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Filing Details

Accession Number:: 0001179110-21-011181
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2021-12-21 17:33:47
Reporting Period:: 2021-12-17

Accepted Time:: 2021-12-21 17:33:47
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
8328	Applied Minerals Inc.	AMNL	Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)	820096527

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1414860	Ibs Capital Llc	One International Place Suite 3120 Boston MA 02110	No	No	No	Yes
1415021	Partnership) Ltd (A (Qp) Fund Turnaround Ibs	One International Place Suite 3120 Boston MA 02110	No	No	No	Yes
1448562	A David Taft	One International Place Suite 3120 Boston MA 02110	No	No	No	Yes

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	2021-12-17	1,403,000	$0.01	19,033,734	No	4	S	Indirect	See footnotes
Common Stock	Disposition	2021-12-17	3,597,000	$0.01	19,033,734	No	4	S	Indirect	See footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See footnotes
No	4	S	Indirect	See footnotes

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Price - 2
Common Stock	10% PIK-Election Convertible Note	Disposition	2021-12-17	1	$0.00	$0.34
Common Stock	10% PIK-Election Convertible Note	Disposition	2021-12-17	1	$0.00	$0.34
Common Stock	10% PIK-Election Convertible Note	Disposition	2021-12-17	1	$0.00	$0.34

Remaning Holdings	Exercise Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
1,058,778	2020-12-31	No	4	S	Indirect
1,058,778	2020-12-31	No	4	S	Indirect
1,058,778	2020-12-31	No	4	S	Indirect

Footnotes

This Form 4 is being filed on behalf of IBS Capital LLC ("IBS Capital"), The IBS Turnaround Fund (QP), LP (the "QP Fund"), and David A. Taft ("Taft") (IBS Capital, the QP Fund and Taft are each a "Reporting Person"), 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, LP (the "LP Fund"). IBS Capital is the investment manager of The IBS Opportunity Fund, Ltd. (the "Opp. Fund" together with the QP Fund and the LP Fund, the "IBS Capital Funds"). Taft is the president and a member of IBS Capital. Taft is no longer a director of the Issuer. As of the date of this filing, none of the LP Fund, the Opp. Fund, QP Fund, IBS Capital or David A. Taft will beneficially own in the aggregate at least 10% of the Issuer (based on the Issuer's 10-Q for the quarterly period ended 9/30/2021, which reports 204,736,762 outstanding common stock shares).
This transaction is being reported as a result of private transactions in which the LP Fund and the QP Fund sold securities to a third-party purchaser (the "Purchaser"). The LP Fund sold 1,403,000 shares of common stock to the Purchaser and the QP Fund sold 3,597,000 shares of common stock to the Purchaser. These transactions were effected at the same time. As a result of these transactions the overall beneficial ownership of IBS Capital and David Taft decreased to 19,033,734 shares of common stock. Following the transactions 5,902,997 shares of common stock are owned by the LP Fund and 11,655,583 shares of common stock are owned by the QP Fund.
The LP Fund sold $1,427,792 of principal under a 10% PIK-Election Convertible Note to the Purchaser for $57,111.68, which principal amount is convertible into 4,199,388 shares of common stock of the Issuer. The QP Fund sold $2,867,160 of principal under a 10% PIK-Election Convertible Note to the Purchaser for $114,686.40, which principal amount is convertible into 8,432,824 shares of common stock of the Issuer. The Opp. Fund sold $278,582 of principal under a 10% PIK-Election Convertible to the Purchaser for $11,143.28, which principal amount is convertible into 819,359 shares of common stock of the Issuer.
As a result of the transactions described in FN 3 IBS Capital and Taft beneficially own derivative securities that are convertible into 1,058,778 shares of common stock of the Issuer. The LP Fund beneficially owns derivative securities that are convertible into 329,317 shares of common stock of the Issuer. The QP Fund beneficially owns derivative securities that are convertible into 665,060 shares of common stock of the Issuer. The Opp. Fund beneficially owns derivative securities that are convertible into 64,401 shares of common stock of the Issuer.
The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest.
At the noteholder's option, the amount outstanding under the notes described in Footnote 3 may be converted into common stock of the Issuer. The notes described in Footnote 3 mature on 5/1/2023.