31 Aug 2009late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 July 2009capital raising announcement● Neutral
The company sold another $50,000 convertible note on July 16, 2009 to one accredited investor under the $2,500,000 offering, with 16% interest and conversion allowed after August 31, 2009. This filing does not state the conversion price. The company's address is now Lake Mary, Florida, moved from Sanford.
6 July 2009securities registration● Neutral
U S PRECIOUS METALS INC amended a filing by which it filed notice of an exempt private placement.
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.
26 June 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane sold 58,000 shares at $0.20.
16 June 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane sold 42,000 shares at $0.21.
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.
14 Apr 2009late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
2 Apr 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane sold 7,523 shares at $0.20.
30 Mar 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane sold 92,477 shares.
25 Mar 2009securities registration● Neutral
U S PRECIOUS METALS INC filed notice of an exempt private placement.
23 Mar 2009director interest notice● Neutral
U S PRECIOUS METALS INC Chief Executive Officer Michael Jack Kugler received 250,000 shares as part of the equity award.
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.
18 Mar 2009director interest notice● Neutral
U S PRECIOUS METALS INC CFO, Secretary and Treasurer Jesus Oliveras received 100,000 shares as part of the equity award.
18 Mar 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Jerry Pane received 250,000 shares as part of the equity award.
18 Mar 2009director interest notice● Neutral
U S PRECIOUS METALS INC President David Wayne Burney received 200,000 shares as part of the equity award.
17 Mar 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Brian G. Russell received 250,000 shares as part of the equity award.
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.
26 Jan 2009director interest notice● Neutral
U S PRECIOUS METALS INC director Brian G. Russell received 200,000 shares and a 1,000,000-share option grant as part of the equity award.
14 Jan 2009late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
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 Oct 2008late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its quarterly report would be filed late.
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'.
29 Aug 2008late filing notice▼ Bad
U S PRECIOUS METALS INC notified the SEC that its annual report would be filed late.
13 Aug 2008director interest notice● Neutral
David Wayne Burney became a U S PRECIOUS METALS INC President and company insider (initial ownership filing).