28 May 2014director interest notice● Neutral
U S PRECIOUS METALS INC director Sheldon Baer sold 35,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 May 2014director interest notice● Neutral
U S PRECIOUS METALS INC director Chad Michael Altieri sold 47,000 shares.
19 May 2014auditor change▼ Bad
Auditor Jeffrey & Company resigned on May 13, 2014, a week after the PCAOB revoked its registration on May 6. Its report on the 2013 and 2012 statements had included a going-concern doubt, and the filing reports no disagreements. The company has not yet chosen a replacement.
9 May 2014director interest notice● Neutral
U S PRECIOUS METALS INC director Chad Michael Altieri bought 312,500 shares on the open market at $0.00.
9 May 2014director interest notice● Neutral
U S PRECIOUS METALS INC director Chad Michael Altieri sold 60,000 shares.
21 Apr 2014quarterly activities report▼ Bad
U S PRECIOUS METALS INC reported quarterly revenue of $0 and a net loss of $16.7 million for the period ended 2014-02-28.
17 Apr 2014securities registration● Neutral
U S PRECIOUS METALS INC filed notice of an exempt private placement.
16 Apr 2014securities registration● Neutral
U S PRECIOUS METALS INC amended a filing by which it filed notice of an exempt private placement.
11 Apr 2014late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
4 Apr 2014director interest notice● Neutral
Chad Michael Altieri became a U S PRECIOUS METALS INC director and company insider (initial ownership filing).
4 Apr 2014director interest notice● Neutral
U S PRECIOUS METALS INC director Chad Michael Altieri received 500,000 shares as part of the equity award.
1 Apr 2014director interest notice● Neutral
U S PRECIOUS METALS INC director Sheldon Baer received 500,000 shares as part of the equity award.
1 Apr 2014director interest notice● Neutral
U S PRECIOUS METALS INC director Daniel H Luciano received 500,000 shares as part of the equity award.
24 Mar 2014director interest notice● Neutral
U S PRECIOUS METALS INC director David Wayne Burney received 500,000 shares as part of the equity award.
28 Feb 2014agm notice● Neutral
U S PRECIOUS METALS INC announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
5 Feb 2014asset acquisition disposition● NeutralMajor
On Jan 30, 2014 (closed Feb 4) the company cancelled the 300 million-share RTC share exchange and replaced it with a restructuring. RTC's owners (Wolz, Titan, Mercury6) now get 1,250,000 Class A Super Voting Preferred shares convertible into 125 million common shares, instead of the original common shares; the company will seek to raise authorized common from 150 million to 325 million to allow conversion. PTH, an RTC affiliate, will process the company's ore concentrate 5 days a month at its 29 Palms plasma plant, license its technology for 25 years royalty-free, and build a 10 ton/day company-owned plant for about $18 million (PTH pays one-third; company owes a $1.5 million down payment). PTH also gave the company a $5 million non-interest note due Jan 30, 2015. Chairman Pane and director Altieri again have interests in RTC owners and PTH. This ends the original RTC share exchange and the $5M benchmark-run mechanism, replacing it with a new structure.
21 Jan 2014quarterly activities report▼ Bad
U S PRECIOUS METALS INC reported quarterly revenue of $0 and a net loss of $2.7 million for the period ended 2013-11-30.
14 Jan 2014late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
21 Oct 2013quarterly activities report▼ Bad
U S PRECIOUS METALS INC reported a quarterly net loss of $657 thousand for the period ended 2013-08-31.
15 Oct 2013late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
8 Oct 2013securities registration● Neutral
U S PRECIOUS METALS INC filed notice of an exempt private placement.
10 Sept 2013material agreement▼ BadMajor
On Sept 4, 2013 Hans Hertell became President, replacing Daniel Moon. His $500,000 salary and 1,000,000-share grant only start once plasma operations bring in at least $1 million a month for two months in a row, and his Hertell Group consultancy gets 9,000,000 shares immediately on a three-year contract. The RTC share exchange was cut from 300 million to 290 million shares, and the shareholder vote record date moved from July 9 to Sept 16, 2013; the vote is also to raise authorized shares from 150 million to 475 million. This continues the RTC deal and adds more dilution.
29 Aug 2013late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its annual report would be filed late.
8 Aug 2013securities registration● Neutral
U S PRECIOUS METALS INC amended a filing by which it filed notice of an exempt private placement.
5 Aug 2013securities registration● Neutral
U S PRECIOUS METALS INC filed notice of an exempt private placement.
29 May 2013material agreement▲ GoodMajor
On May 22, 2013 the company signed a Mining Services Agreement with Mesa Acquisitions Group, LLC (owned by George Mesa, its Director of Security for the Mexican claims since Sept 2012) covering the Solidaridad I & II concessions (about 5,000 of its 37,000 acres). The contractor is to fund satellite imaging (about $400,000), infrastructure (about $10 million) and a processing plant (about $40 million), in return for 10 million new company shares plus a 30% revenue interest (company keeps 70%); the Chairman will also hand over 5 million of his own shares. The contractor only has to go on to Phases 2 and 3 if the imaging results are positive, and the company says a decision not to proceed would hurt it. The filing says Mesa would be deemed to hold 13.14% of the shares. This is the first outside-funded plan for the Mexican property since the 2009 five-acre program, which was never funded.
20 May 2013material agreement● Neutral
Professor Edgar Choueiri of Princeton, described as a leading plasma technology authority, joined the board on May 15, 2013 and receives 1,000,000 options at $0.25 per share. The press release says CEO Pane has worked with him for three years on the plasma process at the 29 Palms facility. This links to the pending RTC plasma deal.
17 May 2013securities registration● Neutral
U S PRECIOUS METALS INC amended a filing by which it filed notice of an exempt private placement.
17 May 2013material agreement● NeutralMajor
On May 11, 2013 the company agreed to acquire Resource Technology Corp. (RTC) for 300 million new shares, held in escrow. RTC holds three ore supply contracts and a toll processing deal with Plasma Processing LP for a plasma plant in 29 Palms, California, entitling it to one-third of revenues. The share count is cut proportionately if a 20-day benchmark run does not yield $5,000,000 net to RTC, and closing is due by June 1, 2014. Related parties are involved: CEO Gennaro Pane would hold about 51% of the shares via Wolz and director Chad Altieri via Mercury6; both also hold interests in PP LP. An independent committee approved it, but shareholder approval and an increase in authorized shares are still needed. The deal would be a large dilution and a shift toward plasma processing alongside the Mexican property.
22 Apr 2013quarterly activities report● Neutral
U S PRECIOUS METALS INC reported a quarterly net income of $93 thousand for the period ended 2013-02-28.