Each one in plain English, with the numbers worked through for a shareholder.
25 June 2025capital raising announcement▲ GoodMajor
The US$100 million term loan from funds affiliated with SAF Group has closed, and the US$50 million first tranche was advanced; this completes the financing announced on June 3 2025. The two US$25 million tranches remain available only after conditions are met. Terms are as announced earlier: SOFR (4% floor) plus 6%, 60-month maturity, repayments starting a year after closing, and senior security excluding Cosalá (Trafigura first) and Relief Canyon (Sandstorm first). The company also reports a new longhole drill is operating at Galena and that it bought 10 pieces of equipment (seven loaders, three 20-tonne trucks).
30 Oct 2024capital raising announcement● NeutralMajor
The company closed the placement, issuing 125,000,000 subscription receipts at C$0.40 for C$50M gross, including the full C$5M underwriters' option. It was co-led by Cormark and TD Securities with a syndicate including Desjardins, Haywood, Canaccord and Eight Capital. Each receipt converts into one common share, without further payment, once the escrow conditions are met, including completion of the Galena 40% acquisition; the money stays in escrow until then. The acquisition is expected to close before year-end, subject to shareholder, TSX and NYSE American approvals. This confirms the financing planned in the earlier filing; if the acquisition goes ahead, the receipts would add 125 million shares to the roughly 211 million outstanding in 2023 plus the March 2024 placement (inference: a large dilution).
10 Oct 2024capital raising announcement● NeutralMajor
The company increased its bought-deal private placement of subscription receipts from C$40M to C$45M (112,500,000 receipts at C$0.40 each), with an option for up to C$5M more. The filing reveals a binding agreement with an affiliate of Eric Sprott and Paul Andre Huet for Americas to acquire the remaining 40% of the Galena Complex, which the company has so far held as a 60% joint venture partner. The money sits in escrow and is released only if the acquisition's conditions and approvals are met; otherwise it is returned if they are not met by February 27, 2025 or the agreement ends. After the acquisition, proceeds are earmarked for Galena growth, the cash payment to Sprott, repaying some existing debt, fees and working capital. Closing is expected around October 30, 2024, subject to TSX and NYSE American approval. New shares at C$0.40 would dilute existing holders; this is a much larger raise than the March 2024 C$0.30 placement (up to C$6.5M).
The company agreed with an agent, on a best-efforts basis, to a private placement of up to 21,667,000 units at C$0.30 each for up to C$6,500,100, each unit being one share plus one warrant exercisable at C$0.40 for 36 months. Proceeds are for working capital at Cosalá and Galena, to move to more silver-copper ore production, and general costs; closing is expected around March 27, 2024, subject to TSX and NYSE American approvals. New shares at C$0.30 would dilute existing holders, and the price is well below the C$0.80 Delbrook conversion price and C$0.55 repriced warrants in the context. This continues the company's pattern of small financings.
29 Jan 2021capital raising announcement● NeutralMajor
The January 2021 bought deal closed: 10,253,128 shares (including a partial exercise of the over-allotment option) were sold at C$3.31 for gross proceeds of C$33,937,854, up from the C$30.0M upsized size. This resolves the pending January offering; shareholders are diluted by the new shares. Proceeds are for Relief Canyon working capital, Galena development and exploration, Cosalá care and maintenance, general costs, and repayment of outstanding debt.
15 Jan 2021capital raising announcement● NeutralMajor
The January 2021 bought deal was upsized from C$25.0M to C$30.0M: 9,063,500 shares at the same C$3.31, with the 15% over-allotment option and the expected January 29, 2021 closing unchanged. Use of proceeds is as before (mine properties and working capital), and shareholders are diluted by more shares than first announced.
15 Jan 2021capital raising announcement● NeutralMajor
The company agreed a new bought-deal offering of 7,552,900 shares at C$3.31 for C$25.0M gross, led by Desjardins, with a 15% over-allotment option and closing expected around January 29, 2021. Proceeds are for exploration, development and improvement of existing mines plus working capital; existing shareholders are diluted. It is the third bought deal in under a year, after May and August 2020.
What it means for a shareholder
7.6m new shares at C$3.31 to raise about C$25.0m. That's 6.0% dilution: every existing holder's slice gets 6.0% smaller. If you held C$1,000 of shares (302 at the issue price), your slice goes from 0.000256% to 0.000241% of the company. To keep it you'd need 19 more shares - about C$63 at the issue price.
The upsized bought deal closed on September 4, 2020: 10,204,510 shares (including a partial exercise of the over-allotment option) sold at C$3.86 for gross proceeds of C$39,389,409. This resolves the pending August offering, with proceeds earmarked for mine properties including bringing Relief Canyon into commercial production and for working capital; shareholders are diluted by the new shares. The release says the San Felipe option agreement was 'recently completed, subject to closing conditions'.
What it means for a shareholder
10.2m new shares at about C$3.86 to raise about C$39.4m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held C$1,000 of shares (259 at the issue price), your slice goes from 0.000299% to 0.000268% of the company. To keep it you'd need 31 more shares - about C$120 at the issue price.
18 Aug 2020capital raising announcement● NeutralMajor
The August 2020 bought deal was upsized from C$25.0M to C$35.0M: underwriters (co-led by Desjardins and Cormark) will buy 9,067,400 shares at the same C$3.86, up from 6,477,000. A 15% over-allotment option remains and closing is still expected around September 4, 2020. Proceeds are for mine exploration, development and improvement, including bringing Relief Canyon into commercial production, plus working capital; existing shareholders are diluted by more shares than first announced.
18 Aug 2020capital raising announcement● NeutralMajor
The company agreed a second bought-deal in 2020: 6,477,000 shares at C$3.86 for C$25.0M gross, co-led by Desjardins and Cormark, with a 15% over-allotment option and closing around September 4 2020. Proceeds are for exploration, development and improvement of mine properties, including bringing Relief Canyon into commercial production, plus working capital; existing holders are diluted. The company's boilerplate now says it has completed the outstanding San Felipe option acquisition agreement, subject to closing conditions, which updates the earlier open question on the final option payments.
5 May 2020capital raising announcement● NeutralMajor
The company agreed a bought-deal offering of 8,930,000 common shares at C$2.80 for about C$25M gross, with an over-allotment option of 15%, closing around May 13 2020. Strategic investors led by Pierre Lassonde and Eric Sprott said they intend to take C$8.75M of it. Proceeds go to working capital and general purposes, including bringing Relief Canyon into commercial production; existing holders are diluted by the new shares.
What it means for a shareholder
8.9m new shares at C$2.80 to raise about C$25.0m. That's 9.3% dilution: every existing holder's slice gets 9.3% smaller. If you held C$1,000 of shares (357 at the issue price), your slice goes from 0.000412% to 0.000374% of the company. To keep it you'd need 37 more shares - about C$104 at the issue price.
26 July 2019capital raising announcement● NeutralMajor
The company closed a US$10M private placement with Eric Sprott, issuing 3,955,454 common shares at C$3.30 each. After this there are 82,487,633 common shares and 3,678,135 preferred shares outstanding, so existing holders are diluted. The company now describes Relief Canyon as fully funded and in construction.
What it means for a shareholder
4.0m new shares at C$3.30 to raise about C$10.0m. That's 8.4% dilution: every existing holder's slice gets 8.4% smaller. If you held C$1,000 of shares (303 at the issue price), your slice goes from 0.000698% to 0.00064% of the company. To keep it you'd need 28 more shares - about C$92 at the issue price.
