21 Sept 2018listing compliance notice▼ BadMajor
COLORADO GOLDFIELDS INC. 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.
13 Aug 2012listing compliance notice▼ Bad
COLORADO GOLDFIELDS INC. withdrew a registration statement, abandoning the offering it covered.
6 Oct 2009material agreement● NeutralMajor
The company signed a mining lease with option to purchase on the Brooklyn Mine in San Juan County, Colorado, with Frank J. Montonati and Don Laeding. Terms: 75,000,000 restricted Class A shares locked up for 3 years, work commitments averaging $200,000 a year, and a 5% net smelter royalty; it renews while ore is being produced or sold. Together with the King Solomon lease, this adds another large share issuance for existing holders.
23 Sept 2009material agreement● NeutralMajor
The company signed a lease with option to purchase on the King Solomon Mine in San Juan County, Colorado, with Larry H. Killian. Terms: 50,000,000 restricted Class A shares locked up for 3 years, $50,000 a year of work, and a 3.5% net smelter royalty; it renews while ore is being produced or sold. Lee R. Rice now signs as President and CEO, replacing Todd Hennis in that role since the last filings. The 50,000,000 shares are a large issuance for existing holders.
17 Feb 2009listing compliance notice▼ Bad
COLORADO GOLDFIELDS INC. withdrew a registration statement, abandoning the offering it covered.
4 Sept 2008capital raising announcement● NeutralMajor
The company signed a standby equity facility letting it sell up to $5,000,000 of shares to YA Global Investments at 95% of the lowest daily average price over five trading days, in advances of up to $250,000. It cannot draw until a registration statement is effective. It issued 1,436,108 shares as a commitment fee and owes other fees. For shareholders, drawing on this would mean issuing more shares.
6 June 2008material agreement▼ BadMajor
The Besmer acquisition is off: due diligence results were unsatisfactory as of May 30, 2008, the letter of intent expired, and no definitive agreements will be signed. The filing does not say what happens to the $50,000 deposit or the $100,000 loan to Besmer. It also mentions a June 5, 2008 press release on a Memorandum of Understanding with CEO Todd Hennis and his company San Juan Corp.; the terms are not in this filing.
5 May 2008material agreement● Neutral
The Besmer deal timetable was extended: due diligence now runs to May 30, 2008 and definitive agreements are due by June 7, 2008. The company also agreed, subject to a loan agreement, to lend Besmer $100,000 interest-free for mineral concession options near Chalchihuites; it counts toward the $5 million loan if the deal completes, otherwise it is due within 60 days. The company is still raising capital and says there is no assurance it will succeed.
18 Mar 2008material agreement● NeutralMajor
The company signed a non-binding letter of intent to buy 75% of Besmer, S.A. de C.V., a Mexican mining company running the El Barreno, Remedios and La Zacatecana mines and a flotation mill. The price would be $3 million ($750,000 at signing of definitive agreements, $2,250,000 by note at 6%), plus an interest-free loan of up to $5 million. It paid a $50,000 deposit and says it needs to raise money through private share sales to complete it, with no assurance it can. This is a new direction outside Colorado.
7 Jan 2008farm in farm out agreement● Neutral
The company paid $10,000 for an option to buy royalties and net profit interests on the Gold King and Mayflower Mines in San Juan County, Colorado, from Recreation Properties, Ltd. for a one-time $250,000 payment. The option expires November 21, 2008. The mines are among the San Juan properties the company can earn up to 80% of, so buying the royalties would remove payments owed to others on them.
27 Nov 2007auditor change● Neutral
The former auditor Manning Elliott LLP sent a letter, dated November 26, 2007, saying it agrees with the company's statements about the November 2007 switch to GHP Horwath. This closes the open item from the earlier auditor-change filing.
23 Nov 2007capital raising announcement● Neutral
The company confirmed the closing on November 20, 2007 of both private placements: 7,932,600 units to offshore buyers and 826,000 units to US buyers, at US$0.375 per unit post-split, each with a US$0.50 warrant for two years. This repeats the figures from the earlier filings and closing release.
