Each one in plain English, with the numbers worked through for a shareholder.
15 Aug 2017material agreement termination▼ BadMajor
The company says it ended its January 10, 2017 joint venture with Marigold Minerals Holdings, LLC (amended and ratified March 27, 2017), after a July 5 breach notice and a 30-day cure period that ended August 4. The termination took effect when the second notice was delivered on August 7, and on August 11 the two sides agreed to dissolve the venture, with the company not pursuing damages and Marigold agreeing not to interfere in the company's business, including the Tentory lease. This is the company's own account of Marigold's failures; the filing does not state any money paid or owed on either side. It also shows new leadership (Paul 'Mike' Muncy as CEO and Chairman) and a West Virginia address, and mentions a Tentory lease not covered in earlier filings.
25 Mar 2016security holder rights change▼ BadMajor
On March 16, 2016 the company created a Series C Convertible Preferred Stock, each share convertible into 133.333 common shares with matching votes and liquidation rights. The share count is garbled in the text ('2 400,000'); it is unclear whether 2 million or 400,000 shares were authorized. The filing does not name recipients. This follows the Series B preferred a month earlier and adds more potential dilution.
19 Feb 2016security holder rights change▼ BadMajor
On Feb 10, 2016 the company created a new Series B Convertible Preferred Stock of 200,000 shares, each convertible into 142.857 common shares with matching votes and liquidation rights. The filing does not say who will receive them. Converting all would mean about 28.6 million new common shares (calculated from the filing's figures), so this is potential dilution. The filing's own text also says 'identical rights as 100 shares', which conflicts with the 142.857 figure.
A day after publishing its first resource estimate, the company hired J. Streicher Capital as investment bank and J. Streicher Advisory as corporate finance adviser. The sequence tells you what the resource report was for: the company was preparing to raise money against it.
An independent technical report put a first formal number on the La Sabila project in Michoacan, Mexico: 6.3 million tonnes of indicated material containing about 955,000 ounces of gold, 4.65 million ounces of silver and 68,680 tonnes of copper, from three drilling campaigns totalling 11,300 metres. The company noted the estimate covers under 1% of its 37,316-acre holding.
On Dec 18, 2014 the company paid Duane Morris $500,000 and issued 600,000 shares (the 500,000 agreed plus 100,000 for the extension), settling all claims and releasing the lien on the Mexican properties. This closes the Duane Morris dispute that had hung over the company since 2011.
On Dec 8, 2014 Duane Morris agreed to push the payment deadline from Dec 1 to Dec 19, 2014, in exchange for 100,000 extra company shares. This shows the company had not met the Dec 1 deadline for the $500,000 payment.
Effective Oct 31, 2014 the company amended its Duane Morris legal-fee settlement (originally $1,614,216): it will pay $500,000 plus 500,000 shares in full settlement and Duane Morris will release its lien on the Mexican properties. Payment must be made before Dec 1, 2014 or the lien release lapses. This is a much smaller payoff than the earlier installment schedule, and it frees the Mexican concessions from the pledge if the payment is made.
On June 25, 2014 the company appointed John Scrudato, CPA as its new auditor, replacing Jeffrey & Company, which resigned in May. The filing reports no prior consultations or disagreements.
