13 May 2016listing compliance notice▼ BadMajor
INFRASTRUCTURE MATERIALS CORP. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Jan 2016listing compliance notice▼ BadMajor
The company received final approval from the Toronto Stock Exchange to voluntarily delist its common shares, with TSX trading ending at the close on January 28, 2016. The shares will continue to be quoted on the OTC Pink Marketplace under IFAM. Holders lose the TSX as a place to trade, though the shares remain quoted over the counter.
1 Dec 2015material agreement▲ GoodMajor
Silver Reserve Corp. granted Gold Resource Corporation a three-year exclusive option to buy 100% of its interest in the Clay Peters Project. For the option, Gold Resource pays about $121,000 in cash plus Gold Resource shares worth $200,000; exercising it would bring about $270,000 more in cash plus shares worth $1,000,000, and SRC would keep a 2% net smelter return royalty. This is another silver project being moved to a partner, following the earlier NL, Silver Queen and Klondyke efforts.
26 Mar 2015material agreement● Neutral
On March 25, 2015 the company signed a two-year Standby Support Agreement with Mont Strategies, a shareholder controlled by a director. Mont Strategies agrees to consider lending working capital on request, but is not obliged to fund any request. Any loans would be unsecured demand notes at 4% simple interest. This continues the company's reliance on a director-linked party for funding.
9 Oct 2013capital raising announcement● Neutral
On October 8, 2013 the company completed the conversion of about US$293,000 owed to Mont Strategies, a company controlled by a director, into 6,035,800 common shares at CDN$0.05 each. This finishes the debt conversion announced in September and removes that debt in exchange for new shares.
4 Oct 2013material agreement termination▼ BadMajor
Silver Reserve Corp. terminated its March 2013 agreement to sell the NL Project to International Millennium Mining, effective immediately, because IMMI did not close the deal. The February 2011 option and joint venture agreement with IMMI remains in effect, so the US$425,000 sale did not happen and the earlier arrangement continues.
10 Sept 2013capital raising announcement▼ BadMajor
The company completed a private placement of 33,333,333 common shares at CDN$0.015 for CDN$500,000 on August 28, 2013. It also announced a deal to convert about US$293,000 owed to Mont Strategies, a company controlled by a director, into shares at CDN$0.05 each, expected by September 23, 2013 and subject to approvals. The filing shows the company owed this debt to a director-linked company, and the placement price is far below the 2011 offering price of CDN$0.10.
11 Mar 2013material agreement▲ GoodMajor
Silver Reserve Corp. agreed on March 5, 2013 to sell International Millennium Mining all of its interest in the 18-claim NL Extension Project, along with its interest in the February 2011 option and joint venture agreement, for US$425,000 due at closing on or before April 30, 2013. This replaces the 2011 arrangement of staged payments to 2015 and a retained 15% with a one-time cash sale, and the Nivloc agreement would end on closing.
23 Mar 2012material agreement termination▼ BadMajor
MGold Resources chose to terminate its option on the Silver Queen and Klondyke claims, effective April 15, 2012 or earlier if agreed, with no penalties to either side. This ends the August 2011 option, so the company keeps full ownership of both claim groups and will not receive the further payments or exploration spending MGold had agreed to. The filing says the option was terminable by MGold at any time on 30 days' notice.
19 Dec 2011capital raising announcement● NeutralMajor
The company announced on December 16, 2011 that it completed a public offering in Canada of 26 million common shares at CDN$0.10 each, for gross proceeds of CDN$2.6 million. This adds a large number of new shares for existing holders, compared with the 2,608,696 preferred shares sold in June at $0.115. The filing does not state how the money will be used.
What it means for a shareholder
26.0m new shares at C$0.100 to raise about C$2.6m. That's 26% dilution: every existing holder's slice gets 26% smaller. If you held C$1,000 of shares (10,000 at the issue price), your slice goes from 0.0137% to 0.0101% of the company. To keep it you'd need 3,565 more shares - about C$357 at the issue price.
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29 Aug 2011material agreement▲ GoodMajor
Through subsidiary Silver Reserve Corp., the company gave MGold Resources an option to earn 50% of each of the Silver Queen and Klondyke claim groups. MGold must spend $4,000,000 on Silver Queen and $1,350,000 on Klondyke over 30 months and pay cash of $2,000,000 and $265,000 over 33 months, and the deal depends on MGold raising at least $1,500,000 and on regulatory approvals. This continues the effort to move silver projects to partners, following the NL Project deal with International Millennium Mining.
3 June 2011capital raising announcement● Neutral
On June 2, 2011 the company sold 2,608,696 Series A Preferred shares at $0.115 each for $300,000 to a corporation controlled by CEO and director Todd Montgomery. Each preferred share carries one vote and can convert into one common share; after one year the company may convert them if enough common shares are authorized, or if not, the buyer can require the company to repurchase them at the original price. This is another raise with the CEO's entity as the buyer, following the February 2011 placement, and the price is set below that $0.24 level.
