SEC Form 4 · accession 0000911916-16-000598
Applied Minerals, Inc. · AMNL
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Period of report
Jun 24, 2016
Accepted (ET)
Jun 28, 2016 · 4:14 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000008328
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2,F1,F3,F4 | Jun 24, 2016 | P | 1,333,334 | $0.15 | A | 23,983,734 | I | See footnote |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Warrant (Right to Buy)F2,F1,F4 | $0.25 | Jun 24, 2016 | P | 1,333,334 | A | Jun 24, 2016 | Jun 24, 2021 | Common Stock | 1,333,334 | 1,333,334 | I |
Explanation of responses
- F1This Form 4 is being filed on behalf of IBS Capital LLC ("IBS Capital"), The IBS Turnaround Fund (QP) (A Limited Partnership) (the "QP Fund"), and David A. Taft (IBS Capital, the QP Fund and David A. Taft are each a "Reporting Person" and collectively the "Reporting Persons"), each of which has the same business address and may have a pecuniary interest in the securities reported herein. IBS Capital is the general partner of QP Fund and The IBS Turnaround Fund, L.P. (the "LP Fund"). IBS Capital is the investment manager of The IBS Opportunity Fund, Ltd. (the "Opportunity Fund") (the QP Fund, the LP Fund and the Opportunity Fund are hereinafter referred to as the "IBS Capital Funds"). David A. Taft is a director of Applied Minerals, Inc. (the "Issuer") and president and a member of IBS Capital.
- F2On June 24, 2016, Issuer entered into Investment Agreements for the sale of units at $.15 per unit ("Unit"). Each Unit consisted of one share of Common Stock ("Share") and one five-year warrant to purchase 0.3 of a Share ("Warrant"). 3.33 Warrants can be exercised to acquire one Share for a total exercise price of $0.25. Units were acquired by the IBS Capital Funds as follows: (i) 815,000 Units were acquired by QP Fund, (ii) 415,000 Units were acquired by LP Fund and (iii) 103,334 Units were acquired by Opportunity Fund.
- F3Beneficial ownership is allocated as follows: (i) 15,220,583 Shares are directly beneficially owned by QP Fund, (ii) 7,290,997 Shares are directly beneficially owned by LP Fund and (iii) 1,472,154 Shares are directly beneficially owned by Opportunity Fund.
- F4The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest.