1 Oct 2014capital raising announcement▼ BadMajor
Issued 722 million more shares for just $35,022 of debt and drew another 12% convertible redeemable note; shares outstanding more than doubled again, to 1.32 billion, in two weeks.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2014capital raising announcement▼ BadMajor
Issued 197 million more shares to retire just $32,187 of debt and drew a new 8% convertible redeemable note, pushing shares outstanding toward 595 million as the dilution spiral deepened.
9 Sept 2014capital raising announcement▼ Bad
Settled roughly $85,000 of payables that creditor IBC Funds had bought up and sued to collect in Florida, agreeing to retire the debt through stock conversions rather than cash.
18 Aug 2014capital raising announcement▼ BadMajor
Issued another 59.6 million shares to retire just $23,073 of debt, taking shares outstanding to 401.7 million within two more weeks.
6 Aug 2014capital raising announcement▼ BadMajor
Issued 69 million new common shares over three weeks to retire just $46,150 of convertible-note and payables debt, pushing shares outstanding to 342 million -- an early sign of the toxic-note dilution spiral that would accelerate through the rest of 2014.
22 July 2014capital raising announcement▼ BadMajor
Insiders including CEO Guy Peckham exchanged 31 million common shares for new Series B Preferred stock, freeing up authorized common shares so the company could keep converting outstanding convertible notes into stock; Peckham separately swapped his own $100,000 note for Series A Preferred -- capital-structure moves that set up further heavy dilution.
3 May 2013capital raising announcement● NeutralMajor
Entered a 50/50 joint venture with Mexican operator CSI Import and Export to run copper (and potentially iron ore) mining in Chiapas and Jalisco, funded by a new $100,000, 12%-interest convertible note -- the company's first toxic convertible-note financing.
21 Nov 2012capital raising announcement▼ Bad
Restructured over $200,000 owed to Ruskowsky-affiliated Santeo Financial down to a capped $397,193 balance on a payment plan, and converted $59,000 of legal fees owed to outside counsel into stock -- clearing legacy shell-era debt mostly through dilution and deferred cash rather than resolving it outright.
6 Nov 2012capital raising announcement● NeutralMajor
Renamed MineralRite Corporation and installed new CEO Guy Peckham to pursue new ventures and capital raising; a 1:50 reverse split cut shares outstanding to about 1.06 million before 40 million new shares were issued to twelve people for services -- the company's second reset after the uranium venture went nowhere.