2 Nov 2020substantial holder notice● Neutral
Augusta Investments Inc disclosed a new substantial AUGUSTA GOLD CORP. shareholding (48.48% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2020director interest notice● Neutral
Johnny Pappas became a AUGUSTA GOLD CORP. VP, Environmental & Permitting and company insider (initial ownership filing).
30 Oct 2020director interest notice● Neutral
Maryse Belanger became a AUGUSTA GOLD CORP. President and company insider (initial ownership filing).
30 Oct 2020director interest notice● Neutral
Daniel Earle became a AUGUSTA GOLD CORP. director and company insider (initial ownership filing).
30 Oct 2020director interest notice● Neutral
Augusta Investments INC. became a AUGUSTA GOLD CORP. 10%+ owner and company insider (initial ownership filing).
30 Oct 2020director interest notice● Neutral
Scott Burkett became a AUGUSTA GOLD CORP. VP, Exploration and company insider (initial ownership filing).
30 Oct 2020director interest notice● Neutral
Michael Mcclelland became a AUGUSTA GOLD CORP. Chief Financial Officer and company insider (initial ownership filing).
29 Oct 2020substantial holder notice● Neutral
Barrick Gold Corporation disclosed a new substantial AUGUSTA GOLD CORP. shareholding (28.70% of votes).
29 Oct 2020director interest notice● Neutral
Barrick Gold Corp became a AUGUSTA GOLD CORP. company insider (initial ownership filing).
29 Oct 2020business combination● NeutralMajor
On October 26, 2020 the company closed both deals announced on October 9: it bought all of Bullfrog Mines LLC from Homestake Mining Company of California and Lac Minerals (USA) LLC for 54,600,000 units and a 2% net smelter royalty, and sold 110 million units to the Augusta Group for C$22 million. The filing says the Barrick parties and the Augusta Group now own a majority of the common shares, the board was replaced except David Beling, and a new management team (Maryse Bélanger as President and CEO, Michael McClelland as CFO) took over. The company also owes a C$1.2 million fee to Fort Capital Partners and acquired rights to 1,500 acres next to its Bullfrog deposit. Existing holders are heavily diluted and no longer control the company; this resolves the pending transaction.
15 Oct 2020capital raising announcement▲ GoodMajor
On October 9, 2020 the company signed the definitive purchase agreement with Homestake Mining Company of California and Lac Minerals (USA) LLC for all of Bullfrog Mines LLC, along with subscription agreements for 110 million units for C$22 million with the Augusta Group. Each deal closes only if the other does, and a C$1.2 million fee to Fort Capital Partners is due at closing. The company's press release says the March 2015 Barrick lease and option has been terminated and the Barrick back-in right eliminated. It also says the Barrick royalty falls to a minimum 0.5% on certain Barrick lands already subject to royalties, and closing is expected in Q4 2020, subject to approvals including the Canadian Securities Exchange. This turns the September term sheet into binding agreements and replaces the old option structure with outright ownership of the Barrick-held assets.
13 Oct 2020business combination● NeutralMajor
This information statement gives notice of the board change tied to the deal signed October 9, 2020: a purchase agreement for Bullfrog Mines LLC (54,600,000 units plus a 2% royalty to Barrick parties) and C$22,000,000 of Augusta Group subscriptions (110,000,000 units at C$0.20). Beling stays on the board while the other directors resign. The filing lists 161,230,237 common shares and 19,229,166 Series B preferred outstanding as of October 9, 2020, so the new issuances would be large relative to the current share count. This resolves the term sheet into signed agreements, but closing is still subject to conditions. No shareholder vote is requested.
9 Oct 2020material agreement● Neutral
The termination date of the September 2020 Barrick/Augusta term sheet was extended by one day to October 8, and then by another day to October 9, 2020. All other terms stayed the same. This continues the deal and shows the definitive agreements were not yet signed when the deadline was reached.
11 Sept 2020capital raising announcement● NeutralMajor
On September 7, 2020 the company signed a binding term sheet to buy all of Bullfrog Mining LLC (the successor to Barrick Bullfrog Inc.) from Barrick-related parties. In return it would issue 54,600,000 units (a share plus a four-year C$0.30 warrant each, about 15.9% of shares after closing) and a 2% royalty. Alongside this, the Augusta Group (Augusta Investments Inc. and others) would buy 110,000,000 units at C$0.20 for C$22,000,000. All directors except David Beling would resign, with Dan Earle, Maryse Belanger and Don Taylor joining, and Belanger becoming President. Definitive agreements were due within 30 days. Separately, the Barrick Bullfrog option on the SW Montgomery-Shoshone pit, first signed in March 2015, was extended to October 23, 2020. This is a major turn: a much larger raise and a change of control of management, with heavy dilution to existing holders.
