6 Feb 2017listing compliance notice▼ BadMajor
WHITE MOUNTAIN TITANIUM CORP deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2016director officer appointment▼ BadMajor
Formalised Sloop as interim chief executive on $6,000 a month, with clauses acknowledging that he also runs the Nexo entities the company borrows from and has assigned its desalination rights to, and requiring him to offer White Mountain any desalination opportunity first. Eleven weeks later the company deregistered its shares and stopped filing with the SEC.
27 Sept 2016director officer appointment▼ BadMajor
Andrew Sloop, Nexo's man and already chairman, took over as chief executive from Michael Kurtanjek, who had run the company since 2006, and the chief financial officer's contract was served notice purely to cut overheads. With no permit, no partner and no money, White Mountain was being reduced to a shell around a Chilean resource.
20 June 2016director officer appointment▼ BadMajor
Terminated the management contract of Kin Wong's company, backdated to February, four months after he had ceased to be chief executive -- and could only promise his $31,500 termination payment out of money it hoped to recover from a Chinese investment manager. The company was reduced to paying off its former chief executive from a receivable.
7 Apr 2016director officer appointment▼ BadMajor
Nexo took the chair within three weeks: Andrew Sloop replaced Kin Wong, Bobby Cooper resigned after a month as a director, Kevin Stulp replaced him, founding director Howard Crosby's investor-relations contract was cancelled retroactively, and the annual meeting was postponed. The founding group was being cleared out.
22 Mar 2016director officer appointment▼ BadMajor
A rescue financing entirely on the lender's terms: Nexo WMTM Holdings lent $2 million at 7%, convertible into a newly created Series A preferred priced at $0.12 -- under a third of what Kin Wong's group had paid two years earlier -- with warrants over 8,333,333 shares at $0.30, control over how the money was spent, the right to install its own chairman, the removal of the chairman's casting vote from the bylaws, and, through an affiliate, the development rights to the desalination plant Cerro Blanco cannot be built without. 19,000,100 preferred shares were authorised.
6 Aug 2015capital raising announcement▼ BadMajor
Closed out the Grand Agriculture second tranche -- 4,625,000 more units at $0.40 raising $1.85 million from seven investors -- and issued Kin Wong's vehicle 6,000,000 bonus warrants at $0.55 for nothing. The filing also conceded that these sales had gone unreported until they passed 5% of the share count.
29 Jan 2015director officer appointment▼ Bad
The chief financial officer went onto the same deferred-pay terms as everyone else -- $12,500 a month with $1,500 held back until the environmental permit -- with 300,000 options at $0.45 as a signing bonus and share bonuses promised for signing a strategic partner and for a senior exchange listing. Neither milestone was ever reached.
3 Oct 2014director officer appointment▼ BadMajor
Cash was tight enough that management agreed to defer part of their own pay until the Cerro Blanco environmental permit came through -- Kurtanjek gave up $5,000 of his $20,000 monthly fee -- while new service agreements were signed with companies owned by chief executive Kin Wong and director Wei Lu. By this point almost every officer was paid through his own private company.
15 Aug 2014director officer appointment● Neutral
Papered the outgoing chief financial officer's exit: Lan Shangguan stays to 15 November for the handover, her 150,000 options lapse three months after that, and 70,000 escrowed shares are released whether or not the environmental study is finished -- with 70,000 more promised as a cooperation bonus.
5 Aug 2014director officer appointment● NeutralMajor
Kin Wong, by now chairman and chief executive, had his own investment vehicle's commitment raised by up to a further $5 million, abstaining from the board vote. The company closed its Vancouver office, replaced chief financial officer Lan Shangguan with Eric Gan on $11,000 a month, and completed its transformation into a Chile-and-Hong-Kong operation.
16 Apr 2014capital raising announcement● NeutralMajor
Million Cheer Investment took the first $2 million of the second tranche at $0.40 a unit under Kin Wong's memorandum, alongside an update on the environmental study the rest of the money was waiting on.
19 Dec 2013capital raising announcement● Neutral
Closed the first $2 million tranche, 5,714,286 units at $0.35, spread across twelve buyers rather than taken by Grand Agriculture alone.
What it means for a shareholder
5.7m new shares at $0.350 to raise about $2.0m. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held $1,000 of shares (2,857 at the issue price), your slice goes from 0.00419% to 0.00387% of the company. To keep it you'd need 240 more shares - about $84 at the issue price.
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9 Dec 2013security holder rights change● NeutralMajor
Signed a binding memorandum with Grand Agriculture Investment, a Hong Kong company controlled by shareholder Kin Wong, for up to $10 million: $2 million at $0.35 a unit at once and $8 million at $0.40 once the Cerro Blanco environmental study was done -- plus three of seven board seats for the investor group. Control was being sold along with the stock, at half the price of the March round.
