30 July 2025late filing notice▼ Bad
FORMATION MINERALS, INC. notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2025late filing notice▼ Bad
FORMATION MINERALS, INC. notified the SEC that its quarterly report would be filed late.
12 Mar 2025capital raising announcement▼ Bad
On March 5, 2025 the company sold Alumni Capital a $60,000 note for $50,000 (a $10,000 discount), at 10% interest, due May 5, 2025. If the company defaults, Alumni can convert the note into shares at 60% of the lowest trading price over the prior 30 trading days, and interest rises to 22%. This is another short-term, discounted loan like the 1800 Diagonal notes. The filing's agreement and exhibit dates say May 5, 2025, which conflicts with the March 5 issue date; the filing does not explain this.
24 Feb 2025listing compliance notice▼ BadMajor
On February 18, 2025 OTC Markets moved the company to the Expert Market because its quarterly report for the period ended October 31, 2024 was not filed by the February 14 deadline. The company filed the report the same day, which moved it to OTC Pink, and says it has applied to return to the OTCQB, with compliance expected in about 30 days. This follows the late-filing notice of December 2024. Whether the OTCQB return happens is not yet known.
18 Feb 2025quarterly activities report▼ Bad
FORMATION MINERALS, INC. reported quarterly revenue of $65 thousand and a net loss of $967 thousand for the period ended 2025-01-31.
29 Jan 2025securities registration● Neutral
FORMATION MINERALS, INC. filed notice of an exempt private placement.
24 Jan 2025securities registration● Neutral
FORMATION MINERALS, INC. filed notice of an exempt private placement.
21 Jan 2025capital raising announcement▼ BadMajor
On January 14, 2025 the company signed a deal with an unnamed investor to buy up to $1.0 million of common stock at the company's option through December 31, 2025, at 75% of the lowest traded price over the prior five business days. The investor also got a five-year warrant (expiring January 14, 2030) worth 50% of the commitment, priced off a $5,000,000 company valuation. A resale registration statement was due by January 24, 2025, and the filing says about 6,653,359 shares would be issuable at $0.037575. Enclave Capital gets an 8.0% cash fee on each closing. This is a second share-sale line, running alongside the GHS $10 million line from December 31, 2024.
What it means for a shareholder
6.7m new shares at US$0.0376 to raise about US$250,000. That's 6.3% dilution: every existing holder's slice gets 6.3% smaller. If you held US$1,000 of shares (26,613 at the issue price), your slice goes from 0.0269% to 0.0252% of the company. To keep it you'd need 1,787 more shares - about US$67 at the issue price.
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16 Jan 2025capital raising announcement▼ Bad
On January 10, 2025 GHS bought another 95 shares of Class B convertible preferred for $95,000 ($1,000 each), and received 10 more incentive preferred shares. This is a new round of the same GHS preferred financing that the filings described as fully drawn at $250,000 in late 2024. The company must file a resale registration statement within 30 days of closing, and paid Icon Capital $1,800 as placement agent (2.0% of proceeds). Conversion into common stock adds potential dilution.
7 Jan 2025capital raising announcement▼ BadMajor
On December 31, 2024 the company signed an equity line with GHS Investments (the same investor behind its 2024 Class B preferred financing), under which GHS is committed to buy up to $10.0 million of common stock at the company's choice over 24 months, at 80% of market price. The company must also issue 1,000,000 incentive shares at the first purchase and file a resale registration statement within 30 days; nothing can be sold until the SEC declares it effective. The filing says up to 379,787,879 shares could be issuable at $0.2648 per share, so full use would mean heavy dilution (inference). GHS is capped at 4.99% ownership, and the company can end the deal on 45 days' notice.
17 Dec 2024late filing notice▼ Bad
FORMATION MINERALS, INC. notified the SEC that its quarterly report would be filed late.
11 Dec 2024material agreement● Neutral
On December 5, 2024 the company agreed to sell its rights to oil, gas and other hydrocarbons under certain leases to an unnamed private buyer for $75,000 cash, effective December 1, 2024; it closed on December 6. The filing does not say which interests were sold, so whether these are the ones bought under the June 2024 $220,000 agreement (which was subject to financing) cannot be determined from it.
19 Nov 2024substantial holder notice● Neutral
Spartan Capital Securities, LLC, John D. Lowry disclosed a new substantial FORMATION MINERALS, INC. shareholding (5.47% of votes).
