21 May 2012quarterly activities report▼ Bad
GOLD HILLS MINING, LTD. reported a quarterly net loss of $846 thousand for the period ended 2012-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2012late filing notice▼ Bad
GOLD HILLS MINING, LTD. notified the SEC that its quarterly report would be filed late.
11 May 2012director interest notice● Neutral
GOLD HILLS MINING, LTD. President Borges Luciano De Freitas received a stock option grant for 550,000 shares.
7 May 2012securities registration● Neutral
GOLD HILLS MINING, LTD. filed the final prospectus for a registered offering.
4 May 2012material agreement▼ BadMajor
The company received a $250,000 loan from Tumlins Trade Inc. on a note dated April 3, 2012, and issued CRG Finance AG two notes: $30,000 dated March 2, 2012 and $50,000 dated April 3, 2012. All carry 7.5% interest, are due 30 days after demand following the first anniversary, and rise to 15% on default. Urmas Turu signs as Interim CEO, so he now holds the chief executive role previously held by Leonardo Riera (inference: Riera has left it; the filing does not say). The company is relying on new loans to fund itself.
3 Apr 2012director interest notice● Neutral
Turu Urmas became a GOLD HILLS MINING, LTD. Interim CEO and company insider (initial ownership filing).
2 Apr 2012director interest notice● Neutral
GOLD HILLS MINING, LTD. director Margent Gabriel received a stock option grant for 250,000 shares.
28 Feb 2012securities registration● Neutral
GOLD HILLS MINING, LTD. filed the final prospectus for a registered offering.
21 Feb 2012quarterly activities report▼ Bad
GOLD HILLS MINING, LTD. reported a quarterly net loss of $846 thousand for the period ended 2012-03-31.
13 Feb 2012late filing notice▼ Bad
GOLD HILLS MINING, LTD. notified the SEC that its quarterly report would be filed late.
6 Jan 2012securities registration● Neutral
GOLD HILLS MINING, LTD. filed the final prospectus for a registered offering.
21 Dec 2011securities registration● Neutral
GOLD HILLS MINING, LTD. amended a filing by which it registered a securities offering with the SEC.
21 Nov 2011quarterly activities report▼ Bad
GOLD HILLS MINING, LTD. reported a quarterly net loss of $2.3 million for the period ended 2011-12-31.
15 Nov 2011late filing notice▼ Bad
GOLD HILLS MINING, LTD. notified the SEC that its quarterly report would be filed late.
26 Oct 2011asset acquisition disposition▲ GoodMajor
Effective October 18, 2011 the Brazilian subsidiary closed the Serra do Sereno (Misty Hills) acquisition, now described as 9,000 hectares (the option had said about 10,000), after paying COOPEMIC the $350,000 exercise payment. This completes the option signed May 26, 2011. It commits the company to at least $5,000,000 of exploration (expected cost $5-10 million) and the later payments to COOPEMIC. The corrected press release says exploration at Misty Hills is expected in the second half of 2012 and at Gold Hills (Serra do Ouro) in the first quarter of 2012.
6 Oct 2011farm in farm out agreement▲ GoodMajor
On September 28, 2011 the company announced it would exercise its option on the Serra do Sereno (Misty Hills) mineral rights in Carajas, Para, which it signed with the COOPEMIC cooperative on May 26, 2011. It gave notice on September 22, paid $150,000 at the start, and owes $350,000 more within 30 days; it must spend at least $5,000,000 on exploration, with closing expected in October 2011 and due diligence still to come. Further payments to COOPEMIC ($250,000 after six months and $150,000 after twelve months of exploration, if it continues) and 30% of $24 per gold-equivalent ounce if over 400,000 ounces are confirmed. This moves the May option towards completion; the filing says no assurance of closing can be given. The press release gives 16.3 million shares outstanding.
6 Oct 2011director interest notice● Neutral
GOLD HILLS MINING, LTD. CEO and President Riera Leonardo bought 10,000 shares on the open market at $4.00.
29 Sept 2011securities registration● Neutral
GOLD HILLS MINING, LTD. registered a securities offering with the SEC.
