15 Aug 2014late filing notice▼ Bad
Searchlight Minerals Corp. notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2014quarterly activities report▼ Bad
Searchlight Minerals Corp. reported quarterly revenue of $0 and a net loss of $911 thousand for the period ended 2014-03-31.
12 Nov 2013quarterly activities report▼ Bad
Searchlight Minerals Corp. reported quarterly revenue of $0 and a net loss of $1.1 million for the period ended 2013-09-30.
28 Oct 2013security holder rights change● Neutral
On October 25, 2013 the board again extended the expiry of warrants, now over 14,200,935 shares, from November 12, 2013 to November 12, 2014, with other terms unchanged. This repeats the one-year extension made in November 2012 and again covers 100% of warrants from the prior financing placements, so the dilution overhang continues.
2 Oct 2013securities registration● Neutral
Searchlight Minerals Corp. filed notice of an exempt private placement.
30 Sept 2013substantial holder notice● Neutral
Luxor Capital Partners, LP, Luxor Spectrum, LLC, Luxor Wavefront, LP, Luxor Capital Partners Offshore Master Fund, LP, Luxor Capital Partners Offshore, Ltd, Luxor Spectrum Offshore Master Fund, LP, Luxor Spectrum Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a Searchlight Minerals Corp. shareholding of 31,283,817 shares (20.90% of votes) in a periodic institutional filing.
24 Sept 2013capital raising announcement● NeutralMajor
On September 18, 2013 the company closed the secured convertible note financing at $4,000,000 gross, for general working capital; this completes the August 2013 Luxor term sheet, with Luxor taking $2.6 million and CEO Martin Oring and affiliates $235,000. The notes (7%, convertible at $0.40, first-priority lien on all assets of the company and its two subsidiaries, which guarantee them) carry a right to buy up to $600,000 more. As part of the deal the board raised the rights-plan waiver for Luxor from 17.5% to 22% (Luxor holds about 21%) and lifted Luxor's voting threshold from 15% to 19.5%. The filing also says the November 2009 warrants were adjusted for anti-dilution at closing because of the $0.40 conversion price (the adjusted figures are cut off in the text provided).
21 Aug 2013material agreement● NeutralMajor
On August 19, 2013 the company signed a binding term sheet with Luxor Capital, a principal stockholder, for $2.6 million of secured convertible notes, with up to $2.4 million more to be offered to other investors by September 2, 2013 (maximum $5 million). The notes carry 7% interest, convert at $0.40 per share, mature in 5 years (holders can put them from year two), are secured by a lien on all company assets, and allow redemption at 120% on a change of control. Final documents were still to be prepared. This is the company's first debt facility in its history here, and it can dilute shareholders if converted.
14 Aug 2013quarterly activities report▼ Bad
Searchlight Minerals Corp. reported quarterly revenue of $0 and a net loss of $1.1 million for the period ended 2013-06-30.
12 Aug 2013late filing notice▼ Bad
Searchlight Minerals Corp. notified the SEC that its quarterly report would be filed late.
10 May 2013quarterly activities report▼ Bad
Searchlight Minerals Corp. reported quarterly revenue of $0 and a net loss of $936 thousand for the period ended 2013-03-31.
15 Mar 2013late filing notice▼ Bad
Searchlight Minerals Corp. notified the SEC that its annual report would be filed late.
14 Feb 2013substantial holder notice● Neutral
Luxor Capital Partners, LP, Luxor Spectrum, LLC, Luxor Wavefront, LP, Luxor Capital Partners Offshore Master Fund, LP, Luxor Capital Partners Offshore, Ltd, Luxor Spectrum Offshore Master Fund, LP, Luxor Spectrum Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a Searchlight Minerals Corp. shareholding of 24,691,368 shares (17.40% of votes) in a periodic institutional filing.
14 Nov 2012quarterly activities report▼ Bad
Searchlight Minerals Corp. reported quarterly revenue of $0 and a net loss of $1.0 million for the period ended 2012-09-30.
2 Nov 2012security holder rights change● Neutral
On November 1, 2012 the board extended the expiry of warrants over 13,828,212 shares from November 12, 2012 to November 12, 2013, with all other terms unchanged. These are the warrants from the 2007-2008 and November 2009 placements (the ones repriced to $1.85), and the filing says they are 100% of the warrants issued in prior financing placements. For shareholders this keeps the dilution overhang alive for another year rather than letting the warrants lapse.
