28 Nov 2014quarterly activities report▼ Bad
Santa Fe Gold CORP reported quarterly revenue of $72 thousand and a net loss of $944 thousand for the period ended 2014-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2014late filing notice▼ Bad
Santa Fe Gold CORP notified the SEC that its quarterly report would be filed late.
29 Sept 2014late filing notice▼ Bad
Santa Fe Gold CORP notified the SEC that its annual report would be filed late.
30 July 2014director interest notice● Neutral
Santa Fe Gold CORP COO Garry Dennis Biles received a stock option grant for 2,500,000 shares.
30 July 2014director interest notice● Neutral
Santa Fe Gold CORP CEO, President Catalin Chilofischi received a stock option grant for 2,500,000 shares.
30 July 2014material agreement● NeutralMajor
Santa Fe signed an amended agency agreement with Euro Pacific Capital to try, on a best-efforts basis, to place $20–22 million of 8% subordinated secured notes with warrants. It also announced an updated Summit mine resource estimate by Moose Mountain Technical Services under Canadian NI 43-101 rules; the filing gives no figures. The financing is not completed, and the filing does not say what the money is for. The 8-K is signed by a new CEO, Catalin Chiloflischi, replacing W. Pierce Carson; the filing does not explain the change.
30 July 2014director interest notice● Neutral
Santa Fe Gold CORP director Bradford Cooke received a stock option grant for 2,500,000 shares.
22 July 2014director interest notice● Neutral
Catalin Chilofischi became a Santa Fe Gold CORP CEO and company insider (initial ownership filing).
22 July 2014director interest notice● Neutral
Bradford Cooke became a Santa Fe Gold CORP director and company insider (initial ownership filing).
22 July 2014director interest notice● Neutral
Garry Dennis Biles became a Santa Fe Gold CORP COO and company insider (initial ownership filing).
19 June 2014material agreement● Neutral
On June 17, 2014 Santa Fe pushed the due date of its $950,000 Mogollon option payment to Columbus Exploration from June 21 to November 21, 2014. It must also make two non-refundable payments: $12,350 now and about $59,000 due by the earlier of exercising the option or November 21, 2014. This continues the series of Mogollon deadline extensions, now that the Tyhee merger is off.
20 May 2014quarterly activities report▼ Bad
Santa Fe Gold CORP reported quarterly revenue of -$206 thousand and a net loss of $3.0 million for the period ended 2014-03-31.
15 May 2014late filing notice▼ Bad
Santa Fe Gold CORP notified the SEC that its quarterly report would be filed late.
21 Mar 2014material agreement▼ BadMajor
On March 20, 2014 Santa Fe terminated the Tyhee merger agreement because Tyhee did not complete its required $20 million financing by March 15, 2014. Santa Fe has asked Tyhee to promptly pay the $300,000 break fee and says it will resume talks with private equity funds and interview investment banks. This ends the Tyhee deal; the Waterton and Sandstorm restructurings and the bridge loan tied to it are not addressed in the filing, and no equity treatment is final.
12 Mar 2014material agreement● Neutral
On March 6, 2014 Santa Fe again amended its Mogollon option with Columbus Exploration: US$50,000 immediately, then a mandatory US$950,000 when the Tyhee merger closes. If the merger does not close, Santa Fe may pay US$950,000 within three months of the cancellation announcement to earn 100%. This replaces the 2013 schedule of larger payments in June and December 2014 and June 2015; other terms are unchanged.
20 Feb 2014business combination● Neutral
Santa Fe reported that IGS's A$2.0 million secured convertible note from June 2013 was converted into 9,259,259 new Santa Fe shares, issued January 31, 2014 under Regulation S, with IGS barred from selling them into the US. This carries out the conversion flagged in the January Tyhee merger filing and adds shares for existing holders to be diluted by. The Tyhee merger was still pending at this point.
19 Feb 2014business combination● Neutral
As of February 14, 2014, Tyhee had advanced $1,515,832 of the up-to-$3.0 million bridge loan to Santa Fe. The interest rate is stated as 2% a month, whereas the January filing said 18% a year. The loan is due if the Tyhee merger agreement is terminated, or becomes an intercompany loan if the merger completes. The merger is still pending.
14 Feb 2014quarterly activities report▼ Bad
Santa Fe Gold CORP reported quarterly revenue of $1.0 million and a net loss of $1.3 million for the period ended 2013-12-31.
