20 Aug 2012quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $514 thousand for the period ended 2012-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2012late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
8 Aug 2012securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
29 June 2012securities registration● Neutral
GOLDRICH MINING CO registered a securities offering with the SEC.
16 May 2012late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
16 May 2012quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $449 thousand for the period ended 2012-03-31.
10 May 2012capital raising announcement▲ GoodMajor
On May 2, 2012 the company signed the definitive operating agreement, completing the April letter of intent: the 50:50 joint venture Goldrich NyacAU Placer, LLC now exists, managed by Nyac, on the terms of about $8.5 million funding. Goldrich issued 2,364,865 shares at $0.148 ($0.35 million) and 300,000 options at $0.20 to Dr. J. Michael James of Nyac. The company also reports mining equipment has been mobilized to Chandalar (over $5 million invested including equipment Goldrich already bought), with production expected by June 2013 though possibly as early as summer 2012, and no SEC Guide 7 reserve defined. No loan advances occurred at closing.
10 Apr 2012capital raising announcement▲ GoodMajor
On April 3, 2012 the company signed a binding letter of intent with NyacAU, LLC for a 50:50 joint venture to operate the Chandalar placer mines, with Nyac as managing partner. Nyac would provide a funding package of about $8.5 million (a roughly $7.2 million near-interest-free loan to the JV, a $0.95 million loan to Goldrich at the greater of prime plus 2% or 10% for drilling, and $0.35 million of equity), repaid from future production. Goldrich contributes a lease of its Chandalar placer rights. A formal operating agreement is due within 60 days or the JV is dissolved and the claims revert to Goldrich. Minimum production targets start in 2015. This moves the alluvial production work begun in 2010 toward a funded partnership, but gives up half of placer profits after loans are repaid.
29 Nov 2011capital raising announcement● Neutral
The company closed a small private placement on November 21, 2011: 2.5 million units at $0.20 for about $500,000 net, plus 175,000 units and 125,000 each of Series I and Series J warrants paid as commissions. Each unit has one share plus half a Series J and half a Series I warrant (five years). Proceeds are meant for exploration and general operating costs. The press release says Regent Pacific Group financed it, raising its stake from 13.9% to 16.4% of shares outstanding. More dilution; the press release counts 2.675 million units, matching the 2.5 million plus 175,000 commission units.
What it means for a shareholder
2.5m new shares at US$0.200 to raise about US$500,000. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held US$1,000 of shares (5,000 at the issue price), your slice goes from 0.00553% to 0.00538% of the company. To keep it you'd need 138 more shares - about US$28 at the issue price.
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23 Nov 2011securities registration● Neutral
GOLDRICH MINING CO registered a securities offering with the SEC.
23 Nov 2011substantial holder notice● Neutral
Regent Pacific Group Limited reported a GOLDRICH MINING CO shareholding of 31,592,714 shares (28.86% of votes) in a periodic institutional filing.
17 Nov 2011securities registration● Neutral
GOLDRICH MINING CO filed the final prospectus for a registered offering.
14 Nov 2011quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $2.6 million for the period ended 2011-09-30.
14 Nov 2011securities registration● Neutral
GOLDRICH MINING CO filed the final prospectus for a registered offering.
27 Oct 2011capital raising announcement● Neutral
The company reported finishing its 2011 Chandalar exploration season: 25 core holes totaling about 15,000 feet in five target areas, soil sampling covering about 65% of the 23,000-acre property, and an airborne magnetic survey. Drill assay results are expected by mid to late November 2011. The company calls the season successful in expanding its geological knowledge, but no assay results are given yet. This is the drilling funded by the 2011 placements.
11 Oct 2011securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
12 Sept 2011capital raising announcement▲ GoodMajor
The company said it has now satisfied all its notes payable in gold. It bought 213.413 ounces of fine gold for $358,641 on August 4, paid $190,941 cash on August 3 in lieu of 117.647 ounces, and converted 109.355 ounces of alluvial and 171.286 ounces of fine gold into 2,029,908 units in the July placement. This resolves the gold-delivery obligations (the 2009-2010 gold notes and the 406 and 191 ounces left after the February 2011 settlement).
8 Sept 2011securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
15 Aug 2011quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $713 thousand for the period ended 2011-06-30.
8 Aug 2011substantial holder notice● Neutral
Regent Pacific Group Limited disclosed a new substantial GOLDRICH MINING CO shareholding (25.03% of votes).
4 Aug 2011capital raising announcement● NeutralMajor
The company closed a placement of 13.8 million units at $0.21 for about $2.9 million net, sold outside the US, each with a share plus half a Series J warrant (greater of $0.30 or market) and half a Series I warrant ($0.40), five-year. It plans to use proceeds to finish funding the 2011 Chandalar hard-rock drilling, fully repay roughly $960,000 of notes payable in gold, repay about $263,000 owed to a related party, and cover operating costs. More dilution, but it addresses the outstanding gold notes.
27 July 2011securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
29 June 2011securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
14 June 2011securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
6 June 2011capital raising announcement● Neutral
Formal disclosure of the placement announced days earlier: 9,859,284 units at $0.21 for about $2,070,000 gross, each with one share plus half a Series H warrant ($0.30) and half a Series I warrant ($0.40), both five-year. The company granted resale registration rights and can accelerate expiry if the stock trades above $0.50 (H) or $0.60 (I) for 20 days. Officers and directors bought 695,000 units; new shares and warrants dilute existing holders.
What it means for a shareholder
9.9m new shares at US$0.210 to raise about US$2.1m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held US$1,000 of shares (4,762 at the issue price), your slice goes from 0.009% to 0.00758% of the company. To keep it you'd need 887 more shares - about US$186 at the issue price.
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3 June 2011securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
2 June 2011capital raising announcement▲ GoodMajor
The company announced it closed an oversubscribed private placement raising about $2,070,000 gross, to fund its 2011 hard-rock drilling exploration program at Chandalar and general operating costs. Officers and directors bought 695,000 units ($145,850) on the same terms; drilling was expected to start in later June. Details of the units are in the companion filing.
16 May 2011quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $2.2 million for the period ended 2011-03-31.
18 Apr 2011securities registration● Neutral
GOLDRICH MINING CO amended a filing by which it registered a securities offering with the SEC.
24 Feb 2011capital raising announcement● Neutral
After temporarily cutting the exercise price of its Class E and Class F warrants to $0.20, the company issued 1,428,332 shares on exercises and received $285,666. Remaining are 422,518 Class E warrants at $0.65 and 659,662 Class F warrants at $0.55. Small cash raise with some dilution.