1 June 2015listing compliance notice▼ BadMajor
Ruby Creek Resources, Inc. 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.
5 Dec 2011asset acquisition disposition● NeutralMajor
Ruby Creek closed its purchase of Gold Standard Tanzania on November 29, 2011 (the deal first signed August 11, 2011): 95% of the company, its mining license, interests in two joint-venture prospecting licenses (349.75 and 89.06 sq km), mining equipment and the camp. Just before closing the terms were changed: 1,200,000 Ruby Creek shares replaced the $900,000 cash payment, and the two 8% 18-month notes became $974,000 (convertible at $1.00) and $1,026,000 (convertible at $0.75, all convertible immediately). Shareholders get the Tanzanian assets but with new shares to be issued and about $2.0M of convertible notes that could dilute them further.
15 Aug 2011material agreement● NeutralMajor
Ruby Creek signed a purchase agreement on August 11, 2011 with Gold Standard Ltd., Gold Standard Tanzania Ltd. and Robert J. Moriarty for 95% of Gold Standard Tanzania, its joint venture prospecting licenses, mining equipment, camp and mining license. The price at closing is $900,000 cash (plus $100,000 already paid as a deposit) and two $1,000,000 convertible notes at 8% interest, 18 months, convertible at $0.75 and $0.50 per share. Closing still needs conditions including Tanzanian ministry approval. The terms differ from the January 2011 agreement (cash and note amounts, and one agreement instead of two); the filing does not say whether it replaces the earlier one (inference: it likely does).
14 Jan 2011material agreement● NeutralMajor
Ruby Creek agreed on January 12, 2011 to buy 95% of Gold Standard Tanzania Ltd. (including a 25-year, 10 sq km mining license) and separate mining equipment, each for US$1,500,000, totalling US$3,000,000 plus roughly US$585,000 of assumed liabilities. Payment is US$500,000 cash on each agreement plus an 18-month US$1,000,000 convertible debenture on each, so US$2,000,000 of new debt that can convert into shares. This extends the Tanzania gold build-out beyond Mkuvia.
16 June 2010material agreement● NeutralMajor
Ruby Creek bought the mineral and mining rights to a further 255 sq km of the Mkuvia Gold Project from Douglas Lake Minerals, so it now controls all 380 sq km, operated through its 70%-owned Tanzanian joint venture. The $6 million price is 4 million restricted shares valued at $0.80 ($3.2 million) plus $2.8 million in cash over three years to June 1, 2013; this adds to the earlier 125 sq km purchase for $3 million. Shareholders face future share issuance and cash payment obligations.
17 Mar 2010listing compliance notice● NeutralMajor
Ruby Creek (now a Nevada company based in New York, so the move to Nevada appears to have been completed) agreed on March 7, 2010 to form Ruby Creek (Tanzania) Limited to run the 125 sq km Mkuvia Alluvial Gold Project, owned 70% by Ruby Creek, 25% by Douglas Lake Minerals and 5% by Mr. Mkuvia Maita. It also sold 1,600,000 units at $0.125 each ($200,000) to 20 investors; each unit has one share and one warrant, and two warrants buy one share at $0.25 for up to two years. This marks a shift from the earlier British Columbia exploration claims to Tanzania gold; the filing does not say what happened to More Creek.
3 Dec 2008business combination● Neutral
Second amendment to the registration statement for the move to Nevada. The terms are unchanged, but the special meeting is now shown as being in 2009 rather than 2008, with the date still blank, so the vote had not yet been held.
9 Oct 2008business combination● Neutral
First amendment to the registration statement for the planned move from British Columbia to Nevada. The terms are unchanged (one-for-one exchange of 8,337,001 shares, 500,000,000 authorized shares); the company's office address changed to Suite 400, 409 Granville Street, Vancouver, and the meeting date is still blank.
20 Aug 2008business combination● NeutralMajor
Ruby Creek filed a registration statement and proxy to ask shareholders to vote on moving the company's incorporation from British Columbia to Nevada and changing its authorized shares to 500,000,000 with $0.001 par value. Existing shareholders would receive 8,337,001 Nevada shares one-for-one; the company describes itself as an exploration-stage company with an option on the More Creek claims and no known reserves.