1 Mar 2011material agreement● NeutralMajor
Through its subsidiary Silver Reserve Corp., the company agreed to sell an 85% interest in its 18-claim NL Extension Project in Esmeralda County, Nevada to International Millennium Mining Inc. for $350,000 plus 1,925,000 shares of its parent, payable over five years to September 15, 2015. The company keeps 15% (it must fund its share of costs to keep it or forfeit it for a 2% royalty); the press release says it is selling silver projects to focus on limestone.
9 Feb 2011capital raising announcement● Neutral
The company sold 2,083,333 shares at $0.24 for $500,000 to a non-U.S. company owned and controlled by CEO and director Todd Montgomery. This is another equity raise with the CEO as the sole investor, and adds to the share count.
What it means for a shareholder
2.1m new shares at $0.240 to raise about $500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 July 2010material agreement▲ GoodMajor
The U.S. Bureau of Land Management approved the company's plan for exploratory drilling on the Blue Nose Project, 301 limestone claims in Lincoln County, Nevada, and the company posted a $240,805 reclamation bond. About 35 days of drilling to 300-1,200 feet is expected to start at the end of July 2010, which advances the Blue Nose focus described in the February 2010 release.
30 June 2010capital raising announcement● NeutralMajor
The company raised $1,603,831.40 by selling 6,973,180 shares at $0.23 each to non-U.S. investors on June 25, 2010. This adds new shares for existing holders to absorb; the filing does not say what the money will be used for.
What it means for a shareholder
7.0m new shares at $0.230 to raise about $1.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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12 Feb 2010material agreement▲ GoodMajor
Now named Infrastructure Materials Corp., the company closed on February 9, 2010 its purchase of Canadian Infrastructure Corp. from CEO Todd Montgomery for 1,021,777 shares at $0.40 (about $408,710.90), approved by disinterested directors. CIC holds 94 quarry leases in Manitoba (6,090 hectares, annual rent about $143,465), adding cement-grade limestone in Canada to the US limestone claims; the press release cites an inferred resource of 89 million tonnes.
7 Nov 2008material agreement● Neutral
Silver Reserve acquired Infrastructure Materials Corp US, which owns limestone mineral claims in the United States, for 397,024 shares. The seller was Todd Montgomery, the CEO and a director and sole owner of the target; disinterested directors approved it, and the company says the claims are not material at this time. This is the origin of the limestone business and later company name (inference: the name match with the later registrant).
20 Aug 2008capital raising announcement● NeutralMajor
The company completed a second private placement of 4,100,000 units at $0.50 per unit (about $2.05 million by arithmetic on the stated figures), each a share plus one half-warrant exercisable at $0.75 until September 1, 2010. It pays a $129,500 commission and issues 259,000 broker warrants; this follows the August 1 placement and further dilutes existing holders.
What it means for a shareholder
4.1m new shares at $0.500 to raise about $2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Aug 2008capital raising announcement● Neutral
The company completed a private placement of 2,440,000 units, each one share plus one half-share warrant; a full warrant buys a share at $0.75 until September 1, 2010. It pays a $17,500 commission and issues 35,000 broker warrants; the filing does not state the price per unit or the total raised for this placement, and the new shares dilute existing holders.
30 June 2008material agreement● NeutralMajor
Silver Reserve signed a drilling contract with Christiansen Drilling, Inc. and advanced $50,000 against future invoices. It plans 50,000 feet of drilling on the Medicine Project and 20,000 feet on the Silver Queen Project, and says it may spend as much as $4.5 million in total; this follows the Medicine Claims option from May 2008.
21 May 2008material agreement● Neutral
Silver Reserve took an option from Nevada Eagle Resources, LLC and Steve Sutherland on 25 mineral claims in Elko County, Nevada (the Medicine Claims), paying $10,000 now. Further payments of $15,000, $30,000, $60,000 and then $80,000 a year are due until the tenth anniversary, when it would own 100%, subject to a 3% net smelter royalty; the company can end the option on 60 days' notice and says the claims are not material at this time.
19 Feb 2008material agreement● Neutral
Silver Reserve agreed to buy 100% of certain mineral claims in Nye County, Nevada from Roger Hall for 175,000 shares and $5,000, with closing expected February 20, 2008. Mr. Hall is the company's Chief Operating Officer and a director, and the disinterested directors approved it; the company says the claims are not material assets at this time.
28 Sept 2007material agreement▼ Bad
The company, then named Silver Reserve Corp., hired two Panama companies, Costa View Inc. (public relations and promotion) and Brehnam Trading Corp. (general business consulting), each for 24 months from September 1, 2007. Each is to receive 1,500,000 restricted shares in four equal installments of 375,000 between December 2007 and June 2009, so shareholders face 3,000,000 new shares in total; Brehnam also gets expenses reimbursed.