Past year: ▼ 67%(0.00c – 0.80c USD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2013capital raising announcement▼ BadMajor
On August 30, 2013 the company borrowed $150,000 from Perry L. Miller at 30% annual interest, due December 30, 2013, secured by shares pledged by CEO James Baughman. The money paid Bureau of Land Management maintenance fees. Miller also received a three-year warrant for 5,000,000 shares at $0.02. This came four days after the default on the BOCO note.
30 Aug 2013debt financing▼ BadMajor
The company defaulted on the BOCO Investments note on August 26, 2013 by not paying what was due; the note now stands at $418,986.22 and is secured by all company property and by share pledges. BOCO has issued a letter foreclosing on Purcell Group's pledge of 10,526,316 company shares. This follows the August 2012 loan, which was due October 30, 2012, so it had not been repaid by then.
5 Aug 2013auditor change● Neutral
On July 30, 2013 the board dismissed auditor StarkSchenkein and hired EKS&H to audit the year ending January 31, 2014. The filing says there were no disagreements and no adverse or qualified opinions. The company is now named Cyclone Uranium Corporation in this filing.
7 Sept 2012capital raising announcement▼ BadMajor
On August 31, 2012 the company borrowed $300,000 from BOCO Investments at 15% interest, due October 30, 2012, secured by all company property, mortgages on its real property and share pledges from James and Maria Baughman, Purcell Group and Publican Capital. Proceeds paid Bureau of Land Management maintenance fees and general operating costs. BOCO also received a five-year warrant for 6,814,000 shares at $0.02.
What it means for a shareholder
6.8m new shares at $0.020 to raise about $136,280. That's 7.3% dilution: every existing holder's slice gets 7.3% smaller. If you held $1,000 of shares (50,000 at the issue price), your slice goes from 0.0574% to 0.0533% of the company. To keep it you'd need 3,913 more shares - about $78 at the issue price.
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20 Mar 2012asset acquisition disposition● NeutralMajor
The company bought all of New Fork Uranium Corporation by issuing 50,000,000 new shares to New Fork's shareholders; closing was March 15, 2012. New Fork holds 521 federal mining claims (about 10,000 acres) next to the company's Cyclone Rim claims in Sweetwater County, Wyoming, and brings over $300,000 of working capital. Leadership changed: Peter Bojtos resigned as CEO, President and director and Gerald Helgeson resigned as Secretary and director; James Baughman became CEO, President and Chairman (salary $36,000) and Gregory Schifrin joined as a director. Baughman's firm Publican Capital received 10,526,316 shares (7.7%). The 50 million new shares are a large dilution of existing holders. The company also granted 500,000 options each at $0.06 to four directors and to Bojtos, now a consultant.
15 July 2011material agreement▲ GoodMajor
On July 13, 2011 the company renegotiated with Tournigan Energy: Tournigan forgave the $600,000 still owed and gave up its 30% carried interest (and the option of a 30% working interest or 5% net profits interest), in return for a 2% net smelter royalty capped at $10,000,000 on uranium production in Carbon, Fremont, Sublette and Sweetwater counties in Wyoming and Fall River County in South Dakota. The company can buy back half the royalty for $3,000,000 until July 13, 2016, leaving a 1% royalty capped at $5,000,000. This resolves the Tournigan debt and carried-interest thread from the 2008-09 acquisition.
8 Apr 2010capital raising announcement● NeutralMajor
The company closed the first part of a private placement of up to $750,000, selling 6,109,820 units at $0.06 for $366,590. Each unit is one share plus a warrant to buy another share at $0.12 until March 30, 2012; $142,749 was subscribed by three officers and directors. The filing says the units were paid for with cash and conversion of debt. This is new equity, and under the Tournigan arrangement half of the net proceeds of such issues was earmarked for the $430,000 owed (inference: that obligation may apply here, though the filing does not mention it).
25 Jan 2010capital raising announcement● Neutral
On January 21, 2010 the company issued 125,000 shares to two financial consultants for services valued at $7,500 ($0.06 per share), and granted stock options to directors and others, all expiring January 21, 2015. The four directors (Bojtos, Rapaglia, Helgeson, Seed) got 500,000 options each at $0.06, Bojtos got a further 500,000 at $0.08, five individuals got 1,150,000 at $0.06 and one individual got 100,000 at $0.30. This adds to the share count and potential dilution; no cash was raised.
