Past year: ▼ 90%(2.00c – 21.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
2 July 2009capital raising announcement● Neutral
The company raised the ceiling of its convertible note offering from $1,500,000 to $2,500,000 and sold a $50,000 note on June 29, 2009 under it. The terms are substantially similar, but the earliest date the holder can convert at $0.30 per share moves from June 30, 2009 to August 31, 2009.
5 June 2009capital raising announcement● NeutralMajor
The company sold another $50,000 convertible note on June 2, 2009 to an accredited investor, on the same terms as the earlier offering (up to $1,500,000, 16% interest, $0.30 conversion after June 30, 2009). It also announced a plan to start a small mining (exploitation) program on five acres of its concession, which it says could start as early as August 2009 if it gets enough outside funding, and which it expects could produce enough revenue to continue limited operations and support exploration.
28 May 2009capital raising announcement▼ BadMajor
The company sold a further $130,000 of convertible notes to three accredited investors as of May 14, 2009, on the same terms as the March offering (up to $1,500,000, $0.30 conversion, 16% interest). It also said it had inadvertently classified the Solidaridad concession deposits as proven and probable reserves in its drilling updates. This contradicts the earlier reserve claims (such as the 311,343 tons proven and 942,559 tons probable): the estimates follow Canadian NI 43-101 standards, but SEC rules (Industry Guide 7) are substantially different.
19 Mar 2009capital raising announcement● NeutralMajor
The company adopted a shareholder rights plan on March 17, 2009 (a 'poison pill'): each common share gets a right that becomes exercisable if someone acquires 15% or more of the stock, letting other holders buy at a discount; the rights expire March 17, 2010 unless redeemed earlier. It also sold $100,000 of convertible notes on March 13, 2009 under a new offering of up to $1,500,000, on the same terms as before (16% interest, convertible at $0.30 per share). This follows the earlier $500,000 offering that closed in February.
10 Mar 2009auditor change● Neutral
This amends the February auditor-change report in response to an SEC comment letter of March 3, 2009. It adds that the board's decision to dismiss Robert Jeffrey was made in connection with engaging a larger accounting firm, and attaches Jeffrey's March 9, 2009 letter to the SEC. The facts about the change to MHM Mahoney Cohen and the going-concern doubt are unchanged.
27 Feb 2009capital raising announcement▼ BadMajor
The company sold a final $155,000 convertible note on February 25, 2009, closing the up-to-$500,000 offering (notes sold per these filings: $25,000, $200,000, $120,000 and $155,000, which is $500,000). It also dismissed its auditor Robert G. Jeffrey, CPA and appointed MHM Mahoney Cohen CPAs, with no disagreements reported. The filing notes that the auditor's report on the quarter ended August 31, 2008 raised substantial doubt about the company's ability to continue as a going concern.
11 Feb 2009capital raising announcement● Neutral
The company sold two more convertible notes under the offering, $100,000 on February 2, 2009 and $20,000 on February 6, 2009, on the same terms as the December amendment (convertible at $0.30 per share after June 30, 2009). This filing also states for the first time that the notes pay 16% simple annual interest. The company's address in the filing changed to Sanford, Florida.
23 Dec 2008capital raising announcement● Neutral
The company revised the note offering from up to $250,000 to up to $500,000 and changed the conversion price to a fixed $0.30 per share, replacing the earlier price formula of 115% of the average share price. It disclosed a further $200,000 note sold December 22, 2008, on top of the $25,000 sold December 5. The notes now also convert automatically at $0.30 if a financing of at least $10 million or a change of control occurs.
11 Dec 2008capital raising announcement● Neutral
On December 5, 2008 the company sold $25,000 of convertible promissory notes, the first sale in a private offering of up to $250,000 to accredited investors. The notes can be converted into shares after June 30, 2009 at 115% of the 30-day average share price before that date (unless the company is negotiating its next financing), and mature at the earliest of a financing of at least $10 million, a change of control, or 2 years after issue.
19 Nov 2008drilling progress report▲ GoodMajor
The company reported hole 10 assays that it says raise proven reserves 12% to 311,343 tons and probable reserves 22% to 942,559 tons, with holes 11 and 14 in progress. 3,200 of the 3,750 meters in the drilling contract are done. It also said Applied Minerals' Michael Floersch submitted a NI 43-101 compliant technical report on November 10, 2008, and that a second drilling phase will explore other targets. A lab supervisor, Carlos Becerra, was hired.
15 Sept 2008drilling progress report▲ GoodMajor
The company announced, citing Applied Minerals' report, a proven reserve of 199,200 tons across La Sabila Veins 1 and 2, valued by the company at about $57 million at the prices it used, plus a probable resource of 763,088 tons valued at about $319 million. These come from 8 drill holes covering about 5 acres of the concession. This builds on the June plan to commission a NI 43-101 report; the figures are company calculations, and the later November filing refers to the report as 'preliminary'.
8 July 2008drilling result▲ Good
Copper assays for hole 3 came back at 1.42% in the 8-foot zone, which the company says lifts its value to about $303 per ton, and 0.85% in the lower zone. The two zones total 20 feet with a weighted average of 0.045 oz/ton gold, 3.74 oz/ton silver and 1.08% copper. This completes the metals picture the July 1 release left pending; hole 5 assays were still awaited.
1 July 2008drilling progress report▲ Good
An independent lab (Chris Christopherson Inc., Idaho) reported gold and silver assays for drill hole 3: samples 43-46 averaged 0.0831 oz/ton gold and 6.165 oz/ton silver, which the company values at $185 per ton. Hole 1 also had 16 feet at 0.0915 oz/ton gold. Copper results were still awaited, and this follows the earlier report of hole 3's vein intercept.
27 June 2008drilling progress report▲ GoodMajor
The company said its La Sabila drilling continues to find mineralization, with hole 5 showing multiple sulfide intervals totaling 136 feet; assay results were still pending. It also hired Applied Minerals (Michael Floersch) to prepare a NI 43-101 compliant resource estimate and began building a lab in Morelia, Mexico. A second drill capable of 800 m depth was brought to the property.
23 Jan 2008material agreement▲ GoodMajor
The company's Mexican subsidiary signed a drilling contract with Micro Tuneles y Suministros del Occidente (MTSO) for a campaign at La Sabila (the Solidaridad property) at US$120 per linear meter plus other charges. It guaranteed a minimum of 1,000 meters and a US$50,000 deposit, of which US$20,000 has been paid. This starts the company's own drilling at La Sabila, following the earlier M.I.M. drilling; the attached quotation is for 3,750 meters.
15 Feb 2006drilling result▲ GoodMajor
The company announced estimated significant gold mineralization at its wholly-owned 3,803-hectare La Sabila project in Michoacan, Mexico, in three zones (Main, North, Cuendao). The Main zone is estimated at 3 million tonnes at 3.0 g/t gold, 20 g/t silver and 0.5% copper to 150 m depth; the press release says these are estimates based on earlier drilling by M.I.M. Holdings (now Xstrata) in 1997-98, not new company drilling. It also took an option on the 300-hectare Tajitos project in Sonora, Mexico.