1 Nov 2024capital raising announcement● Neutral
On October 30, 2024 GHS bought the final 50 Additional Shares of Class B preferred for $50,000, with a $1,000 fee to Icon. This completes the GHS preferred financing's additional closings: $250,000 in total paid for, in addition to the 100 incentive shares GHS received at the start.
9 Oct 2024capital raising announcement● Neutral
On October 7, 2024 GHS bought a further 50 Class B preferred shares for $50,000 under the June 10 agreement, with a $1,000 fee to Icon. This is another tranche of the same convertible preferred financing, adding potential dilution.
8 Oct 2024capital raising announcement● NeutralMajor
On October 4, 2024 the company issued 3,231,975 common shares at $0.04 each to certain stockholders in exchange for $129,279 of loans and advances they had made. This includes 2,501,250 shares to Sze Tang (Albert) Li for $100,050 of loans, taking him to 31.59% of the common stock, and 366,250 shares to Horizon Private Fund (Tsz King Chan) for $14,650, leaving him at about 15.86%. The debt is wiped out but existing holders are diluted, and the largest holders (Li, who also got 23,110,000 shares at the merger) hold more.
8 Oct 2024director interest notice● Neutral
FORMATION MINERALS, INC. 10%+ owner Sze Tang (albert) Li acquired 2,501,250 shares at $0.04 under a company stock plan.
8 Oct 2024substantial holder notice● Neutral
Horizon Private Fund Limited reported a FORMATION MINERALS, INC. shareholding of 15,005,250 shares (15.86% of votes) in a periodic institutional filing.
8 Oct 2024director interest notice● Neutral
FORMATION MINERALS, INC. 10%+ owner Chan Tsz King acquired 366,250 shares at $0.04 under a company stock plan.
8 Oct 2024substantial holder notice● Neutral
Affluence Asset Holdings PTE. Ltd reported a FORMATION MINERALS, INC. shareholding of 29,885,250 shares (31.59% of votes) in a periodic institutional filing.
23 Sept 2024director interest notice● Neutral
Sze Tang (albert) Li became a FORMATION MINERALS, INC. 10%+ owner and company insider (initial ownership filing).
23 Sept 2024director interest notice● Neutral
FORMATION MINERALS, INC. 10%+ owner Sze Tang (albert) Li acquired 23,110,000 shares at $0.01 under a company stock plan.
23 Sept 2024substantial holder notice● Neutral
Affluence Asset Holdings PTE. Ltd disclosed a new substantial FORMATION MINERALS, INC. shareholding (29.42% of votes).
23 Sept 2024director interest notice● Neutral
FORMATION MINERALS, INC. 10%+ owner Sze Tang (albert) Li bought 500,000 shares on the open market at $0.01.
23 Sept 2024quarterly activities report● Neutral
FORMATION MINERALS, INC. reported quarterly revenue of $36 thousand and net income of $289 thousand for the period ended 2024-07-31.
17 Sept 2024late filing notice▼ Bad
FORMATION MINERALS, INC. notified the SEC that its quarterly report would be filed late.
9 Sept 2024capital raising announcement● Neutral
On September 6, 2024 GHS bought another 50 Class B preferred shares for $50,000 under the June 10 agreement, with a $1,000 fee to Icon. This is the third $50,000 follow-on purchase (counting the initial closing, three of the five $50,000 tranches are done) and adds convertible preferred stock.
21 Aug 2024capital raising announcement▼ BadMajor
On August 15, 2024 the company took a second loan from 1800 Diagonal Lending: a $98,400 note for $82,000 (after a $16,400 discount), plus $7,000 of Diagonal's expenses reimbursed by the company. It carries $14,760 one-time interest, is repaid in five monthly payments from February 15, 2025 totalling $113,160, and matures June 15, 2025. After an event of default Diagonal can convert the debt to stock at 35% below the lowest trading price of the prior ten days (4.99% ownership cap), which could dilute shareholders. This follows the May 2024 Diagonal note.
16 Aug 2024director interest notice● Neutral
FORMATION MINERALS, INC. CEO and Chairman of the BoD John Damien Trainor received 53,921,000 shares as part of the equity award.
16 Aug 2024director interest notice● Neutral
FORMATION MINERALS, INC. 10%+ owner John Damien Trainor disposed of 56,844,871 shares via option/appreciation-right settlement.