What it means for a shareholder
110m new shares at C$0.200 to raise about C$22.0m. That's 41% dilution: every existing holder's slice gets 41% smaller. If you held C$1,000 of shares (5,000 at the issue price), your slice goes from 0.00312% to 0.00185% of the company. To keep it you'd need 3,427 more shares - about C$685 at the issue price.
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13 Aug 2020quarterly activities report▼ Bad
AUGUSTA GOLD CORP. reported quarterly revenue of $0 and a net loss of $1.1 million for the period ended 2020-06-30.
6 Aug 2020director interest notice● Neutral
AUGUSTA GOLD CORP. director Alan P. Lindsay acquired 500,000 shares at $0.18 under a company stock plan.
6 Aug 2020director interest notice● Neutral
AUGUSTA GOLD CORP. director Kjeld Thygesen acquired 500,000 shares at $0.18 under a company stock plan.
6 Aug 2020director interest notice● Neutral
AUGUSTA GOLD CORP. CEO David Coates Beling acquired 500,000 shares at $0.18 under a company stock plan.
6 Aug 2020director interest notice● Neutral
AUGUSTA GOLD CORP. CFO Tyler J Minnick was credited 350,000 deferred share units under a company plan.
14 May 2020quarterly activities report▼ Bad
AUGUSTA GOLD CORP. reported quarterly revenue of $0 and a net loss of $75 thousand for the period ended 2020-03-31.
11 Feb 2020securities registration● Neutral
AUGUSTA GOLD CORP. amended a filing by which it filed notice of an exempt private placement.
28 Jan 2020securities registration● Neutral
AUGUSTA GOLD CORP. filed notice of an exempt private placement.
21 Jan 2020capital raising announcement● Neutral
On January 16, 2020 the company sold 15,384,615 units at CAD$0.13 for CAD$2,000,000. Each unit was one common share plus a two-year warrant on half a share at CAD$0.20. It paid CAD$118,918 in finder's fees plus 914,750 finder warrants at CAD$0.20. The price is higher than the $0.05-$0.08 raises in 2017-2019, though it is in a different currency. The filing says 7,692,308 shares were issued in connection with the offering, which does not obviously match the unit count and is not explained.
What it means for a shareholder
15.4m new shares at C$0.130 to raise about C$2.0m. That's 40% dilution: every existing holder's slice gets 40% smaller. If you held C$1,000 of shares (7,692 at the issue price), your slice goes from 0.0338% to 0.0202% of the company. To keep it you'd need 5,200 more shares - about C$676 at the issue price.
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14 Nov 2019quarterly activities report▼ Bad
AUGUSTA GOLD CORP. reported quarterly revenue of $0 and a net loss of $405 thousand for the period ended 2019-09-30.
6 Aug 2019quarterly activities report▼ Bad
AUGUSTA GOLD CORP. reported quarterly revenue of $0 and a net loss of $379 thousand for the period ended 2019-06-30.
7 June 2019auditor change● Neutral
On June 4, 2019 Peterson Sullivan LLP resigned as auditor and the board appointed Davidson & Company LLP in its place. Peterson's reports for 2017 and 2018 carried no adverse opinion but noted substantial doubt about the company's ability to continue as a going concern. The filing reports no disagreements or reportable events.
30 Apr 2019quarterly activities report▼ Bad
AUGUSTA GOLD CORP. reported quarterly revenue of $0 and a net loss of $380 thousand for the period ended 2019-03-31.
1 Apr 2019securities registration● Neutral
AUGUSTA GOLD CORP. filed notice of an exempt private placement.
14 Feb 2019capital raising announcement● Neutral
On February 12, 2019 the company sold 16,700,000 units at $0.05 each for $835,000 to accredited investors. Each unit was one common share plus a two-year warrant to buy half a share at $0.10. The proceeds were used for general corporate purposes. This continues the pattern of small raises that add shares and warrants.
What it means for a shareholder
16.7m new shares at $0.050 to raise about $835,000. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held $1,000 of shares (20,000 at the issue price), your slice goes from 0.0192% to 0.0166% of the company. To keep it you'd need 3,208 more shares - about $160 at the issue price.
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13 Feb 2019securities registration● Neutral
AUGUSTA GOLD CORP. filed notice of an exempt private placement.