Dividends & Buybacks ·
MineralRite repurchases 3.9M Series NMC shares for $106.7M, caps sinking-fund obligation at $269M
RITEMINERALRITE Corp
MineralRite Corporation repurchased approximately 3.9 million Series NMC Preferred shares from related party Abstract Concepts 1618 LLC for an aggregate price of $106,724,942, settled via a non-interest-bearing promissory note that was subsequently cancelled against royalty and warrant exercises. Concurrently, Abstract exercised warrants for 6,900,000 Series NMC shares and 53,500 Series D shares, reducing potential common stock dilution by nearly 2 billion shares. The transaction permanently caps the Series NMC sinking-fund obligation at approximately $269 million ($27.23 per share), preventing further annual accretion. MineralRite Corporation operates in the mineral resource recovery and remediation sector.