8 July 2013resource reserve update▲ GoodMajor
Behre Dolbear's updated resource estimate for Cerro Blanco put 111.5 million tonnes into the measured and indicated categories at 1.73% titanium dioxide, with 68.6 million tonnes inferred at 1.37%, from just three of the nine prospects identified so far -- over 10 million tonnes more rutile than the 2008 report and a threefold increase in the confident categories. The geology was never White Mountain's problem.
15 Mar 2013capital raising announcement▼ BadMajor
Raised $3.01 million at $0.70 a unit from 28 South American investors placed by a Peruvian broker -- half the price of six months before, and only 4.3 million of the 14.3 million units the offering had been launched for.
11 Sept 2012capital raising announcement▼ Bad
Three weeks after losing the Korean deal, sold another $1.5 million of stock to one investor -- 1,200,000 shares at $1.25, a further 17% below the round closed six weeks earlier.
What it means for a shareholder
1.2m new shares at $1.25 to raise about $1.5m. That's 1.9% dilution: every existing holder's slice gets 1.9% smaller. If you held $1,000 of shares (800 at the issue price), your slice goes from 0.00129% to 0.00127% of the company. To keep it you'd need 15 more shares - about $19 at the issue price.
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20 Aug 2012material agreement termination▼ BadMajor
The Korean consortium missed the extended deadline and never signed the loan agreement, so White Mountain terminated the letter of intent. The $60 million that would have carried Cerro Blanco to production never arrived, and the company went back to selling stock a million dollars at a time -- at steadily falling prices.
3 Aug 2012capital raising announcement● Neutral
Sold 1,000,000 shares at $1.50 to a single investor for $1.5 million while waiting on the Korean money -- already 12% below May's price.
What it means for a shareholder
1.0m new shares at $1.50 to raise about $1.5m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held $1,000 of shares (667 at the issue price), your slice goes from 0.00109% to 0.00108% of the company. To keep it you'd need 11 more shares - about $17 at the issue price.
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9 July 2012material agreement▼ BadMajor
Rescheduled the Korean consortium's three instalments into one $10 million payment due by 17 August at their request, and made the arrangement non-exclusive -- giving away the exclusivity in exchange for a delay, eight days after the first $2 million was due.
29 June 2012material agreement▲ GoodMajor
Signed a letter of intent with Hyundai Welding and Korea Resources Corporation that would have sold 30% of the Chilean subsidiary for $60 million, with $10 million of it binding and payable in three instalments by the end of August. It was by some distance the most valuable proposal ever put in front of White Mountain shareholders.
10 May 2012capital raising announcement▲ GoodMajor
Raised $2.61 million from 48 investors at $1.70 a unit -- more than double the price of the December 2010 round and the highest price White Mountain ever sold stock at. Every subsequent raise was cheaper.
22 June 2011director officer appointment▼ Bad
Raised the monthly fee for chief executive Kurtanjek and for Chairman Flower's company to $20,000 each, and disclosed that both had exercised long-dated options at $0.50 -- 600,000 and 400,000 shares respectively, granted back in 2004 and 2005.
29 Mar 2011capital raising announcement▲ GoodMajor
Rubicon exercised its last 4,250,000 warrants at $0.50, paying $2.13 million and closing out the 2005 financing entirely -- the largest single cash receipt in White Mountain's history to that point.
18 Jan 2011bylaws amendment● NeutralMajor
Adopted a poison pill triggered at 15% ownership, letting every holder but the bidder buy stock worth twice what they paid for it. A pre-revenue explorer with one Chilean asset putting takeover defences in place suggests the board expected an approach; none ever came, and the plan outlived the company's SEC registration.
20 Dec 2010capital raising announcement● Neutral
Raised $3.01 million of a targeted $3.5 million by selling 4,635,385 units at $0.65 to just two investors, each unit a share plus a quarter-warrant at $0.65.
What it means for a shareholder
4.6m new shares at $0.650 to raise about $3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Sept 2010material agreement▼ BadMajor
Paid 4,000,000 shares for a sublicence over Chinuka's electrolytic process for turning titanium concentrate into titanium metal, committing to spend $5 million on it over five years, pay $200,000 a year in minimum royalties from year six and be in commercial production by year ten. The conflict is stated in the filing: President Kurtanjek, Chairman Flower and director Crosby all hold interests in Chinuka, and two of them sit on the licensor's board, so the company bought technology from its own management with a single independent director negotiating for it.
25 Aug 2010capital raising announcement● Neutral
Freeport-McMoRan, which had come onto the register as Phelps Dodge, converted its 625,000 preferred shares into 1,000,000 common -- retiring the last of the original preferred capital and leaving a straightforward 40.4 million-share structure.
13 Aug 2010capital raising announcement● Neutral
A three-year warrant tranche expired with under 40% taken up: holders bought 2,193,040 shares at $0.60 for $1.32 million and let 3,654,560 warrants lapse, leaving 39.4 million shares outstanding.
What it means for a shareholder
2.2m new shares at $0.600 to raise about $1.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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21 May 2010listing compliance notice▼ Bad
WHITE MOUNTAIN TITANIUM CORP withdrew a registration statement, abandoning the offering it covered.