Past year: ▲ 0%(0.20c – 0.20c USD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Aug 2013financial restatement● Neutral
This amendment to the August 6, 2013 restatement 8-K only attaches a letter from the company's accountant, KWCO, PC, about the non-reliance on the July 31, 2012 financial statements. The original disclosure ($1,668,554 common stock liability) is repeated unchanged.
6 Aug 2013financial restatement▼ BadMajor
The company disclosed that its financial statements for the year ended July 31, 2012 should no longer be relied on, after notice from its accountant on or about December 13, 2012. A lawsuit settlement paid in shares, originally booked as equity, was reclassified as a $1,668,554 liability because the number of shares to be issued is not fixed, and a derivative liability/expense was also needed. The restated accounts were already filed in a 10-K/A on December 21, 2012, so this 8-K is a late disclosure; the lawsuit settlement appears to be the Ironridge arrangement (an inference).
14 May 2013business combination● Neutral
This is a cover page and exhibit index referencing a May 10, 2013 press release that was filed in a separate 8-K on May 14, 2013. The filing itself contains no substance, and the press release's content is not shown here.
3 May 2013business combination● Neutral
This is a cover page and exhibit index for pre-commencement communications about the Crowncorp letter of intent and addendum, pointing to exhibits already filed. It contains no new information.
2 May 2013material agreement● Neutral
This amendment to the Crowncorp $88 million letter of intent 8-K only corrects the press release date to May 2, 2013 (not May 1). The deal terms are repeated unchanged. The attached press release calls the letter of intent binding and says shareholders are expected to receive $75 million less debt repayment and transaction expenses.
2 May 2013material agreement▲ GoodMajor
On April 25, 2013 the company signed a letter of intent with Crowncorp Investments Corporation for an all-cash $88 million purchase of all its assets and shares, up from the $75 million Crowncorp offer of December 2012. It depends on a tender offer to shareholders and a definitive operating agreement giving Crowncorp management and control. Payments are $1.6M, $1.6M and $2.8M to the company in stages, then $69M to shareholders (plus the balance left after certain debts are paid) and $13M to the company on completion of the tender offer. If the deal does not close within six months, or Crowncorp fails to pay or repudiates, Crowncorp owes a $2M break-up fee and money already advanced is treated as a senior secured loan to the company (net of the fee). An April 30 addendum moved the first deposit from April 29 to May 10, 2013. The tender offer has not started and the board has yet to make a recommendation.
21 Dec 2012business combination● Neutral
This amendment to the November 30, 2012 filing about the Magnolia Hill offer ($0.62 per share in cash and stock) only revises the forward-looking statements section and repeats the earlier announcement. It adds no new terms or developments; the offer is still unsolicited, not yet commenced, and subject to due diligence.
21 Dec 2012business combination● Neutral
This amendment to the December 18, 2012 filing repeats the Crowncorp $75 million cash offer announcement and revises the forward-looking statements section. It adds no new terms or developments.
18 Dec 2012business combination● NeutralMajor
On December 11, 2012 the company received a second unsolicited offer, from Crowncorp Investment Corporation, to buy its subsidiary Hondo Minerals, Inc. (which holds all its assets) for $75 million in cash. The board authorised management to run due diligence and aim for definitive agreements within 60 days; nothing is binding yet, and this is an alternative to the earlier Magnolia Hill offer.
30 Nov 2012business combination● NeutralMajor
On November 20, 2012 the company received an unsolicited offer from Magnolia Hill, LLC to buy all its stock and assets at $0.62 per share in cash and stock, under a letter of intent subject to due diligence and requirements such as a 43-101 reserve report. The board rejected a proposed $250,000 deposit tied to a 120-day no-shop clause; no definitive deal exists yet.
25 Apr 2012capital raising announcement● NeutralMajor
On April 19, 2012 the company issued 6,500,000 shares to Ironridge Global IV, Ltd. to settle $1,648,554.39 of its accounts payable that Ironridge had bought from creditors, under a court-approved settlement. The settlement allows more shares to be issued later depending on trading volume and share price (capped at 9.99% ownership by Ironridge), so existing shareholders may be diluted further.
18 Apr 2012listing compliance notice▼ Bad
Hondo Minerals Corp withdrew a registration statement, abandoning the offering it covered.
3 Apr 2012listing compliance notice▼ Bad
Hondo Minerals Corp withdrew a registration statement, abandoning the offering it covered.
9 May 2011asset acquisition disposition● NeutralMajor
On April 28, 2011 the company agreed to buy used equipment from 4SIBS Investment, LLC for $2,400,000, payable $500,000 within 24 hours (paid, closing May 4, 2011), $900,000 by June 10, 2011 and $1,000,000 by July 12, 2011. This creates $1.9 million of remaining payment obligations; the filing does not say what the equipment is for.
3 Mar 2011business combination● Neutral
This amendment to the February 2011 reverse-merger report corrects the number of shares issued to Hondo's shareholders from 22,103,000 to 22,289,390 (still about 76% ownership) and updates the headquarters address to Scottsdale, AZ. The business description is otherwise essentially the same as the original.
9 Feb 2011business combination● NeutralMajor
On February 8, 2011, shell company Tycore Ventures (later Hondo Minerals Corp) bought 100% of Hondo Minerals, Inc. by issuing 22,103,000 new shares to Hondo's shareholders, who now hold about 76% of the company. The business became Hondo's mining operation (Tennessee and Schuylkill mines in Arizona, plus claims in Colorado and Utah); the filing says tailings processing is expected to start in middle to late 2011 and the company depends on outside funding until it generates cash flow.