5 Jan 2010material agreement▲ GoodMajor
The company renegotiated its Tournigan debts. The $325,327 note was cut to $100,000, already paid. A further $100,000 was paid against the $530,000 owed, leaving $430,000 to be paid from half the net proceeds of future share issues. The remaining $348,000 (after $52,000 of reclamation costs) is due by September 30, 2010. This eases the original August 2009 deadlines. CEO Bojtos is a Tournigan Energy director and declared his interest.
5 Aug 2009material agreement● Neutral
This amendment repeats the Tournigan USA acquisition terms and adds the required financial statements for Tournigan USA and unaudited pro-forma figures. The filing text gives no figures from those statements.
23 Mar 2009material agreement● NeutralMajor
The Tournigan USA acquisition closed on February 27, 2009. The company gave Tournigan Energy a $325,327 unsecured interest-free note due August 31, 2009 and a 30% carried interest, and must still deal with reclamation bonds of $930,000 less reclamation costs. CEO Peter Bojtos is also a director of Tournigan Energy and declared his interest to the independent directors.
6 Oct 2008material agreement● NeutralMajor
The company signed a binding letter agreement to buy Tournigan USA from Tournigan Energy. Its assets are mineral claims and leases over 55,000+ acres in Wyoming, South Dakota and Arizona. Terms: a ~$309,500 interest-free note due August 31, 2009, reimbursement of reclamation bonds of $930,000 less reclamation costs, and a 30% carried interest for Tournigan. Closing is expected by December 2008, subject to definitive documents and approvals. This is the company's move into U.S. uranium properties.
15 Jan 2008capital raising announcement● Neutral
The board extended the expiry of 10,800,000 warrants (exercise price $0.10) from the 2006 private placements by one year, to January 15, 2009. The filing does not say why.
24 May 2007capital raising announcement● Neutral
The company issued shares to CEO Peter Bojtos ($17,500 of services) and to another service provider ($7,000) and granted 1.5 million options at $0.10 to its five directors. The board also extended 1,000,000 director options at $0.05 from June 2007 to June 2009. These issues add to dilution for existing shareholders.
16 Feb 2007material agreement▲ GoodMajor
The company closed the first stage of selling its Minera Montoro stake to Rogue River, receiving $695,000 for 31% of its ownership. The remaining stages are $745,000 each, with extensions of up to 60 days available for $25,000 per 30 days, and the company keeps a 1% royalty on the porphyry portion. This partly completes the December 2005 sale, which is still not finished.
10 Aug 2006capital raising announcement● NeutralMajor
The company took an option from Grandcru Resources on claims in the Cambridge Mining District near Yerrington, Nevada. It can earn 100% through staged cash payments and work commitments through 2010, subject to two 2% royalties. It also issued shares for a mineral lease ($90,000) and for services, and granted 2.65 million options at $0.10 to directors and service providers. The Rogue River sale of the Mexican assets is still described as expected to close soon.
7 July 2006material agreement▼ Bad
The sale of the Mexican La Balsa interest has slipped. Nexvu assigned its rights to Rogue River Resources, and extension payments of $25,000 each pushed closing to June 30. A new letter agreement now sets closing at July 31, 2006, so the company can set up the correct deal structure. This continues the December 2005 sale, which has not yet closed.
14 Feb 2006capital raising announcement● NeutralMajor
The company raised $540,000 in private placements at $0.05 per unit, each unit being one share plus a warrant to buy another share at $0.10 until January 15, 2008. Of this, $300,000 came from converting debts owed to related parties, including directors Beattie, Bojtos and Seed. After the placements, 69,166,819 shares are outstanding, so existing shareholders are diluted. The filing also refers to a first payment from Nexvu.
7 Dec 2005material agreement● NeutralMajor
The company (the filings name it Fisher-Watt Gold, the same registrant as Cyclone Uranium) agreed in a letter agreement to sell its entire 65% stake in Minera Montoro, which owns the La Balsa copper project in Mexico, to Nexvu Capital for $2,235,000, paid in stages from January 2006 to April 2007. It would keep a 1% royalty on the porphyry portion. The deal depends on Nexvu's due diligence and a formal agreement. Separately, the board agreed in principle to repay director James Seed's company Astra $864,028 in three payments and grant it 10 million options (4M at $0.30, 4M at $0.40, 2M at $0.60) in return for Astra giving up its 21.6% interest in La Balsa; no definitive Astra agreement exists yet.
