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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Warrant (Right to Buy) | $ 0.25 (2) | 06/24/2016 | P | 1,333,334 (2) | 06/24/2016 | 06/24/2021 | Common Stock | 1,333,334 (2) | (2) | 1,333,334 (2) | I | See footnote (1) (2) (4) |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
IBS CAPITAL LLC ONE INTERNATIONAL PLACE, 31ST FLOOR BOSTON, MA 02110 |
X | |||
TAFT DAVID A ONE INTERNATIONAL PLACE, 31ST FLOOR BOSTON, MA 02110 |
X | |||
IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) ONE INTERNATIONAL PLACE, 31ST FLOOR BOSTON, MA 02110 |
X |
David A. Taft, President of IBS Capital LLC | 06/28/2016 | |
**Signature of Reporting Person | Date | |
David A. Taft | 06/28/2016 | |
**Signature of Reporting Person | Date | |
David A. Taft, President of IBS Capital LLC, the general partner of The IBS Turnaround Fund (QP)(A Limited Partnership) | 06/28/2016 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | This 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. |
(2) | On 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. |
(3) | Beneficial 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. |
(4) | The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest. |