APPLIED MINERALS, INC. (OTCMKTS:AMNL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

APPLIED MINERALS, INC. (OTCMKTS:AMNL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Story continues below

On June 1, 2018, the Board of Directors of Applied Minerals, Inc. (the "Company") appointed Michael Pohly a director of the Company.

to a Director Nomination Agreement dated May 12, 2017, the holders of the Company’s 10% PIK Election Convertible Notes due 2023 (the “Series 2023 Notes”) have, on the satisfaction of certain conditions, the right to designate a person as a nominee for director and the Company shall use commercially reasonable efforts to cause the election or appointment of such nominee as a director. The conditions being satisfied, the holders of the Series 2023 Notes designated Mr. Pohly as their nominee and he was appointed a director on June 1, 2018.

At Mr. Pohly’s direction, Mr. Pohly’s compensation for service as a director will be paid to the M. Kingdon Offshore Master Fund, L.P. (the “Fund”). On June 1, 2018, under the 2017 Incentive Plan, the Fund was granted options to purchase an aggregate 277,777 shares of common stock of the Company. Options to purchase 69,444 shares of common stock of the Company vested immediately and options to purchase the remaining 208,333 shares of common stock of the Company vest on July 1, 2018. The options to purchase shares of common stock of the Company have been granted for Mr. Pohly’s Board service through the third quarter of 2018 and are consistent with the compensation arrangements of the other directors.

The Board of Directors has not yet named Mr. Pohly to any of the committees of the Board.


About APPLIED MINERALS, INC. (OTCMKTS:AMNL)

Applied Minerals, Inc. (Applied Minerals) is an exploration-stage company. The Company owns the Dragon Mine, from which it extracts, processes and markets halloysite clay and iron oxide for sale to a range of end markets. The Company is engaged in the research and development, and works collaboratively with customers to engineer its halloysite clay and iron oxide products. Halloysite, marketed by Applied Minerals under the DRAGONITE trade name, is aluminosilicate clay with a hollow tubular morphology. DRAGONITE utilizes halloysite’s shape, high surface area and reactivity to add functionality to applications, such as plastic composites, flame retardant additives, paints and coatings, catalysts and environmental remediation media. The Company’s Dragon Mine is an approximately 270-acre property located in central Utah, over 70 miles southwest of Salt Lake City, Utah. There are two areas of the Dragon Mine minesite, which include the Dragon Pit area and the Western Area.

An ad to help with our costs