History
A small Nevada-registered explorer tried a Philippine mining stake and a coal sales deal, saw the mining deal cancelled, turned to convertible financing in 2017, and deregistered in 2018.
2014-2015: Control and a Philippine mining deal
Aim Exploration Inc. began the record as a small company reporting no revenue and only small quarterly losses, with several late filings. Its shares on issue rose from 50,000,000 at the end of 2012 to 83,750,000 by the end of 2014.
On September 3, 2014, Aim issued 100,000 Series A Preferred shares to director Guil Rivera for services. They carried 67% of the voting power, could not be converted into common stock, and ranked equally with common stock if the company were wound up. That handed Rivera control of the vote.
On October 15, 2014, Aim agreed to buy 40% of Paladino Mining and Development Corp., which owned 648 hectares in Ilocos Norte, Philippines. Aim would issue 5 million common shares, held in escrow, pay 540,000 Philippine Pesos, and hand over its 40% stake in the Raval Mining Claim.
In August 2015, Prina Energy Private Limited sent a non-binding letter of intent to buy 500,000 metric tons of anthracite coal a year. Aim said it intended to accept, but price and term were still being negotiated.
2016-2018: Cancellation, convertible funding and exit
On August 3, 2016, Aim and Paladino agreed to cancel the acquisition, each returning any shares held in the other. No binding Prina agreement was ever reported as signed.
On September 11, 2017, Aim signed an equity line with L2 Capital, allowing it to sell up to $5,000,000 of stock at 75% of a low market price through September 2020, with no obligation to sell. L2 also received a $150,000 commitment note, a $222,222 note of which $60,000 had been funded, and a warrant for 9,258,535 shares. Both notes could convert into shares at 60% of the lowest recent trading price if Aim defaulted, which could dilute existing holders.
On November 28, 2018, Aim deregistered its securities, ending its duty to file reports with the SEC.
Written from the 6 story beats below (2014 to 28 Nov 2018), which come from the company's own announcements and filings.