Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2013bankruptcy or receivership▼ BadMajor
On July 29, 2013 Gryphon filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of Nevada (Case No. 13-51496). It remains in control of its assets as a debtor-in-possession. The filing does not say what happens to shareholders' stock; the Waterton debt and the 60% Borealis sale to Waterton's affiliate precede this. William B. Goodhard signs as Interim CEO.
28 June 2013late filing notice▼ Bad
GRYPHON GOLD CORP notified the SEC that its annual report would be filed late.
14 Feb 2013quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $3.2 million and a net loss of $1.8 million for the period ended 2012-12-31.
6 Feb 2013material agreement▼ BadMajor
On January 30, 2013 Gryphon converted Borealis Mining into an LLC and assigned 60% of it (6,000,000 Class A units) to Waterton's affiliate Borealis Holdings LLC, in exchange for Waterton forgiving $17 million of the credit facility. Gryphon keeps 40%, must fund 40% of future capital calls (including an initial $4 million contribution and about $1.6 million of a proposed $4 million call), and faces dilution if it misses payments; if its stake falls to 10% or less it becomes a 3.5% net profit interest. Waterton appoints 3 of 5 Borealis managers. The facility was also raised by $3 million on January 18, 2013 (to $23 million total), then cut to a $6,650,000 balance repayable monthly through November 30, 2014 in cash, gold or Borealis units. Gryphon no longer wholly owns Borealis, its main project; this ends the full ownership noted in earlier filings and cuts monthly debt payments from $1.4 million to $0.4 million.
14 Dec 2012securities registration● Neutral
GRYPHON GOLD CORP amended an already-effective registration statement.
14 Nov 2012quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $3.5 million and a net loss of $1.1 million for the period ended 2012-09-30.
24 Oct 2012securities registration● Neutral
GRYPHON GOLD CORP filed the final prospectus for a registered offering.
17 Oct 2012securities registration● Neutral
GRYPHON GOLD CORP amended a filing by which it registered a securities offering with the SEC.
5 Oct 2012securities registration● Neutral
GRYPHON GOLD CORP amended a filing by which it registered a securities offering with the SEC.
27 Sept 2012material agreement▼ BadMajor
On September 24, 2012 Gryphon and Borealis Mining agreed with Waterton to raise the senior gold stream facility by $5 million, from $15 million to $20 million. Repayments now run monthly from December 2012 to November 2014, starting at about $50,000 a month and rising to about $900,000 a month from March 2013. In return, the supply agreement was amended so Waterton can buy all of Gryphon's production at a 3% discount to spot prices. This adds debt and gives away part of the sales price; it also changes the original repayment schedule of 12 payments from month 13.
14 Sept 2012capital raising announcement● Neutral
Fourth amendment to the April 2012 report. It only files the March 20, 2012 gold and silver supply agreement as an exhibit (confidential portions redacted) in response to SEC staff comments. It states there are no other changes; the Waterton facility terms are repeated unchanged, and the text still says the April 18 supply agreement superseded the March one.
14 Aug 2012quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $5.9 million and a net loss of $379 thousand for the period ended 2012-06-30.
3 Aug 2012capital raising announcement● Neutral
Third amendment to the April 2012 Waterton report. It only refiles the April 18, 2012 credit agreement and supply agreement as exhibits, with confidential portions redacted, to respond to SEC staff comments on the confidential treatment request. It states there are no other changes; the $15,000,000 facility, 5% interest, 14,062,500 warrants at C$0.16 and the May 4, 2012 prepayment notice for the 2011 notes are repeated unchanged.
3 Aug 2012capital raising announcement● Neutral
A second amendment to the March 2012 report, filed to add the March 20, 2012 gold and silver supply agreement as an exhibit, with confidential portions redacted. It states there are no other changes, though the text now lists the 15,000,000 noteholder warrants as issued at $0.16 (the original report said $0.164 and 14,958,000 warrants issued), so the exercise price and count differ between the filings.
17 July 2012securities registration● Neutral
GRYPHON GOLD CORP registered a securities offering with the SEC.
2 July 2012capital raising announcement● Neutral
A second amendment to the April 2012 report that only deals with exhibits: the April 18, 2012 credit agreement and supply agreement are filed, with certain confidential portions redacted under a confidential treatment request. It states there are no other changes; the Waterton facility terms are repeated unchanged.
29 June 2012capital raising announcement● Neutral
This amendment to the March 26, 2012 report only removes the superseded March 20, 2012 gold and silver supply agreement from the exhibit list, since the April 18, 2012 agreement replaced it. It states there are no other changes; the bridge loan and warrant terms are repeated unchanged.
29 June 2012capital raising announcement● Neutral
This amendment to the April 24, 2012 report only changes the exhibit list: it removes the superseded March 20, 2012 supply agreement and incorporates by reference the April 18, 2012 credit agreement and supply agreement, filed with the June 29, 2012 Form 10-K. It states there are no other changes; the Waterton $15,000,000 facility terms are repeated unchanged.
