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.
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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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.
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.
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.
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.