8 Sept 2011capital raising announcement● NeutralMajor
On September 7, 2011 the company closed a private placement of 259,741 shares at $3.85 for $1,000,003.50, with investors also getting five-year warrants for 259,741 shares at $4.15. For six months the share price and warrant price can be adjusted if the company later raises money on better terms, and it must register the shares for resale (file within 30 days). Rodman & Renshaw was placement agent, paid 7% cash plus warrants for 18,182 shares at $4.15. Proceeds are meant mainly for exploration and development in Brazil and working capital. This dilutes existing shareholders.
What it means for a shareholder
259,741 new shares at $3.85 to raise about $1.0m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held $1,000 of shares (260 at the issue price), your slice goes from 0.00162% to 0.0016% of the company. To keep it you'd need 4 more shares - about $15 at the issue price.
Create a free account to see this worked out for your own holding.
28 June 2011capital raising announcement● NeutralMajor
Between April 26 and June 14, 2011 the company sold 556,000 shares at $3.85 each to non-U.S. investors, raising $2,140,600, and gave Mobax Securities Limited warrants for 51,600 shares at $3.85. It also issued 500,000 shares to SV Commercial S.A. as a fee under a December 15, 2010 introduction agreement, triggered by the Gold Hills acquisition. These issues add to the share count, diluting existing holders.
1 June 2011farm in farm out agreement● NeutralMajor
On May 26, 2011 the company's Brazilian subsidiary (Gold Hills Mining Ltda.) signed an exclusive option with the COOPEMIC cooperative on mineral rights (Serra do Sereno, about 10,000 hectares) in the Carajas province, Para. The company would first take 70% and later all of the rights after an initial 12-18 month exploration campaign, which it expects to cost $5 million to $10 million; due diligence has yet to be done and closing is not assured. The press release says shares outstanding are 15,250,000 and signals a focus on Brazil.
16 May 2011quarterly activities report▼ Bad
GOLD HILLS MINING, LTD. reported a quarterly net loss of $385 thousand for the period ended 2011-03-31.
10 May 2011material agreement▲ GoodMajor
On May 4, 2011 the company completed the purchase of 100% of Gold Hills Mining Ltda., a Brazilian company with mineral rights in Northeastern Brazil, resolving the March escrow-stage deal. It pays $250,000 now, then $400,000 or $1,000,000 plus $2 per ounce above 500,000 depending on gold found (nothing if under 300,000 ounces), $700,000 on obtaining environmental licences, and a 2% royalty on gross income once mining starts; it will invest $3,500,000 subject to the reserves finding. The press release names the properties the Serra do Ouro project (about 3,500 hectares) and says Luciano Borges, a company director, becomes president of Gold Hills.
5 Apr 2011director interest notice● Neutral
Urmas Turu became a GOLD HILLS MINING, LTD. company insider (initial ownership filing).
3 Mar 2011farm in farm out agreement▼ BadMajor
On March 3, 2011 the company agreed general terms to buy Sociedad Minera Las Cumbres SAC, operator of a silver mine in Peru, for shares valued at $3,000,000, plus an option to buy the Condorsenga mineral rights for $2,000,000 in tranches; long-form agreements are still to be finalised and due diligence is pending. It also reports a $100,000 escrow deposit funded for Gold Hills Mining Ltda. (Brazil) under a January memorandum of understanding. On Rio Sao Pedro, it found obligations and disputes among the sellers that must be resolved first, so its primary focus will be other acquisitions; this sets back the deal signed in the September 2010 letter of intent.
18 Feb 2011securities registration● Neutral
GOLD HILLS MINING, LTD. filed the final prospectus for a registered offering.
14 Feb 2011quarterly activities report▼ Bad
GOLD HILLS MINING, LTD. reported a quarterly net loss of $385 thousand for the period ended 2011-03-31.
25 Jan 2011securities registration● Neutral
GOLD HILLS MINING, LTD. filed the final prospectus for a registered offering.
21 Jan 2011director interest notice● Neutral
GOLD HILLS MINING, LTD. director Turu Urmas sold 740,000 shares at $4.00.
21 Dec 2010director interest notice● Neutral
Borges Luciano became a GOLD HILLS MINING, LTD. director and company insider (initial ownership filing).