27 Sept 2012auditor change▼ BadMajor
On September 21, 2012 the board dismissed its auditor Brown Armstrong, and on September 27 engaged BDO USA, LLP to audit 2012. The filing says there were no disagreements. It notes Brown Armstrong's reports carried a going-concern doubt for 2010 and 2011, and that it revised its 2010 internal-control opinion to say controls were not effective, following the restatements. BDO had earlier been consulted on the warrant accounting behind the restatements.
14 Aug 2012quarterly activities report● Neutral
Searchlight Minerals Corp. reported quarterly revenue of $0 and net income of $1.8 million for the period ended 2012-06-30.
14 June 2012securities registration● Neutral
Searchlight Minerals Corp. filed notice of an exempt private placement.
16 May 2012quarterly activities report▼ Bad
Searchlight Minerals Corp. reported a quarterly net loss of $4.5 million for the period ended 2012-03-31.
15 May 2012late filing notice▼ Bad
Searchlight Minerals Corp. notified the SEC that its quarterly report would be filed late.
2 Apr 2012late filing notice▼ Bad
Searchlight Minerals Corp. notified the SEC that its annual report would be filed late.
14 Feb 2012substantial holder notice● Neutral
Luxor Capital Partners, LP, Luxor Spectrum, LLC, Luxor Wavefront, LP, Luxor Capital Partners Offshore Master Fund, LP, Luxor Capital Partners Offshore, Ltd, Luxor Spectrum Offshore Master Fund, LP, Luxor Spectrum Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a Searchlight Minerals Corp. shareholding of 20,296,629 shares (14.90% of votes) in a periodic institutional filing.
6 Jan 2012financial restatement▼ BadMajor
On January 4, 2012 the company said its financial statements for 2008-2010 and the first three quarters of 2011 should not be relied on. The errors relate to the 2007-2008 warrants, whose repricings in December 2008 and November 2009 should have been recorded as warrant modification expense, and the November 2009 warrants, which should have been recorded as derivative liabilities at fair value because of their anti-dilution terms. The company says these are non-cash items with no effect on operations or cash flows, and amended filings will follow. This is another restatement after the 2008 ones.
14 Nov 2011quarterly activities report▼ Bad
Searchlight Minerals Corp. reported a quarterly net loss of $3.5 million for the period ended 2011-09-30.
12 Aug 2011quarterly activities report▼ Bad
Searchlight Minerals Corp. reported a quarterly net loss of $1.0 million for the period ended 2011-06-30.
27 July 2011material agreement▼ Bad
On July 25, 2011 the company and Nanominerals amended their 2005 assignment agreement. The company will pay Nanominerals a minimum advance royalty of $15,000 a month, effective January 1, 2011, credited against future royalties. Also, 50% of consulting fees paid to Nanominerals from 2005 through 2010 will be offset against the first future royalties above the minimum. This adds a recurring payment to a major shareholder.
13 May 2011quarterly activities report▼ Bad
Searchlight Minerals Corp. reported a quarterly net loss of $443 thousand for the period ended 2011-03-31.
11 May 2011late filing notice▼ Bad
Searchlight Minerals Corp. notified the SEC that its quarterly report would be filed late.
14 Feb 2011substantial holder notice● Neutral
Luxor Capital Partners, LP, Luxor Spectrum, LLC, Luxor Wavefront, LP, Luxor Capital Partners Offshore Master Fund, LP, Luxor Capital Partners Offshore, Ltd, Luxor Spectrum Offshore Master Fund, LP, Luxor Spectrum Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a Searchlight Minerals Corp. shareholding of 18,142,481 shares (14.10% of votes) in a periodic institutional filing.
27 Dec 2010material agreement● NeutralMajor
On December 22, 2010 the company agreed to sell up to 13,000,000 shares to Seaside 88, LP over about ten months, at a 15% discount to the recent average price. The first closing sold 3,000,000 shares at $0.53125, raising $1,593,750. Later closings of up to 1,000,000 shares monthly happen only if the average price is at least $0.50, and Seaside's ownership is capped at 9.99%. Shareholders face dilution at a discounted price. The company can terminate the agreement at any time.