14 Mar 2019listing compliance notice▼ BadMajor
Nilam Resources Inc. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2012financial restatement▼ BadMajor
Nearly four years later, Nilam said its financial statements for the years ended April 30, 2011, 2010 and 2009 can no longer be relied on, and it will restate its 10-K for April 30, 2011. Two errors are cited: a $60,000 related-party note settled with 12,000,000 shares in June 2009 (valued at $1,680,000) should have produced a loss on extinguishment rather than a capital transaction, and the 20,000,000 shares issued for the Linderos concessions in Peru in February 2009 should have been valued at $0.36 each ($7,200,000) rather than $200,000, then written down to $200,000. Amended filings are to follow.
29 Sept 2008financial restatement● Neutral
This amends the September 18 restatement notice only to state that the board made its determination on September 16, 2008. The restatement figures are unchanged: loss up $2,900,000 net, or $0.05 per share.
18 Sept 2008financial restatement▼ BadMajor
After SEC comments, the board concluded that the financial statements for the year ended April 30, 2008 and the quarter ended January 31, 2008 should not be relied on. A share transfer between senior managers was wrongly accounted for, adding $3,000,000 to the loss, while $100,000 of Llipa mineral rights previously expensed will instead be recorded as an asset. Net effect: loss up $2,900,000, or $0.05 per share. Amended filings are promised.
26 June 2008material agreement termination▼ BadMajor
Both of Nilam's planned Peru-and-region purchases fell through. A June 5 letter of intent to buy Cobre y Oro de Columbia S.A. for $3,000,000 cash expired because financing was not secured. The Pativilca seller, MRC1Explorations, revoked its letter of intent and declared it void, after a previously announced equity financing commitment from an institutional investor failed to close. This ends the Pativilca deal announced in January; the company says it is exploring other funding options.
20 Mar 2008auditor change● Neutral
Nilam dismissed its auditor Webb & Co. and hired Cinnamon, Jang, Willoughby and Co. to audit the year ending April 30, 2008. The company said it wanted an auditor with offices in Peru, and reported no disagreements with Webb and no adverse or qualified opinions.
17 Jan 2008material agreement▲ GoodMajor
Nilam signed a non-binding letter of intent with MRC 1 Explorations to buy the Pativilca Gold Mine in Peru (described as an operating mine refining about 50 tons of ore a day). The proposed price is $1.5 million cash in three instalments ($250,000, $500,000, $750,000) plus two million restricted shares, held in escrow until the final payment, and a 3% royalty on net production to the seller. Due diligence was still continuing. This is the Peru acquisition the January $270,000 raise was meant to support.
4 Jan 2008capital raising announcement● Neutral
Nilam sold 323,727 units at $0.50 each for $270,000 gross, bought by directors and associates of the company. Each unit is one share plus a warrant to buy another share at $0.60 for 24 months. The filing says the money is for the planned acquisition of mining assets in Peru and working capital.