Each one in plain English, with the numbers worked through for a shareholder.
16 Nov 2020debt financing▲ GoodMajor
On November 13, 2020 the company declared a special cash dividend of $0.055 per share, payable January 4, 2021 to holders of record December 22, 2020. There are 150,181,631 shares outstanding and 1,800,000 options, and holders of 72,666,667 shares have contractually waived the dividend. The company says it is rewarding shareholder loyalty; the filing does not say whether JR's option rights were exercised, though the share count is well below the 142.6 million maximum JR could buy plus prior shares (inference: JR's purchase may be partly or wholly done, unconfirmed).
27 May 2020capital raising announcement● NeutralMajor
On May 26, 2020 the company agreed with JR Resources Corp. that JR would lend a further $1,150,000 and gets the right (not obligation) to buy up to 142,566,667 shares at $0.15 (about 64.24% fully diluted) by October 15, 2020. The loan combines with the earlier $300,000 into an unsecured $1,450,000 note at 0.25% interest due December 31, 2021, convertible at $0.15 (later possibly lower, floor $0.10), and the company expects to use proceeds for up to $350,000 of mineral interests, up to $500,000 for an airborne survey and the rest for general purposes. If JR buys, it could take control of the board (one more JR designee than company designees) and existing holders would be heavily diluted, but the filing says no closing is assured. The $300,000 advanced in February 2020 appears to be the note from the March 2020 claims acquisition, which is now folded in (inference).
11 Mar 2020asset acquisition disposition▲ GoodMajor
On March 6, 2020 the company completed the acquisition of 65 unpatented lode mining claims covering about 1,152 acres next to its Blind Gold Property, bringing its Homestake District position to about 7,171 acres. It funded this with a $300,000 non-recourse note maturing May 5, 2021 at 3% interest, and issued 250,000 shares as extra consideration, subject to buy-back at par value if the note is paid at maturity. This continues the land expansion and adds the company's first debt of this kind in the filings seen.
The company's auditor LBB & Associates resigned on March 2, 2020 after the SEC suspended it effective February 6, 2020, and on March 6, 2020 the board appointed Ham, Langston and Brezina, L.L.P. for the year ending March 31, 2020. LBB's reports for fiscal 2019 and 2018 were not adverse or qualified, and there were no disagreements. This replaces the LBB firm hired in 2013.
Between January and February 2019 the company sold 2,300,000 shares plus 2,300,000 warrants for $230,000 in cash in private deals. Each warrant lets the holder buy a share at $0.10 on or before June 30, 2020, so the shares sold at $0.10 each and exercise could add more shares. This continues the company's pattern of small private share sales.
