31 Mar 2015late filing notice▼ Bad
GOLDRICH MINING CO 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.
14 Nov 2014quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $460 thousand for the period ended 2014-09-30.
19 Aug 2014quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $325 thousand for the period ended 2014-06-30.
14 Aug 2014late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
24 July 2014capital raising announcement● Neutral
On July 18, 2014 the company closed the third and final part of its $0.055-per-unit private placement, bringing the total to 27,726,090 units and $1,524,000 gross (the release rounds to $1.54 million). This is more than the 22,909,001 units and about $1,260,000 reported after the June 30 close, so it adds further dilution. Officers and directors bought 1,424,454 units in total. Each unit is one share plus half a Series N warrant at $0.11 for five years. The placement agent GVC Capital LLC gets an 8% commission, 2% expenses and warrants on 10% of units sold at $0.055. Proceeds are for Chandalar development and working capital, and a hard-rock exploration program (airborne surveys, mapping, sampling) is planned to start in August. The boilerplate in the release still says placer production is anticipated in summer 2014, which differs from the summer 2015 commercial production stated in the June releases.
3 July 2014capital raising announcement▼ Bad
On June 30, 2014 the company closed a second part of the same $0.055-per-unit placement, selling 8,700,364 more units for about $479,000. Totals are 22,909,001 units and about $1,260,000, with officers and directors buying 1,314,727 units ($72,310) overall. This completes the raise begun on June 9 and adds further dilution; the press release again points to commercial production in summer 2015.
20 June 2014securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
11 June 2014capital raising announcement▼ BadMajor
On June 9, 2014 the company closed the first part of a private placement of 14,208,637 units at $0.055, raising about $781,000 for Chandalar development and general costs. Each unit is one share plus half a $0.11 five-year warrant, and officers and directors bought 487,272 units ($26,800). The price is far below the $0.15 to $0.21 levels of earlier raises, so the new shares dilute existing holders heavily. The press release now says commercial production is expected in summer 2015, a further delay from the summer 2014 expectation in January.
What it means for a shareholder
14.2m new shares at US$0.055 to raise about US$781,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held US$1,000 of shares (18,182 at the issue price), your slice goes from 0.019% to 0.0166% of the company. To keep it you'd need 2,704 more shares - about US$149 at the issue price.
Create a free account to see this worked out for your own holding.
20 May 2014quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $354 thousand for the period ended 2014-03-31.
15 May 2014late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
31 Mar 2014late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its annual report would be filed late.
12 Feb 2014securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
12 Feb 2014securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
4 Feb 2014capital raising announcement● NeutralMajor
On January 29, 2014 the company agreed a senior unsecured note of up to $2,000,000 with Gold Rich Asia Investment Limited (Hong Kong), payable in six tranches through September 2014, with the lender free to decide whether to fund tranches 2 to 6. Only the first $300,000 was funded, each loan is due three years after it is made, and the lender receives five-year warrants (1,575,000 for the first loan; 10,500,000 if all are funded) at the greater of $0.15 or market. The note is guaranteed by Goldrich Placer LLC, and finders including a company controlled by board member Steve Vincent get a 3% cash fee and warrants (160,000 issued so far).
27 Jan 2014capital raising announcement▼ Bad
On January 23, 2014 the company sold 200 shares of a new Series B preferred stock at $1,000 each ($200,000) to one investor, with 2,857,142 five-year warrants at $0.10. The preferred converts to common at $0.07 per share, well below the $0.40 warrant prices of the 2013 gold notes, so it means more shares for existing holders to be diluted by. It ranks behind the Series A preferred in a liquidation, and the press release says the buyer can swap into any new offering priced below $0.07 for three years. The press release now says placer production is expected in summer 2014, later than the mid-June 2013 start expected earlier.
14 Nov 2013quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $403 thousand for the period ended 2013-09-30.
19 Aug 2013quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $293 thousand for the period ended 2013-06-30.
14 Aug 2013late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
20 May 2013quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $322 thousand for the period ended 2013-03-31.
15 May 2013late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
22 Apr 2013capital raising announcement● Neutral
This is a second copy of the April 22, 2013 amendment, with the same text on the April 3, 2013 gold notes but without the Item 2.03 section. It adds no new figures: about $615,000 of notes, about 500 ounces due in November 2014, and $0.40 two-year warrants.
22 Apr 2013capital raising announcement● Neutral
This is an amended version of the April 3, 2013 gold-note filing, adding an Item 2.03 section that records the notes as a direct financial obligation. The terms are unchanged: about $615,000 of notes, about $572,000 net, repayable with about 500 ounces of gold in November 2014, plus $0.40 two-year warrants.
17 Apr 2013securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
16 Apr 2013capital raising announcement● NeutralMajor
On April 3, 2013 the company took on new notes payable in gold of about $615,000 (about $572,000 net cash after a 7% finder's fee), to be repaid by delivering about 500 ounces of gold in November 2014, priced at a 25% discount to market. Noteholders also get half a warrant per dollar, exercisable at $0.40 for two years. This brings back the gold-note financing that was fully settled in 2011. The press release says Chandalar gold production is expected to begin by mid-June, with a 2013 goal of 8,500 ounces.
1 Apr 2013late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its annual report would be filed late.
18 Jan 2013securities registration● Neutral
GOLDRICH MINING CO filed the final prospectus for a registered offering.
4 Dec 2012securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
19 Nov 2012quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $341 thousand for the period ended 2012-09-30.
14 Nov 2012late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
18 Oct 2012securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.