29 Sept 2017capital raising announcement● Neutral
Agreed to pay Bright Star International 1,500,000 restricted shares as sole compensation under a new stock-promotion advertising agreement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2017material agreement▲ GoodMajor
Magellan Gold signed a definitive, binding agreement to buy the SDA Mill from Rose Petroleum, targeting an October 2017 closing.
8 Aug 2017capital raising announcement● Neutral
Bright Star International converted the final $3,000 balance of the Neuman note into 3,000,000 shares, closing out that debt.
1 Aug 2017material agreement● Neutral
Magellan Gold extended its option to buy Rose Petroleum's Mexican mill, agreeing to arrange $900,000 in bridge financing by mid-August and to cover the mill's upkeep costs in the meantime.
27 July 2017listing compliance notice▼ BadMajor
OTC Markets flagged Magellan Gold for unusual trading activity tied to unauthorized promotional newsletters and said it was reviewing the company's eligibility to keep trading on the OTCQB; Magellan said it had no role in creating or distributing the materials.
21 July 2017debt financing● Neutral
Magellan Gold borrowed $125,000 from CFO John Power, this time pledging its Rio Silver shares and warrants as collateral.
20 June 2017debt financing● Neutral
Magellan Gold borrowed $150,000 more from its CEO, CFO and lead investor and engaged Bright Star International for investor-relations consulting.
20 Apr 2017capital raising announcement● Neutral
Clifford Neuman converted a further $20,000 of his note into 2,000,000 shares at $0.01, was paid $8,850 cash, and assigned his remaining ~$6,000 note balance to Bright Star International.
7 Mar 2017material agreement▲ GoodMajor
Magellan Gold signed a memorandum of understanding to buy an operating flotation mill in Nayarit, Mexico from Rose Petroleum for $1.5 million, a deal CEO Pierce Carson said would transform Magellan from an explorer into a production company.
20 Dec 2016security holder rights change● Neutral
Magellan Gold extended the expiration of warrants from its April 2016 private placement by two months.
27 Oct 2016debt financing▲ GoodMajor
Magellan Gold signed a definitive earn-in agreement with Rio Silver to acquire a 50% interest in the Niobamba Silver/Gold project in Peru by spending $2 million on exploration over three years, expanding beyond its Arizona Silver District property for the first time.
27 July 2016capital raising announcement● Neutral
Merged majority-owned subsidiary Gulf+Western Industries into a wholly-owned merger subsidiary, eliminating the minority interest (held by incoming President W. Pierce Carson) in exchange for 8,623,957 shares of Magellan stock — an internal reorganization coinciding with Carson taking a leading role at the company.
20 May 2016capital raising announcement▲ Good
Opened a new private placement of units (share plus two classes of warrants) at $0.04, targeting up to $200,000; $85,000 sold in the first closings.
13 May 2016capital raising announcement● Neutral
Noteholder Clifford L. Neuman converted about $23,400 of principal and interest on a $51,532 promissory note into 600,000 shares, leaving roughly $33,000 still outstanding.
18 Mar 2015debt financing● Neutral
Magellan Gold amended the terms of its convertible note to counsel Clifford Neuman, adjusting how interest compounds.
3 Feb 2015debt financing● Neutral
Magellan Gold increased its credit line from John Gibbs again, to $900,000, extending the facility through the end of 2015.
2 Oct 2014asset acquisition disposition▲ GoodMajor
Magellan Gold converted its Silver District option into an outright purchase, paying Columbus Silver just $100,000 cash - funded by drawing on its Gibbs credit line - to buy the property outright and avoid the escalating $400,000 and $500,000 option payments coming due; the claims were placed into a new subsidiary, Gulf+Western Industries.
15 May 2014drilling result▲ GoodMajor
Magellan Gold reported assay results confirming historic silver grades at its Silver District property in Arizona - 90 feet grading 6.05 ounces per ton silver, plus previously unreported zinc and lead credits - and discovered a new mineralized vein structure.
29 Apr 2014debt financing● Neutral
Magellan Gold borrowed another $50,000 from President John Power and announced it had completed core drilling at the Papago target on its Silver District property in Arizona.
2 Jan 2014material agreement● Neutral
Magellan Gold's board increased its revolving credit line from investor John Gibbs from $250,000 to $750,000.
26 Aug 2013farm in farm out agreement● Neutral
Magellan Gold announced the amended Silver District option terms with Columbus Exploration in a press release.
23 Aug 2013material agreement● NeutralMajor
Magellan Gold amended its option to acquire the Silver District property in Arizona from Columbus Silver, deferring its escalating option payments - $400,000 due by the end of 2014 and $500,000 by the end of 2015 - while committing to keep the claims in good standing regardless of whether the option is ultimately exercised.
4 Feb 2013debt financing● Neutral
Magellan Gold's board approved a $250,000 revolving credit facility from investor John Gibbs to fund operations.
4 Feb 2013debt financing● Neutral
Magellan Gold also amended its 2011 promissory note to President John Power, changing its maturity to 30 days' written demand.
23 Oct 2012capital raising announcement▲ Good
Raised $30,000 at $0.15/share — a much higher price than the $0.01 rounds earlier in the year, reflecting an improved share price following the Silver District acquisition.
5 Oct 2012capital raising announcement● Neutral
Issued 20,000 shares to a service provider in lieu of a $3,000 cash payment.
30 Aug 2012capital raising announcement▲ GoodMajor
Optioned the Silver District property (108 unpatented claims plus patented/state leases, over 2,000 acres in La Paz County, Arizona) from Columbus Silver for staged payments of $63,200 now, $50,000 by year-end 2012, $400,000 by end-2013 and $500,000 by end-2014 — the company's first real mineral asset, with the initial payment funded by a matching equity sale.
16 July 2012capital raising announcement▲ Good
Raised $30,000 (3,000,000 shares at $0.01) from a single accredited investor.
29 June 2012capital raising announcement▲ Good
Raised $15,000 (1,500,000 shares at $0.01) from a single accredited investor.
What it means for a shareholder
1.5m new shares at US$0.010 to raise about US$15,000. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held US$1,000 of shares (100,000 at the issue price), your slice goes from 0.263% to 0.253% of the company. To keep it you'd need 3,947 more shares - about US$39 at the issue price.
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19 June 2012material agreement termination▼ Bad
Magellan Gold let its option on the Cowles Trust's Arizona mining lease lapse, walking away from the property.