14 Nov 2019listing compliance notice▼ BadMajor
AMERICAN LITHIUM MINERALS, 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.
11 June 2012material agreement termination▼ BadMajor
Trivest Pty Ltd walked away from its $9.5 million binding offer to buy the company's 60% interest in the Borate Hills project, ending a sale that could have been transformative for the cash-strapped company.
27 Mar 2012material agreement● Neutral
Refiled the restated BG Capital agreement disclosure with a formatting correction; no change in terms.
26 Mar 2012material agreement▼ BadMajor
Restated the BG Capital financing on tougher terms: the conversion price was fixed at just $0.05/share (versus the prior 50%-of-market formula) and BG Capital's designee, Craig Thomas, held a board seat - a related-party lender now with direct board influence, and a further sign of financial distress.
29 Sept 2011capital raising announcement● Neutral
Issued about 452,000 shares to a consultant for investor-relations and publicity work during 2011.
26 Aug 2011material agreement▼ BadMajor
Lined up up to $2 million in convertible debenture financing from BG Capital Group (via designee Look Back Investments), at a steep 50%-of-market conversion discount and 11% interest - an expensive, dilutive financing structure signaling real cash strain, secured against the Borate Hills property.
11 May 2011capital raising announcement▼ Bad
Cut the share compensation owed to CEO and chairman Hugh Aird and consultants Judith Baker and Stephen Cook from 2,000,000 to 1,475,000 shares each, giving the reason as the company's authorised capital restrictions rather than any change in pay policy, and issued each of them the remaining 875,000 shares the same day.
14 Apr 2011capital raising announcement● NeutralMajor
Took on a further $350,000-plus-$150,000 secured convertible note from the same 2245393 Ontario investor, conditioned on raising at least $100,000 more elsewhere and filing an NI 43-101 report by July 2011, and amended the terms of the 2010 note from the same lender.
1 Apr 2011capital raising announcement● Neutral
Issued 6 million shares (2 million each) to CEO Hugh Aird and consultants Judith Baker and Steven Cook as payment for a year of management consulting services.
8 Sept 2010material agreement● NeutralMajor
Took on up to $750,000 in secured convertible note financing from Ontario investor 2245393 Ontario, Inc. ($500,000 advanced initially), secured against the company's assets.
15 June 2010material agreement▲ GoodMajor
Signed a memorandum of agreement giving Japan Oil, Gas and Metals National Corporation (JOGMEC) - a Japanese government-backed resource company - an option to earn up to a 40% interest in the North and South Borate Hills project for $4 million invested over three years, a major strategic validation for the young company.
18 Mar 2010capital raising announcement● Neutral
Granted CEO Hugh Aird options on 325,000 shares at $0.85.
What it means for a shareholder
325,000 new shares at US$0.850 to raise about US$276,250. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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12 Feb 2010asset acquisition disposition▲ GoodMajor
Bought the Borate Hills property and related Nevada/Utah mining claims from Robert and Barbra Craig, Elizabeth Dickman and Nevada Alaska Mining Co. for a combined $80,000, 1.7 million shares and 2% royalties - the deposit that becomes the company's main asset for the next several years.
15 Jan 2010material agreement● Neutral
Accelerated vesting on 2.55 million in stock options for four directors, officers and consultants.
14 Jan 2010material agreement▲ GoodMajor
Under new President and CEO Hugh Aird, agreed to acquire five grassroots brine exploration projects in Nevada from Gold Summit Corporation, broadening the company beyond its original GeoXplor claims.
7 Oct 2009capital raising announcement▲ Good
Raised $999,999 in a private placement (740,740 units at $1.35) with three non-US investors, funding the new lithium exploration program.
What it means for a shareholder
740,740 new shares at US$1.35 to raise about US$999,999. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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10 Aug 2009asset acquisition disposition▲ GoodMajor
Filed the extended disclosure required once the GeoXplor lithium property acquisition made the company a real operating business rather than a shell.
18 June 2009asset acquisition disposition● Neutral
Filed the definitive property purchase agreement with GeoXplor and confirmed the option's closing, restating the same payment terms already disclosed.
16 June 2009asset acquisition disposition▲ GoodMajor
Closed the GeoXplor option on a related 88-claim block (Montezuma Mineral claims) in the same Esmeralda County area, on essentially the same $363,500-plus-shares-plus-royalty terms - moving the lithium property deal from letter agreement to executed option.
6 May 2009material agreement▲ GoodMajor
Renamed from Nugget Resources to American Lithium Minerals and entered a letter agreement with GeoXplor Corp for an option to acquire 100 unpatented mining claims in Esmeralda County, Nevada (near Tonopah) - the company's entry into lithium exploration. The option required $370,000 over four years, 750,000 shares, a $2 million exploration commitment, and a 3% royalty on any lithium carbonate production.
20 June 2008capital raising announcement● Neutral
As Nugget Resources Inc., sold 1.5 million shares to its president Matthew Markin for $1,500, a token amount for working capital before the company's later lithium pivot.
23 Nov 2007auditor change● Neutral
As Nugget Resources Inc., dismissed auditor James Stafford; the cached filing text doesn't name a replacement or disclose any accounting disagreement.