24 Apr 2012capital raising announcement● NeutralMajor
On April 18, 2012 Gryphon signed the $15,000,000 senior secured gold stream credit agreement with Waterton, and the full amount was advanced April 19, 2012. It is intended to repay the $1.5 million bridge loan, prepay the $3 million and $4.5 million 2011 debentures (notice given that they will be prepaid in full effective May 4, 2012) and develop Borealis. It carries 5% interest and a 1% fee, repayment is in 12 equal monthly payments from month 13 valued at 80% of spot gold (paid in gold or, if Waterton asks, cash), and covenants bar new debt, liens, asset sales, distributions and a change of control. Waterton also has the right to buy all Borealis gold and silver production at market rates until operations cease, and received 14,062,500 warrants at C$0.16 for 3 years. This resolves the refinancing thread for the 2011 debentures but puts the project's output and a change-of-control restriction under one lender, and adds dilution.
26 Mar 2012capital raising announcement● NeutralMajor
On March 20, 2012 Gryphon borrowed $1,500,000 from Waterton Global Value at 15% interest, repayable May 19, 2012 (earlier if Waterton provides a senior facility), secured first-ranking over assets of Gryphon and Borealis Mining. It also signed a non-binding letter of intent for a $15,000,000 senior secured gold stream facility (5% interest, 1% fee, repayable in 12 monthly payments in cash or gold from month 13, valued at 80% of spot gold, with 14,000,000 more warrants to Waterton) and a gold and silver supply agreement giving Waterton a right to buy Borealis production. Holders of over 66⅔% of the July and November 2011 debentures agreed to amendments and to rank behind the bridge loan, in return for about 15,000,000 warrants at $0.164 (14,958,000 issued March 22, 2012) for 18 months; Waterton got 1,500,000 warrants at C$0.1862 for 3 years. This follows the 2011 short-dated debentures and adds new dilution; the note repayment depends on the senior facility being drawn.
24 Feb 2012quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $932 thousand and a net loss of $1.2 million for the period ended 2011-12-31.
17 Feb 2012quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $932 thousand and a net loss of $1.2 million for the period ended 2011-12-31.
15 Feb 2012late filing notice▼ Bad
GRYPHON GOLD CORP notified the SEC that its quarterly report would be filed late.
29 Nov 2011capital raising announcement● NeutralMajor
On November 22, 2011 Gryphon closed a CAD$4,479,000 private placement of 4,479 units, each a CAD$1,000 10% subordinated secured debenture maturing November 22, 2012 plus 750 warrants at US$0.40 (3,359,250 in total, expiring May 22, 2013). These are secured over Gryphon's assets, including the Borealis Mining shares, but rank behind the July 2011 CAD$3,000,000 debentures and any senior credit obligations. Agents received a CAD$291,135 fee (6.5%). The filing does not state a use of proceeds; it continues the pattern of short-dated secured borrowing started in July.
21 Nov 2011quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $0 and a net loss of $804 thousand for the period ended 2011-09-30.
14 Nov 2011quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $0 and a net loss of $804 thousand for the period ended 2011-09-30.
15 Aug 2011quarterly activities report▼ Bad
GRYPHON GOLD CORP reported quarterly revenue of $0 and a net loss of $583 thousand for the period ended 2011-06-30.
11 Aug 2011securities registration● Neutral
GRYPHON GOLD CORP filed notice of an exempt private placement.
1 Aug 2011capital raising announcement● NeutralMajor
On July 27, 2011 Gryphon closed a CAD$3,000,000 private placement of 3,000 units, each a CAD$1,000 10% secured subordinated debenture maturing July 28, 2012 plus 1,500 warrants at US$0.20 (4,500,000 warrants in total, expiring January 27, 2013). The debentures are secured over Gryphon's assets, including a pledge of 100% of Borealis Mining Company's shares, with Computershare as trustee; agents were paid CAD$180,000 (6%). Proceeds are stated to be for equipment, power at Borealis and working capital. This adds secured debt due within a year on top of the May 2011 equity raise, and a change of control triggers a 110% repurchase offer.
31 May 2011capital raising announcement● NeutralMajor
Effective May 20, 2011 Gryphon exercised the Borealis royalty option, fixing the lessors' royalty at 5% in place of the earlier sliding-scale royalty. It paid $150,000 cash, 7,726,500 shares at a deemed $0.40, $1.6 million of 5% promissory notes due 2013 and $1,909,500 of 5% convertible notes due 2014 (convertible at $0.70, rising to $0.80 and $0.90). This resolves the royalty option thread, following the May 2011 equity raise, but it creates new debt, and if Gryphon defaults on note payments and fails to cure within 120 days, the royalty reverts to the old terms. The terms differ from Amendment No. 4's February schedule (5,000,000 shares and $3 million of convertible notes).