27 Jan 2014business combination● NeutralMajor
On January 23, 2014 Santa Fe signed a new merger agreement with Tyhee Gold Corp (TSXV: TDC): each Santa Fe share would become 0.9 Tyhee share plus 0.45 of a warrant (Cd$0.25 strike, four years), with Santa Fe becoming a Tyhee subsidiary. It needs Santa Fe shareholder approval, SEC and TSX Venture approvals, Tyhee raising at least $20 million, and restructuring of senior secured debt (term sheets with Waterton, about $10.0 million, and Sandstorm, about $7.1 million). Tyhee will lend up to $3.0 million at 18% as a bridge loan. IGS's A$2.0 million note converts into 9,259,259 Santa Fe shares. The filing does not say what became of the IGS merger signed in February 2013, though this deal appears to replace it (inference). The deal is not complete, so equity treatment is unresolved. The filing text is truncated, so some terms are not captured here.
14 Nov 2013quarterly activities report▼ Bad
Santa Fe Gold CORP reported quarterly revenue of $1.2 million and a net loss of $4.0 million for the period ended 2013-09-30.
5 July 2013material agreement● NeutralMajor
On June 28, 2013 Santa Fe agreed with IGS to receive another A$2.0 million via a secured convertible note (10% interest, due Oct 31, 2015, secured on the Mogollon rights), bringing IGS's investment to A$6.0 million. To get a consent and waiver from Waterton, Santa Fe agreed to pay down Waterton debt by assigning about $1.2 million of receivables from earlier metal sales. The Waterton waiver is described as a 'Waiver of Default', and the filing does not say what default. The pending IGS merger is not mentioned as completed.
5 July 2013material agreement● Neutral
On June 28, 2013 Santa Fe amended the Mogollon option with Columbus Exploration (formerly Columbus Silver), pushing payments later: $50,000 by July 1, 2013, $887,500 by Dec 30, 2013, then three payments of $937,500 through June 30, 2015. In return it gave Columbus the 250,000 Columbus shares it held. This relaxes the original schedule, which had $500,000 due Dec 30, 2012 and the final payment Dec 30, 2014.
10 May 2013quarterly activities report▼ Bad
Santa Fe Gold CORP reported quarterly revenue of $3.3 million and a net loss of $2.5 million for the period ended 2013-03-31.
20 Feb 2013business combination● NeutralMajor
On February 15, 2013 Santa Fe signed a merger agreement with International Goldfields (IGS), turning the October Heads of Agreement into a definitive deal. Each Santa Fe share converts into 12.3254627 IGS shares (delivered as ADRs), leaving Santa Fe holders with about 61.6% of IGS on the filing's stated assumption. Closing needs IGS to raise a Qualified Equity Financing (at least A$10 million cash) before March 14, 2013, plus shareholder, SEC and NYSE MKT approvals. Santa Fe would become an IGS subsidiary, and options and warrants stay outstanding as rights over IGS shares. The deal is not yet complete, so no equity treatment is final.
11 Feb 2013quarterly activities report▼ Bad
Santa Fe Gold CORP reported quarterly revenue of $4.4 million and a net loss of $2.9 million for the period ended 2012-12-31.
3 Jan 2013director interest notice● Neutral
Santa Fe Gold CORP director Erich Hofer received a stock option grant for 125,000 shares.
9 Nov 2012quarterly activities report▼ Bad
Santa Fe Gold CORP reported quarterly revenue of $5.6 million and a net loss of $2.4 million for the period ended 2012-09-30.
8 Nov 2012material agreement▲ GoodMajor
On November 5, 2012 Santa Fe received about $4.0 million from International Goldfields through two secured convertible notes, satisfying a condition of the October Heads of Agreement. The notes are to be forgiven if the proposed merger completes, which is expected in the first quarter of 2013. The filing does not say what happens to the notes if the merger fails.
22 Oct 2012material agreement▼ BadMajor
Santa Fe closed an option agreement (signed Sept 19, 2012) with Columbus Silver to acquire the Mogollon property for $4.5 million in total payments, with $250,000 already paid and the rest due from Dec 30, 2012 through Dec 30, 2014. The earlier plan of arrangement to buy Columbus expired May 31, 2012; the parties released each other, and about $1.06 million Santa Fe had advanced is non-refundable. This replaces the full Columbus acquisition with an option on the Mogollon property only.
12 Oct 2012business combination● NeutralMajor
On October 11, 2012 Santa Fe Gold announced a Binding Heads of Agreement to pursue a business combination with International Goldfields Limited (ASX: IGS). The boards of both companies approved the key terms, subject to due diligence, definitive agreements and approvals, and they are targeting a first quarter 2013 closing. The filing gives no exchange terms.