M&A - MINERALRITE Corp
Form Type: 10-12G/A
Filing Date: 2025-03-04
Corporate Action: Acquisition
Type: Update
Accession Number: 000153949725000831
Filing Summary: On March 4, 2025, MineralRite Corporation amended its Form 10 registration statement with the SEC. The amendment details the company’s ongoing transition in operations and corporate structure, including its significant acquisition of NMC, Inc. This acquisition involves the purchase of two wholly owned subsidiaries of NMC, which hold mineral and mining assets valued at approximately $432 million. In exchange, MineralRite issued 6,900,000 shares of a newly created class of convertible preferred stock and assumed nearly $5 million in NMC's liabilities. Additionally, this document outlines the company's recent efforts to rectify financial reporting issues and engage in strategic planning to enhance its profitability through mergers and acquisitions. There are numerous details of past corporate changes, market strategies, and a cautionary note regarding forward-looking statements that indicate the company’s uncertainty about achieving outlined projections. Overall, this filing reflects a significant shift in MineralRite's operational focus and financial structuring aimed at solidifying its position in the mining sector.
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Additional details:
Company Name: MineralRite Corporation
State Incorporation: Texas
I R S Employer Identification No: 90-0315909
Phone Number: (469) 881-8900
Address: 325 N. St. Paul Street, Suite 3100, Dallas, Texas 75201
Existing Securities Registered: Common stock, Series A Preferred, Series B Preferred, Series C Preferred, Series D Preferred, Series NMC Preferred
Acquisition Details: Acquired two wholly owned subsidiaries of NMC which hold certain mineral and mining assets with an audited book value of $432 million.
Liabilities Assumed: Approximately $5 million in NMC's outstanding liabilities.
Shares Issued: Approximately 6,900,000 shares of RITE Series NMC $25 convertible preferred stock.
Warrants Issued: Approximately 6,900,000 warrants.
Series Nmc Characteristics: Convertible into 500 shares of RITE common stock.
Sinking Fund Premium: 5% per annum on premium to par value.
Form Type: 10-12G
Filing Date: 2025-02-19
Corporate Action: Acquisition
Type: New
Accession Number: 000153949725000723
Filing Summary: MineralRite Corporation has undergone significant changes over its history, including numerous name changes and mergers. On October 25, 2023, a change of control occurred when the current president acquired a controlling interest from the former president. Following this change, the company has focused on restructuring and enhancing operations in the minerals and mining business. Notably, on December 31, 2024, MineralRite executed a Letter of Intent and subsequently a Definitive Agreement to acquire two wholly owned subsidiaries of NMC, Inc., which hold significant mineral and mining assets valued at approximately $432 million. In exchange, MineralRite issued approximately 6.9 million shares of newly created preferred stock, 6.9 million warrants, and assumed roughly $5 million in liabilities from NMC. This acquisition is aimed at strengthening MineralRite’s operational capacity and market position within the industry, reflecting its strategic growth objectives in the mineral sector.
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Additional details:
Company Name: MineralRite Corporation
Change Of Control Date: 2023-10-25
Acquisition Target: NMC, Inc.
Acquisition Value: $432 million
Preferred Stock Issued: 6,900,000 shares
Warrants Issued: 6,900,000 warrants
Assumed Liabilities: $5 million
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