13 Nov 2015capital raising announcement● Neutral
An officer/director converted $875,000 of prior advances into convertible-note-and-stock units -- bridge financing to keep the newly acquired Balmat operation funded.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 July 2015capital raising announcement▲ Good
Star Mountain closed a $1.25 million private placement of stock-and-warrant units, including CEO Marchal converting $86,000 of prior loans into units, to help fund the pending mine acquisition.
17 June 2015capital raising announcement▲ GoodMajor
Star Mountain signed a letter of intent to acquire an unnamed base-metal mine in North America -- paying with 2.1 million shares plus $3.5 million cash at closing -- aiming to restart production that was currently suspended at the site.
21 May 2015capital raising announcement● Neutral
The newly renamed Star Mountain Resources issued about 1.45 million shares to its officers and directors as payment for services rendered in the first half of 2015, in lieu of cash compensation.
29 Oct 2014capital raising announcement● NeutralMajor
New CEO Joseph Marchal and director Edward Brogan converted $1.5 million of convertible debt (plus $175,433 accrued interest) into 3.35 million new shares, and halved their warrants' exercise price to $0.50 before exercising for another 750,000 shares -- consolidating insider ownership as the company rebuilt under new leadership after the Stanford scandal.
24 Oct 2013capital raising announcement● Neutral
The company issued a second $500,000 convertible note on similar 12% terms, this time to Edward Brogan, secured by the same Utah mining claims -- both 2013 notes were funding exploration almost entirely through insider debt convertible at a discount to market.
29 Aug 2013capital raising announcement● Neutral
The company borrowed $500,000 from Joseph Marchal via a 12% convertible note secured against its Chopar mining claims in the Star Mountain Mining District of Utah -- the property that would later give the company its name -- and brought on Marchal associate Michael Christiansen as a corporate-development executive.