History
American Uranium Corp raised $6 million in 2007 to chase a Wyoming uranium earn-in, then ran short of money, cut back activity, and deregistered from the SEC in 2009.
2007: A shell finds a uranium project
On April 19, 2007, Mir Huculak sold his 250,000,000 shares to Robert Rich for US$50,000. That gave Rich 90.4% of the 276,487,500 shares outstanding and amounted to a change in control. Rich became President, Secretary, Treasurer and a director.
Within weeks the company had its first property deal. On May 12, 2007 it signed a non-binding letter of intent with Strathmore Resources (US) Ltd. for an option to earn 60% of the Pinetree-Reno Creek uranium properties in Campbell County, Wyoming. It became a formal agreement effective August 20, 2007, covering about 16,000 acres. The company issued 6,000,000 shares to Strathmore and agreed to spend $33 million over 6 years. It would earn 22.5% after spending $5 million, while Strathmore operated the project until the 60% was earned.
To fund this, the company closed a private placement on September 4, 2007: 8,086,829 units at US$0.75, raising US$6,065,125. Each unit carried one share and a half warrant, a right to buy more shares at $1.25 until August 23, 2009. Existing holders were diluted.
2008: Cutbacks and a second project
The record is quiet for the first part of 2008. By September the company had advanced over $1.7 million to the Pinetree-Reno Creek venture, and its board curtailed project activity on July 30, 2008.
On September 18, 2008 the company signed a one-year lease and option with Nu Star Exploration LLC over mineral properties in Arizona. It paid US$119,550 in cash and issued 150,943 shares at $0.53.
Four days later it said it would pay a 12% cash refund to investors in the 2007 placement, because a share registration had not been completed within the six months their terms required. The company said this hurt its ability to meet next year's commitments. It said it needed substantial funding and was exploring alternatives to preserve the company and its projects.
2008-2009: A $0.10 placement and exit
On December 17, 2008 the company agreed to sell 1,000,000 shares at $0.10 each to Odysseus III LLC, raising $100,000 meant for the costs of listing on the Canadian National Stock Exchange. The shares were issued on December 29. This was far below the $0.75 paid in 2007.
A January 13, 2009 amended report said Odysseus held 49.8% of the shares outstanding, and that on January 6 it agreed for one year to vote as Rich directed. That percentage implies only about 2 million shares outstanding, far fewer than the earlier 276 million, but the filings do not explain the drop.
On November 25, 2009 the company deregistered its securities, ending its obligation to file reports with the SEC. As of the latest record, the Canadian listing and the earn-in commitments were not shown as resolved.
Written from the 9 story beats below (2007 to 25 Nov 2009), which come from the company's own announcements and filings.