23 May 2011securities registration● Neutral
U.S. China Mining Group, Inc. amended an already-effective registration statement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2011quarterly activities report● Neutral
U.S. China Mining Group, Inc. reported quarterly revenue of $22.2 million and net income of $9.7 million for the period ended 2011-03-31.
29 Apr 2011securities registration● Neutral
U.S. China Mining Group, Inc. amended an already-effective registration statement.
25 Mar 2011securities registration● Neutral
U.S. China Mining Group, Inc. filed the final prospectus for a registered offering.
17 Mar 2011securities registration● Neutral
U.S. China Mining Group, Inc. amended a filing by which it registered a securities offering with the SEC.
14 Feb 2011securities registration● Neutral
U.S. China Mining Group, Inc. registered a securities offering with the SEC.
19 Jan 2011securities registration● Neutral
U.S. China Mining Group, Inc. filed notice of an exempt private placement.
13 Jan 2011capital raising announcement● Neutral
This amendment corrects the January 7, 2011 private placement: 3,750,000 units were sold at $4.00 (not 3,375,000), with net proceeds of $13,650,500 after $1,349,500 of commissions and costs. Every other term is unchanged, including the $6.80 warrants, the 375,000 agent warrants and the 120,000 shares to Greenview. The larger unit count means somewhat more dilution than the original filing showed.
What it means for a shareholder
3.8m new shares at $4.00 to raise about $13.7m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held $1,000 of shares (250 at the issue price), your slice goes from 0.00167% to 0.00134% of the company. To keep it you'd need 63 more shares - about $252 at the issue price.
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12 Jan 2011capital raising announcement● NeutralMajor
On January 7, 2011 the company sold 3,375,000 units at $4.00 each in a private placement to investors, with Euro Pacific Capital as placement agent. Each unit is one common share plus a five-year warrant for 0.5 share at $6.80, and the filing states net proceeds of $13,653,000 after $1,347,000 of commissions and costs. It also issued 375,000 warrants at $6.80 to the placement agents and 120,000 shares to Greenview Capital for consulting on the deal, so existing shareholders are diluted. The company must file a resale registration within 45 days of closing or pay penalties of 1% per 30 days up to 10%. The filing does not say what the money is for. The unit count and proceeds were corrected the next day.
What it means for a shareholder
3.4m new shares at $4.00 to raise about $13.7m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held $1,000 of shares (250 at the issue price), your slice goes from 0.00167% to 0.00137% of the company. To keep it you'd need 57 more shares - about $228 at the issue price.
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12 Nov 2010quarterly activities report● Neutral
U.S. China Mining Group, Inc. reported quarterly revenue of $17.9 million and net income of $3.9 million for the period ended 2010-09-30.
16 Aug 2010quarterly activities report● Neutral
U.S. China Mining Group, Inc. reported quarterly revenue of $10.0 million and net income of $1.8 million for the period ended 2010-06-30.
25 May 2010material agreement● NeutralMajor
On May 19, 2010 Songzai agreed to buy the Liujiaqu Coal Mine in Inner Mongolia for $30 million cash and 10,000,000 common shares. The seller also gets 30% of the mine's net profits. The share count may fall if the stock averages above $7.00 over the 10 days before closing. Closing depends on government approvals and the company obtaining financing it finds acceptable, and either side can terminate if it has not closed by September 30, 2010. The company's press release says the mine would more than double the company's size and projects over $50 million of revenue in 2011; these are management's expectations.
17 May 2010director interest notice● Neutral
U.S. China Mining Group, Inc. President and CEO Hong Wen Li bought 400,000 shares on the open market at $0.00.
17 May 2010director interest notice● Neutral
Guoqing Yue became a U.S. China Mining Group, Inc. Chairman of the Board and company insider (initial ownership filing).
31 Mar 2010late filing notice▼ Bad
U.S. China Mining Group, Inc. notified the SEC that its annual report would be filed late.
18 Mar 2010director interest notice● Neutral
U.S. China Mining Group, Inc. director Elan Yaish received a stock option grant for 20,000 shares.
18 Mar 2010director interest notice● Neutral
U.S. China Mining Group, Inc. director Elan Yaish received a stock option grant for 20,000 shares.
18 Mar 2010director interest notice● Neutral
Elan Yaish became a U.S. China Mining Group, Inc. director and company insider (initial ownership filing).
24 Sept 2009financial restatement▼ BadMajor
Songzai said on September 18, 2009 that its 2008 annual results and four quarterly reports (periods ended June 30 and September 30, 2008, March 31 and June 30, 2009) should no longer be relied on, and it will restate them. The issues are how mining rights and asset retirement obligations are amortized, and how the April 2008 reverse acquisition of the Hong Yuan and Sheng Yu mines was accounted for. No restated figures are given. The Xing An deal agreed in December 2007 is described here as an April 2008 reverse acquisition.
23 June 2008director interest notice● Neutral
U.S. China Mining Group, Inc. Chief Financial Officer Yvonne Zhang received a stock option grant for 55,000 shares.
10 June 2008material agreement● Neutral
Songzai extended the employment of interim CFO Yvonne Zhang as full-time CFO from June 9, 2008 to June 8, 2009 at $100,000 a year. It also granted her options on 55,000 shares at $9.35 each for 5 years, exercisable immediately. This is a routine executive pay arrangement.
1 Apr 2008late filing notice▼ Bad
U.S. China Mining Group, Inc. notified the SEC that its annual report would be filed late.
7 Jan 2008material agreement● NeutralMajor
Songzai agreed on December 31, 2007 to buy 90% of two Heilongjiang coal mining companies, Hong Yuan and Sheng Yu (Xing An Group), for $30 million in interest-free notes plus 80,000,000 common shares. The notes are due $18 million six months after closing and $12 million at one year, or sooner if the company raises at least $30 million. The shares are held in escrow for two years as security for the sellers' indemnity obligations, and the sellers will hold the remaining 10% in trust for the company. The mines are licensed for up to 450,000 and 150,000 tons a year. Closing is conditional and not assured, and either side can terminate if it has not occurred by January 31, 2008. This is a large new acquisition beyond the Tong Gong mine.
1 Nov 2007auditor change● Neutral
This amendment only adds the letter from the former auditor, Jimmy C.H. Cheung & Co., to the October 2007 auditor-change filing. The rest of the text is unchanged.
23 Oct 2007auditor change● Neutral
Songzai dismissed its auditor Jimmy C.H. Cheung & Co. on October 19, 2007 and engaged Goldman & Parks, LLP the same day. The filing says Cheung's 2005 and 2006 reports were clean and there were no disagreements. This is another auditor change after the 2004 turnover.
29 Aug 2007director interest notice● Neutral
Yvonne Zhang became a U.S. China Mining Group, Inc. Interim CFO and company insider (initial ownership filing).
15 Aug 2007late filing notice▼ Bad
U.S. China Mining Group, Inc. notified the SEC that its quarterly report would be filed late.
20 July 2007director interest notice● Neutral
Huan Liu became a U.S. China Mining Group, Inc. Secretary and company insider (initial ownership filing).
15 May 2007late filing notice▼ Bad
U.S. China Mining Group, Inc. notified the SEC that its quarterly report would be filed late.
2 Apr 2007late filing notice▼ Bad
U.S. China Mining Group, Inc. notified the SEC that its annual report would be filed late.