14 Feb 2018late filing notice▼ Bad
EL CAPITAN PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Feb 2018auditor change▼ BadMajor
MaloneBailey resigned as auditor on February 5, 2018 (the audit committee did not recommend it) and Semple, Marchal & Cooper was engaged February 7, 2018 for the fiscal year ended September 30, 2017; no audit report for that year had been issued. MaloneBailey said it wanted a legal opinion that using Form S-8 for 9.5 million shares issued to David Davidson (owner of HKM Minerals, which runs the Phoenix pilot plant, issued in lieu of cash advances under a Dec 6, 2016 agreement) was proper, and the company could not get one without undue effort or expense. The company believes the use was lawful but says buyers of those shares could claim rescission rights for one year; this links to the pilot plant costs in the restatement.
30 Jan 2018financial restatement▼ BadMajor
On January 24, 2018 the audit committee concluded that the quarterly reports for the quarters ended Dec 31, 2016, March 31, 2017 and June 30, 2017 should no longer be relied on. Pilot plant costs in Phoenix, Arizona had been booked as assets (advances to vendor) but will be treated as expenses, adding about $336,000, $435,000 and $503,000 to the net loss of those quarters respectively. The company plans to amend those 10-Qs; this means the previously reported losses (e.g. the $784 thousand loss reported Feb 2017 for the Dec 2016 quarter) were understated.
8 Jan 2018capital raising announcement▼ BadMajor
On December 18, 2017 the company issued L2 Capital a $99,000 convertible note (it received $90,000; $9,000 was kept as discount), 7% interest, due June 18, 2018, and also gave L2 Capital 1,250,000 shares as a commitment fee. After a default the note converts at the lesser of $0.07 or 60% of recent low prices, with a full-ratchet price reset, a 140% default payment, a most-favored-nations clause and a right of first refusal on other financings for L2 Capital. It adds to the L2 Capital relationship begun with the Feb 2017 equity line.
29 Dec 2017late filing notice▼ Bad
EL CAPITAN PRECIOUS METALS INC notified the SEC that its annual report would be filed late.
14 Aug 2017quarterly activities report▼ Bad
EL CAPITAN PRECIOUS METALS INC reported quarterly revenue of $4 thousand and a net loss of $525 thousand for the period ended 2017-06-30.
14 Aug 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
18 May 2017quarterly activities report▼ Bad
EL CAPITAN PRECIOUS METALS INC reported a quarterly net loss of $1.3 million for the period ended 2017-03-31.
18 May 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
15 May 2017late filing notice▼ Bad
EL CAPITAN PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
10 Mar 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed notice of an exempt private placement.
10 Mar 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed notice of an exempt private placement.
10 Mar 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
28 Feb 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC registered a securities offering with the SEC.
23 Feb 2017capital raising announcement▼ BadMajor
On February 21, 2017 the company issued a $550,000 convertible note (7% interest, due August 21, 2017, convertible at $0.0913 per share) to an investor, with $100,000 advanced up front and a warrant for 602,406 shares at $0.3652. Further advances need mutual agreement, and on a default the amount owed rises 140% and the conversion price drops to 60% of recent low prices, which could mean many more shares. It also ended the River North $5,000,000 equity line (amended Dec 9, 2016) and replaced it with a new $5,000,000 line with River North's affiliate L2 Capital, running to February 21, 2020, with a registration statement for resale owed within 45 days.
10 Feb 2017quarterly activities report▼ Bad
EL CAPITAN PRECIOUS METALS INC reported a quarterly net loss of $784 thousand for the period ended 2016-12-31.
7 Feb 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC amended an already-effective registration statement.
18 Jan 2017securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC amended an already-effective registration statement.
29 Dec 2016late filing notice▼ Bad
EL CAPITAN PRECIOUS METALS INC notified the SEC that its annual report would be filed late.
9 Dec 2016material agreement▼ Bad
On December 9, 2016 the company amended the River North equity line so the pricing window runs up to the settlement date instead of the put date. An extra 10% discount applies if the closing bid is under $0.10 or average daily dollar volume is under $50,000, in addition to the existing discounts. The $5,000,000 limit is unchanged. These changes mean shares would be sold at lower prices, so more shares for the same money. The company's address is now Prescott, AZ.
9 Dec 2016securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
21 Sept 2016securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
15 Aug 2016quarterly activities report▼ Bad
EL CAPITAN PRECIOUS METALS INC reported quarterly revenue of $0 and a net loss of $543 thousand for the period ended 2016-06-30.
15 Aug 2016securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
14 July 2016director interest notice● Neutral
EL CAPITAN PRECIOUS METALS INC director Daniel Gabino Martinez received a stock option grant for 250,000 shares.
14 July 2016director interest notice● Neutral
Daniel Gabino Martinez became a EL CAPITAN PRECIOUS METALS INC director and company insider (initial ownership filing).
16 May 2016securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
16 May 2016quarterly activities report▼ Bad
EL CAPITAN PRECIOUS METALS INC reported quarterly revenue of $0 and a net loss of $175 thousand for the period ended 2016-03-31.
21 Apr 2016securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC filed the final prospectus for a registered offering.
11 Apr 2016securities registration● Neutral
EL CAPITAN PRECIOUS METALS INC registered a securities offering with the SEC.