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Posted On: 04/29/2025 10:08:38 AM
Post# of 217
$RITE MINERALRITE CORPORATION (RITE) Completes Corporate Action Case Filed with FINRA
https://www.newsfilecorp.com/release/250092/M...with-FINRA
Dallas, Texas--(Newsfile Corp. - April 29, 2025) - MINERALRITETM Corporation (OTC Pink: RITE) (the "Company" or "RITE"
, recently received notice from the Financial Industry Regulatory Authority ("FINRA" acknowledging its F Reorganization merger redomicile of the Company into the State of Texas.
On March 22, 2024, RITE filed a case action with FINRA to properly recognize the F Reorganization that the Company underwent on April 7, 2021. Under the terms of this action, the Company merged the former Nevada entity into a Texas entity and exchanged shares on a one-for-one basis.
Now that FINRA has recognized this action, RITE shares will be assigned a new CUSIP number and FINRA will update its records to recognize the same number of authorized shares that have been reflected by the Company and the State of Texas for the last several years. This was and is a critical step for the Company to be able to raise capital in the public market.
According to FINRA, news of this action should be released in their daily list announcements on April 29, 2025; and the market effective date should be April 30, 2025.
When CEO Burgauer took over the Company, he announced that it was his intention to get RITE back to an auditable state, become fully reporting and re-engage with the brokerage community. As part of his foundational cleanup, CEO Burgauer acknowledged that cleaning up this issue with FINRA, filing a Form 10 with the Securities and Exchange Commission ("SEC" , and obtaining a revocation of the decades-old Cease Trade Order ("CTO" with the Alberta Securities Commission were three critical steps the Company needs to achieve in order for the Company to re-engage with the investment community and improve RITE's access to capital markets. CEO Burgauer said, "The revocation of the CTO occurred on March 20, 2025; RITE filed its responses to the SEC's comment letter last Friday, April 25, 2025. And today we got this incredible news from FINRA. RITE has had a fantastic last ten-days."
CEO Burgauer reiterated, "Now all that remains is the lifting of the Eligible for Unsolicited Quotes Only flag on the stock - which is already in process. In fact, responses to FINRA's 15c2-11 application comments were filed last week as well. Completing this last item will allow RITE to fully concentrate on ringing the Company's cash register!"
RITE is actively working on updating the Mine Operating Plan which is needed to finalize the updated lease with the Arizona State Land Department. That plan and the finalized lease will allow the Company to get the mining experts onto the property so they can update the historical reserve valuations (which were previously issued by NMC years ago) to ensure they meet the current requirements of the SEC and the Committee for Reserves International Reporting Standards ("CRIRSCO" . CEO Burgauer noted that the leases for the BLM properties in California have already been updated.
This news from FINRA will make it far easier for RITE to raise the capital necessary to get one or more of the recently acquired mining properties into production. Burgauer reiterated, "Next up, the Company intends to raise some capital and get our JV operators to work on these properties," said Burgauer. "It's exhilarating to be in the RITE place at the RITE time, especially considering that we are now operating in an industry under a government that understands that mining provides the resources to support so many critical aspects of our country's national security interests."
https://www.newsfilecorp.com/release/250092/M...with-FINRA
Dallas, Texas--(Newsfile Corp. - April 29, 2025) - MINERALRITETM Corporation (OTC Pink: RITE) (the "Company" or "RITE"
, recently received notice from the Financial Industry Regulatory Authority ("FINRA" acknowledging its F Reorganization merger redomicile of the Company into the State of Texas. On March 22, 2024, RITE filed a case action with FINRA to properly recognize the F Reorganization that the Company underwent on April 7, 2021. Under the terms of this action, the Company merged the former Nevada entity into a Texas entity and exchanged shares on a one-for-one basis.
Now that FINRA has recognized this action, RITE shares will be assigned a new CUSIP number and FINRA will update its records to recognize the same number of authorized shares that have been reflected by the Company and the State of Texas for the last several years. This was and is a critical step for the Company to be able to raise capital in the public market.
According to FINRA, news of this action should be released in their daily list announcements on April 29, 2025; and the market effective date should be April 30, 2025.
When CEO Burgauer took over the Company, he announced that it was his intention to get RITE back to an auditable state, become fully reporting and re-engage with the brokerage community. As part of his foundational cleanup, CEO Burgauer acknowledged that cleaning up this issue with FINRA, filing a Form 10 with the Securities and Exchange Commission ("SEC"
, and obtaining a revocation of the decades-old Cease Trade Order ("CTO" with the Alberta Securities Commission were three critical steps the Company needs to achieve in order for the Company to re-engage with the investment community and improve RITE's access to capital markets. CEO Burgauer said, "The revocation of the CTO occurred on March 20, 2025; RITE filed its responses to the SEC's comment letter last Friday, April 25, 2025. And today we got this incredible news from FINRA. RITE has had a fantastic last ten-days." CEO Burgauer reiterated, "Now all that remains is the lifting of the Eligible for Unsolicited Quotes Only flag on the stock - which is already in process. In fact, responses to FINRA's 15c2-11 application comments were filed last week as well. Completing this last item will allow RITE to fully concentrate on ringing the Company's cash register!"
RITE is actively working on updating the Mine Operating Plan which is needed to finalize the updated lease with the Arizona State Land Department. That plan and the finalized lease will allow the Company to get the mining experts onto the property so they can update the historical reserve valuations (which were previously issued by NMC years ago) to ensure they meet the current requirements of the SEC and the Committee for Reserves International Reporting Standards ("CRIRSCO"
. CEO Burgauer noted that the leases for the BLM properties in California have already been updated. This news from FINRA will make it far easier for RITE to raise the capital necessary to get one or more of the recently acquired mining properties into production. Burgauer reiterated, "Next up, the Company intends to raise some capital and get our JV operators to work on these properties," said Burgauer. "It's exhilarating to be in the RITE place at the RITE time, especially considering that we are now operating in an industry under a government that understands that mining provides the resources to support so many critical aspects of our country's national security interests."
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