14 Nov 2011quarterly activities report▼ Bad
Lake Victoria Mining Company, Inc. reported quarterly revenue of $0 and a net loss of $1.8 million for the period ended 2011-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Aug 2011quarterly activities report● Neutral
Lake Victoria Mining Company, Inc. reported quarterly revenue of $0 and net income of $1.1 million for the period ended 2011-06-30.
28 July 2011asset acquisition disposition▼ BadMajor
The four Otterburn option agreements were terminated on July 8, 2011, less than two months after closing; the filing does not say why or who ended them. On July 22, 2011 the company agreed to sell the 2,200,000 Otterburn shares it received to non-US private buyers at $0.10 per share (about $220,000, an inference from the filing's figures), with the sale on September 22, 2011. This reverses the May Otterburn deal.
29 June 2011late filing notice▼ Bad
Lake Victoria Mining Company, Inc. notified the SEC that its annual report would be filed late.
26 May 2011asset acquisition disposition▲ GoodMajor
The Otterburn deals closed on May 20, 2011 after Otterburn finished its due diligence. Otterburn paid an initial US$412,423 and issued 2,200,000 of its shares to the company. This resolves the due diligence condition from the May 12 filing.
12 May 2011material agreement▲ GoodMajor
On May 6, 2011 the company agreed to let Otterburn Ventures earn up to 70% of four Tanzanian projects (Singida, North Mara, Kalemela, Geita) by spending on exploration (for example up to $1.57M on Geita and $4.5M on Singida for 51%), paying cash and issuing Otterburn shares. The company would keep 30% in a joint venture, and its Tanzanian subsidiary would do the exploration for a 12% management fee. The deal depended on Otterburn's due diligence by May 20, 2011, and Otterburn could end it at any time. The Kalemela option was one of the legacy property deals in earlier filings.
2 May 2011material agreement● NeutralMajor
On April 26, 2011 the company signed consulting agreements with David Kalenuik (CDN$10,000 a month) and Roger Newell (US$3,500 a month), and employment agreements with Heidi Kalenuik (CDN$102,000 a year) and new CFO Ming Zhu (CDN$90,000 a year). Both consultants get annual options (500,000 and 250,000 shares) after 12 months. It also moved its head office from Golden, Colorado to Vancouver, B.C. and signed purchase agreements on April 20, 2011 for 100% of prospecting licenses in Kiabakari Musoma and Handeni Tanga, Tanzania, with no prices given in the filing.
16 Mar 2011securities registration● Neutral
Lake Victoria Mining Company, Inc. filed notice of an exempt private placement.
11 Mar 2011capital raising announcement● NeutralMajor
Effective March 7, 2011 the company sold 20,000,000 units at $0.15 for $3,000,000, each with a warrant to buy another share at $0.30 for six months. Proceeds are meant for its gold prospects work program, new project exploration and working capital. It also issued 145,833 shares at $0.24 to director Roger Newell to settle $35,000 of debt. This is a much larger raise than recent ones and at a lower price, so existing holders are diluted.
10 Mar 2011director interest notice● Neutral
Lake Victoria Mining Company, Inc. director Roger Newell bought 240,000 shares on the open market.
10 Mar 2011director interest notice● Neutral
Lake Victoria Mining Company, Inc. Chief Financial Officer Ming Zhu bought 500,000 shares on the open market.
10 Mar 2011director interest notice● Neutral
Lake Victoria Mining Company, Inc. director Ian A Shaw bought 200,000 shares on the open market.
28 Feb 2011director interest notice● Neutral
Lake Victoria Mining Company, Inc. director Roger Newell bought 145,833 shares on the open market at $0.24.
14 Feb 2011quarterly activities report▼ Bad
Lake Victoria Mining Company, Inc. reported quarterly revenue of $0 and a net loss of $2.6 million for the period ended 2010-12-31.
23 Nov 2010quarterly activities report▼ Bad
Lake Victoria Mining Company, Inc. reported quarterly revenue of $0 and a net loss of $1.0 million for the period ended 2010-09-30.
15 Nov 2010late filing notice▼ Bad
Lake Victoria Mining Company, Inc. notified the SEC that its quarterly report would be filed late.
