14 Nov 2013quarterly activities report● Neutral
Pacific Gold & Royalty Corp. reported quarterly revenue of $0 and net income of $789 thousand for the period ended 2013-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2013substantial holder notice● Neutral
ASHER ENTERPRISES, INC. EIN disclosed a new substantial Pacific Gold & Royalty Corp. shareholding (9.99% of votes).
9 Oct 2013material agreement▼ Bad
On October 2, 2013 another $40,000 of May 11, 2012 notes was assigned to an unrelated third party and reset to a 45% discount to market conversion, 8% interest, maturity October 2, 2014, and a 50% default penalty. The filing says this could mean about 727,272,727 shares, capped at 4.99% at any one time. Same dilutive pattern again.
2 Oct 2013material agreement▼ BadMajor
On September 24, 2013 $80,000 of notes issued May 11, 2012 were assigned to an unrelated third party and reset to a 45% discount to market conversion, 8% interest, maturity September 24, 2014, and a 50% default penalty. The filing says this could mean about 1,454,545,455 shares, capped at 4.99% of outstanding shares at any one time. Continues the pattern of resetting notes on dilutive terms.
1 Oct 2013business combination● Neutral
On September 30, 2013 the company merged its wholly-owned subsidiary Pilot Mountain Resources into itself; the company survives and takes on the subsidiary's rights, properties and liabilities. The filing gives no financial effect. Pilot Mountain was the subsidiary holding the Project W claims and the security interest in the Pilot Metals sale (inference: that interest now sits with the parent).
17 Sept 2013agm notice● Neutral
Pacific Gold & Royalty Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
13 Aug 2013quarterly activities report▼ Bad
Pacific Gold & Royalty Corp. reported quarterly revenue of $0 and a net loss of $515 thousand for the period ended 2013-06-30.
9 Aug 2013agm notice● Neutral
Pacific Gold & Royalty Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
11 July 2013material agreement▲ GoodMajor
On July 5, 2013 the Project W tungsten claims were transferred to Pilot Metals, which exercised its purchase option early; Pilot Mountain keeps a security interest until the price is paid in full. Payments changed from three $500,000 instalments (2013-2015) to $350,000 paid July 5, 2013 and $850,000 due March 31, 2014. This continues the Pilot Metals option from 2011 and brings in cash earlier.
25 June 2013substantial holder notice● Neutral
Al Landau disclosed a new substantial Pacific Gold & Royalty Corp. shareholding (7.50% of votes).
11 June 2013substantial holder notice● Neutral
Magna Group, LLC, Joshua Sason reported no remaining Pacific Gold & Royalty Corp. shareholding in its periodic institutional filing.
10 June 2013capital raising announcement▼ BadMajor
On June 7, 2013 the company created a new class of Series A preferred stock (up to 300,000 shares, convertible 1:10,000 into 3,000,000,000 common shares in total) and on June 10 issued all 300,000 shares to Jabi Inc., an entity controlled by CEO Robert Landau, in payment of a $300,000 note. The filing says this raised Landau's beneficial ownership from 1.2% to 53.9%, and the preferred votes with common on an as-converted basis. This is a change of control in favour of the CEO and, if converted, would be very large dilution for other shareholders. It builds on earlier share issuances to executives and Jabi Inc.
10 June 2013substantial holder notice● Neutral
Robert Landau reported a Pacific Gold & Royalty Corp. shareholding of 53.90% of votes in a periodic institutional filing.
17 May 2013substantial holder notice● Neutral
Magna Group LLC disclosed a new substantial Pacific Gold & Royalty Corp. shareholding (7.28% of votes).
15 May 2013quarterly activities report▼ Bad
Pacific Gold & Royalty Corp. reported quarterly revenue of $0 and a net loss of $221 thousand for the period ended 2013-03-31.
10 May 2013agm notice● Neutral
Pacific Gold & Royalty Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
23 Apr 2013material agreement▼ BadMajor
On April 12, 2013 the company agreed to assign $175,000 of notes issued May 11, 2012 to an unaffiliated third party, with the usual investor-friendly terms: conversion at a 45% discount to market, 12% interest, maturity January 12, 2014, and a 50% default penalty. The filing says the assigned portion could mean about 3,000,000,000 shares (capped at 4.99% of outstanding at any one time). The company also issued $173,000 of new 10% notes due January 2, 2015, convertible at $0.001 per share. The conversion price has dropped from $0.07 in 2011 to $0.001, a very large potential dilution for existing shareholders.
1 Apr 2013late filing notice▼ Bad
Pacific Gold & Royalty Corp. notified the SEC that its annual report would be filed late.
1 Apr 2013capital raising announcement▼ Bad
On March 19, 2013 a holder of $50,000 of company debt transferred it to a third party, and conversion was changed to a market-price formula; the company expects about 166,666,667 more shares on conversion. The company also issued a new $110,000 note on March 25, 2013 at 10% interest, convertible at $0.02 per share and due January 2, 2015. The share count expected from a $50,000 debt is much larger than in earlier rounds, which suggests (inference) that the share price has fallen.
14 Feb 2013capital raising announcement▼ Bad
On February 5, 2013 a holder of $60,000 of company debt transferred it to a third party, and conversion was changed to a market-price formula; the company expects about 50,000,000 shares on conversion. A new $59,000 convertible note was also issued to the investor (the filing dates it February 8, 2012, apparently a typo for 2013). Another round of the same dilutive financing.
16 Nov 2012agm notice● Neutral
Pacific Gold & Royalty Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 Nov 2012quarterly activities report▼ Bad
Pacific Gold & Royalty Corp. reported quarterly revenue of $82 thousand and a net loss of $2.6 million for the period ended 2012-09-30.
8 Nov 2012capital raising announcement▼ Bad
On November 2, 2012 a holder of $40,000 of company debt transferred it to a third party, and conversion was changed to a market-price formula. The investor converted part into 13,636,364 restricted shares, sold under Rule 144, and the company expects about 25,000,000 more on conversion of the balance. A new $37,500 convertible note was also issued to the investor. Continues the pattern of repeated debt conversions.
7 Nov 2012securities registration● Neutral
Pacific Gold & Royalty Corp. amended a filing by which it filed notice of an exempt private placement.
2 Nov 2012agm notice● Neutral
Pacific Gold & Royalty Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
26 Oct 2012substantial holder notice● Neutral
Robert Landau reported a Pacific Gold & Royalty Corp. shareholding of 31.20% of votes in a periodic institutional filing.
26 Oct 2012substantial holder notice● Neutral
Mitchell Geisler reported a Pacific Gold & Royalty Corp. shareholding of 16.80% of votes in a periodic institutional filing.
5 Oct 2012agm notice● Neutral
Pacific Gold & Royalty Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
4 Oct 2012director interest notice● Neutral
Pacific Gold & Royalty Corp. CEO Robert G Landau bought 480,965,024 shares on the open market.
4 Oct 2012capital raising announcement▼ BadMajor
On October 1, 2012 the company issued 813,339,192 shares, including 590,046,248 to executive officers and 144,000,000 to an entity affiliated with CEO Robert Landau. Landau received 256,871,160 shares for $321,088.95 of past-due salary, and COO Mitchel Geisler received 221,808,760 shares for $277,260.95 of past-due salary. Other shares settled expenses and debts or converted notes, and 40,800,000 shares were sold to an investor for $51,000 of new equity. This is more than a doubling of the 745,732,651 shares previously reported (before the 2012 conversions described in other filings), heavily diluting existing holders, though it converts debts into equity.