Applied Minerals, Inc.: debt financing — Applied Minerals receives default notice on $31.3M Series A Notes

Applied Minerals, Inc.

Failed to make principal and interest payment on 10% PIK-Election Convertible Notes due May 1, 2023.
Outstanding principal and interest totaling approximately $31.3 million are immediately due.
Event of Default triggered under section 7(a) of the Series A Notes.
Notice of Default received from holders on May 5, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Applied Minerals, Inc. faced acceleration on convertible notes of approximately $31.3 million with holders of its 10% PIK-Election Convertible Notes due May 1, 2023 at 10% maturing May 1, 2023.

Instrument: convertible notes
Principal: approximately $31.3 million
Counterparty: holders of its 10% PIK-Election Convertible Notes due May 1, 2023
Rate: 10%
Maturity: May 1, 2023
Event: acceleration

Exact text from the filing

On May 5, 2023, the Company received a Notice of Default from holders of its 10% PIK-Election Convertible Notes due May 1, 2023 ("Series A Notes"). The Company failed to make payment of principal and interest under the terms of the Series A Notes, which have a Stated Maturity Date of May 1, 2023, thereby causing an Event of Default under section 7(a) of the Series A Notes. Under the Event of Default, all outstanding principal and interest of the Series A Notes, totaling approximately $31.3 million, are immediately due.

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Source: SEC EDGAR

accession 0001575872-23-000707

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