MineralRite Corporation
- Market Cap (Float-Adj) (Float-adjusted market cap computed by the low-float screener — matches the screener row. May differ from the standard cap (price × all shares outstanding) reported elsewhere.)
- $8.1M
- Price
- $0.0013
- % Change (Daily % change from the live per-ticker quote feed.)
- -7.14%
- Volume
- 9.9M
About
As of April 7, 2021, MineralRite Corporation was acquired by Southern Cars & Trucks, Inc. MineralRite Corporation, a development stage company, operates in the mineral and mining industry. It focuses on the manufacture, sale, and lease of mining and mineral processing equipment; purchase and development of minerals and mineral backed assets; management of mineral offtake activities; and purchase and sale of precious metals. The company was formerly known as Royal Quantum Group, Inc. and changed its name to MineralRite Corporation in October 2012. MineralRite Corporation was incorporated in 1996 and is based in Dallas, Texas.
Quick stats
Shares outstanding6.2B
Computed float4.9B
Float / shares77.9%
Key info
SectorBasic Materials
IndustryOther Precious Metals
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0001096296
Websitehttps://mineral-rite.com
AI Summary
AI-generated1/5
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RITE Reduces Potential Dilution by Nearly 2 Billion Shares and Caps the Series NMC Sinking-Fund Obligation
MineralRite completed an integrated transaction repurchasing approximately 3.9 million Series NMC Preferred shares from Abstract Concepts 1618 LLC, avoiding the potential issuance of roughly 2.0 billion common shares upon conversion.
The agreement also caps the total Series NMC sinking-fund obligation at approximately $269 million, fixed at $27.23 per preferred share, versus roughly $375.8 million that would have grown 5% annually under the prior terms.
The repurchase was funded via an approximately $106.7 million promissory note to Abstract that was satisfied through royalty repurchases and warrant exercises, with no cash outlay by RITE; the deal is a related-party transaction, as Abstract is owned by Lloyd B. Hendricks III and holds more than 5% of RITE common stock.
Red flags
- related-party transaction with Abstract Concepts 1618 LLC, a >5% common shareholder managed by Lloyd B. Hendricks III
- company is pre-revenue with limited capital; sinking-fund repurchases remain contingent on available funds
- shares underlying warrant exercises will only be issued when duly authorized and available; Restated Certificate filing still pending
- warrant exercises generated no cash proceeds for the company