Each one in plain English, with the numbers worked through for a shareholder.
28 May 2009capital raising announcement● NeutralMajor
Olympus closed the private placement, issuing 16,216,216 shares at US$0.185 for US$3,000,000 gross. McDouall Stuart Securities received a US$150,000 finder's fee. The shares are locked in Canada until September 28, 2009, and the net proceeds are for mine development to raise production at Bong Mieu. This completes the financing announced May 14; existing shareholders are diluted by these new shares (an inference; total share count not stated).
What it means for a shareholder
16.2m new shares at US$0.185 to raise about US$3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Olympus said it will cap its private placement at US$3,000,000 for now, dropping the optional extra US$1M announced the previous day. No reason is given.
14 May 2009capital raising announcement● NeutralMajor
Olympus announced a proposed private placement of up to 16,216,216 shares at US$0.185 for up to US$3M, with a right to add 5,405,405 shares for a further US$1M, subject to regulatory approval. McDouall Stuart Securities of New Zealand gets a 5% cash finder's fee. Proceeds are for mine development to raise production at Bong Mieu, not Phuoc Son. This is the first equity raise seen since the August 2007 offering. (Signature block dated 2008, apparently a typo.)
What it means for a shareholder
16.2m new shares at US$0.185 to raise about US$3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Olympus said it has restarted trucking high-grade Phuoc Son ore to the Bong Mieu plant as upgrades near completion, after the three-month trial concluded in December. The upgrades over six months were shaking tables, a second intensive leach reactor and an extra float bank. The CEO says this will generate positive cash flow until the main Phuoc Son plant is commissioned; the release does not mention the permanent permit sought in February, so whether it was granted is not stated.
Olympus said December 2008 was its highest gold production month, and the three-month trial of treating Phuoc Son ore at the Bong Mieu plant was successful, with production up 50% to 1,500 oz/month after plant changes. However, its stock of high-grade ore ran out on January 18, 2009 and it has asked for a permanent trucking permit; it expects to resume higher production and become cash-flow positive later this year once permission is received. This continues the toll-treatment thread begun in August 2008, with permission still pending. (The release is dated 2008 in its text, apparently a typo for 2009.)
Olympus said Vietnamese authorities approved trucking high-grade Phuoc Son ore to its Bong Mieu plant for toll treatment, with trials that have recently begun and will run 3 months. The company says the added production could partly or fully fund Phuoc Son development costs; this is its expectation, not a result. This is a new route to cash flow bearing on the open question of how Phuoc Son would be financed, but no amounts or financing are stated.
Olympus reported three more Phuoc Son drill holes on the northern Dak Sa ore body, saying it now extends 400 m north of the current resource boundary, with the north deposit's strike length totalling 1,500 m. Best results were 6.25 g/t gold over 6.25 m (DSDH 254) and 6.40 g/t over 4.58 m (DSDH 251); the northernmost hole (DSDH 249) gave only 2.35 g/t over 0.47 m. The company says it is on track to add significantly to resources by year end (a company statement); no new resource figure is given. This continues the Phuoc Son drilling thread; 5,165 m in 12 holes drilled year to date.
Olympus filed the full 324-page feasibility technical report (dated March 26, 2008) behind the April 1 Phuoc Son release, by Stevens and Associates and Terra Mining Consultants. The excerpt shows only the table of contents (sections on reserves, mining, processing, capital and operating costs, financial evaluation, risk and recommendations); no new figures are visible. It is the supporting document for the April 1 results. The filing's index also describes the exhibit as a technical review of the Bong Mieu project, which does not match its content (an inconsistency in the filing).
Olympus released a feasibility-study technical report for Phuoc Son (85% owned) by Terra Mining Consultants/Stevens & Associates. It states proven and probable reserves of 430,010 t at 10.09 g/t gold at Bai Dat and 500,380 t at 5.82 g/t at Bai Go, with the 425,380 oz Inferred resource excluded. At an average gold price of US$889/oz, it gives pre-production capital of about US$48.1M, life-of-mine capital of US$52.4M, 189,992 payable oz, operating cost of US$423/oz, post-tax NPV of US$17.7M-US$21.5M (10%-7.5%), IRR of 27.9% and payback of 3.08 years. Stoping is expected to start around mid-2009 when the plant is ready, and the economics assume minimal income tax pending an applied-for four-year exemption. This delivers the feasibility study flagged as open, but the release does not say how the roughly US$48M would be funded, so the debt-funding thread remains open.
Olympus said FINRA approved its common shares for trading on the US over-the-counter bulletin board from March 5, 2008, under the ticker OLYMF, in addition to its TSX and Frankfurt listings. The company says this will help its US marketing and let US investors trade more easily. No financing or asset change is stated.
Olympus reported infill drilling at the Dak Sa shear zone, Phuoc Son: hole DSDH 238 in the Northern Section cut 7.75 m at 4.53 g/t gold and 9 m at 26.48 g/t gold (headline says 28.6 g/t; the text gives 26.48), with the width said to approximate true thickness and grades uncut. The company says the shear zone remains open along strike and down dip and that resources announced so far are a minor part of the property's potential (a company claim). This continues the Phuoc Son drilling thread; no new resource figure is given.
