11 June 2009admin correction● Neutral
Near-duplicate of the contact details notice, now listing Terry Topping as Chief Executive Officer rather than Managing Director. No other new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2009admin correction● Neutral
Company contact details changed: new postal address PO Box 1916 West Perth and new phone and fax numbers. Share count shown as 63.4 million shares, confirming the merged capital. Administrative only.
5 June 2009director officer appointment▲ GoodMajor
Post-merger board set: Tony Sage Executive Chairman, Brett Smith Executive Technical Director, Terry Topping stays MD, Kent Hunter non-executive; McBain and Logaraj leave. Greenday funding of over $7.5m is expected within weeks. Three or four drilling programmes planned in six months. Note maturity now 31 July 2012.
4 June 2009other● Neutral
Re-release of the same-day name change notice: Scimitar becomes Cauldron Energy (ASX:CXU) from 5 June 2009. Jackson record date 10 June, holding statements about 12 June. No new information.
4 June 2009business combination▲ GoodMajor
Court order lodged with ASIC on 4 June, making the Jackson scheme legally effective. Holding statements for new Scimitar shares are expected around 12 June, after the 10 June record date. The renaming to Cauldron Energy is expected before completion.
4 June 2009other● Neutral
Scimitar Resources renames itself Cauldron Energy (ASX:CXU) from the open of trading on 5 June 2009, reflecting the near-complete Jackson merger. Jackson holders' record date stays 10 June, with holding statements around 12 June. Name change only.
3 June 2009business combination▲ GoodMajor
Federal Court approved the Jackson scheme on 3 June. Record date for Scimitar share entitlements is 10 June. Scimitar's renaming to Cauldron Energy (ASX:CXU), approved at the 18 May meeting, is expected before the scheme completes.
21 May 2009capital raising announcement● NeutralMajor
Post-merger, Cauldron Energy plans to raise up to $7.5m through Greenday convertible notes: 10% interest, maturing 31 July 2011, convertible at a 15% discount to the 20-day VWAP with a floor of 42.5c. Proceeds would redeem the $2.3m Dempsey notes and fund exploration.
18 May 2009business combination▲ GoodMajor
Jackson shareholders approved the merger scheme at the 18 May meeting, with 98.4% of votes cast in favour. Federal Court approval hearing is set for 3 June. Clears the main shareholder vote in the merger.
15 Apr 2009business combination● Neutral
Scheme booklet sent to Jackson holders; directors unanimously recommend voting for it, absent a higher offer. Expected timetable: court approval 3 June, effective 4 June, and a Scimitar general meeting on 10 June. Terms unchanged at 7.5 Jackson shares per Scimitar share.
8 Apr 2009business combination● Neutral
Federal Court ordered a Jackson shareholder meeting on the merger, set for 18 May, with the scheme booklet to be mailed by 15 April. Procedural step; the original early-May completion estimate has slipped.
26 Mar 2009investor presentation● Neutral
Broker presentation on the merger. It restates the 7.5:1 terms and a timetable ending with the merger completing in early May. Lists Scimitar at 50.1m shares, 19c, $9.5m market cap and $1.3m cash at 31 Dec 2008; Jackson at $3.1m. Mostly known facts.
13 Mar 2009business combination● Neutral
Jackson's release of the same-day merger announcement: one Scimitar share per 7.5 Jackson shares, expert report finds it in Jackson holders' best interests, Tony Sage as Executive Chairman. No new information beyond the Scimitar version.
13 Mar 2009business combination● NeutralMajor
Terms of the Jackson merger are set: one Scimitar share for every 7.5 Jackson shares. The independent expert found it in Jackson holders' best interests. Tony Sage is to be Executive Chairman, now stated rather than non-executive as earlier announced. Resolves the open question on consideration.
12 Mar 2009half year report● Neutral
Half-year report to 31 December 2008 restates the Bennett Well 4.8Mlb Inferred resource, the Atomic JV and the Korean Marree farm-in. The extract shows no financial figures, so profit and cash cannot be read from it.
