Each one in plain English, with the numbers worked through for a shareholder.
9 May 2011capital raising announcement● NeutralMajor
Olympus closed the second part of a note financing: US$14.6M of four-year 8% unsecured convertible notes, convertible at US$0.51 per share, with two warrants per unit. A similar CAD$15M placement closed May 5, 2011. Net proceeds on this tranche are about US$13.2M, and Euro Pacific Capital was placement agent on both. Conversion and warrant exercise need shareholder approval, and the offering also needs TSX and ASX-related approvals. The company says it chose notes over pure equity to minimise dilution; the notes and warrants could still add shares if converted or exercised (inference). This adds to the 2010 convertible and gold delivery notes already outstanding.
21 June 2010capital raising announcement● NeutralMajor
Olympus closed a private placement of gold delivery note units for gross proceeds of US$21,960,000. The 8% senior secured notes mature May 31, 2013 and are repaid in gold deposited semi-annually from November 30, 2010, using a US$900 base price with adjustments for gold price rises up to US$1,200. Each unit has a warrant over 3,470 shares at CAD$0.60 until May 31, 2013 (about 7.62M shares in total). Euro Pacific was paid US$1,724,300 plus warrants over 2,668,750 shares at CAD$0.60. Proceeds are for processing facilities at Phuoc Son and Bong Mieu, exploration and general purposes. This adds a second financing for the Phuoc Son plant after the March convertible notes, and creates obligations to be repaid in gold.
26 Mar 2010capital raising announcement● NeutralMajor
Olympus closed a brokered private placement raising about CAD$12.75M through units of four-year 9% subordinated unsecured convertible notes (convertible at CAD$0.42, maturing March 26, 2014) plus two warrants per unit (CAD$0.50 and CAD$0.42 exercise prices, to maturity). Euro Pacific Capital took a cash fee of about CAD$1,019,999 plus warrants over 2,428,571 shares at CAD$0.50. Net proceeds are for building the Phuoc Son processing plant, which answers the earlier question of how the plant would be funded, at least in part, with debt convertible into shares (potential dilution is an inference). The company targets 85,000 oz annualised by early 2011 and about 300,000 oz by 2014 (company expectations).
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 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 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).
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).
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.
26 Feb 2007capital raising announcement● NeutralMajor
Olympus announced a non-brokered private placement of up to 21,428,571 shares at C$0.56 each, raising up to C$12 million, with closing expected around March 19, 2007. Proceeds are meant for exploration, feasibility studies, development work and general corporate purposes; new shares would dilute existing holders (inference).
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.
