17 July 2017listing compliance notice▼ BadMajor
Borneo Resource Investments Ltd. 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.
23 Dec 2013material agreement▲ GoodMajor
Borneo restructured what it owed for Talawaan, the gold property bought in June 2013: the balance falls by $2,500,000, from $4,650,000 to $2,150,000, in exchange for 100,000 Borneo shares and a non-interest-bearing promissory note. This resolves part of the debt from the June purchase but issues new shares to the seller, which dilutes existing holders. The company's press release says that, on a pro forma basis, the restructuring would have turned a $595,052 stockholders' deficit at September 30, 2013 into $1.9 million of equity.
14 June 2013asset acquisition disposition● NeutralMajor
Borneo agreed to buy 90% of PT Puncak Kalabat (45,000 shares) through its CEO Nils Ollquist for about US$4,500. Ollquist holds the shares for the company until Indonesian investment board (BKPM) approval, then sells them to the company for $4,500. The company replaced the March agreements with new ones with the property owner, Sanding Longdong. Talawaan (the 50-hectare property) carries a $4,895,000 payable and Ratatotok a $1,995,000 payable, with $2,500,000 and $450,000 due by June 30 and the balances due December 31, 2013. Grace Sarendatu, who sold shares in the deal and has long served as the company's lawyer, was also elected a director. Note that the CEO and a director were counterparties to the share sale.
28 Mar 2013material agreement● NeutralMajor
Borneo signed a second purchase agreement with PT Puncak Kalabat, for a 30-hectare property at Ratatotok in Southeast Minahasa, for $2,000,000: $5,000 at signing, $45,000 by April 30, $450,000 by June 30 and $1,500,000 by December 31, 2013. The press release says the property has no mining operations and that the company is in advanced talks on financing, which it has not yet announced. This adds to the earlier gold property commitment.
11 Mar 2013material agreement● NeutralMajor
Borneo replaced the February option with a purchase agreement with PT Puncak Kalabat for the same gold property, still $5,000,000 in total but on a new schedule: $55,000 at signing, $50,000 by March 31, $395,000 by April 30, $2,500,000 by June 30 and $2,000,000 by December 31, 2013. The press release also says the CEO lent the company $250,000 on an unsecured five-year note at 5%.
8 Feb 2013material agreement● NeutralMajor
Borneo signed an option agreement with PT Puncak Kalbat to buy a gold-producing property in North Minahasa, North Sulawesi, for a total of $5,000,000: $5,000 on signing, $495,000 by end of February 2013 and $4,500,000 before the end of 2013. This is the company's first gold asset; its earlier assets in the context were coal concessions and options. The press release says the company has not determined the amount of gold reserves and that production figures come from the current owner.