31 Dec 2008debt financing● Neutral
Jackson issues a $1.25m convertible note to Scimitar, 12% coupon, convertible by 29 March 2010 at the lesser of 3c or the 5-day VWAP. Jackson repays its $750k note and keeps the balance as working capital. Part of the merger funding.
31 Dec 2008debt financing● Neutral
Duplicate of the Jackson announcement: Scimitar holds a $1.25m, 12% convertible note from Jackson, convertible by 29 March 2010 at the lesser of 3c or the 5-day VWAP. No new information.
29 Dec 2008debt financing● NeutralMajor
Scimitar raises $2.3m through a secured convertible note from Dempsey Resources, 12% interest, repayable 24 March 2010, convertible at 15c with shareholder approval. Funds go to exploration and the Jackson merger. First debt on the books.
19 Dec 2008business combination● Neutral
Duplicate of the same-day merger announcement from Scimitar's side: scheme merger with Jackson Minerals, Tony Sage as chair, equal boards, $2.2m Scimitar convertible note. No new information.
19 Dec 2008business combination● NeutralMajor
Scimitar agrees to merge with Jackson Minerals (uranium, gold, base metals; Australia and Argentina) via a scheme, with Scimitar issuing shares for Jackson's. Tony Sage becomes non-executive chair; boards equal. Scimitar to issue a $2.2m convertible note. Terms and valuation to come.
19 Nov 2008regulatory community update▲ Good
Scimitar says it stands to benefit from Western Australia lifting its uranium mining ban, noting the Yanrey project (4.8Mlb Inferred). Mostly repeats known results; the policy change is the new element, with no company-specific change.
13 Nov 2008farm in farm out completion▲ Good
FIRB has no objection to the Korean consortium earning up to 50% of the Marree JV for $6.2m. This clears one of the conditions of the 20 October deal; other conditions (SA consent, Korean approvals, due diligence, board approvals) are not reported as met.
30 Oct 2008drilling result▲ Good
Orange Creek (Amadeus, NT) RC program finished: 39 holes, 3,903m, found new uranium on a redox boundary similar to the neighbouring Pamela/Angela deposits. Best 1.0m @ 926 ppm eU3O8 at 22-60m depth. Resolves the earlier restarted program; no resource yet.
28 Oct 2008drilling result● Neutral
First Marree results from the 19 holes (2,486m) show anomalous uranium up to 10x background over 4km; best 1.75m @ 51 ppm eU3O8. These are weak grades, but the area stays open to the east and south-east. The drilling is to be funded under the Korean JV.
28 Oct 2008annual report● Neutral
FY June 2008 annual report. Text repeats the known Bennet Well 4.8Mlb Inferred resource, Yanrey drilling, the Atomic JV and the Korean Marree JV. Financial statements are listed in the contents but no figures appear in the extract.
20 Oct 2008farm in farm out agreement▲ GoodMajor
Scimitar signs a farm-in JV on its 100%-owned Marree uranium project (SA, 2,575 sq km) with a Korean consortium led by KORES. They can earn up to 50% by spending $6.2m over three years. Conditions include FIRB approval; the consortium gets first rights to buy uranium at commercial prices.
30 Sept 2008annual report● Neutral
Annual financial report for the year to 30 June 2008, with Bentleys as auditor and the same four directors. Only the contents and corporate directory are visible; no financial figures in the extract.
15 Sept 2008farm in farm out agreement● Neutral
Atomic Resources' side of the same deal: Scimitar earns 70% of uranium rights at the Uaroo project by spending $500,000 over three years, with a $100,000 minimum. Duplicates Scimitar's own announcement of the same date.
15 Sept 2008farm in farm out agreement▲ GoodMajor
Scimitar can earn 70% of the uranium rights in two Atomic Resources licences (440 sq km, about 30km south of Bennet Well) by spending $500,000 over three years, with a $100,000 minimum commitment. This lifts Yanrey to 2,307 sq km.
9 Sept 2008drilling result▲ Good
Final holes from the Yanrey program show mineralisation to the north-east of Bennet Well at 41-70m depth, best 1.9m @ 768 ppm eU3O8, over nearly 0.5 sq km. The company says the deposit is still open to the north, west and east.