28 May 2008securities registration● Neutral
Santa Fe Gold CORP filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2008late filing notice▼ Bad
Santa Fe Gold CORP notified the SEC that its quarterly report would be filed late.
17 Apr 2008director interest notice● Neutral
Santa Fe Gold CORP insider Sulane Holdings, LTD. bought 5,250,000 shares on the open market.
21 Feb 2008securities registration● Neutral
Santa Fe Gold CORP filed the final prospectus for a registered offering.
14 Feb 2008substantial holder notice● Neutral
CHRISTIAN MUSTAD reported a Santa Fe Gold CORP shareholding of 5,195,000 shares (6.70% of votes) in a periodic institutional filing.
8 Feb 2008director interest notice● Neutral
Santa Fe Gold CORP insider Sulane Holdings, LTD. bought 2,250,000 shares on the open market.
11 Jan 2008securities registration● Neutral
Santa Fe Gold CORP amended an already-effective registration statement.
2 Jan 2008substantial holder notice● Neutral
SULANE HOLDINGS LIMITED disclosed a new substantial Santa Fe Gold CORP shareholding (0.70% of votes).
26 Dec 2007capital raising announcement● NeutralMajor
On December 21, 2007 the company agreed to a $13,500,000 7% senior secured convertible debenture with one investor, paid out on a schedule tied to 2008 construction needs for the Summit project. It is secured by the Summit real and personal property, converts at $1.00, and carries warrants at $1.00 for every $2.00 of principal (exercisable July 1, 2010 to December 31, 2014); there is a $270,000 management fee. This is far larger than earlier financings and brings both Summit funding and dilution risk.
14 Dec 2007director interest notice● Neutral
Santa Fe Gold CORP director John E. Frost received a stock option grant for 75,000 shares.
14 Dec 2007director interest notice● Neutral
Santa Fe Gold CORP President & CEO W Pierce Carson received 500,000 shares as part of the equity award.
14 Dec 2007director interest notice● Neutral
Santa Fe Gold CORP director Lawrence G Olson received a stock option grant for 75,000 shares.
14 Nov 2007late filing notice▼ Bad
Santa Fe Gold CORP notified the SEC that its quarterly report would be filed late.
9 Nov 2007securities registration● Neutral
Santa Fe Gold CORP amended an already-effective registration statement.
1 Nov 2007capital raising announcement● Neutral
Now named Santa Fe Gold Corporation, the company placed $450,000 of 10% senior subordinated convertible notes with three investors ($150,000 each), due in 60 months. The notes convert at $1.25 per share, with one $1.25 five-year warrant per $2.50 of principal. This adds a new debt layer and potential dilution; the company will register the shares on request only if the stock tops $1.50 for ten days.
26 Oct 2007securities registration● Neutral
Santa Fe Gold CORP amended an already-effective registration statement.
22 Oct 2007securities registration● Neutral
Santa Fe Gold CORP amended a filing by which it registered a small-business securities offering with the SEC.
28 Sept 2007late filing notice▼ Bad
Santa Fe Gold CORP notified the SEC that its annual report would be filed late.
30 Aug 2007director interest notice● Neutral
John E. Frost became a Santa Fe Gold CORP director and company insider (initial ownership filing).
13 July 2007financial restatement▼ BadMajor
Azco said its quarterly results for December 31, 2006 and March 31, 2007 should no longer be relied on, after SEC comments led it to fix how it accounted for the November 2006 Muzz settlement. A $638,537 derivative liability tied to the Muzz warrants was moved to equity instead of counting toward the gain, so the gain on settling the lease is smaller. The earlier reported gain was $3,521,817, and the company says revenue, cash flow and total stockholders' deficit were unaffected. This revises the gain flagged in earlier filings.
26 June 2007securities registration● Neutral
Santa Fe Gold CORP amended a filing by which it registered a small-business securities offering with the SEC.
26 Mar 2007securities registration● Neutral
Santa Fe Gold CORP registered a small-business securities offering with the SEC.
26 Feb 2007capital raising announcement▼ BadMajor
On February 26, 2007 Azco amended the 2006 convertible note deal with its five investors. The deadline to file a resale registration statement moved from November 5, 2006 to April 30, 2007 and the effectiveness deadline from February 4, 2007 to July 31, 2007, and the investors gave up all liquidated damages for the missed deadlines. Azco issued 1,750,000 new warrants at $1.25 for five years and will ask shareholders to raise authorized shares from 100 million to 200 million. Notes total $3,781,662, convertible at $1.00. This continues the registration thread and adds dilution.
16 Feb 2007asset acquisition disposition● Neutral
Azco filed the audited financial statements and pro forma figures for The Lordsburg Mining Company, which it bought on May 4, 2006 for $1,300,000; these were missing from the original May 2006 filing. The audit report, dated January 31, 2007, carries going-concern doubt: Lordsburg had a net loss of $14,671 in 2005 and total assets of $160,555, with no operating revenue.
14 Feb 2007late filing notice▼ Bad
Santa Fe Gold CORP notified the SEC that its quarterly report would be filed late.
6 Nov 2006asset acquisition disposition▲ GoodMajor
On November 3, 2006 Azco sold its Glendale, Arizona land and buildings (about five acres, a 5,000 sq. ft. office and an 18,000 sq. ft. mill building) to Muzz Investments, keeping its mica processing equipment. In return Muzz cancelled the 2002 financing lease, which Azco had defaulted on after 12 payments, and Azco issued 2,550,000 restricted shares and provided for exercise of Muzz's 2,550,000 warrants. This removes about $6.26 million of liabilities and is expected to produce a gain of about $4.46 million in the December 2006 quarter, but adds 2,550,000 new shares (plus the warrant exercise) for Muzz.
15 Sept 2006capital raising announcement● Neutral
A second short amendment to the September 2006 note filing, again only attaching a revised Schedule A to the note amendment; the filing does not say what changed.
12 Sept 2006capital raising announcement● Neutral
A short amendment to the September 2006 note filing that only replaces Schedule A to the amendment of the convertible notes, warrants and related agreements; the filing does not describe what changed in the schedule.
8 Sept 2006capital raising announcement▼ BadMajor
In September 2006 Azco renegotiated the March convertible notes held by five investors: maturity moved from August 31, 2007 to January 1, 2008, the first installment moved to February 1, 2007, and the conversion and warrant prices fell from $1.58 to $1.00. The investors also bought another $1,000,000 of notes, bringing total outstanding principal, interest and damages to $3,754,357, with 500,000 new warrants at $1.00. The lower prices mean more potential dilution for existing shareholders.
10 May 2006asset acquisition disposition▲ GoodMajor
On May 4, 2006 Azco bought all of The Lordsburg Mining Company from Imagin Minerals for $1,300,000 from general funds. This gives it the Summit project mining claims in New Mexico (subject to royalties and a net proceeds interest), two state permits, and idle milling equipment it plans to move to a mill site. Financial statements were promised by July 15, 2006.