27 Mar 2014capital raising announcement▼ Bad
CEO Greg Painter loaned the company just $3,000 more, convertible at $0.10 per share - a notably small amount suggesting the company was scraping for even minimal cash.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2014capital raising announcement▼ Bad
CEO Greg Painter loaned Del Toro Silver another $10,000, convertible at $0.10 per share.
31 Dec 2013capital raising announcement▼ BadMajor
Del Toro Silver took on a fifth Asher Enterprises toxic note, $31,500 on the same 8%/death-spiral terms as the prior four.
10 Dec 2013material agreement▼ BadMajor
Del Toro Silver extended the Bowerman Holdings (California) claims deal again, agreeing to three more 90-day extension options - the deal still hadn't closed more than two years after it was signed.
31 Oct 2013capital raising announcement▼ BadMajor
Del Toro Silver took on another Asher Enterprises convertible note, $51,500 at 8% interest, maturing July 2014. It converts at 50% of the average of the three lowest trading prices in the prior 10 trading days.
23 Sept 2013capital raising announcement▼ Bad
Del Toro Silver borrowed $50,000 from a new lender, Shawn Pennington, convertible at just $0.05 per share - half the $0.10 rate used on its officer loans, reflecting the stock's continued slide.
16 Sept 2013material agreement termination▼ BadMajor
Del Toro Silver gave up its founding project entirely, terminating its option on the Dos Naciones silver property in Sonora, Mexico and transferring its 50% interest back to Alta Vista Ventures (formerly Yale Resources) - leaving the company named after silver with no silver project at all.
30 Aug 2013capital raising announcement▼ Bad
CFO Patrick Fagen loaned Del Toro Silver another $60,000, convertible at $0.10 per share.
26 July 2013capital raising announcement▼ Bad
CFO Patrick Fagen loaned Del Toro Silver $60,000, convertible at $0.10 per share - his largest single loan yet.
19 June 2013capital raising announcement▼ Bad
CFO Patrick Fagen loaned Del Toro Silver another $35,000, convertible at $0.10 per share.
12 June 2013material agreement termination▼ BadMajor
Del Toro Silver terminated its Natchez Pass, Nevada option and was released from all obligations. In return it received a 5% net smelter royalty and a 5% share of any sale price (minimum $300,000), but must issue 2,000,000 shares and Natchez Pass keeps all money already paid.
12 June 2013capital raising announcement▼ Bad
Del Toro Silver borrowed $40,000 from Arnold Fagen, convertible at $0.10 per share - unlike the company's other insider loans, Arnold Fagen is not identified as a director or officer.
31 May 2013material agreement▼ BadMajor
Del Toro Silver extended the Bowerman Holdings (California) claims closing deadline for a fifth time, to November 2013 - a year and a half past the original February 2012 schedule.
24 May 2013capital raising announcement▼ Bad
Del Toro Silver issued 865,979 more shares converting the same Asher note - the third conversion tranche, together already exceeding 2.3 million new shares from a single $51,500 note.
14 May 2013capital raising announcement▼ Bad
Del Toro Silver issued 870,690 more shares converting the October 2012 Asher note, continuing the dilution.
10 May 2013capital raising announcement▼ Bad
CEO Greg Painter loaned Del Toro Silver another $20,000, convertible at $0.10 per share.
26 Apr 2013capital raising announcement▼ Bad
Del Toro Silver issued 574,714 shares to convert part of its October 2012 Asher Enterprises note, the dilution from that toxic note beginning to materialize.
8 Apr 2013capital raising announcement▼ BadMajor
Del Toro Silver took on a third Asher Enterprises toxic note, $32,500 at 8% interest, convertible at 50% of the average of the lowest three trading prices over the prior 10 days - a death-spiral formula that gets more dilutive the further the stock falls.
1 Mar 2013capital raising announcement▼ BadMajor
Del Toro Silver took on a second Asher Enterprises toxic convertible note, $37,500 at 8% interest, this time convertible at just 50% of market price - even steeper terms than the first Asher note four months earlier.
12 Feb 2013material agreement● Neutral
Del Toro Silver hired Moody Capital Solutions to try to raise $1 million in two tranches for a proposed joint venture on its Natchez Pass gold project, with no funds disbursed to the company until at least $500,000 was raised.
16 Jan 2013material agreement▼ BadMajor
Del Toro Silver paid Natchez Pass LLC $7,000 per extension for two more 60-day due-diligence periods on the Nevada option - now paying cash just to keep the unclosed deal alive.
12 Dec 2012capital raising announcement▼ Bad
CFO Patrick Fagen loaned Del Toro Silver another $40,000, convertible at $0.10 per share - the sixth officer loan in seven months.
14 Nov 2012farm in farm out agreement▼ BadMajor
Del Toro Silver extended the closing date on its Bowerman Holdings California claims to May 31, 2013, after three earlier 90-day extensions. It also extended its contractor's due-diligence work on the Natchez Pass Nevada option to May 31, 2013 because weather and road conditions had delayed it.
1 Nov 2012capital raising announcement▼ Bad
Del Toro Silver issued 1.25 million shares to CEO Greg Painter and CFO Patrick Fagen as the stock portion of their September 2012 consulting agreements, valued at $0.08 per share.
25 Oct 2012material agreement▼ BadMajor
Del Toro Silver took on its first outside toxic convertible note, an 8% $51,500 note from Asher Enterprises convertible at just 58% of market price after 180 days - a far more dangerous financing structure than the officer loans, since falling conversions increase share count and can push the price down further.
2 Oct 2012material agreement● Neutral
Del Toro Silver amended its Natchez Pass, Nevada option agreement so it bears the due-diligence costs itself, recoverable only later out of any mineral sales proceeds.
26 Sept 2012capital raising announcement▼ Bad
CFO Patrick Fagen loaned Del Toro Silver another $15,000, convertible at $0.10 per share - the fifth officer loan in four months.
17 Sept 2012material agreement▼ Bad
Del Toro Silver granted 2 million stock options to directors, officers, employees and consultants under its 2012 Stock Plan, with CEO Greg Painter and CFO Patrick Fagen each getting 750,000 at exercise prices of $0.10-$0.20.
6 Sept 2012material agreement● NeutralMajor
Del Toro Silver took on a third mineral project, an option with Natchez Pass LLC to earn up to 67.5% of a leasehold in Pershing County, Nevada, for $4.005 million in cash payments plus 5 million shares over five years - on top of its existing Mexico and California claims.
5 Sept 2012capital raising announcement▼ Bad
Del Toro Silver signed consulting agreements paying CEO Greg Painter and CFO Patrick Fagen for over a year of past services, largely in stock: Painter alone was owed $75,000 cash plus 750,000 shares for 14 months of work, much of it accrued rather than paid currently.