Olympus filed the full technical report behind the January 15 Phuoc Son resource upgrade: a 'Preliminary Assessment' by Stevens and Associates and Terra Mining Consultants. The excerpt shows only the table of contents (covering resource tables for Bai Dat and Bai Go, a mineable portion at a 3 g/t gold cut-off, mining, capital and operating costs, economics and risk), with no figures visible. It documents the earlier 637,000 oz announcement rather than adding new results.
Olympus announced a 110% upgrade of the Phuoc Son resource to 637,000 oz (from 304,000 oz), based on a technical report by Terra Mining Consultants and Stevens & Associates following about 10,000 m of drilling between November 2006 and October 2007. Measured and Indicated is 211,280 oz and Inferred is 425,380 oz, so most of the increase is in the lower-confidence Inferred category. The company says total published Vietnam resources (Bong Mieu and Phuoc Son) are now 1.48 million oz, and that its 2008-2009 drilling programs are expected to add 550,000 to 750,000 oz. The report recommends a feasibility study. This delivers on the northern-extension drilling thread, though the earlier mention of an update only after the Dak Sa feasibility study is superseded by this earlier release.
Olympus reported six more Dak Sa holes (DSDH 223-227 and 230) with narrow high-grade intercepts, e.g. 0.65 m at 40.65 g/t gold and 0.65 m at 20.35 g/t. Year to date the program has drilled 8,336 m in 24 holes, with three more in progress. The company says it is extending mineralization west and down-dip in both the north and south sectors, and plans to step up drilling as the dry season approaches. This continues the Phuoc Son drilling thread; the intercepts are mostly under 1 m wide and no new resource figure is given.
Olympus reported more Phuoc Son northern-extension drilling: DSDH 221 hit 7.75 g/t gold over 5.90 m (including 12.37 g/t over 3.65 m) and DSDH 222 hit 2.44 g/t over 4.50 m. Thirteen of 19 extension holes have shown significant mineralization, and seven holes have intercepts of potentially mineable width and grade. The announced resource is unchanged, and an updated estimate is expected about 7 or 8 months after the Dak Sa feasibility study is completed. The release gives Phuoc Son ownership as 86% in the boilerplate, against 85% elsewhere; the filing does not explain this, and the earlier 85% figure is retained here. It also names Rod Jones as VP Exploration and Qualified Person, where earlier releases named Roger Dahn and Rod Murfitt.
Olympus said that, apart from monthly working capital for its Vietnam and Philippines projects, all its cash is held in interest-bearing deposit accounts at TD Bank in Canada. It says drilling is active at Bong Mieu, Phuoc Son and Capcapo, a demonstration plant is operating at Bong Mieu, and it plans to start developing its second mine at Phuoc Son once debt funding is completed. That is a change from the August prospectus use of proceeds, which no longer mentioned Phuoc Son construction: the filing ties construction to debt funding, but gives no amount, lender or timing.
Olympus reported two more Phuoc Son northern-extension holes: DSDH 219 cut 19.46 g/t gold over 3.90 m (including 30.04 g/t over 2.50 m) and DSDH 218 cut 5.70 g/t over 1.70 m. Eleven extension holes have shown mineralization, the structure has been extended over 800 m beyond the resource limit, and the shear zone is now said to be well over 2 km long. This resolves the pending hole 218 assays from July 26 and continues the northern-extension thread; holes 220-221 await assays and 222-223 are drilling. The existing resource (209,500 oz M&I, ~94,700 oz inferred) is unchanged.
Olympus announced that regulators in British Columbia, Alberta and Ontario issued a receipt on August 8, 2007 for the amended and restated final prospectus dated August 1, for the unit offering, which was expected to close August 10. It repeats the 30-day over-allotment option (up to 5,769,230 shares and/or 2,884,615 warrants, taking gross proceeds to $28,750,000 if fully used). This is a procedural step before the closing already recorded on August 10.
What it means for a shareholder
5.8m new shares at about $4.98 to raise about $28.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
10 Aug 2007capital raising announcement▲ GoodMajor
Olympus closed its offering on August 10, 2007, selling 38,461,538 units at C$0.65 for C$25,000,000 gross. Each unit has one share plus one-half warrant, with whole warrants exercisable at C$0.80 until August 10, 2009. The agents received a C$1,500,000 fee and options over 2,307,692 units at C$0.65 until August 10, 2009; the 30-day over-allotment option (up to C$3.75M more) remains open. Proceeds are for exploration and feasibility studies at Bong Mieu, Phuoc Son and Capcapo plus working capital. This completes the financing begun June 27.
