15 Nov 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
17 Oct 2006material agreement● Neutral
Stuart L. Green started on October 16, 2006 as General Manager and Vice President of Operations at a $140,000 base salary. He received an option on 100,000 shares at $0.75 (half vested immediately, half on October 16, 2007) and 50,000 restricted shares vesting over two years, plus a change-of-control agreement. This is a routine executive hire.
31 Aug 2006securities registration● Neutral
CANYON RESOURCES CORP amended an already-effective registration statement.
11 Aug 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
11 Aug 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
1 Aug 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
13 July 2006securities registration● Neutral
CANYON RESOURCES CORP registered a securities offering with the SEC.
12 July 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
7 July 2006material agreement▲ Good
On June 30, 2006 Canyon amended its agreements with investors in the December 2, 2005 private placement. Penalties for failing to keep the resale registration effective or the AMEX listing are now capped at 10% of the original purchase price, and are removed for shares issued on warrant exercise. As a result, from the June 2006 quarter those investors' warrants are to be treated as equity rather than a liability re-measured each period. This resolves the open penalty exposure on that registration obligation, in part.
26 June 2006material agreement● Neutral
This amendment adds detail on director pay: each continuing non-employee director gets 75,000 five-year stock options after each annual meeting, first granted June 6, 2006 at a $1.05 exercise price. Chairman Richard H. De Voto, whose pay is part cash and part restricted stock, was also granted 75,000 incentive stock options at $1.05. The filing says his employment terms were not otherwise materially changed.
12 June 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
5 June 2006capital raising announcement● NeutralMajor
Canyon closed a private placement on June 2, 2006, selling 5.1 million shares at $1.00 for $5.1 million gross (about $4.8 million net), plus 2.55 million Series A warrants at $1.50 for three years. Placement agents received $225,625 cash and 535,500 Series A warrants. A registration statement is due by July 2, 2006, with payments capped at 10% of the purchase price if deadlines are missed. Separately, an investor exercised 346,740 warrants from the March 2005 offering at $1.03 for about $357,142. Shareholders are diluted.
What it means for a shareholder
5.1m new shares at $1.00 to raise about $5.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 May 2006material agreement● Neutral
Canyon's board extended the expiry of warrants over 2,199,836 shares from June 1, 2006 to June 1, 2007; the filing gives the exercise price as $2.16 (the November 2005 extension said $2.19). These are the same September 2003 private placement warrants extended once before, so this is a further extension.
9 May 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
7 Apr 2006securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
28 Mar 2006securities registration● Neutral
CANYON RESOURCES CORP amended a filing by which it registered a securities offering with the SEC.
24 Feb 2006securities registration● Neutral
CANYON RESOURCES CORP amended a filing by which it registered a securities offering with the SEC.
8 Feb 2006substantial holder notice● Neutral
Arnhold and S. Bleichroeder Advisers, LLC Tax ID # disclosed a new substantial CANYON RESOURCES CORP shareholding (9.98% of votes).
26 Jan 2006material agreement▲ GoodMajor
Canyon signed an agreement with private British Columbia company New Horizon Uranium Corporation to form the Converse Joint Venture in Converse and Niobrara counties, Wyoming. New Horizon can earn 50% by spending $1,000,000 over three years, up to 70% with another $1,000,000, and 75% by funding a third-party feasibility study, and it can terminate at any time with notice. Canyon would receive New Horizon shares and warrants if it earns 50%, and $2,000,000 in shares or cash on a decision to build a mine. This is a new uranium venture alongside the gold assets.
23 Dec 2005securities registration● Neutral
CANYON RESOURCES CORP registered a securities offering with the SEC.
2 Dec 2005capital raising announcement● NeutralMajor
Canyon closed a private placement on December 2, 2005, selling 3,300,004 shares at $0.76 for $2.5 million gross (about $2.3 million net), with Series A warrants (1,650,003 at $1.30, three years) and Series B warrants (825,004 at $1.08, one year). Placement agents got $121,135 cash plus 115,500 Series A, 57,750 Series B and 231,000 Series C warrants (Series C at $0.76, three years). Canyon must file a registration statement by January 1, 2006 or pay penalties. Shareholders are diluted.
What it means for a shareholder
3.3m new shares at $0.760 to raise about $2.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Nov 2005listing compliance notice▼ Bad
The American Stock Exchange told Canyon on November 21, 2005 that it broke a listing rule by issuing 500,000 shares on September 16, 2005, in connection with the repurchase of crushing equipment at the Briggs Mine, without first getting approval. Canyon filed the required application on November 16, 2005 and says it will regain compliance once approved. This is a separate, smaller listing issue from the 2004 late-filing problem.
23 Nov 2005material agreement● Neutral
Canyon's board extended the expiry of warrants over 2,199,836 shares, exercisable at $2.19 per share, from December 1, 2005 to June 1, 2006. These are warrants left over from the September 2003 private placement, so the extension keeps the possible new shares outstanding for longer.
5 Aug 2005resource reserve update● NeutralMajor
Canyon said it will not exercise its option, signed in January 2005 with Vista Gold Corp., to buy the Hycroft Mine near Winnemucca, Nevada for $4.0 million cash plus $6.0 million in Canyon equity units. It spent $0.6 million on the work program (33 holes, 12,475 feet, plus engineering and cost estimates), against a $0.5 million commitment, and based its decision on the resulting study-level plans and costs. The filing does not give the reason for declining.
10 June 2005resource reserve update● Neutral
Filed to furnish a June 8, 2005 press release (PR05-10) and a judgment of the Montana Supreme Court as exhibits. The filing text does not say what the judgment decided or which case it concerns; given the McDonald project's I-137 litigation this may relate, but that is an inference only.
4 May 2005material agreement● Neutral
Canyon signed an employment agreement with James K.B. Hesketh that only takes effect if there is a change of control of the company. If it does, he stays on for 12 months in the first two years and 18 months after, at a salary at least equal to his highest recent monthly pay times twelve, with salary for the rest of the period payable if he leaves for 'good reason'. The filing does not state his title.
17 Mar 2005late filing notice▼ Bad
CANYON RESOURCES CORP notified the SEC that its annual report would be filed late.
16 Mar 2005securities registration● Neutral
CANYON RESOURCES CORP filed the final prospectus for a registered offering.
16 Mar 2005material agreement● NeutralMajor
Canyon sold 5,302,932 common shares and 2,651,466 warrants under subscription agreements, as part of up to $3,823,417 of securities registered on its S-3. This adds new shares (dilution) and warrants; the filing does not state the price per share or the warrant exercise terms in the body text.