|
Date
of Report (Date of earliest event reported)
|
September
29, 2008
|
|
ATLAS
MINING COMPANY
|
||||
|
(Exact
name of registrant as specified in its charter)
|
||||
|
Idaho
|
000-31380
|
82-0096527
|
||
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
||
|
1221
Yellowstone, Osburn, Idaho
|
83849
|
|||
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|||
|
(208)
556-1181
|
||||
|
Issuer's
telephone number, including area code
|
||||
|
N/A
|
|
(Former
name or former address, if changed since last
report.)
|
|
[
]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230-425)
|
|
[
]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240-14a-12)
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
Item
3.02
|
Unregistered
Sales of Equity Securities
|
|
The
information set forth below in Item 8.01 is hereby incorporated by
reference in its entirety.
|
|
Item
8.01
|
Other
Events
|
|
On
September 29, 2008 the board of directors determined that as
compensation for serving on the Company’s board of directors
for the fourth quarter of 2008 (a) John Levy will receive
a director’s fee of $10,000 and a fee of $10,000 for serving on the
special committee of the board, all of which Mr. Levy
has elected to take in cash, and (b) Morris Weiss will
receive a director’s fee of $10,000 and an additional director’s fee of
$30,000 for supervising the Company’s outside counsel in litigation
involving the Company, all of which payments Mr. Weiss has elected to
take in common stock, which will result in the issuance on October 1, 2008
of 82,305 shares to Mr. Weiss based on a stock price of $.486 per
share, the average price per share at the daily closing of the last five
trading days leading up to the first business day of the fourth quarter of
2008. The issuance of the shares to Mr. Weiss is made in reliance upon the
exemption found in Section 4(2) of the Securities Act of 1933.
Mr. Ronald Price shall receive no compensation for serving as a
director.
On
September 29, 2008 the board of directors extended to
December 31, 2008 the charter of the special committee formed by the
board of directors on January 11,
2008.
|
|
ATLAS
MINING COMPANY
|
|||
|
(Registrant)
|
|||
|
Date:
|
October
2, 2008
|
/s/
|
MICHAEL
LYON
|
|
By: Michael
Lyon
|
|||
|
Chief
Executive Officer and President
|