mines management inc (MGN) Key Developments
Mines Management Mulls Acquisition
Jul 30 14
Mines Management, Inc. (AMEX:MGN) has closed the previously announced financing in which it had agreed to sell 0.004 million units. The net proceeds from this offering will be used for advancement of the permitting process for its Montanore Project and preparation for the delineation drilling program, which will include completion of the dewatering and rehabilitation of the Libby adit and general corporate purposes, including possible acquisition and exploration of new mining properties.
Mines Management, Inc. to File an Articles of Amendment to the Articles of Incorporation with the Secretary of State of the State of Idaho
Jul 25 14
On July 25, 2014, Mines Management, Inc. will file an Articles of Amendment to the Articles of Incorporation with the Secretary of State of the State of Idaho, designating 4,000 shares of its preferred stock as Series B 6% Convertible Preferred Stock, no par value per share. Each share of Preferred Stock has a stated value of $1,000 and is convertible, at the option of the holder, subject to adjustment under certain circumstances, at any time, into shares of common stock of the Company at a conversion price of $0.7866. Except as otherwise required by law, holders of Preferred Stock shall not be entitled to voting rights. The Preferred Stock is convertible at any time at the option of the holders, or at the Company's discretion when the Company's common stock trades above 150% of the then current conversion price for 30 consecutive trading days with a daily trading volume above 70,000 shares. The holders of the Preferred Stock are entitled to receive a dividend payable, at the election of the Company (subject to some conditions), in cash or shares of common stock of the company, at a rate of 6% per annum.
Mines Management Mulls Acquisitions
Jul 25 14
Mines Management, Inc. (AMEX:MGN) is looking for acquisitions. Mines Management intends to use the net proceeds from the sale of 4000 units in an offering, for the advancement of the permitting process for its Montanore Project and preparation for the delineation drilling program, which will include completion of the dewatering and rehabilitation of the Libby adit and general corporate purposes, including possible acquisition and exploration of new mining properties.
Mines Management, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2014
May 16 14
Mines Management, Inc. reported earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net loss of $1.5 million compared to a net loss of $2.1 million for the quarter ended March 31, 2013. The change in net loss in the 2014 quarter resulted primarily from reduced operating expenses: a $0.4 million decrease in general and administrative expenses consisting of $0.2 million less of stock based compensation issued during the first quarter of 2014 compared to 2013, the absence of a $0.1 million payment to continue the Earn-In Agreement with Estrella Gold Corp. in 2014, and a decrease of $0.1 million in payroll with two less employees during 2014; and a $0.3 million decrease in technical services and exploration expenses which includes a $0.2 million reduction in Estrella project expenditures due to the termination of the project in January 2014 and a $0.1 million decrease in fees paid to the contractor working on the Environmental Impact Study during 2014; partly offset by increase of $0.1 million in legal, accounting and consulting expenditures primarily associated with a litigation matter.
Mines Management, Inc. Reports Audited Consolidated Earnings Results for the Fiscal Year Ended December 31, 2013
Apr 10 14
Mines Management, Inc. reported audited consolidated earnings results for the fiscal year ended December 31, 2013. For the year, the company reported a net loss of $7.4 million or $0.25 per share compared to a loss of $8.2 million or $0.28 per share for the year ended December 31, 2012. Net cash used in operating activities was $6.1 million, which consisted primarily of permitting, environmental, exploration, and engineering expenses for the Montanore Project, the La Estrella exploration program, and general and administrative expenses, compared with $7.2 million of cash used in operating activities in 2012.