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.
16 Feb 2016quarterly activities report● Neutral
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net income of $431 thousand for the period ended 2015-12-31.
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.
16 Nov 2015quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $192 thousand for the period ended 2015-09-30.
12 May 2015quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $134 thousand for the period ended 2015-03-31.
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.
10 Feb 2015quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $124 thousand for the period ended 2014-12-31.
12 Nov 2014quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $180 thousand for the period ended 2014-09-30.
12 May 2014quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $163 thousand for the period ended 2014-03-31.
12 Feb 2014quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $158 thousand for the period ended 2013-12-31.
13 Nov 2013quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $396 thousand for the period ended 2013-09-30.
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.
14 May 2013quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $436 thousand for the period ended 2013-03-31.
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.
13 Feb 2013quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $1.1 million for the period ended 2012-12-31.
9 Nov 2012quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $669 thousand for the period ended 2012-09-30.
9 May 2012quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $360 thousand for the period ended 2012-03-31.
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.
17 Feb 2012quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $177 thousand for the period ended 2011-12-31.
14 Feb 2012late filing notice▼ Bad
INFRASTRUCTURE MATERIALS CORP. notified the SEC that its quarterly report would be filed late.
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.
Create a free account to see this worked out for your own holding.
14 Nov 2011quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $386 thousand for the period ended 2011-09-30.
27 Sept 2011late filing notice▼ Bad
INFRASTRUCTURE MATERIALS CORP. notified the SEC that its annual report would be filed late.
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.
12 May 2011quarterly activities report▼ Bad
INFRASTRUCTURE MATERIALS CORP. reported a quarterly net loss of $545 thousand for the period ended 2011-03-31.
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.