28 Nov 2018listing compliance notice▼ BadMajor
Aim Exploration Inc. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2017capital raising announcement▼ BadMajor
On September 11, 2017 Aim signed an equity line with L2 Capital letting it sell up to $5,000,000 of common stock at 75% of a low market price through September 2020, with no obligation to sell. It also issued L2 an $150,000 commitment note and a $222,222 note (of which $60,000 was funded in two tranches) plus a warrant for 9,258,535 shares. Both notes can convert into common stock at 60% of the lowest recent trading price if the company defaults, so these terms could dilute existing shareholders.
17 Jan 2017auditor change● Neutral
On January 12, 2017 Aim dismissed Anton & Chia and hired BF Borgers CPA PC as its auditor. The filing reports no disagreements; the 2015 and 2016 financial statements carried going-concern qualifications. This is the third auditor in about two and a half years.
8 Aug 2016material agreement termination▼ BadMajor
On August 3, 2016 Aim and Paladino Mining agreed to cancel the October 2014 acquisition agreement, with each side returning any shares it holds in the other. This reverses the 40% Paladino deal from 2014.
27 Aug 2015debt financing▲ GoodMajor
Aim received a non-binding letter of intent from Prina Energy Private Limited on August 7, 2015 to buy 500,000 metric tons of anthracite coal a year, and told Prina on August 10 it intended to accept. Price and contract period are still being negotiated and a binding agreement has not been signed, so nothing is committed yet. The filing is not a debt financing despite its category; it describes a possible coal sales deal.
27 Aug 2015auditor change● Neutral
On August 13, 2015 Aim dismissed auditor David A. Aronson and hired Anton & Chia LLC. The filing reports no disagreements; Aronson's reports on the 2013 and 2014 financial statements carried going-concern qualifications. This is the second auditor change in under a year.
11 Dec 2014auditor change● Neutral
On December 4, 2014 Aim dismissed its auditor M&K CPAs and hired David A. Aronson, C.P.A., P.A. The filing reports no disagreements; M&K's report on the year ended August 31, 2013 included a going-concern qualification.
20 Oct 2014capital raising announcement● NeutralMajor
On October 15, 2014 Aim agreed to acquire 40% of Paladino Mining and Development Corp., which owns 648 hectares in Ilocos Norte, Philippines (feldspar, silica, limestone). In exchange Aim will issue 5 million common shares (held in escrow until conditions are met), pay 540,000 Philippine Pesos, and transfer its 40% stake in the Raval Mining Claim to Paladino.
4 Sept 2014capital raising announcement▼ BadMajor
On September 3, 2014 Aim Exploration issued 100,000 Series A Preferred shares to director Guil Rivera for services. These shares carry 67% of the voting power on shareholder matters, are not convertible into common stock, and rank equally with common stock on liquidation, so Rivera now controls 67% of the vote (a change in control) while ordinary shareholders hold the remainder.