Past year: ▼ 29%(4.00c – 16.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2006material agreement● NeutralMajor
On December 1, 2006, Citadel bought $8.5 million of 10% senior notes due January 12, 2007, as a bridge to the larger $28 million convertible note financing. The notes are secured by about 79% of the company's shares (14,917,000 pledged by Ms. Yu Xiao Jing and 1,870,000 by Mr. Xu Xue Ming); the full financing is still subject to due diligence and definitive agreements.
22 Nov 2006material agreement● NeutralMajor
Now named China Shen Zhou Mining & Resources, the company announced a term sheet for a US$28.0 million financing from Citadel Equity Fund, via senior secured convertible notes due 2012 with a 6.75% cash coupon, convertible at $3.20 per share, subject to due diligence by December 10, 2006. Proceeds are intended for buying a Kyrgyzstan copper and gold mine from Kichi Chaarat (expected cost about $10 million), capital spending in China, and working capital. Conversion into shares could dilute existing holders. (The filing's text also gives a maturity date of December 10, 2006, which appears inconsistent with 2012 notes.)
18 Sept 2006business combination● NeutralMajor
The deal with American Federal Mining Group closed on September 15, 2006: the company issued 20,000,000 shares for 100% of AFMG, which holds Chinese mining subsidiaries (Qianzhen, Xiangzhen, Tianzhen). This resolves the July agreement; AFMG holders now own about 94% and the original shareholders (1,297,700 shares) about 6%, and the former officers and directors resigned. The company is now a holding company for fluorite, copper, zinc and lead operations in Inner Mongolia and Xinjiang, with mining rights for the Beiaobaotu fluorite mine not being extended past November 2006.
20 July 2006material agreement● NeutralMajor
Earth Products & Technologies signed an agreement on July 14, 2006 to issue 20,000,000 shares (about 93.9% of its diluted shares) for all of American Federal Mining Group, an Illinois holding company with Chinese mining subsidiaries (fluorite, zinc, lead, copper). If completed, existing shareholders would hold about 6% and management would be replaced; completion was expected by July 31, 2006 but subject to conditions, and the filing says there is no assurance it will close.
13 Feb 2004auditor change● Neutral
The company, then named Earth Products & Technologies, Inc., said its auditor Chisholm & Associates merged into Chisholm, Bierwolf & Nilson, LLC on February 9, 2004, and the board approved the change. The earlier audit reports for 2002 and 2001 carried a going-concern warning (doubt about the company's ability to continue), and the filing reports no disagreements with the auditor.
