Each one in plain English, with the numbers worked through for a shareholder.
20 June 2018material agreement termination● NeutralMajor
On June 19, 2018, AuraSource ended its 2012 mineral reserve, ore purchase and North American precious-metals licence agreements with Gulf Coast Holdings, Gulf Coast Mining Group and Hong Kong Minerals Holdings (HKM, a holder of over 10% of the voting rights). AuraSource will receive 20,000 tons of Iron Duke ore, which it must collect and transport at its own cost within 270 days or lose; the $363,077.89 net amount owed to it (its deposits less amounts it owed) is forgiven, and the 16 million Mineral Deposit Shares are cancelled.
On April 4, 2014 the company dismissed its auditor Goldman Kurland and Mohidin, LLP and hired TAAD, LLP. The auditor's reports for fiscal 2013 and 2012 carried a going-concern explanatory paragraph, and the filing reports no disagreements.
On September 30, 2010 the company sold 400,000 shares in a private placement for $500,000, for working capital and an AuraCoal plant in the Gulf of Tonkin area producing coal-water slurry for industrial boilers. This follows the October 2009 raise and further dilutes existing holders.
What it means for a shareholder
400,000 new shares at about $1.25 to raise about $500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
26 Oct 2009capital raising announcement● NeutralMajor
On October 22, 2009 the company sold 5,287,324 shares in a private placement for gross proceeds of $2,643,662, to fund working capital and a pilot plant in the Gulf of Tonkin Economic and Development Area for a process turning oil shale, asphalt shale and low-ranking coal into clean fuel products. It paid Source Capital Group a $264,366 commission and will issue it 528,732 three-year warrants. New shares dilute existing holders.
What it means for a shareholder
5.3m new shares at about $0.500 to raise about $2.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On July 10, 2009 the company hired Sanicus, LLC on a non-exclusive basis to find buyers for its products and help set up a US test facility for AuraCoal. Sanicus earns a success fee on revenue collected, and received 1,725,000 warrants vesting over three years and expiring December 31, 2012, exercisable only to the extent the fee has been earned.
17 June 2009material agreement termination● NeutralMajor
On June 11, 2009 the company agreed to hand all its mineral exploration assets, including its Mongolian subsidiary AuraSourse LLC, to majority stockholder Mongsource USA, LLC in exchange for forgiveness of a revolving note under which about $475,000 had been advanced. A separate Mongolia license transfer from Mongsource had not met its conditions. The company says it will focus on clean energy technology, including the AuraCoal process to remove SO2 and ash from coal before burning.
13 May 2009material agreement termination● NeutralMajor
Both Guinea license agreements with GCI ended effective May 9, 2009 because GCI did not meet the conditions. The 30,000,000 shares were never issued, so the dilution described in the 2008 filings will not happen.
A second agreement with GCI (September 21, 2008) adds three Guinea exploration licenses for 20,000,000 more escrowed shares, on the same conditions and December 31, 2008 deadline. If both deals complete, GCI would hold 30,000,000 shares, about 37% of 80,300,000 outstanding.
Now named AuraSource, Inc., the company agreed on September 10, 2008 to receive one mineral exploration license in Guinea from Société Guinea Consultant International (GCI) for 10,000,000 shares, held in escrow until conditions are met. If completed, GCI would own about 17% of 60,300,000 shares; the agreement ends if conditions are unmet by December 31, 2008.
The company dismissed its auditor Turner Stone & Company and hired Goldman Parks Kurland Mohidin, LLP (effective July 14, 2008). Turner Stone's reports for fiscal 2008 and 2007 included a going-concern doubt, and the filing reports no disagreements with the auditor.
Notice of an expected change of control: on May 20, 2008 the company agreed to sell 19,426,500 new shares to Mongsource USA, LLC for $200,000 ($0.0103 per share), closing by July 31, 2008. Shares outstanding would rise from 573,500 to 20,000,000, and directors Gilluly and White would be replaced by Philip Liu, Lawrence Kohler and Eric Stoppenhagen. The filing says the company has limited operations and little or no trading in its stock. The Dental Spas deal is not mentioned in the text provided (inference: it did not proceed).
Director Michael McGhee resigned and Chancey White replaced him. On February 23, 2006 the company signed a non-binding letter of intent with Dental Spas LLC for a reverse merger in which Dental Spas members would receive about 96% of the company's stock. It depends on Dental Spas buying 17 dental spas and some distribution rights from BriteSmile, Inc., and on $27 million of funding; definitive agreements were expected in Q2 2006, with no assurance of closing.
21 July 2003asset acquisition disposition● NeutralMajor
The company (then named Wolfstone Corporation, now Mobile Nation, Inc.) issued 4,000,000 shares to Mobile Nation, Inc. under a June 16, 2003 acquisition agreement, giving Mobile Nation's shareholders about 97% of the stock and control. Mobile Nation plans wireless broadband services starting in Las Vegas; the old management resigned and a new slate was appointed. The earlier FreeGolfStats.com deal was terminated in May 2003, though its reverse split stayed. Financial statements for the acquisition were promised in a later amendment.
