Filing Details

Accession Number:
0001179110-10-000763
Form Type:
4
Zero Holdings:
No
Publication Time:
2010-01-07 12:00:00
Reporting Period:
2010-01-05
Filing Date:
2010-01-07
Accepted Time:
2010-01-07 19:01:30
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
8328 Applied Minerals Inc. AMNL Gold And Silver Ores (1040) 820096527
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1414860 Ibs Capital Llc One International Place
Suite 2401
Boston MA 02110
Yes No Yes No
1415021 Partnership) Ltd (A (Qp) Fund Turnaround Ibs One International Place
Ste 2410
Boston MA 02110
No No Yes No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock Disposition 2010-01-05 282,000 $0.58 13,969,915 No 4 S Indirect See Notes 1 and 6.
Common Stock Acquisiton 2010-01-05 282,000 $0.58 13,969,915 No 4 A Indirect See Notes 1 and 6.
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 S Indirect See Notes 1 and 6.
No 4 A Indirect See Notes 1 and 6.
Reported Derivative Holdings
Sec. Name Sec. Type Price Date Expiration Date Amount Remaning Holdings Nature of Ownership
Common Stock 10% PIK-Election Convertible Notes $0.35 1,428,571 2 Indirect
Common Stock 10% PIK-Election Convertible Notes $0.50 1,000,000 2 Indirect
Expiration Date Amount Remaning Holdings Nature of Ownership
1,428,571 2 Indirect
1,000,000 2 Indirect
Footnotes
  1. IBS Capital LLC is the general partner of The IBS Turnaround (QP) Fund (A Limited Partnership) and The IBS Turnaround Fund (A Limited Partnership). IBS Capital LLC is the investment adviser of The IBS Opportunity Fund (BVI), Ltd.
  2. Pursuant to a series of note issuances on December 30, 2008, the issuer issued to each of The IBS Turnaround (QP) Fund (A Limited Partnership) and The IBS Turnaround Fund (A Limited Partnership) a 10% PIK-Election Convertible Note (collectively, the "0.35 Notes", each a "0.35 Note") on substantially the same terms and conditions. The 1,428,571 shares of common stock of Atlas Mining Co. ("Common Stock") into which outstanding amounts are convertible under the 0.35 Notes include: (i) 1,028,571 shares into which amounts payable under a 0.35 Note by the issuer to The IBS Turnaround (QP) Fund (A Limited Partnership) are convertible and (ii) 400,000 shares into which amounts payable under a 0.35 Note by the issuer to The IBS Turnaround Fund (A Limited Partnership) are convertible.
  3. The 0.35 Notes mature on December 15, 2018. At the noteholder's option, amounts outstanding under a 0.35 Note may be converted into Common Stock at any time after the issuer has authorized sufficient shares to convert such amounts outstanding into Common Stock at the conversion price of $0.35 per share (the "0.35 Conversion Price"). The amount outstanding under a 0.35 Note shall be mandatorily converted into Common Stock of the issuer at the 0.35 Conversion Price of upon: (i) the issuer's authorization of a sufficient number of shares to convert amounts outstanding under all of the notes in the series into Common Stock; (ii) the average closing bid or market price of Common Stock for the preceding five days being in excess of the 0.35 Conversion Price; and (iii) either (a) the issuer has filed a registration statement for the resale the number of shares of Common Stock into which the outstanding amount under a 0.35 Note is convertible or (b) the shares are resalable under Rule 144.
  4. Pursuant to a series of note issuances on May 4, 2009, the issuer issued to each of The IBS Turnaround (QP) Fund (A Limited Partnership) and The IBS Turnaround Fund (A Limited Partnership) a 10% PIK-Election Convertible Note (collectively, the "0.50 Notes", each a "0.50 Note") on substantially the same terms and conditions. The 1,000,000 shares of Common Stock into which outstanding amounts are convertible under the 0.50 Notes include: (i) 640,000 shares into which amounts payable under a 0.50 Note by the issuer to The IBS Turnaround (QP) Fund (A Limited Partnership) are convertible and (ii) 360,000 shares into which amounts payable under a 0.50 Note by the issuer to The IBS Turnaround Fund (A Limited Partnership) are convertible.
  5. The 0.50 Notes mature on December 15, 2018. At the noteholder's option, amounts outstanding under a 0.50 Note may be converted into Common Stock at any time after the issuer has authorized sufficient shares to convert such amounts outstanding into Common Stock at the conversion price of $0.50 per share (the "0.50 Conversion Price"). The amount outstanding under a 0.50 Note shall be mandatorily converted into Common Stock of the issuer at the 0.50 Conversion Price of upon: (i) the issuer's authorization of a sufficient number of shares to convert amounts outstanding under all of the notes in the series into Common Stock; (ii) the average closing bid or market price of Common Stock for the preceding five days being in excess of the 0.50 Conversion Price; and (iii) either (a) the issuer has filed a registration statement for the resale the number of shares of Common Stock into which the outstanding amount under a 0.50 Note is convertible or (b) the shares are resalable under Rule 144.
  6. On January 5, 2010, The IBS Turnaround (QP) Fund (A Limited Partnership) sold 282,000 shares to The IBS Opportunity Fund (BVI), Ltd. After the completion of the transaction, (i) The IBS Turnaround (QP) Fund (A Limited Partnership) holds 7,631,598 shares; (ii) The IBS Turnaround Fund (A Limited Partnership) holds 3,541,042 shares; and (iii) The IBS Opportunity Fund (BVI), Ltd. holds 2,797,275 shares.