3 June 2016listing compliance notice▼ Bad
MAVERICK MINERALS CORP withdrew a registration statement, abandoning the offering it covered.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2012capital raising announcement● NeutralMajor
On October 29, 2012, Maverick issued 3,039,057 shares at $0.10 to one non-U.S. investor on conversion of a $300,000, 8% debenture. This matches the Energold debenture from September 28 in size, rate and price, though the filing does not name the investor (inference). The debenture is gone and the share count rises by about 3 million, diluting existing holders including Donna Rose.
4 Oct 2012capital raising announcement● NeutralMajor
On September 28, 2012, Energold Minerals Inc., the partner on the Jarvis Island option, bought an 8% convertible debenture from Maverick for CDN$300,000, convertible into stock at a deemed US$0.10 per share and maturing December 31, 2012. If converted, it adds shares and dilutes other holders. The filing does not state what the money is for.
9 Aug 2012capital raising announcement▲ GoodMajor
On August 7, 2012, Maverick issued 650,000 shares to The Art Brokerage, Inc. to settle a defaulted secured loan of $2,633,799.40, and Art Brokerage also agreed to forgive two unsecured loans totalling $675,855.62 for no consideration. It issued 100,000 shares to Senergy Partners LLC to settle a defaulted $434,435.93 loan. Both lenders are owned by Donna Rose, who owns about 80.18% of Maverick (10,425,972 shares). This clears a large amount of debt owed to the controlling holder, including the Senergy loan from earlier years, in exchange for new shares; the share counts here are far smaller than the 89.5 million shares reported in 2010, which suggests a share consolidation not described in these filings (inference).
12 June 2012asset acquisition disposition● NeutralMajor
On June 8, 2012, Maverick signed an option agreement with Energold Minerals Inc. to earn up to 51% of the Jarvis Island Property, a barite-prospective mining claim group near Thunder Bay, Ontario. It must issue 100,000 shares by June 29, 2012 and 100,000 by September 15, 2013, and spend $200,000 by September 15, 2014 for the first 30%; a further 200,000 shares and $200,000 of spending earn the extra 21%. Both options end if the first is not exercised by September 15, 2013, and the filing states there is no assurance Maverick will exercise. This is a mineral (barite) project, a different direction from the Texas oil and gas leases; the filing says nothing about the Texas well here. The head office also moved to Toronto on April 23, 2012.
28 Dec 2010capital raising announcement▲ GoodMajor
Maverick sold part of the working interest in its initial test well in Fort Bend County, Texas (Lankford Trust No. 1), the drilling obligation from the December 2009 farm-out: 15% to John F. Kearney for $500,000 (effective December 6, 2010) and 3% to Arrowdog, LLP for $150,000 (December 7, 2010). Kearney's side also bought 500,000 shares at $0.50 for $250,000 in a Regulation S placement, and gets 25% of well proceeds until the $500,000 is repaid, then 15%. Arrowdog is carried at no cost through completion or plugging. Maverick stays operator. The filing implies the well was being drilled by December 2010, ahead of the December 14, 2010 deadline (inference); it does not say how the well's costs are funded overall.
What it means for a shareholder
500,000 new shares at $0.500 to raise about $250,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 Sept 2010capital raising announcement● NeutralMajor
On September 7, 2010, Maverick issued 725,971 new shares at a deemed $1.05 per share to Art Brokerage, Inc. to settle $762,269 of debt it owed that company. This turns debt into shares, so the debt shrinks and the share count rises, diluting existing holders. The filing does not say who owns Art Brokerage; the share price and debt are as stated.
18 Dec 2009asset acquisition disposition▲ GoodMajor
On December 14, 2009, Maverick signed a farm-out with Southeastern Pipe Line Company giving it the right to earn an interest in oil and gas leases in Fort Bend and Wharton Counties, Texas. Conditions include a non-refundable $350,000 fee, starting drilling on a test well by December 14, 2010 (or the deal ends and the fee is lost), and drilling at least four wells. If earned, Maverick would get a 70% net revenue interest, subject to SEPL's option to back in for 25% of the working interest after costs are recovered. The filing says Maverick is no longer a shell company, which is a new direction after it had no property following the S. Neill lease return.
