5 Sept 2012capital raising announcement▼ Bad
CFO Patrick Fagen loaned Del Toro Silver $100,000 more, convertible into shares at $0.10 - the fourth and largest officer loan in four months.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2012capital raising announcement▼ Bad
CFO Patrick Fagen loaned Del Toro Silver another $50,000, convertible into shares at $0.08 - continuing the pattern of officer loans funding the company.
11 July 2012capital raising announcement● Neutral
Del Toro Silver amended its Dos Naciones option agreement with Yale Resources a third time and issued 200,000 shares to Yale under the new terms.
29 May 2012capital raising announcement▼ Bad
Del Toro Silver began financing itself through convertible loans from its own officers: CEO Greg Painter loaned the company $10,000 convertible at $0.06 and CFO Patrick Fagen $94,000 on the same terms, both agreements dated 26 May 2012 and both funding advances already made.
22 Feb 2012auditor change▼ BadMajor
Del Toro Silver dismissed its second auditor in five months, Saturna Group, which had likewise flagged substantial doubt about the company's ability to continue as a going concern.
2 Feb 2012capital raising announcement▼ Bad
Del Toro Silver hired stock-promotion firms ATG Inc. and Stock Signal IR, paying ATG $19,000 cash plus 300,000 shares for 45 days of financial media relations work - spending scarce cash on stock promotion rather than exploration.
21 Nov 2011material agreement▼ BadMajor
Del Toro Silver agreed to buy up to 75% of the KM and Raddlefinger mining claims in Siskiyou County, California from Bowerman Holdings for $6.525 million - a $4.5 million secured promissory note plus 40 million new shares - a huge commitment for a company that had been financing itself with $50,000-$200,000 loans from its own officers.
30 Sept 2011capital raising announcement▼ Bad
Del Toro Silver raised $75,000 from thirteen investors in a private placement at $0.04 per share - a steep drop from the $0.10 unit price ten months earlier, reflecting the stock's declining value.
22 Sept 2011capital raising announcement▼ Bad
Del Toro Silver issued 344,828 shares to convert part of a $55,000 convertible note, the first sign of the note-based dilutive financing that would recur through its history.
14 Sept 2011auditor change▼ BadMajor
Del Toro Silver dismissed its auditor MacKay LLP; MacKay's prior reports had flagged substantial doubt about the company's ability to continue as a going concern, though there was no disagreement over accounting matters.
6 Dec 2010capital raising announcement● Neutral
Del Toro Silver raised $200,000 through a private placement of 2 million units (one share plus a two-year warrant to buy another at $0.25) at $0.10 per unit.
What it means for a shareholder
2.0m new shares at about $0.100 to raise about $200,000. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held $1,000 of shares (10,000 at the issue price), your slice goes from 0.0949% to 0.0798% of the company. To keep it you'd need 1,898 more shares - about $190 at the issue price.
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25 Oct 2010capital raising announcement● Neutral
Del Toro Silver amended its Dos Naciones option agreement with Yale Resources a second time, again alongside a capital raise.
29 June 2010capital raising announcement● Neutral
Now renamed Del Toro Silver, the company amended its Dos Naciones option agreement with Yale Resources, alongside a capital raise to help fund the required exploration spending.
15 July 2009asset acquisition disposition▲ GoodMajor
Candev acquired a 50% interest (and an option on a further 30%) in the Dos Naciones silver project in Sonora, Mexico from Yale Resources for CAD$35,000, with future share issuances and CDN$800,000 of exploration spending required to earn the rest - the deal that gave rise to its later name, Del Toro Silver Corp, and ended its status as a shell company.
8 July 2009capital raising announcement● Neutral
Candev raised money through a subscription agreement, shortly before announcing a new mineral property deal - its first funding since abandoning the British Columbia project seven months earlier.
4 Dec 2008asset acquisition disposition▼ BadMajor
Candev terminated its option to acquire the King Claims property in British Columbia by mutual agreement with the claims' owner, walking away from its only project and saying it was now looking for other business opportunities.
16 Jan 2008asset acquisition disposition● Neutral
Candev Resource Exploration (later renamed Del Toro Silver) amended its option to earn a 100% interest in the King Claims mining property in northwestern British Columbia, adding two claims and roughly CDN$305,000 of payments over five years.