Past year: ▲ 0%(0.00c – 0.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2013capital raising announcement● NeutralMajor
On January 11, 2013 the company signed a Securities Exchange Agreement under which Copper Island Mines received 30,000,000 restricted shares of the company in exchange for 125 Class C shares of Copper Island. This follows the June 2012 letter of intent, which had spoken of 1,500,000 shares; the filing does not say what percentage of Copper Island the 125 shares represent. Issuing 30,000,000 shares dilutes existing holders (inference).
28 Jan 2011capital raising announcement▼ BadMajor
On January 22, 2011 the board approved settling a $100,000 debt owed to Charms Investments (a July 1, 2009 loan convertible at $0.001 per share) by issuing 100,000,000 shares to William Lieberman, the company's President/CEO, to whom Charms assigned the debt. After this, the filing shows 186,231,500 shares outstanding, with Lieberman holding 100,100,000 (53.7%), Compania Minera del Pacifico 16,500,000 (8.8%), and Benstole Investment and Phillip C. Smith 10,000,000 each (5.3%). This settles part of the Charms borrowing noted earlier (the context showed $175,000 disbursed, so the remainder is not addressed here) and gives the CEO majority control; existing shareholders are diluted (inference from the share count).
12 Nov 2009capital raising announcement▼ Bad
On November 6, 2009 the company took another $210,000 loan from Trafalgar, again through a debenture convertible into stock at the lower of the closing-date average price or a 15% discount to the lowest closing price in the five trading days after conversion. Repeats the October loan's terms; the filing does not state a use of funds.
13 Oct 2009capital raising announcement▲ GoodMajor
On October 12, 2009 the company borrowed $210,000 from Trafalgar through a debenture that Trafalgar can convert into company stock at the lower of the closing-date average price or a 15% discount to the lowest closing price in the five trading days after conversion. This can dilute existing shareholders (inference from the conversion terms). The filing says the proceeds paid past-due mortgage payments, so the Ecuadorian properties, including the Muluncay mine, are no longer in danger of foreclosure, resolving a risk flagged in an October 2, 2009 filing.