10 Dec 2009capital raising announcement● Neutral
On November 26, 2009, CEO Robert Kinloch received a $100,000 convertible debenture in settlement of $100,000 the company owed him. It is convertible at a deemed $0.03 per share, payable on demand, and carries 8% interest payable on conversion. Conversion would add shares and dilute other holders.
20 Feb 2009capital raising announcement▼ BadMajor
On February 13, 2009, Maverick took a revolving loan of up to US$1,000,000 from Senergy Partners LLC at 8%, due December 31, 2012, for general expenses, due diligence, professional fees and joint venture programs. It also issued Senergy 89,500,000 shares at a deemed US$0.005 to settle a US$447,500 debt that Senergy took over from Art Brokerage, giving Senergy 92.3% of the stock and a change in control. The filing also states the company is an exploration-stage company that no longer owns the S. Neill lease and is evaluating joint ventures in Texas and Saskatchewan.
3 Dec 2008material agreement▲ Good
Pride of Aspen LLC signed a Deed of Release on November 21, 2008, releasing Maverick from repaying $311,400 owed to it, including interest and other charges. This removes that debt.
23 Apr 2008financial restatement▼ BadMajor
The board concluded on March 24, 2008 that the 2005 audited financial statements, and several 2005 and March 2006 quarterly statements, can no longer be relied on and must be restated. Corrections include treating the 2003 UCO deal as a reverse acquisition, extra management and stock compensation expenses, a $71,600 loss on a loan settled in shares, a $419,959 impairment of the oil and gas leases, and $1,027,791 of a gain on forgiven related-party balances moved to paid-in capital. Restated filings are promised on or before May 15, 2008.
14 Nov 2006auditor change● Neutral
Maverick hired BDO Dunwoody LLP as its new auditor on November 2, 2006, replacing Moen and Company, which resigned July 21, 2006. Moen's reports for 2004 and 2005 carried a going-concern uncertainty paragraph, there were no disagreements, and Moen's letter agreeing with the disclosure is attached. This resolves the auditor vacancy opened in July.
25 July 2006auditor change● Neutral
Moen and Company LLP resigned as Maverick's auditor on July 21, 2006. Its reports for the past two years had no adverse opinion and there were no disagreements. The company had not yet received Moen's letter to the SEC confirming this.
11 July 2006material agreement termination● NeutralMajor
Eskota gave its 100% working interest in the S. Neill lease back to the vendor/operator it was bought from in August 2005. In return the vendor released Eskota from the US$1,400,000 note and took over the trade payables (over 90% already paid). The filing says rising contract service and equipment costs and operational difficulties made the burden with the note unacceptable. This ends the dispute and reverses the March 2006 plan to drill a new well on the lease.
3 Mar 2006debt financing● NeutralMajor
Eskota Energy, Maverick's subsidiary, received formal foreclosure notice on its S. Neill lease in Fisher and Nolan Counties, Texas, after it suspended interest payments during the payables dispute. It then reached an accord with the vendor: it will pay interest arrears and keep paying, assign its interest in a separate ~800-acre co-owned lease (net proceeds expected about $60,000) toward the outstanding payables (estimated $90,000 balance), and the vendor will take no further action under the foreclosure notice before the first principal payment is due, provided regular interest is paid. This continues the December 2005 demand and for now defers the dispute; the company plans to drill a new well on the lease's North Unit instead of continuing the work-over.
19 Dec 2005debt financing▼ BadMajor
A note-holder demanded repayment of the full $1,400,000 note owed by a Maverick subsidiary. The note-holder is also the operator of the oil and gas lease where the subsidiary owns a net royalty interest, and the demand arises from a dispute over unpaid payables on that lease. Interest payments are up to date, the parties are discussing options, and legal action is not ruled out.