1 Feb 2017director interest notice● Neutral
Nicholas Gallagher became a GOLDRICH MINING CO director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2017director interest notice● Neutral
GOLDRICH MINING CO director Nicholas Gallagher bought 7,666,897 shares on the open market.
31 Jan 2017director interest notice● Neutral
GOLDRICH MINING CO director David Atkinson bought 66,669 shares on the open market.
11 Jan 2017capital raising announcement▼ Bad
On December 30, 2016 the company sold 50 new Series F preferred shares at $1,000 each ($50,000), convertible at $0.03, with Series S warrants at $0.03 usable from one year after closing for five years. Series F ranks behind Series A to E in a liquidation, and carries the same 15% redemption right if assets are sold for over $3,000,000 within a year. This is a new class of preferred stock but the same pattern of small raises at $0.03, adding to dilution.
19 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO director Stephen M Vincent bought 66,669 shares on the open market.
16 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO director Garrick Allen Mendham bought 66,669 shares on the open market.
15 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO CEO/President William V Schara bought 66,669 shares on the open market.
15 Dec 2016director interest notice● Neutral
GOLDRICH MINING CO director William Orchow bought 66,669 shares on the open market.
9 Dec 2016capital raising announcement▼ BadMajor
On December 9, 2016 the company closed the third and final Series E tranche for $100,000, completing the $300,000 raise on the same terms ($0.03 conversion, $0.045 warrants, 15% redemption right on asset sales above $3,000,000 within a year). It also amended the gold notes again: only 10% (52 oz) is paid in 2016, and the remaining roughly 343 oz is pushed from November 30, 2016 to November 30, 2017, with 9% interest (up from 8%) and a gold-price top-up. This continues the earlier deferral, so the gold-note obligation was not delivered by the November 2016 date set in the December 2015 amendment.
14 Nov 2016quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $184 thousand for the period ended 2016-09-30.
8 Nov 2016securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
4 Nov 2016director interest notice● Neutral
GOLDRICH MINING CO director Stephen M Vincent bought 333,343 shares on the open market.
2 Nov 2016capital raising announcement▼ Bad
On November 2, 2016 the company closed the second tranche of its Series E preferred placement for $100,000, bringing the total to $200,000 of the up to $300,000 approved in October. Terms are unchanged: conversion at $0.03, warrants at $0.045 from one year after closing for five years, and the 15% redemption right if assets are sold for more than $3,000,000 within a year. This continues the small, dilutive raises at the $0.03 price; up to $100,000 of the approved amount was still unissued per these figures.
5 Oct 2016capital raising announcement▼ Bad
On October 5, 2016 the board approved up to 300 Series E preferred shares to raise up to $300,000, and the first tranche was issued for $100,000. Terms mirror Series D: conversion at $0.03 per common share, warrants at $0.045 from one year after closing for five years, and the 15% redemption right on asset sales over $3,000,000 within a year. This is another small, dilutive raise at the same $0.03 price; up to $200,000 more remains to be raised if later tranches close. The filing does not say what the money will be used for.
22 Aug 2016quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $200 thousand for the period ended 2016-06-30.
15 Aug 2016late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
12 Aug 2016capital raising announcement▼ Bad
On August 1, 2016 the company closed the third and final tranche of the Series D placement for $50,000, bringing the total to 150 Series D preferred shares and $150,000 gross. Terms are unchanged: conversion at $0.03, warrants at $0.045 for five years from one year after closing, and the 15% redemption right on asset sales over $3,000,000 within a year. This completes the Series D raise and adds further dilution.
12 Aug 2016capital raising announcement▼ Bad
On June 13, 2016 the company closed a second tranche of a private placement, selling 50 Series D preferred shares at $1,000 each for $50,000. Each converts at $0.03 per common share and carries warrants at $0.045 usable from one year after closing for five years. The same 15% redemption right applies if assets are sold for over $3,000,000 within a year. It continues the pattern of small raises at $0.03 conversion, and the warrant price is higher than the $0.03 on the Series C warrants. The first tranche is not described in this filing.
16 May 2016quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $223 thousand for the period ended 2016-03-31.
8 Apr 2016capital raising announcement● Neutral
Filed in April 2016, this 8-K reports the December 8, 2015 events already covered in the 2015-12-11 filing: the $250,000 Series C preferred placement (250 shares at $1,000, convertible at $0.03, with $0.03 warrants, NGB Capital as placement agent at 10% commission) and the amendment of the gold notes (52 oz paid in 2015, about 395 oz due by November 30, 2016 with 8% interest and a gold-price top-up). It adds no new terms; the filing text itself gives no reason for the later filing date. The 15% redemption right on asset sales above $3,000,000 within a year still applies.
30 Mar 2016late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its annual report would be filed late.
11 Dec 2015capital raising announcement▼ BadMajor
On December 8, 2015 the company sold 250 Series C preferred shares at $1,000 ($250,000), each convertible at $0.03 per common share, with matching warrants at $0.03 usable from one year after closing for a five-year term. The $0.03 price is well below the earlier $0.05-$0.055 raises, so dilution deepens. If the company sells assets for more than $3,000,000 within a year, the buyer can demand redemption at the purchase price plus 15% interest. Separately, the company changed its gold notes: only 10% (52 ounces) is paid in 2015, and about 395 ounces is due by November 30, 2016 with 8% interest and a gold-price top-up. This pushes back the ~500 oz due in November 2014 under the April 2013 notes, of which 10% was paid in 2014.
13 Nov 2015quarterly activities report▼ Bad
GOLDRICH MINING CO reported a quarterly net loss of $304 thousand for the period ended 2015-09-30.
17 Aug 2015quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $889 thousand for the period ended 2015-06-30.
14 Aug 2015late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
31 July 2015securities registration● Neutral
GOLDRICH MINING CO filed notice of an exempt private placement.
2 July 2015capital raising announcement● NeutralMajor
On June 23, 2015 Goldrich raised $1.2 million by selling Chandalar Gold, LLC 12% of its future cash flows from its 50% stake in the GNP joint venture, cutting its effective share to about 44%. CGL also received 2,250,000 warrants at $0.07 and an option to buy another 10% for $1.3 million before July 1, 2016; proceeds go to working capital and Chandalar reclamation.
20 May 2015quarterly activities report● Neutral
GOLDRICH MINING CO reported a quarterly net income of $267 thousand for the period ended 2015-03-31.
15 May 2015late filing notice▼ Bad
GOLDRICH MINING CO notified the SEC that its quarterly report would be filed late.
6 Apr 2015capital raising announcement▼ Bad
On March 31, 2015 the company closed a $250,000 private placement of 5,000,000 units at $0.05 to one accredited investor, each unit being one share plus one warrant at $0.06 for 60 months. The price is below the $0.055 of the 2014 placement, so it dilutes holders again. Proceeds are for general working capital.
What it means for a shareholder
5.0m new shares at US$0.050 to raise about US$250,000. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.0153% to 0.0147% of the company. To keep it you'd need 764 more shares - about US$38 at the issue price.
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