1 Feb 2017director interest notice● Neutral
Nicholas Gallagher became a GOLDRICH MINING CO director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2017director interest notice● Neutral
GOLDRICH MINING CO director Nicholas Gallagher bought 7,666,897 shares on the open market.
31 Jan 2017director interest notice● Neutral
GOLDRICH MINING CO director David Atkinson bought 66,669 shares on the open market.
11 Jan 2017capital raising announcement▼ Bad
On December 30, 2016 the company sold 50 new Series F preferred shares at $1,000 each ($50,000), convertible at $0.03, with Series S warrants at $0.03 usable from one year after closing for five years. Series F ranks behind Series A to E in a liquidation, and carries the same 15% redemption right if assets are sold for over $3,000,000 within a year. This is a new class of preferred stock but the same pattern of small raises at $0.03, adding to dilution.
19 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO director Stephen M Vincent bought 66,669 shares on the open market.
16 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO director Garrick Allen Mendham bought 66,669 shares on the open market.
15 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO CEO/President William V Schara bought 66,669 shares on the open market.
15 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO director William Orchow bought 66,669 shares on the open market.
9 Dec 2016capital raising announcement▼ BadMajor
On December 9, 2016 the company closed the third and final Series E tranche for $100,000, completing the $300,000 raise on the same terms ($0.03 conversion, $0.045 warrants, 15% redemption right on asset sales above $3,000,000 within a year). It also amended the gold notes again: only 10% (52 oz) is paid in 2016, and the remaining roughly 343 oz is pushed from November 30, 2016 to November 30, 2017, with 9% interest (up from 8%) and a gold-price top-up. This continues the earlier deferral, so the gold-note obligation was not delivered by the November 2016 date set in the December 2015 amendment.
14 Nov 2016quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $184 thousand for the period ended 2016-09-30.
8 Nov 2016securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
4 Nov 2016director interest notice● Neutral
GOLDRICH MINING CO director Stephen M Vincent bought 333,343 shares on the open market.
2 Nov 2016capital raising announcement▼ Bad
On November 2, 2016 the company closed the second tranche of its Series E preferred placement for $100,000, bringing the total to $200,000 of the up to $300,000 approved in October. Terms are unchanged: conversion at $0.03, warrants at $0.045 from one year after closing for five years, and the 15% redemption right if assets are sold for more than $3,000,000 within a year. This continues the small, dilutive raises at the $0.03 price; up to $100,000 of the approved amount was still unissued per these figures.
5 Oct 2016capital raising announcement▼ Bad
On October 5, 2016 the board approved up to 300 Series E preferred shares to raise up to $300,000, and the first tranche was issued for $100,000. Terms mirror Series D: conversion at $0.03 per common share, warrants at $0.045 from one year after closing for five years, and the 15% redemption right on asset sales over $3,000,000 within a year. This is another small, dilutive raise at the same $0.03 price; up to $200,000 more remains to be raised if later tranches close. The filing does not say what the money will be used for.
22 Aug 2016quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $200 thousand for the period ended 2016-06-30.
15 Aug 2016late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
12 Aug 2016capital raising announcement▼ Bad
On August 1, 2016 the company closed the third and final tranche of the Series D placement for $50,000, bringing the total to 150 Series D preferred shares and $150,000 gross. Terms are unchanged: conversion at $0.03, warrants at $0.045 for five years from one year after closing, and the 15% redemption right on asset sales over $3,000,000 within a year. This completes the Series D raise and adds further dilution.
12 Aug 2016capital raising announcement▼ Bad
On June 13, 2016 the company closed a second tranche of a private placement, selling 50 Series D preferred shares at $1,000 each for $50,000. Each converts at $0.03 per common share and carries warrants at $0.045 usable from one year after closing for five years. The same 15% redemption right applies if assets are sold for over $3,000,000 within a year. It continues the pattern of small raises at $0.03 conversion, and the warrant price is higher than the $0.03 on the Series C warrants. The first tranche is not described in this filing.
16 May 2016quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $223 thousand for the period ended 2016-03-31.
8 Apr 2016capital raising announcement● Neutral
Filed in April 2016, this 8-K reports the December 8, 2015 events already covered in the 2015-12-11 filing: the $250,000 Series C preferred placement (250 shares at $1,000, convertible at $0.03, with $0.03 warrants, NGB Capital as placement agent at 10% commission) and the amendment of the gold notes (52 oz paid in 2015, about 395 oz due by November 30, 2016 with 8% interest and a gold-price top-up). It adds no new terms; the filing text itself gives no reason for the later filing date. The 15% redemption right on asset sales above $3,000,000 within a year still applies.
30 Mar 2016late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its annual report would be filed late.
11 Dec 2015capital raising announcement▼ BadMajor
On December 8, 2015 the company sold 250 Series C preferred shares at $1,000 ($250,000), each convertible at $0.03 per common share, with matching warrants at $0.03 usable from one year after closing for a five-year term. The $0.03 price is well below the earlier $0.05-$0.055 raises, so dilution deepens. If the company sells assets for more than $3,000,000 within a year, the buyer can demand redemption at the purchase price plus 15% interest. Separately, the company changed its gold notes: only 10% (52 ounces) is paid in 2015, and about 395 ounces is due by November 30, 2016 with 8% interest and a gold-price top-up. This pushes back the ~500 oz due in November 2014 under the April 2013 notes, of which 10% was paid in 2014.
13 Nov 2015quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $304 thousand for the period ended 2015-09-30.
17 Aug 2015quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $889 thousand for the period ended 2015-06-30.
14 Aug 2015late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
31 July 2015securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
2 July 2015capital raising announcement● NeutralMajor
On June 23, 2015 the company raised $1.2 million by selling Chandalar Gold, LLC 12% of the future cash flows it receives from its 50% stake in the GNP joint venture, so its effective share falls to about 44% from 50% (CGL gets 6%). This is a new kind of funding that is not share issuance, though CGL also got 2,250,000 warrants at $0.07 for five years. CGL has an option to buy another 10% for $1.3 million before July 1, 2016. The placement agent GVC gets a 5% commission, a perpetual 0.5% interest in GNP distributions to Goldrich, and 1.2 million warrants at $0.05. Under the JV agreement, Goldrich's distributions are held back to repay the Nyac royalty loan (LOC2) until it is paid in full. The filing says commercial production of the Little Squaw placer is on track to start this year, but the release's boilerplate still says summer 2014. Proceeds are for working capital and reclamation at Chandalar.
20 May 2015quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $267 thousand for the period ended 2015-03-31.
15 May 2015late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
6 Apr 2015capital raising announcement▼ Bad
On March 31, 2015 the company closed a $250,000 private placement of 5,000,000 units at $0.05 to one accredited investor, each unit being one share plus one warrant at $0.06 for 60 months. The price is below the $0.055 of the 2014 placement, so it dilutes holders again. Proceeds are for general working capital.
What it means for a shareholder
5.0m new shares at US$0.050 to raise about US$250,000. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.0153% to 0.0147% of the company. To keep it you'd need 764 more shares - about US$38 at the issue price.
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