What it means for a shareholder
826,000 new shares at US$0.375 to raise about US$309,750. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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21 Nov 2007capital raising announcement▲ GoodMajor
The company announced it closed the private placement, issuing 8,758,600 post-split units at US$0.375 for gross proceeds of $3,284,475. Warrants are exercisable at US$0.50 until November 14, 2009. Part of the proceeds repaid certain loans and the rest is for its Silverton properties, working capital and acquiring mineral properties. This completes the placement announced in August.
15 Nov 2007capital raising announcement● NeutralMajor
The company signed subscriptions for the private placement announced in August: 7,932,600 units to 24 offshore investors (US$2,974,725) and 826,000 units to four US investors (US$309,750). Units are priced at US$0.375 after a forward stock split (US$0.75 before), each with a warrant at US$0.50 for two years. It must file a resale registration within 60 days or pay 2% of the purchase price for delays, up to 15%. This adds shares and warrants for existing holders.
13 Nov 2007auditor change▲ GoodMajor
The company lowered the spending needed to earn the second and third 20% slices of the San Juan option from $4,500,000 to $3,500,000 each; the share issuances stay at 5,000,000 each, or 10,000,000 after a forward split. Hennis, the company's CEO and a director, is on the other side of the deal. It also replaced its auditor Manning Elliott LLP with GHP Horwath, P.C.; Manning Elliott's earlier reports carried a going-concern doubt paragraph.
30 Aug 2007capital raising announcement● Neutral
The company refiled its August 24, 2007 news release to correct the contact details. The release announced a planned private placement of up to US$3 million at US$0.75 per unit, each unit being one share and one two-year warrant at US$1.00, led by European institutional funds, with proceeds for exploration, mill improvements, repaying short-term debt and general purposes.
28 June 2007material agreement● Neutral
This is an amended copy of the June 2007 filing on the Pride of the West Mill purchase from Tusco, with the same terms: $900,000 price, $250,000 at closing, $650,000 note at 7%, and replacing the roughly $300,000 reclamation bond. The text shows no change to the terms.
26 June 2007material agreement● NeutralMajor
The company got an option to earn up to 80% of properties in San Juan County, Colorado from San Juan Corp. and Todd Hennis. This requires staged spending of $6,000,000, then $4,500,000, then $4,500,000, plus cash payments of $50,000, $100,000 and $200,000, 10,000,000 total shares to the optionors, and gold payments tied to the Pride of the West Mill. Hennis becomes CEO and President at $8,000 a month with an option over 300,000 shares. Gary Schellenberg sold his 2,500,000 shares (44.8%) to Hennis for $2,500, so control moves to Hennis.
22 June 2007material agreement● NeutralMajor
Now named Colorado Goldfields (formerly Garpa Resources), the company agreed to buy the Pride of the West Mill in Howardsville, Colorado from Tusco Incorporated for $900,000, plus replacing Tusco's roughly $300,000 reclamation bond with the State of Colorado. $250,000 is due at or before closing and $650,000 by promissory note at 7% interest. This is a shift from the Ontario claims to a Colorado milling asset.
19 Jan 2007financial restatement▼ Bad
The company said its audited financial statements for the year ended August 31, 2006 should no longer be relied on because they left out geological expenses. Correcting this raises liabilities and the year's net loss by $2,685 each; loss per share is unchanged. A corrected 10-KSB/A is planned.
5 Dec 2006material agreement▲ Good
The Ontario mines ministry approved geochemical and magnetic work done on the same two Red Lake claims, held in the name of trustee Gary Schellenberg, and set a new due date of June 9, 2007. This continues the claim upkeep from the earlier extension.
30 June 2006material agreement● Neutral
Under its earlier name Garpa Resources, the company (through its trustee Gary Schellenberg) filed for more time on two mining claims in the Red Lake district of Ontario, and the Ontario mines ministry extended the work and filing deadline to August 4, 2006. This keeps the claims in good standing for now.