Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2024debt financing▼ BadMajor
On Sept 30, 2024 the Augusta Investments note maturity was extended to April 30, 2025, with a $71,748 extension fee. The lender loaned $5,479,941.03, equal to all interest and fees through Sept 30, and the company immediately repaid that amount to the lender, so accrued interest was paid but the loan balance grew by the same amount. Interest after Oct 1 is not payable until disinterested shareholders approve it under TSX rules; if there is no approval by April 30, 2025, the lender can demand payment of the full principal. The maturity is later than the Feb 28, 2025 date mentioned in the Sept 5 release. Debt-to-equity conversion is not part of this filing.
The company furnished the full technical report for the Reward feasibility study (effective Sept 3, 2024, signed Sept 30, 2024), prepared by Kappes Cassiday & Associates with other qualified persons. This is the detailed document behind the Sept 5 results; the excerpt here does not add new figures.
The company announced a feasibility study for its 100%-owned Reward Project: 370,000 oz of gold in proven and probable reserves, all permits in place to start construction, pre-production capital of US$89.7M, and a US$127M after-tax NPV at US$2,400/oz gold. Reward previously had resources only and no reserves, so this is the first reserve figure for it. The same release says the company has started a strategic review that could include a sale of the company or its assets, a merger or a joint venture, and that it agreed in principle to extend the Augusta Investments loan to Feb 28, 2025. It is also considering converting some or all of that debt to equity, which would dilute shareholders; no decisions have been made on any of these.
Augusta Investments Inc, Richard Warke reported a AUGUSTA GOLD CORP. shareholding of 43,590,388 shares (41.87% of votes) in a periodic institutional filing.
Augusta Investments lent the company a further $250,000 on Aug 28, 2024 (documented Sept 3), raising the note's principal to $24,599,251.60. No other terms changed. The company continues to draw on its largest shareholder's loan.
On June 28, 2024 the company pushed the outside maturity of the Augusta Investments note from June 30 to Sept 30, 2024, in return for a $30,399 extension fee due at maturity and added to the principal. The principal is now $24,349,251.60 and the note stays outstanding with otherwise unchanged terms. This is another delay in repaying the lender.
Augusta Investments Inc, Richard Warke reported a AUGUSTA GOLD CORP. shareholding of 43,565,388 shares (41.85% of votes) in a periodic institutional filing.
On Apr 26, 2024 Augusta Investments Inc. lent the company another US$1,500,000 under its secured note, which had been amended and restated on March 27, 2024. The note's principal is now $24,318,852.62, and no other terms changed. This continues the borrowing from the company's largest shareholder; the March 27 restatement itself is only referenced here, not described.
Augusta Investments Inc, Richard Warke reported a AUGUSTA GOLD CORP. shareholding of 43,565,388 shares (41.85% of votes) in a periodic institutional filing.
Augusta Investments Inc, Richard Warke reported a AUGUSTA GOLD CORP. shareholding of 45,051,115 shares (42.66% of votes) in a periodic institutional filing.
