SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D |
Under the Securities Exchange Act of 1934 (Amendment No. --)* |
(Name of Issuer) |
Applied Minerals, Inc. |
(Title of Class of Securities) |
Common Stock, $0.001 par value |
(CUSIP Number) |
03823M100 |
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
Christopher T. Carney Suite 1101 110 Greene Street New York City, New York 10012 |
(Date of Event Which Requires Filing of This Statement) July 1, 2010 |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition
Applied Minerals, Inc.
Suite 1101
110 Greene Street
New York City, New York 10012
Common Stock, $0.001 par value
Note: 2,413,868 of the shares beneficially owned by Mr. Zeitoun are subject to options owned of record by Material Advisors LLC but beneficially by Mr. Zeitoun.
d. |
Item 3. Source and Amount of Funds or Other Consideration
Already-owned shares: The number is 1,400,375.The source was personal funds. The amount is $1,540,413.
Shares subject to options: The number is 2,413,868. The total cash exercise price is $1,689,708.
a. | The shares were acquired for investment. Mr. Zeitoun has, through Material Advisors LLC, unvested options to acquire an additional 1,536,098 shares. See Item 6. |
3,814,233 shares of Common Stock, representing 5.3% of the class
b. |
3,814,233 shares of Common Stock
c. |
The options to acquire shares from Applied Minerals, Inc. that became vested in the last 60 days:
Date | Number of Options | Exercise Price |
July 1, 2010 | 109,721 | $0.70 per share |
August 1, 2010 | 109,721 | $0.70 per share |
d. |
Not Applicable
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
On December 30, 2008, Applied Minerals, Inc. (f/k/a Atlas Mining Company) (the “Company”) entered into a Management Agreement with Material Advisors LLC, a management services company (“Manager”) of which Mr. Zeitoun is a principal. The Management Agreement had a term ending on December 31, 2010 with automatic renewal for successive one year periods unless either Manager or Company provides 90 days prior notice of cancellation to the other party or pursuant to the termination provisions of the Management Agreement. The Management Agreement has been renewed for 2011.
Information regarding the Management Agreement is incorporated herein by reference to the exhibit referenced under Item 7.
1. Management Agreement
Signature.
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
................................................................................................................................... Date: September 1, 2010 |
..................................................................................................................................... Signature: /s/ Christopher T. Carney |
..................................................................................................................................... Name/Title: Christopher T. Carney/Interim Chief Financial Officer |