Edgar Filing: TAFT DAVID A

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

IBS CAPITAL LLC

2. Issuer Name and Ticker or Trading Symbol
Applied Minerals, Inc. [AMNL]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

ONE INTERNATIONAL PLACE, SUITE 3120

3. Date of Earliest Transaction (Month/Day/Year)
12/14/2017

(Street)

BOSTON, MA 02110

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrant (right to buy)

$ 0.1

12/14/2017

601,060

12/14/2017

12/14/2022

Common Stock

601,060

⁽⁴⁾

601,060

I ⁽¹⁾ ⁽⁴⁾

See footnote ⁽¹⁾ ⁽⁴⁾ ⁽⁵⁾

Warrant (right to buy)

$ 0.1

12/14/2017

299,317

12/14/2017

12/14/2022

Common Stock

299,317

⁽⁴⁾

299,317

I ⁽¹⁾ ⁽⁴⁾

See footnote ⁽¹⁾ ⁽⁴⁾ ⁽⁵⁾

Warrant (right to buy)

$ 0.1

12/14/2017

58,401

12/14/2017

12/14/2022

Common Stock

58,401

⁽⁴⁾

58,401

I ⁽¹⁾ ⁽⁴⁾

See footnote ⁽¹⁾ ⁽⁴⁾ ⁽⁵⁾

PIK - Election Convertible Note due 2018

$ 0.83

12/14/2017

$ 2,575,534 ⁽⁶⁾

⁽²⁾⁽³⁾

11/03/2018

Common Stock

3,103,053

⁽²⁾ ⁽³⁾

I ⁽¹⁾ ⁽²⁾ ⁽³⁾

See footnote ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁵⁾

PIK - Election Convertible Note due 2018

$ 0.83

12/14/2017

$ 1,282,568 ⁽⁶⁾

⁽²⁾⁽³⁾

11/03/2018

Common Stock

1,545,262

⁽²⁾ ⁽³⁾

I ⁽¹⁾ ⁽²⁾ ⁽³⁾

See footnote ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁵⁾

PIK - Election Convertible Note due 2018

$ 0.83

12/14/2017

$ 250,248 ⁽⁶⁾

⁽²⁾⁽³⁾

11/03/2018

Common Stock

301,503

⁽²⁾ ⁽³⁾

I ⁽¹⁾ ⁽²⁾ ⁽³⁾

See footnote ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁵⁾

PIK - Election Convertible Note due 2023

$ 0.4

12/14/2017

$ 2,575,534

⁽²⁾⁽³⁾

05/03/2023

Common Stock

6,438,834

⁽²⁾ ⁽³⁾

$ 2,575,534 ⁽²⁾ ⁽³⁾

I ⁽¹⁾ ⁽²⁾ ⁽³⁾

See footnote ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁵⁾

PIK - Election Convertible Note due 2023

$ 0.4

12/14/2017

$ 1,282,568

⁽²⁾⁽³⁾

05/03/2023

Common Stock

3,206,419

⁽²⁾ ⁽³⁾

$ 1,282,568 ⁽²⁾ ⁽³⁾

I ⁽¹⁾ ⁽²⁾ ⁽³⁾

See footnote ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁵⁾

PIK - Election Convertible Note due 2023

$ 0.4

12/14/2017

$ 250,248

⁽²⁾⁽³⁾

05/03/2023

Common Stock

625,619

⁽²⁾ ⁽³⁾

$ 250,248 ⁽²⁾ ⁽³⁾

I ⁽¹⁾ ⁽²⁾ ⁽³⁾

See footnote ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁵⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
IBS CAPITAL LLC ONE INTERNATIONAL PLACE SUITE 3120 BOSTON, MA 02110		X
IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) ONE INTERNATIONAL PLACE SUITE 3120 BOSTON, MA 02110		X
TAFT DAVID A ONE INTERNATIONAL PLACE SUITE 3120 BOSTON, MA 02110		X

Signatures

/s/ David A. Taft, President of IBS Capital LLC		12/18/2017
^**Signature of Reporting Person		Date
/s/ David A. Taft, President of IBS Capital LLC, the general partner of The IBS Turnaround Fund (QP) (A Limited Partnership)		12/18/2017
^**Signature of Reporting Person		Date
/s/ David A. Taft		12/18/2017
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This Form 4 is being filed on behalf of IBS Capital LLC ("IBS Capital"), The IBS Turnaround Fund (QP) (A Limited Partnership) (the "QP Fund"), The IBS Turnaround Fund, L.P. (the "LP Fund"), The IBS Opportunity Fund, Ltd., (the "Opportunity Fund"), and David A. Taft ("Taft") (IBS Capital, the QP Fund, the LP Fund, the Opportunity Fund and Taft are each a "Reporting Person" and collectively the "Reporting Persons"), 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 LP Fund. IBS Capital is the investment manager of the Opportunity Fund. The QP Fund, the LP Fund and the Opportunity Fund are hereinafter referred to as the "IBS Capital Funds". Taft is the president and a member of IBS Capital.
(2)	Each of the QP Fund, the LP Fund and the Opportunity Fund is the direct holder of a PIK Convertible Note issued by Applied Minerals, Inc. (the "Issuer") and due in 2018 (each, a "Series A Note"), pursuant to transactions previously reported on Form 4. As of December 14, 2017 (the "Transaction Date"), the QP Fund is the holder of Series A Notes in the principal amount of $2,575,534. The LP Fund is the holder of Series A Notes in the principal amount of $1,282,568. The Opportunity Fund is the holder of Series A Notes in the principal amount of $250,248.
(3)	A majority of the holders of the Series A Notes voted to extend (the "Extension") the maturity date of the Series A Notes from November 3, 2018 to May 1, 2023, such Extension to be effective as of December 14, 2017 (The "Transaction Date"). The Series A Notes were initially issued on, and were exercisable from, November 4, 2014. In connection the Extension, the conversion price of the Series A Notes was reduced from $0.83 to $0.40 as of the Transaction Date. Following the reduction of the conversion price: (i) the Series A Notes held by the QP Fund are convertible into 6,438,834 shares of the Issuer's Common Stock ("Shares"); (ii) the Series A Notes held by the LP Fund are convertible into 3,206,419 Shares; and (iii) the Series A Notes held by the Opportunity Fund are convertible into 625,619 Shares. Pursuant to SEC guidance, the amendment to the Series A Notes is reported on this Form 4 as though the pre- Extension Series A Notes were cancelled and replaced with new Series A Notes.
(4)	In connection with the Extension, on the Transaction Date the Issuer issued warrants (the "Warrants") representing the right to purchase Shares at an exercise price of $0.10 per Share, in the following amounts: (i) 299,317 Warrants issued to the LP Fund; (ii) 601,060 Warrants issued to the QP Fund; and (iii) 58,401 Warrants issued to the Opportunity Fund. The Warrants are each exercisable as of the Transaction Date and have an expiration date that is five years following the Transaction Date.
(5)	The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest.
(6)	Amount includes an additional $49,607 in principal amount representing PIK interest received.

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