Cyclone Uranium Corp

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.

capital raising announcement

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.

debt financing

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.

capital raising announcement

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.

asset acquisition disposition

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.

material agreement

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).

capital raising announcement

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.

material agreement

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.

material agreement

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.

material agreement

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.

material agreement

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.

capital raising announcement

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.

capital raising announcement

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.

material agreement