13 Feb 2019listing compliance notice▼ BadMajor
National Graphite 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.
3 Oct 2014capital raising announcement▼ BadMajor
On September 22, 2014 the company issued 67,500,000 restricted shares to CEO Ken Liebscher when he converted 675,000 preferred shares. After this and a 1-for-30 reverse stock split on May 8, 2014, he holds 67,988,334 common shares, or 97.41% of the company, so other shareholders are left with about 2.6% and Liebscher has near-total control.
12 May 2014auditor change● Neutral
On May 9, 2014 National Graphite dismissed Goldman Accounting Services, hired only in January 2014, and re-engaged Sadler, Gibb & Associates, the firm it had dismissed in January. Goldman delivered no reports on the financial statements, and the filing states there were no disagreements.
15 Jan 2014auditor change● Neutral
National Graphite Corp (the renamed Lucky Boy Silver) dismissed auditor Sadler, Gibb & Associates, LLC and engaged Goldman Accounting Services CPA, PLLC on January 10, 2014. The prior auditor's reports had no adverse opinion, but the audited statements in the 10-K for the period ended 5/31/13 carried a going-concern qualification; the filing reports no disagreements. The name change from Lucky Boy Silver to National Graphite appears in this filing's header.
2 May 2012material agreement● NeutralMajor
On April 24, 2012 Lucky Boy Silver agreed with GeoXplor Corporation to buy 100% of the Chedic Graphite Property (20 lode claims, about 400 acres, Nevada) for $425,000 cash over four years, 2,500,000 restricted shares, and at least $1,000,000 of work funding over four years. GeoXplor also gets a 2.5% net return royalty at closing (the company can buy back up to 2% for $1,000,000 per 1%) and a $500,000 bonus if a feasibility study leads to a mining plan or the interest is sold. This continues the company's move into graphite and adds large future payment and share commitments.
23 Apr 2012material agreement● NeutralMajor
On April 20, 2012 Lucky Boy Silver agreed with Habitants Minerals Ltd. to buy four Quebec claim applications (about 65 claims, roughly 3,900 hectares) covering historic graphite occurrences, for US$50,000 in two $25,000 payments plus 100,000 shares. This is the company's first graphite property, added alongside its Nevada silver claims.
29 Oct 2010capital raising announcement● NeutralMajor
Lucky Boy Silver signed an equity financing agreement for up to $2,500,000 with Cardinal Capital Holdings, Limited, a British Virgin Islands investor. It received a first draw of $225,000 on October 28, 2010 for 346,154 restricted shares, and may draw up to $1,500,000 in total through October 19, 2011, with up to $1,000,000 more at $0.65 at the investor's discretion. For shareholders, this funds the company but means further new shares will be issued.
14 Sept 2010auditor change● Neutral
The company, now named Lucky Boy Silver Corp., said it dismissed auditor Gruber & Company LLP and hired Sadler Gibb & Associates LLC on April 15, 2010 (filed September 14, 2010). Gruber's report for the year ended May 31, 2009 carried a going-concern doubt paragraph, and the filing reports no disagreements. The filing also shows the Sierra Ventures name had changed to Lucky Boy Silver, consistent with the Nevada silver claims acquired in early 2010.
1 Mar 2010material agreement● NeutralMajor
On February 8, 2010 Ken Liebscher agreed to acquire 38 unpatented claims and 2 historic silver mine leases (Lucky Boy and Black Butte) in Mineral County, Nevada, for US$55,000 plus 75,000 shares each to Monte Cristo Projects LLC and Alan Chambers. On February 23, 2010 he assigned the deal to the company for $1.00, so the company now carries the obligations and benefits. This is the company's first mineral property following the December 2009 change of control.
31 Dec 2009capital raising announcement● Neutral
Sierra Ventures sold 50,000 new shares at $0.40 each (about $20,000 by simple multiplication) to two offshore investors in a private placement effective December 29, 2009. This adds a small number of shares to the 8,900,000 outstanding at the time of the prior filing.
What it means for a shareholder
50,000 new shares at US$0.400 to raise about US$20,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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24 Dec 2009business combination● NeutralMajor
The filing (under the name Sierra Ventures, Inc., a Wyoming company, which is the same registrant, file no. 333-146675, later known as National Graphite) says control changed hands: on December 11, 2009 Ken Liebscher bought 6,000,000 shares (67.4% of 8,900,000 outstanding) from sole director Ian Jackson for $200,000. Liebscher became president, treasurer, secretary and a director, and Jackson is to resign as director. No shareholder vote is needed.