MineralRite Completes Integrated Preferred Stock Repurchase and Warrant Exercise

MineralRite Corporation (OTC: RITE) has completed a material transaction on September 30, 2026, involving the repurchase of preferred stock, the exercise of outstanding warrants, and the establishment of a cap on a sinking-fund obligation. The transaction was executed with Abstract Concepts 1618 LLC, a related party beneficially owning more than 5% of the Company's common stock.

Under the terms of the Series NMC Preferred Stock Repurchase, Note and Sinking-Fund Agreement, MineralRite repurchased 3,919,388 shares of Series NMC Preferred Stock for an aggregate price of $106,724,942. To facilitate this repurchase, the Company issued a non-interest-bearing promissory note in that principal amount to Abstract. Concurrently, Abstract and its affiliates irrevocably exercised warrants to purchase 6,900,000 shares of Series NMC Preferred Stock and 47,600 shares of Series D Preferred Stock. The exercise prices for these warrants were satisfied through the application of the promissory note, resulting in the cancellation of the note upon completion of the transaction. The Company received no cash proceeds from the warrant exercises.

The transaction includes a permanent cap on the total amount payable under the Series NMC Preferred sinking fund. The cap is set at $269,049,058.76, which applies to approximately 9,880,612 shares expected to be outstanding after the transaction, including shares issuable upon warrant exercise. Previously, the sinking-fund price was subject to an annual growth rate of 5%, but the new agreement fixes the value at approximately $27.23 per share. The Company is required to make a portion of funds it raises available for sinking-fund repurchases, contingent on sufficient financial resources.

MineralRite also reported that it is in the process of filing a Restated Certificate of Formation with the Texas Secretary of State. Upon effectiveness, the Restated Certificate will authorize 60,000 shares of Series D Preferred Stock and 10,000,000 shares of Series NMC Preferred Stock. Additionally, the Company held a special meeting of Series C Preferred Stock holders on September 28, 2026, where amendments to the Restated Certificate of Formation were approved by a vote of 8,735 shares, representing approximately 81.8% of the outstanding shares.