our total number of common shares
outstanding was: 1,602,510,490.
The following sets forth the
information required by Item 701 in connection with these transactions:
(a)       
The creation of our Series B Contingent Convertible Proffered Shares was authorized by our
Board of Directors on December 29, 2006 and disclosed in Current Reports filed on Forms
8-K and 8-K/A on January 8, 2007 and January 19, 2007 respectively. Those same Current
Reports reported on sales of Series B preferred shares, as did Current Reports on Form 8-K
filed on February 14, 2007 and July 5, 2007.
(b)               There was no placement
agent or underwriter for any of these transactions.
(c)       
The total offering price was $3,210,042 for the Series B preferred shares and $50,000 for
the severance package given to our employee.  No underwriting discounts or
commissions were paid.
(d)        We
relied on the exemption from registration provided by Section 3(a)(10) under the
Securities Act of 1933 (the "Securities Act") for the conversion of the Series
B shares and on Sections 4(2) and 4(6) under the Securities Act for the issuance of
shares to our employee.
We did not engage in any public
advertising or general solicitation in connection with any of these transactions. We
provided the accredited investors with disclosure of all aspects of our business,
including providing the accredited investors with our reports filed with the Securities
and Exchange Commission, our press releases, access to our auditors, and other financial,
business, and corporate information.  Based on our investigation, we believe that
these accredited investors obtained all information regarding Golden Eagle International,
Inc. they requested, received answers to all questions they posed, and otherwise
understood the risks of accepting our securities for investment purposes.
(e)       Our
restricted common stock is not convertible or exchangeable.  We have no registration
obligation with respect to the shares of restricted common stock issued.
(f)        We
did not receive any proceeds as a result of the conversion of the Series B preferred
shares or the issuance of restricted common stock to our employee.
Item 3.03 Material
Modification to Rights of Security Holders
As
a result of the conversion of the Series B preferred shares, there are significantly fewer
outstanding shares of capital stock with a liquidation preference or other preferences
senior to our shares of outstanding common stock.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized, on the
31
st
day of December, 2007.
Golden
Eagle International, Inc.
By: /s/ Terry C. Turner
——————————————
Terry C. Turner
President and Chief Executive Officer