Each one in plain English, with the numbers worked through for a shareholder.
2 July 2018capital raising announcement● Neutral
On 13 June 2018 the company issued 1,200,000 units at $0.05 each for what the filing states as $20,000 in cash, each with a warrant to buy a share at $0.10 for two years. The filing's own numbers do not add up: 1,200,000 units at $0.05 would be $60,000, and the breakdown shows $20,000 for the US part and $40,000 for the foreign part. The company's address has changed to 1080 Wigwam Pkwy, Henderson NV. Another small placement in the long-running funding pattern.
On 31 October 2016 the company issued 1,340,000 units at $0.05 each for $67,000 in cash, each with a warrant to buy a share at $0.10 for two years. The filing's breakdown (200,000 US units and 1,400,000 foreign units) adds up to more than the stated total, so the figures are inconsistent. This is another small placement in the company's usual funding pattern.
On 23 September 2016 the company replaced its April 2014 loan and joint venture agreement with GJS Capital with an amended one. The $150,000 loan stays at 6% but is extended to 31 December 2016, and GJS can still convert it at $0.05 per unit. The company issued 15,065,570 shares to settle $329,000 of debt, and agreed to transfer 1,400,000 of its 1,600,000 Gainey Capital shares to GJS. It also agreed to pay consultant Gregg Sedun 20% of net cash proceeds from any sub-licensees or joint venture partners he introduces. The filing does not mention the 50/50 joint venture from the original agreement; it says only that the original agreement is replaced in its entirety. This extends the GJS thread, dilutes shareholders, and gives away most of the Gainey shares received in 2013.
On 31 March 2015 the company issued 5,600,000 units at $0.05 each, for $170,000 in cash and to settle $110,000 of debt. Each unit has one share and one warrant to buy another share at $0.10 for two years. This continues the company's pattern of small $0.05 unit placements and dilutes existing holders. (The filing's own breakdown of the foreign placement cites $170,000 of debt settled, which does not match the $110,000 total in its opening paragraph.)
22 Nov 2013capital raising announcement● NeutralMajor
On 18-19 November 2013 the company issued 27,220,000 units at $0.05 for $345,000 cash plus settlement of $1,016,000 of debt, each with a share and a warrant to buy another share at $0.10 for two years. Most of the debt settlement went through the 18,100,000-unit placement to directors, officers and their associates ($855,000 of debt). The company also agreed to give cash subscribers a net profits interest of 1% for each $10,000 of cash paid in future profits from its leaching technology, subject to definitive agreements. This dilutes existing holders and puts a profit claim on the technology.
1 Feb 2012capital raising announcement● NeutralMajor
Late January 2012 brought several moves: 350,000 option shares were issued under the 2007 Clark County claims option agreements (5th anniversary payment); 2,742,789 foreign units ($137,139) and 9,000,000 insider-linked units ($450,000) were sold at $0.05 with $0.10 two-year warrants; and 640,000 shares were issued to consultant James Mack for services. The company also cancelled 18,000,000 warrants held by E-Ore Holdings LLC by agreement, and extended expiry of its outstanding 2009 and 2010 $0.10 warrants to February and January 2013. A four-week, $10,000 consulting agreement with Alvin Snaper covers moving the Cholla Project from bench scale to a 1,000 lb per hour plant in Scottsdale and Phoenix.
15 July 2011capital raising announcement● NeutralMajor
On 13 July 2011 the company issued 23,020,000 units at $0.05 for $1,151,000 in total, each with a share and a warrant to buy another share at $0.10 for two years. In the US placement, 21,700,000 units were issued for $500,000 cash and $585,000 of debt settlement; 1,320,000 units went to corporations owned by insiders or their associates to settle $66,000 of debt. This dilutes existing holders and continues the debt-for-equity pattern.
19 Jan 2011capital raising announcement● NeutralMajor
On 18 January 2011 the company issued 32,070,000 units at $0.05 for $1,603,500 in total, each with a share and a warrant to buy another share at $0.10 for two years. The consideration included cash and settlement of debt: the 19,320,000-unit insider placement covered $936,000 of debt for $30,000 cash, and the foreign placement settled $12,500 of debt. Directors, officers and their associates took the 19,320,000-unit insider placement. This dilutes existing holders and continues the pattern of settling debts with equity.
On 4 November 2010 the board approved a private placement of up to 20,000,000 units at $0.05 each to non-US persons. Each unit is one share plus one warrant to buy another share at $0.10 for one year. The filing says there is no assurance any of it will be completed, so nothing has been raised yet. It continues the company's pattern of small unit placements.
What it means for a shareholder
20.0m new shares at US$0.050 to raise about US$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
4 Feb 2010capital raising announcement● NeutralMajor
On 31 January 2010 the company sold 29,455,500 units at $0.05 each for $1,472,775 in three private placements (US $80,000; foreign $192,775; a Section 4(2) placement $1,200,000). Each unit has one share and one warrant to buy another share at $0.10 for two years, so existing holders are diluted. Each placement is only part of a larger approved offering ($300,000 US, $200,000 foreign, $1,500,000 Section 4(2)), and the filing says the remainder may not be completed.
What it means for a shareholder
29.5m new shares at US$0.050 to raise about US$1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On 18 August 2009 the company issued 3,500,000 units (a share plus a warrant at $0.20 for two years) to settle $350,000 owed to an investor, an LLC whose two managing members are directors and officers of the company. This is a further debt-for-equity swap, following the July one, with a related party.
On 14 August 2009 the company hired Mirador Consulting for six months, to February 14, 2010, to help seek equity financing and provide investor relations. It pays $6,700 for the first month and $4,000 monthly after, and Mirador buys 3,000,000 shares for $3,000 in total, half delivered at signing and half by 15 November 2009 if the agreement is still in force.
On 16 July 2009 the company issued 2,500,000 units (one share plus a warrant at $0.10 for two years) to settle debts: 500,000 units for $25,000 owed to a director and 2,000,000 units for $100,000 owed to an existing shareholder. Debt is reduced in exchange for new shares, which dilutes existing holders.
The company sold 200,000 units at $0.50 each for $100,000 in a private placement completed 3 September 2008. Each unit has one share and a half warrant exercisable at $0.75 until 2 September 2010. This is a small raise to a non-US investor, far below the 15,000,000 units planned in 2007.
What it means for a shareholder
200,000 new shares at US$0.500 to raise about US$100,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
