MAGELLAN COPPER & GOLD Corp

Now renamed Magellan Copper & Gold, the company terminated its earlier earn-in on California's Kris Mine and redirected that investment into a new joint-venture earn-in on Montana's historic Atlantic Cable Mine, where it can earn a 45% interest by spending $400,000 over two years on a property with a reported historic copper-gold resource.

material agreement

After years of inactivity, Magellan Gold re-emerged under new management in Wallace, Idaho, agreeing to buy mineral assets and a mining lease from Gold Express Mines in exchange for 6 million shares.

material agreement

Eight investors exercised warrants for 1,435,000 shares at $0.20 cash, and five Series A Preferred holders converted 192,269 preferred shares (about 79% of the 2019 issuance) plus $356,123 of accrued unpaid dividends into common stock — real cash coming in at a much healthier price than the 2017-2018 toxic notes, and most of the 2019 preferred restructuring converting through, though the unpaid dividends still point to ongoing cash constraints.

capital raising announcement

Sold AJB Capital Investments a $200,000 (net $184,000) toxic convertible note priced at 90% of the lowest trading price over the preceding 20 days, plus 266,667 shares as a commitment fee — evidence the company remained financially active (not fully dormant) in early 2021 and still reliant on predatory financing.

capital raising announcement

Magellan Gold defaulted on $1.05 million of notes and surrendered the Mexican subsidiaries holding its SDA Mill and El Dorado prospect to noteholders in full satisfaction of the debt, losing the production assets it had spent over two years building.

asset acquisition disposition

Magellan Gold agreed to sell its original Silver District property in Arizona to NV Gold Corporation for cash, shares and a work commitment, refocusing entirely on its Mexican production and Santa Maria financing plans.

material agreement

Magellan Gold agreed to a 150-day option to acquire Golden Minerals' Santa Maria gold-silver project in Chihuahua, Mexico, its third Mexican property, for $1 million cash plus a royalty.

material agreement

Restructured $2,422,694 of accumulated debt owed to five investors into 242,270 shares of new 10%-coupon Series A Convertible Preferred Stock (convertible at $1.00/share) — a major deleveraging that swapped a crushing, dilutive debt load for equity with full voting rights.

capital raising announcement

Auctus Fund converted a further $44,044 of its note into 3,850,000 shares at $0.01144/share, continuing the toxic-note dilution spiral.

capital raising announcement

Raised $205,000 through Series 2018A convertible notes and a further $160,700 through short-term notes carrying a punishing 36% annual interest rate — financing terms that signal severe financial distress.

capital raising announcement

Negotiated temporary conversion-price floors ($0.018/share through Sept 30, 2018) with both toxic noteholders EMA Financial and Auctus Fund to slow the dilution, while simultaneously selling a fourth toxic note ($38,000) to fund operations.

capital raising announcement

Magellan Gold's Mexican subsidiary secured exploration and purchase rights to the El Dorado gold-silver property near its SDA Mill, aiming to use it as a nearby ore source to feed the mill.

material agreement

President W. Pierce Carson converted $98,100 of unpaid accrued salary and cash advances into stock and received a further restricted stock award, while the company sold yet another toxic convertible note ($63,000) — signs of both cash-strapped operations and continued reliance on predatory debt.

capital raising announcement

Magellan Gold amended two convertible notes after falling into default, agreeing to a roughly 25% increase in principal in exchange for the noteholders' forbearance, conditioned on the company catching up on its SEC filings.

material agreement

EMA Financial began converting its note, taking $27,225 of debt into 5,000,000 shares — the toxic-note dilution starting to materialize.

capital raising announcement

Magellan Gold terminated its option to earn into Rio Silver's Niobamba project in Peru, ending its only exploration effort outside North America.

material agreement termination

Magellan Gold completed its purchase of the SDA Mill in Mexico, paying Rose Petroleum $1.5 million in cash and stock and making Rose a roughly 15% shareholder; the company also raised up to $1.5 million through a new series of secured notes to fund the deal.

asset acquisition disposition

One day later, sold EMA Financial a second toxic convertible note, $125,000 at 10%, with the same steeply discounted floating conversion structure.

capital raising announcement

Sold Auctus Fund a $170,000 10% convertible note priced to convert at the lesser of a fixed reference price or 65% of the lowest trading price in the 25 days before conversion — a classic 'toxic' death-spiral structure that would drive severe future dilution.

capital raising announcement

Magellan Gold signed a definitive, binding agreement to buy the SDA Mill from Rose Petroleum, targeting an October 2017 closing.

material agreement

OTC Markets flagged Magellan Gold for unusual trading activity tied to unauthorized promotional newsletters and said it was reviewing the company's eligibility to keep trading on the OTCQB; Magellan said it had no role in creating or distributing the materials.

listing compliance notice

Magellan Gold signed a memorandum of understanding to buy an operating flotation mill in Nayarit, Mexico from Rose Petroleum for $1.5 million, a deal CEO Pierce Carson said would transform Magellan from an explorer into a production company.

material agreement

Magellan Gold signed a definitive earn-in agreement with Rio Silver to acquire a 50% interest in the Niobamba Silver/Gold project in Peru by spending $2 million on exploration over three years, expanding beyond its Arizona Silver District property for the first time.

debt financing

Magellan Gold converted its Silver District option into an outright purchase, paying Columbus Silver just $100,000 cash - funded by drawing on its Gibbs credit line - to buy the property outright and avoid the escalating $400,000 and $500,000 option payments coming due; the claims were placed into a new subsidiary, Gulf+Western Industries.

asset acquisition disposition

Magellan Gold reported assay results confirming historic silver grades at its Silver District property in Arizona - 90 feet grading 6.05 ounces per ton silver, plus previously unreported zinc and lead credits - and discovered a new mineralized vein structure.

drilling result

Magellan Gold amended its option to acquire the Silver District property in Arizona from Columbus Silver, deferring its escalating option payments - $400,000 due by the end of 2014 and $500,000 by the end of 2015 - while committing to keep the claims in good standing regardless of whether the option is ultimately exercised.

material agreement

Optioned the Silver District property (108 unpatented claims plus patented/state leases, over 2,000 acres in La Paz County, Arizona) from Columbus Silver for staged payments of $63,200 now, $50,000 by year-end 2012, $400,000 by end-2013 and $500,000 by end-2014 — the company's first real mineral asset, with the initial payment funded by a matching equity sale.

capital raising announcement