29 Mar 2011director interest notice● Neutral
William L Campbell became a Independence Resources PLC 10%+ owner and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2011securities registration● Neutral
Independence Resources PLC filed notice of an exempt private placement.
18 Mar 2011asset acquisition disposition● NeutralMajor
On March 17, 2011 the company issued 8,150,000 shares (5,500,000 to Brush Prairie Minerals and 2,650,000 to Chester Mining) to acquire Iron Eagle Acquisitions, which holds the Gray Eagle Mine claims in Siskiyou County, California, and property in Lemhi County, Idaho (Iron Creek); the shares were valued at $6,520,000. John Ryan and Howard Crosby, who run the company, also take director seats at the two sellers. This continues the move away from skincare into resources, adds mining alongside the Texas oil interest, and dilutes existing shareholders; the press release also mentions a plan to restart the Relief Canyon Gold Mine, which ties to the April 2010 bankruptcy-claim purchase (an inference).
22 Nov 2010quarterly activities report▼ Bad
Independence Resources PLC reported a quarterly net loss of $251 thousand for the period ended 2010-09-30.
16 Nov 2010late filing notice▼ Bad
Independence Resources PLC notified the SEC that its quarterly report would be filed late.
15 Nov 2010material agreement▼ BadMajor
On November 9, 2010 the company and DMRJ amended the $3.0 million March 2010 convertible note, cutting the conversion price from $1.25 to $0.70 and letting DMRJ swap the note into securities of any later, more favourable financing. In return DMRJ consented to the company issuing additional secured debt, which the note otherwise prohibited. Shareholders face more potential dilution from the lower conversion price.
20 Aug 2010quarterly activities report▼ Bad
Independence Resources PLC reported a quarterly net loss of $642 thousand for the period ended 2010-06-30.
17 Aug 2010late filing notice▼ Bad
Independence Resources PLC notified the SEC that its quarterly report would be filed late.
20 May 2010asset acquisition disposition● NeutralMajor
On May 14, 2010 the company bought a 15% working interest in oil and gas leases in Dawson County, Texas (the Riggan Project) from SDX Resources for $108,397, with Breck Operating Corp as operator. It will pay 20% of the cost of the first test well (to be started by September 1, 2010) and 17.647059% of a second well, and the press release expects about $495,000 total for the two wells. This is the company's first oil and gas interest in this history, following the March 2010 change of management and exit from skincare.
19 May 2010late filing notice▼ Bad
Independence Resources PLC amended its notice to the SEC that its quarterly report would be filed late.
14 May 2010auditor change● Neutral
On May 10, 2010 the board dismissed its auditor Macias Gini & O'Connell and appointed DeCoria Maichel & Teague P.S. The old auditor's reports for 2008 and 2009 were clean and the filing reports no disagreements or reportable events.
14 May 2010late filing notice▼ Bad
Independence Resources PLC notified the SEC that its quarterly report would be filed late.
4 May 2010director interest notice● Neutral
Independence Resources PLC director Kerry Dukes received a stock option grant for 150,000 shares.
4 May 2010director interest notice● Neutral
Independence Resources PLC director Wesley Md Holland received a stock option grant for 150,000 shares.
4 May 2010director interest notice● Neutral
Independence Resources PLC Chairman & CEO John P Ryan received a stock option grant for 250,000 shares.
4 May 2010director interest notice● Neutral
Independence Resources PLC director Anthony Williams received a stock option grant for 150,000 shares.
4 May 2010director interest notice● Neutral
Independence Resources PLC President & CFO Howard M Crosby received a stock option grant for 250,000 shares.
7 Apr 2010asset acquisition disposition● NeutralMajor
On April 1, 2010 the company paid $5.0 million to a partnership majority-owned by Platinum Partners Value Arbitrage Fund, the same group behind the March 2010 note financing, for an interest in $7.0 million of notes and contractual rights owed by an unnamed natural-resources company in US bankruptcy. The filing gives no further detail on the debtor's assets, and the seller gave only limited representations about title and liens.
31 Mar 2010late filing notice▼ Bad
Independence Resources PLC notified the SEC that its annual report would be filed late.
15 Mar 2010director interest notice● Neutral
John P Ryan became a Independence Resources PLC Chief Executive Officer and company insider (initial ownership filing).
15 Mar 2010director interest notice● Neutral
Wesley Md Holland became a Independence Resources PLC director and company insider (initial ownership filing).
15 Mar 2010director interest notice● Neutral
Howard M Crosby became a Independence Resources PLC PRESIDENT and company insider (initial ownership filing).
10 Mar 2010asset acquisition disposition● NeutralMajor
On March 10, 2010 the company (filing as Senetek PLC) closed a $3.0 million interest-free convertible note with DMRJ Group (affiliated with Platinum Partners), convertible at $1.25 per share, plus a five-year warrant for 1.8 million shares at $1.75. As conditions of the deal, it sold its skincare business (all assets except kinetin and zeatin) to Skinvera LLC, owned by former CEO Frank Massino, for a $1.8 million 6% note due in seven years plus royalties (5% of net direct sales and 10% of net skincare royalties, capped at $5 million). Massino and CFO William O'Kelly were terminated without cause and Massino and Rodger Bogardus left the board; John Ryan (CEO), Howard Crosby (President) and Wesley Holland joined the board. The company's stated direction moves away from skincare; the filing says a new business strategy is to be developed.
6 Jan 2010material agreement termination● Neutral
On December 31, 2009 the company ended the Brentwood, Tennessee lease signed in May 2009 (term to May 2012, about $310,000 minimum rent) by paying $52,890 and handing over certain location-related assets to Fairlawns. This followed its decision to close the Brentwood Customer Care Center and move those operations to Napa, California.
10 June 2009material agreement▲ Good
On June 5, 2009 the company signed a six-year extension of its December 2005 research agreement with the Czech Republic Institute of Experimental Botany. Per the press release, it keeps exclusive global licences to cytokinins the Institute develops or acquires, a right of first refusal on certain non-cytokinin compounds, and a new compound group (supercytokin plus) is added; this continues the Prague research relationship noted in earlier filings.
19 May 2009material agreement● Neutral
On May 14, 2009 the company signed a lease with Fairlawns Partnership for office space in Brentwood, Tennessee, for a non-cancellable three-year term from June 1, 2009 to May 31, 2012, with minimum rent of about $310,000 in total.
2 Dec 2008substantial holder notice● Neutral
FRANK J. MASSINO disclosed a new substantial Independence Resources PLC shareholding (5.30% of votes).
3 July 2008material agreement termination▼ BadMajor
On June 27, 2008 the company ended its Triax licence for Pyratine-6 (the second-generation cytokinin) via a settlement: Triax paid $975,000 (plus $150,000 expected from a third-party service provider) along with previously unremitted sales proceeds. The company got back all its intellectual property, inventory and promotional materials, and a two-year non-compete from Triax, and now bears responsibility for Pyratine-6; this ends the August 2007 deal, including the $10.8 million guaranteed 2008 minimum, after a dispute process begun in March 2008. Separately, on June 30, 2008 it terminated the Invicorp licence with Ardana, which went into voluntary administration on June 27, 2008; it demanded transfer of Ardana's data and marketing authorisations, so the European Invicorp licence is gone.
17 June 2008director interest notice● Neutral
Phillip J Rose became a Independence Resources PLC Chief Operating Officer and company insider (initial ownership filing).
17 June 2008director interest notice● Neutral
Independence Resources PLC Chief Operating Officer Phillip J Rose received a stock option grant for 40,000 shares.