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Filing Details

Accession Number:: 0001179110-10-000763
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-01-07 12:00:00
Reporting Period:: 2010-01-05

Filing Date:: 2010-01-07
Accepted Time:: 2010-01-07 19:01:30
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
8328	Applied Minerals Inc.	AMNL	Gold And Silver Ores (1040)	820096527

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1414860	Ibs Capital Llc	One International Place Suite 2401 Boston MA 02110		Yes	No	Yes	No
1415021	Partnership) Ltd (A (Qp) Fund Turnaround Ibs	One International Place Ste 2410 Boston MA 02110		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-01-05	282,000	$0.58	13,969,915	No	4	S	Indirect	See Notes 1 and 6.
Common Stock	Acquisiton	2010-01-05	282,000	$0.58	13,969,915	No	4	A	Indirect	See Notes 1 and 6.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Notes 1 and 6.
No	4	A	Indirect	See Notes 1 and 6.

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	10% PIK-Election Convertible Notes	$0.35			1,428,571	2	Indirect
Common Stock	10% PIK-Election Convertible Notes	$0.50			1,000,000	2	Indirect

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
	1,428,571	2	Indirect
	1,000,000	2	Indirect

Footnotes

IBS Capital LLC is the general partner of The IBS Turnaround (QP) Fund (A Limited Partnership) and The IBS Turnaround Fund (A Limited Partnership). IBS Capital LLC is the investment adviser of The IBS Opportunity Fund (BVI), Ltd.
Pursuant to a series of note issuances on December 30, 2008, the issuer issued to each of The IBS Turnaround (QP) Fund (A Limited Partnership) and The IBS Turnaround Fund (A Limited Partnership) a 10% PIK-Election Convertible Note (collectively, the "0.35 Notes", each a "0.35 Note") on substantially the same terms and conditions. The 1,428,571 shares of common stock of Atlas Mining Co. ("Common Stock") into which outstanding amounts are convertible under the 0.35 Notes include: (i) 1,028,571 shares into which amounts payable under a 0.35 Note by the issuer to The IBS Turnaround (QP) Fund (A Limited Partnership) are convertible and (ii) 400,000 shares into which amounts payable under a 0.35 Note by the issuer to The IBS Turnaround Fund (A Limited Partnership) are convertible.
The 0.35 Notes mature on December 15, 2018. At the noteholder's option, amounts outstanding under a 0.35 Note may be converted into Common Stock at any time after the issuer has authorized sufficient shares to convert such amounts outstanding into Common Stock at the conversion price of $0.35 per share (the "0.35 Conversion Price"). The amount outstanding under a 0.35 Note shall be mandatorily converted into Common Stock of the issuer at the 0.35 Conversion Price of upon: (i) the issuer's authorization of a sufficient number of shares to convert amounts outstanding under all of the notes in the series into Common Stock; (ii) the average closing bid or market price of Common Stock for the preceding five days being in excess of the 0.35 Conversion Price; and (iii) either (a) the issuer has filed a registration statement for the resale the number of shares of Common Stock into which the outstanding amount under a 0.35 Note is convertible or (b) the shares are resalable under Rule 144.
Pursuant to a series of note issuances on May 4, 2009, the issuer issued to each of The IBS Turnaround (QP) Fund (A Limited Partnership) and The IBS Turnaround Fund (A Limited Partnership) a 10% PIK-Election Convertible Note (collectively, the "0.50 Notes", each a "0.50 Note") on substantially the same terms and conditions. The 1,000,000 shares of Common Stock into which outstanding amounts are convertible under the 0.50 Notes include: (i) 640,000 shares into which amounts payable under a 0.50 Note by the issuer to The IBS Turnaround (QP) Fund (A Limited Partnership) are convertible and (ii) 360,000 shares into which amounts payable under a 0.50 Note by the issuer to The IBS Turnaround Fund (A Limited Partnership) are convertible.
The 0.50 Notes mature on December 15, 2018. At the noteholder's option, amounts outstanding under a 0.50 Note may be converted into Common Stock at any time after the issuer has authorized sufficient shares to convert such amounts outstanding into Common Stock at the conversion price of $0.50 per share (the "0.50 Conversion Price"). The amount outstanding under a 0.50 Note shall be mandatorily converted into Common Stock of the issuer at the 0.50 Conversion Price of upon: (i) the issuer's authorization of a sufficient number of shares to convert amounts outstanding under all of the notes in the series into Common Stock; (ii) the average closing bid or market price of Common Stock for the preceding five days being in excess of the 0.50 Conversion Price; and (iii) either (a) the issuer has filed a registration statement for the resale the number of shares of Common Stock into which the outstanding amount under a 0.50 Note is convertible or (b) the shares are resalable under Rule 144.
On January 5, 2010, The IBS Turnaround (QP) Fund (A Limited Partnership) sold 282,000 shares to The IBS Opportunity Fund (BVI), Ltd. After the completion of the transaction, (i) The IBS Turnaround (QP) Fund (A Limited Partnership) holds 7,631,598 shares; (ii) The IBS Turnaround Fund (A Limited Partnership) holds 3,541,042 shares; and (iii) The IBS Opportunity Fund (BVI), Ltd. holds 2,797,275 shares.