Filing Details
- Accession Number:
- 0001179110-10-008957
- Form Type:
- 4
- Zero Holdings:
- No
- Publication Time:
- 2010-05-19 13:00:00
- Reporting Period:
- 2010-05-17
- Filing Date:
- 2010-05-19
- Accepted Time:
- 2010-05-19 17:26:14
- 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 |
---|---|---|---|---|---|---|---|
1448562 | A David Taft | One International Place Ste 2401 Boston MA 02110 | Yes | No | No | 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 | 2010-05-18 | 280,000 | $0.83 | 16,584,837 | No | 4 | S | Indirect | See Notes 1 and 2. |
Common Stock | Acquisiton | 2010-05-18 | 280,000 | $0.83 | 16,584,837 | No | 4 | A | Indirect | See Notes 1 and 2. |
Equity Swap Involved | Form Type | Code | Nature of Ownership | Explanation |
---|---|---|---|---|
No | 4 | S | Indirect | See Notes 1 and 2. |
No | 4 | A | Indirect | See Notes 1 and 2. |
Reported Derivative Transactions
Sec. Name | Sec. Type | Acquisiton - Disposition | Date | Amount | Price | Amount - 2 | Price - 2 |
---|---|---|---|---|---|---|---|
Common Stock | 10% PIK-Election Covertible Notes | Acquisiton | 2010-05-17 | 2 | $0.00 | 500,000 | $1.00 |
Remaning Holdings | Exercise Date | Expiration Date | Equity Swap Involved | Transaction Form Type | Transaction Code | Nature of Ownership |
---|---|---|---|---|---|---|
2 | No | 4 | P | Indirect |
Footnotes
- The reporting person is a member and the president of IBS Capital LLC ("IBS Capital"), which is the general partner of The IBS Turnaround Fund (QP)(A Limited Partnership) ("QP Fund") and The IBS Turnaround Fund (A Limited Partnership) ("LP Fund"). IBS Capital LLC is the investment adviser of The IBS Opportunity Fund (BVI), Ltd. ("Opportunity Fund").
- On May 18, 2010, the QP Fund sold 190,000 shares to the Opportunity Fund and the LP Fund sold 90,000 shares to the Opportunity Fund. After completion of these transactions, (i) the QP Fund holds 9,240,082 shares; (ii) The LP Fund holds 4,267,480 shares; and (iii) the Opportunity Fund holds 3,077,275 shares. The transactions reported in Table II do not affect the number of shares beneficially owned by the reporting persons.
- Pursuant to a series of note issuances, the issuer issued to each of the QP Fund and the LP Fund a 10% PIK-Election Convertible Note (collectively, the "Notes," each a "Note") on substantially the same terms and conditions. The 500,000 shares of Common Stock into which outstanding amounts are convertible under the Notes include: (i) 260,000 shares into which amounts payable under a Note by the issuer to the QP Fund are convertible and (ii) 240,000 shares into which amounts payable under a Note by the issuer to the LP Fund are convertible.
- The Notes have a maturity date of December 15, 2018. At the noteholder's option, amounts outstanding under a 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 $1.00 per share (the "Conversion Price").
- The amount outstanding under a Note shall be mandatorily converted into Common Stock of the issuer at the Conversion Price on the earliest date that is one year after the Note's date of issuance when each of the following conditions have been satisfied: (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 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 Note is convertible or (b) the shares are resalable under Rule 144.
- The principal amount of the Note issued to the QP Fund was $260,000 and the principal amount of the Note issued to LP Fund was $240,000.