Past year: ▼ 90%(2.00c – 21.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2010auditor change● Neutral
On September 28, 2010 the company dismissed its auditor Mayer Hoffman McCann, whose report on the year ended May 31, 2010 included going-concern doubt, and hired a new auditor named as Robert G. Jeffrey, CPA. The filing says there were no disagreements with the former auditor, which confirmed this in a letter. (A later amendment corrects the new auditor's name.)
30 Aug 2010late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its annual report would be filed late.
11 Aug 2010director interest notice● Neutral
Jack Wagenti became a U S PRECIOUS METALS INC director and company insider (initial ownership filing).
7 July 2010director interest notice● Neutral
U S PRECIOUS METALS INC President David Wayne Burney received 250,000 shares as part of the equity award.
7 July 2010director interest notice● Neutral
U S PRECIOUS METALS INC CFO, Secretary and Treasurer Jesus Oliveras received 250,000 shares as part of the equity award.
7 July 2010director interest notice● Neutral
U S PRECIOUS METALS INC director Brian G. Russell received 250,000 shares as part of the equity award.
7 July 2010director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane received 750,000 shares as part of the equity award.
7 July 2010director interest notice● Neutral
U S PRECIOUS METALS INC director David Wayne Burney received 250,000 shares as part of the equity award.
7 July 2010director interest notice● Neutral
U S PRECIOUS METALS INC director Sheldon Baer received 250,000 shares as part of the equity award.
7 June 2010securities registration● Neutral
U S PRECIOUS METALS INC amended a filing by which it filed notice of an exempt private placement.
4 June 2010capital raising announcement● NeutralMajor
The company sold a further $772,500 of convertible notes to fifteen investors as of May 27, 2010 and $352,500 more to two investors as of June 2, 2010, after expanding the offering by up to another $1,000,000. All of these notes are set to convert into shares when the SAK Investment closes. It also disclosed consulting deals with HFP Capital Markets (2 million restricted shares, with the right to earn at least 2 million and up to 5 million more) and a placement agent letter (8% cash fee plus shares equal to 2% of securities sold), with fees due on closing of the SAK deal. This continues the SAK financing thread and implies more shares to be issued.
25 May 2010material agreement● NeutralMajor
On May 20, 2010 the company signed a binding term sheet with SAK Arabia LLC of Dubai to sell 49% of its equity plus 10% of the gross resources extracted and refined from its concessions for $12,000,000. A definitive agreement is still to be negotiated, with exclusivity for the investor, required management employment agreements (otherwise the deal is void), break-up fees of $100,000 plus expenses capped at $350,000, and a nine-member board with four investor appointees if signed. For existing shareholders this would be a large dilution; the company says the money would fund drilling, feasibility studies and production preparation.
15 Apr 2010late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
31 Mar 2010director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane disposed of 100,000 shares via option/appreciation-right settlement.
3 Mar 2010capital raising announcement● Neutral
The company sold $227,500 of convertible notes to nine accredited investors as of March 2, 2010, under a new offering of up to $1,000,000. Unlike earlier rounds, this one carries a 10% commission and a warrant for 10% of the underlying stock. The conversion price is the lower of a 15-day average trading price or $0.25, conversion is allowed after September 1, 2010, and interest is 16%.
3 Mar 2010securities registration● Neutral
U S PRECIOUS METALS INC filed notice of an exempt private placement.
4 Feb 2010capital raising announcement● Neutral
The company sold a further $50,000 of convertible notes to two accredited investors as of January 29, 2010. The conversion price is now $0.20 per share (down from $0.25 in October 2009), with 16% interest, conversion allowed after March 31, 2010, and maturity no later than December 31, 2011.
22 Jan 2010director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane received 250,000 shares as part of the equity award.
22 Jan 2010director interest notice● Neutral
U S PRECIOUS METALS INC Chief Executive Officer Michael Jack Kugler received 500,000 shares as part of the equity award.
22 Jan 2010director interest notice● Neutral
U S PRECIOUS METALS INC CFO, Secretary and Treasurer Jesus Oliveras received 250,000 shares as part of the equity award.
22 Jan 2010director interest notice● Neutral
U S PRECIOUS METALS INC director Sheldon Baer received 250,000 shares as part of the equity award.
22 Jan 2010director interest notice● Neutral
U S PRECIOUS METALS INC President David Wayne Burney received 500,000 shares as part of the equity award.
22 Jan 2010director interest notice● Neutral
U S PRECIOUS METALS INC director Brian G. Russell received 250,000 shares as part of the equity award.
14 Jan 2010late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
23 Nov 2009director interest notice● Neutral
U S PRECIOUS METALS INC President David Wayne Burney bought 1,000 shares on the open market at $0.21.
3 Nov 2009securities registration● Neutral
U S PRECIOUS METALS INC filed notice of an exempt private placement.
28 Oct 2009director interest notice● Neutral
U S PRECIOUS METALS INC Chief Executive Officer Michael Jack Kugler bought 4,000 shares on the open market at $0.19.
27 Oct 2009capital raising announcement● Neutral
Around October 20, 2009 the company ended its $2,500,000 note offering and started a new one of the same size, selling $100,000 of notes to two accredited investors by October 23. The conversion price is now $0.25 per share (down from $0.30), conversion is allowed after March 31, 2010, interest is 16%, and maturity is no later than December 31, 2011.
8 Oct 2009director interest notice● Neutral
U S PRECIOUS METALS INC Chief Executive Officer Michael Jack Kugler received a stock option grant for 3,000,000 shares.
23 Sept 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane sold 80,250 shares at $0.23.