What it means for a shareholder
38.5m new shares at C$0.650 to raise about C$25.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Olympus revised the offering terms in an amended final prospectus dated August 1, 2007: 38,461,538 units at C$0.65 (down from C$0.80) for the same C$25,000,000, with warrants at C$0.80 for 24 months. This means more shares for the same money, so existing holders are diluted more than under the July terms (inference from the numbers). An over-allotment option of up to 5,769,230 shares and 2,884,615 warrants (up to C$3.75M) is available for 30 days after closing; the agents' fee remains 6%. Closing moved to about August 10, 2007. The stated use of proceeds no longer mentions starting Phuoc Son mine construction.
What it means for a shareholder
38.5m new shares at C$0.650 to raise about C$25.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
30 July 2007capital raising announcement● NeutralMajor
Olympus filed the final short form prospectus (dated July 24, 2007) for the offering of 31,250,000 units at C$0.80 for C$25,000,000 gross, with warrants at C$0.90 for 24 months. Agents could add up to 4,687,500 units (C$3.75M more), earn a 6% fee (C$1.5M) and compensation options for 6% of units, and closing was set for about July 31, 2007. Filing also includes NI 43-101 technical reports for Bong Mieu and Phuoc Son and consents. The excerpt is truncated, so risk and capitalization details are not covered. These terms were later amended (see Aug 2).
Further step-out drilling at the Phuoc Son northern extension says the mineralized structure runs more than 800 m beyond the previously defined resource limit. Hole 217 returned 20.74 g/t gold over 2.15 m, but holes 214-216 had low grades (e.g., 0.29 g/t over 2.5 m in hole 216), and the company says grade and width vary considerably and close-spaced drilling is still needed. Assays for hole 218 are pending and holes 219-220 are in progress. This continues the May 22 northern extension work.
5 July 2007capital raising announcement● NeutralMajor
Olympus priced the C$25,000,000 offering at C$0.80 per unit: 31,250,000 units, each one share plus one-half warrant (15,625,000 warrants in total), with each whole warrant exercisable at C$0.90. The warrant term was shortened to 24 months after closing, from the 36 months in the June 27 release. Agents may add up to 15% more units (4,687,500). Closing is expected around July 17, 2007, subject to approvals.
28 June 2007capital raising announcement● NeutralMajor
Olympus filed a preliminary prospectus in British Columbia, Alberta and Ontario for a C$25,000,000 best-efforts offering of units, each a common share plus one-half of a warrant, led by Loewen Ondaatje McCutcheon with M Partners. Price and number of units were not yet set; closing was targeted for about July 17, 2007. Proceeds would go to exploration and development at Bong Mieu, Phuoc Son and Capcapo, starting mine construction at Phuoc Son, and working capital. This follows the C$12M placement closed in March; new shares would dilute existing holders (inference).
Hole DDH07-12 at Capcapo, a 50 m step-out east of hole 11, returned 3.06 g/t gold and 0.67% copper over 28 m, including 4.43 g/t gold over 18 m. The company says the deposit is open and step-out drilling continues, extending the Capcapo results from earlier releases. The release signs David Seton as Executive Chairman rather than Chairman and CEO as in earlier filings; the filing gives no explanation.
Two more Capcapo holes, both 50 m step-outs from the first, hit gold-copper mineralization: DDH07-10 had 2.07 g/t gold and 0.60% copper over 41 m, and DDH07-11 had 1.53 g/t gold and 0.35% copper over 47 m. The company says the deposit is open for expansion and drilling continues, following up on the April 24 first-hole result.
New step-out drilling on the Phuoc Son northern extension returned 3.84 g/t gold over 14.95 m (including 8.56 g/t over 5.75 m) in hole 213. The company added another drill rig and aims to upgrade the extension to formal resource status; this mineralization sits outside the March 7 resource estimate. This continues the northern extension drilling thread, and the company refers to a million-ounce target.
Olympus reported the first drill hole (DDH07-09) at the Capcapo project in Abra Province, northern Philippines: 1.49 g/t gold, 0.31% copper and 5.6 g/t silver over 94 m from surface. This is a new area for the company, outside its Vietnam properties. Under a November 23, 2006 option agreement with Abra Mining & Industrial Corporation and Jabel Corporation, Olympus and associated Philippine interests can earn 60% of the 43 sq km project; the drilling is the final due diligence phase. Drilling continues.
Olympus reported surface sampling of a new upper vein about 100 m above the Bong Mieu underground deposit, exposed over 650 m of strike with chip samples up to 68.6 g/t gold over 1.2 m, and plans a nine-hole first-phase drill program. It also said the Bong Mieu East resource update, expected around April, is delayed because of minor revisions to the report submitted to Micon International, and is now expected within 4 to 6 weeks. The filing describes Bong Mieu as 80% owned.
21 Mar 2007capital raising announcement▲ GoodMajor
Olympus closed its non-brokered private placement on March 19, 2007: 21,428,571 shares at C$0.56 for gross proceeds of C$12,000,000, the full amount announced February 26. Proceeds are intended for exploration, feasibility studies, development work and general corporate purposes.
What it means for a shareholder
21.4m new shares at C$0.560 to raise about C$12.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
