16 Mar 2011quarterly activities report▼ Bad
Cibolan Gold Corp reported quarterly revenue of $0 and a net loss of $210 thousand for the period ended 2011-01-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Mar 2011capital raising announcement▼ Bad
On March 8, 2011 the company sold 3,210,790 units at $0.04 to $0.0475 for $134,400 to nine U.S. subscribers, each unit being one share plus one warrant at $0.075 for twelve months. It also issued 1,650,000 shares worth $69,400 to three contractors for services. The press release gives different figures ($136,400 at '$0.42' per unit, 3,860,000 shares worth $167,400 for services and accounts payable), so the filing is internally inconsistent. The press release says proceeds go to permitting and metallurgical work at Independence, and the raise adds to the dilution seen in the December 2010 placement.
5 Jan 2011capital raising announcement● NeutralMajor
On December 29, 2010 the company sold 7,325,000 units at $0.04 for $293,000 to six U.S. subscribers. Each unit has one share and one warrant exercisable for 12 months at $0.075. This is the largest cash raise in this batch and it dilutes existing holders. The filing is signed by Daniel Forbush as CEO, CFO and director.
What it means for a shareholder
7.3m new shares at $0.040 to raise about $293,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Dec 2010quarterly activities report▼ Bad
Cibolan Gold Corp reported quarterly revenue of $0 and a net loss of $154 thousand for the period ended 2010-10-31.
16 Dec 2010late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its quarterly report would be filed late.
5 Nov 2010material agreement● Neutral
On September 3, 2010 the company signed an employment agreement with Paul Wang, its independent director, to serve as president, at $6,667 per month. This replaces Stephen Parent as president, which the filing itself does not say (inference from the prior president role). Parent's status is not given.
21 Sept 2010quarterly activities report▼ Bad
Cibolan Gold Corp reported a quarterly net loss of $172 thousand for the period ended 2010-07-31.
15 Sept 2010late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its quarterly report would be filed late.
3 Sept 2010capital raising announcement▼ Bad
On August 17, 2010 the company sold 1,500,000 units at $0.035 for $52,500 to one U.S. subscriber. Each unit has one share and two warrants exercisable for 24 months at $0.07. More shares and warrants add to dilution.
What it means for a shareholder
1.5m new shares at $0.035 to raise about $52,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 July 2010late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its annual report would be filed late.
22 Mar 2010quarterly activities report▼ Bad
Cibolan Gold Corp reported quarterly revenue of $0 and a net loss of $172 thousand for the period ended 2010-01-31.
18 Mar 2010late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its quarterly report would be filed late.
16 Dec 2009late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its quarterly report would be filed late.
4 Nov 2009securities registration● Neutral
Cibolan Gold Corp filed notice of an exempt private placement.
15 Sept 2009late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its quarterly report would be filed late.
26 Aug 2009financial restatement▼ BadMajor
This amendment widens the restatement to include the 10-K for the year ended April 30, 2008, with the effect shown in footnote 3 of the April 30, 2009 10-K filed August 13, 2009. It says internal controls and disclosure controls were not effective for these periods. Amended 10-Q for July 31, 2008 is expected within two weeks and the October 2008 and January 2009 quarters before the end of September. The company cites very limited staff as the reason the analysis is incomplete.
7 Aug 2009financial restatement▼ BadMajor
On August 4, 2009 the board's audit committee concluded the quarterly reports for the periods ended July 31, 2008, October 31, 2008 and January 31, 2009 can no longer be relied on. Errors found: acquisition costs for two mineral properties were wrongly valued (both acquired before April 30, 2008), the gain on the October 31, 2008 property sale was wrongly deferred and should have been recognised, and $31,335 of warrants was wrongly expensed. The company plans to amend the 10-Qs after the April 30, 2009 audit is filed.
7 Aug 2009asset acquisition disposition● NeutralMajor
On July 29, 2009 the company agreed final terms with Sunergy Inc. for the Nyinahin sale. The $237,500 still owed, which had been due April 30, 2009, is settled by 2,000,000 restricted Sunergy shares. The filing says total share and cash consideration is $1,012,500. This resolves the open Sunergy payment thread, with the last payment taken in shares rather than cash. The filing does not mention the 5% net smelter return, so whether it was kept is not stated.