2 Nov 2010director interest notice● Neutral
Ming Zhu became a Lake Victoria Mining Company, Inc. Chief Financial Officer and company insider (initial ownership filing).
20 Oct 2010director interest notice● Neutral
David Kalenuik became a Lake Victoria Mining Company, Inc. President and CEO and company insider (initial ownership filing).
8 Oct 2010auditor change● Neutral
On September 30, 2010 the company dismissed its auditor BehlerMick PS by mutual agreement and on October 6, 2010 engaged Manning Elliott LLP. BehlerMick's reports for fiscal years ended March 31, 2009 and 2010 carried a going-concern warning but no other qualification, and the filing states there were no disagreements. The filing is signed by David Kalenuik as President and CEO, which shows a change from Roger Newell as president.
13 Sept 2010capital raising announcement● NeutralMajor
As of September 7, 2010 the company sold 4,790,700 units for $1,077,907.50, with each unit being one share plus two warrants (exercisable at $0.40 and $0.60 for 36 months from August 12, 2010). A sales commission of $23,415.75 goes to Dorn & Co., and two directors bought 300,000 of the units for $67,500. The price per unit is well below the $1.25 warrant price in earlier placements. That is a drop in the price investors paid.
1 Sept 2010business combination● NeutralMajor
This is a second amendment to the report on the August 7, 2009 Kilimanjaro share exchange. It restates the accounting so that Kilimanjaro's financials are treated as the continuing financials of the registrant, and it includes Kilimanjaro's June 30, 2009 figures (cash $395,925, total assets $649,973, six-month net loss $2,686,162 attributable to the parent). The deal terms are unchanged: 37,653,549 shares issued to 98 Kilimanjaro holders, 9,350,300 shares cancelled, and the Geo Can release. This partly answers the open thread on Kilimanjaro financials. The filing text is truncated, so it is unclear whether the audited and pro forma statements are included.
31 Aug 2010securities registration● Neutral
Lake Victoria Mining Company, Inc. filed notice of an exempt private placement.
12 Aug 2010quarterly activities report▼ Bad
Lake Victoria Mining Company, Inc. reported a quarterly net loss of $527 thousand for the period ended 2010-06-30.
29 June 2010late filing notice▼ Bad
Lake Victoria Mining Company, Inc. notified the SEC that its annual report would be filed late.
28 May 2010capital raising announcement▲ GoodMajor
The company sold 500,000 units for $100,000 to the Norris Charitable Remainder Unitrust of Arizona on May 19, 2010, and 2,000,000 units for $400,000 to the Robert H. and Shirley B. Norris Real Estate Trust on May 21, 2010. Each unit is one share plus a warrant to buy another share at $1.25, exercisable for 36 months from January 28, 2010. This continues the unit placement that began in 2009-10 at the same $0.20 per unit price and adds $500,000 of cash, with possible further dilution if the warrants are exercised.
17 May 2010material agreement● Neutral
On May 11, 2010 the company hired Clive Howard Matthew King as Senior Geological Consultant, at US$15,000 a month for an initial six months from May 1, 2010 (US$20,000 a month if extended 12 months). He also gets 100,000 restricted shares after six months and 300,000 options a year, the options only exercisable once shareholders approve them. The agreement renews automatically unless either side gives 30 days' notice.
13 Apr 2010director interest notice● Neutral
Ian A Shaw became a Lake Victoria Mining Company, Inc. director and company insider (initial ownership filing).
24 Mar 2010capital raising announcement▲ Good
On March 17, 2010 president Roger Newell bought 500,000 restricted shares for $100,000 and received the right to buy 500,000 more at $1.25 per share. This is another insider purchase, following Heidi Kalenuik's in February.
17 Feb 2010late filing notice▼ Bad
Lake Victoria Mining Company, Inc. notified the SEC that its quarterly report would be filed late.
9 Feb 2010capital raising announcement▲ Good
On February 8, 2010 director and officer Heidi Kalenuik bought 750,000 restricted shares for $150,000 and received the right to buy 750,000 more at $1.25 per share. This puts new money into the company from an insider.