History
A small uranium-claims explorer built a Utah, Colorado and Alberta portfolio in 2007-2008, then went quiet, deregistering in 2010 and filing again in 2019 to end SEC reporting.
2007-2008: Building a Utah claims portfolio
The company, then trading as Utah Uranium, set out in 2007 to build a portfolio of mineral claims in Utah. In March 2007 it agreed to buy two 50% interests in claims from Dennis Ekker and Jeff Adams, so that it would hold 100%. Ekker was to receive $88,000 cash and 200,000 shares in total, and Adams $330,000 cash and 300,000 shares, paid in stages through March 2008.
In June 2007 it agreed to buy the Pinto Claims in Wayne County from Christian Murer for $900,000 cash and 900,000 shares, paid through June 2009, plus $300,000 of spending on the claims within 24 months. In January 2008 it bought the Wild Claims in Emery County from Murer too, for $275,000 cash and 600,000 shares through January 2010, another $300,000 of spending, and royalties on certain minerals produced. Other deals covered Colorado and Utah properties, paid for with cash and shares issued to vendors.
To share the load, the company signed joint ventures with Consolidated Abaddon Resources. On Pinto, from November 2007, Abaddon could earn up to 60% by paying $550,000, issuing 550,000 shares and completing at least $605,000 of work before June 2008. On Wild, from January 2008, it could earn up to 60% by paying $195,000, issuing 300,000 shares and completing at least $600,000 of work before the end of 2008.
2008-2019: Retrenchment and silence
Not everything held together. In June 2008 the company cancelled the Ekker and Adams agreements for the Family Butte property, effective March 2008. It could not secure a strip of claims separating two blocks, which blocked joint venture talks, and it cited carrying costs and lower uranium property values. Adams kept 50,000 and Ekker 100,000 of the shares already issued, and no penalties were reported. The Hat Claims in Colorado were also cancelled that month.
The company then looked beyond Utah and Colorado. In April 2008 (amended June) it took an option from Shaun Spelliscy on Alberta claims, for $300,000 cash and 300,000 restricted shares, mostly tied to the grant of exploration permits, with a 3% royalty.
After that the record goes quiet. In June 2010 the company, by then named Universal Potash Corp, deregistered its securities, ending its duty to file SEC reports. The filings do not show whether the Abaddon ventures were completed or what became of the Colorado and Alberta deals, and they show no activity from 2008 to 2019.
In December 2019 the company filed an amended notice to end its registration again, citing about 103 holders of record. The filing does not say what happens to the shares, so their treatment remained unresolved at that date.
Written from the 9 story beats below (2007 to 12 Dec 2019), which come from the company's own announcements and filings.