6 Aug 2009capital raising announcement● Neutral
This amendment corrects the per-share prices in the June-July 2009 share sales. For example $0.005 becomes $0.05, $0.004 becomes $0.04 on three issues, and $0.035 on one issue is retained. The share counts and dollar proceeds are unchanged.
4 Aug 2009capital raising announcement▼ Bad
This lists small share sales from June 16 to July 15, 2009, mostly to one offshore subscriber each, raising amounts from $4,000 to $51,000 (for example 3,400,000 shares at $0.015 for $51,000). Several of the stated prices ($0.005, $0.004) look inconsistent with the proceeds, and a later amendment corrects them.
What it means for a shareholder
3.4m new shares at $0.015 to raise about $51,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 July 2009late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its annual report would be filed late.
7 July 2009auditor change● Neutral
This amendment repeats the June 23, 2009 auditor change from Moore & Associates to Mark Bailey & Company, Ltd. The main change is that the no-disagreement statement now covers the period through June 23, 2009 instead of through January 31, 2009. The going-concern doubt remark is unchanged.
30 June 2009capital raising announcement● Neutral
On June 18, 2009 the company sold shares in four placements: 11,661,665 at $0.015 ($174,880), 1,005,000 at $0.02 ($20,100), 750,000 at $0.05 ($37,500) and 540,000 at $0.25 ($13,500). It also issued 650,000 shares to an officer to correct a calculation error, 66,666 as a finder's fee, and 1,000,000 as a discovery bonus for identifying and analysing the Hill Zone at the Independence Project. The attached press release says it raised over $303,000. This links to the Independence project, but the filing gives no drilling results.
29 June 2009capital raising announcement▼ Bad
On May 26, 2009 the company sold shares in private placements at $0.014-$0.02 per share: 4,000,000 for $60,000, 3,550,000 for $71,000, and 7,000,000 for $100,000. The 3,550,000-share placement is listed twice with identical terms, so it may be a repeat. Separately, it issued 7,400,000 shares for unpaid wages to three people and 350,000 for consulting fees, effective January 25, 2009. The attached press release is titled as raising $473,000. Prices are far below the 2007-2008 placements, so dilution is heavier (inference from the stated prices).
What it means for a shareholder
7.4m new shares at about $0.0639 to raise about $473,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 June 2009capital raising announcement▼ Bad
On April 13, 2009 the company signed a three-month investor relations contract with Stephan Tandon and Emanuel Suchefort, paid with 2,000,000 restricted shares issued to two non-U.S. persons. No cash was raised. The filing is internally inconsistent: it says the shares were issued effective March 13, 2009, a month before the contract date.
26 June 2009auditor change● NeutralMajor
On June 23, 2009 the company dismissed its auditor Moore & Associates (in place since May 2006) and hired Mark Bailey & Company, Ltd. The filing says there were no disagreements, though Moore's reports for the two years to April 30, 2008 carried substantial doubt about the company's ability to continue as a going concern, which continues the earlier going-concern warning.
10 Apr 2009capital raising announcement▼ Bad
On March 23, 2009 the company signed a one-year consulting agreement with Mark Iacono, effective March 1, 2009, paid with 2,500,000 restricted shares. No cash was raised; the shares add to the count, continuing the pattern of paying for services in stock.
24 Feb 2009capital raising announcement▼ Bad
On February 10, 2009 the company agreed to issue 500,000 restricted shares to The Nevada Agency & Trust Company to settle money owed for its services. It also issued about 13.2 million other restricted shares that day: 6,200,000 to nine private-placement subscribers (closings between Sept 15, 2008 and Feb 8, 2009), 3,500,000 to directors and officers as incentive fees, 1,500,000 to three advisory board members, 1,500,000 to three consultants, and 500,000 at a deemed $0.02 for services. The filing gives no cash amount for the placements, and all of this adds to the share count, continuing the heavy dilution.
16 Dec 2008late filing notice▼ Bad
Cibolan Gold Corp notified the SEC that its quarterly report would be filed late.
12 Dec 2008material agreement● Neutral
On December 5, 2008 the company amended the Nyinahin sale agreement with Sunergy Inc. to change the dates on which payment is due. The filing does not state the new dates, and the rest of the agreement is unchanged.