Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2024capital raising announcement▼ Bad
On Feb 26, 2024 the company borrowed US$262,500 from Donald Taylor (the director named as President & CEO in the context) on an unsecured note at 14% interest, maturing Dec 31, 2024, and issued him 300,000 five-year warrants at C$0.62 per share. It paid a US$12,500 origination fee and says the money is for general corporate purposes. The loan is a small new debt on top of the Augusta Investments note, and the warrants could add shares if exercised. The default terms mention rights under a 'Security Agreement', but the filing does not describe what that covers.
Augusta Investments Inc, Richard Warke reported a AUGUSTA GOLD CORP. shareholding of 45,051,115 shares (42.65% of votes) in a periodic institutional filing.
The company extended the outside maturity of the US$22,232,561 Augusta Investments note from Dec 13, 2023 to March 31, 2024, for an extension fee of $33,501.12 accrued and due at maturity. The note remains outstanding and unchanged otherwise, so this is a second delay in repaying the lender that began as a 12-month loan in Sept 2022.
The move from Delaware to Nevada approved in September took effect (effective time stated as Oct 11, 2023, 11:59 p.m. ET). Each share converted one-for-one, warrants and options carried over on the same terms, directors and officers stayed in place, and the Nevada company took on all of the old company's liabilities. The shares keep the same symbols (TSX: G, OTCQB: AUGG) and CUSIP. The filing notes some shareholder rights changed under Nevada law, referring to the proxy statement for details.
Augusta Investments Inc, Richard Warke reported a AUGUSTA GOLD CORP. shareholding of 45,001,115 shares (42.62% of votes) in a periodic institutional filing.
The company amended the US$22,232,561 secured note to Augusta Investments Inc. (issued Sept 13, 2022), replacing the stated maturity with the earliest of 30 days after a lender demand, full repayment, or Dec 13, 2023. Nothing else in the note changed and it remains outstanding, so the debt was not repaid at the roughly 12-month mark and the Jan 2023 offering did not retire it by then.
Shareholders approved moving the company's legal home from Delaware to Nevada at the Sept 7, 2023 annual meeting (45,356,010 votes for, 26,181 against). The filing says it will not change anyone's percentage ownership or share count, nor the business, management, assets or liabilities. The same meeting elected six directors (Richard Warke, Donald Taylor, Lenard Boggio, John Boehner, Daniel Earle, Poonam Puri) and reappointed Davidson & Company as auditor. The move was still subject to regulatory approvals and board discretion at this point.
The company re-released its Bullfrog Project resource report (effective date Dec 31, 2021) only to name Forte Dynamics, Inc. as the qualified firm instead of individual employees. The filing states there are no changes to the resource estimates and only minor typographical edits, so there is no new information on the project.
Augusta Investments Inc, Richard Warke reported a AUGUSTA GOLD CORP. shareholding of 44,875,115 shares (42.49% of votes) in a periodic institutional filing.
Waterton Global Resource Management, Inc, Waterton Global Resource Management Cayman Corp, Waterton Global Resource Management, LP, Waterton Precious Metals Fund II Cayman, LP, Waterton Nevada Splitter, LLC, Isser Elishis, Richard J. Wells, Cheryl Brandon, Kanwaljit Toor, Kalman Schoor reported a AUGUSTA GOLD CORP. shareholding of 3,362,000 shares (4.24% of votes) in a periodic institutional filing.
