Each one in plain English, with the numbers worked through for a shareholder.
11 Mar 2011capital raising announcement▼ Bad
On March 8, 2011 the company sold 3,210,790 units at $0.04 to $0.0475 for $134,400 to nine U.S. subscribers, each unit being one share plus one warrant at $0.075 for twelve months. It also issued 1,650,000 shares worth $69,400 to three contractors for services. The press release gives different figures ($136,400 at '$0.42' per unit, 3,860,000 shares worth $167,400 for services and accounts payable), so the filing is internally inconsistent. The press release says proceeds go to permitting and metallurgical work at Independence, and the raise adds to the dilution seen in the December 2010 placement.
5 Jan 2011capital raising announcement● NeutralMajor
On December 29, 2010 the company sold 7,325,000 units at $0.04 for $293,000 to six U.S. subscribers. Each unit has one share and one warrant exercisable for 12 months at $0.075. This is the largest cash raise in this batch and it dilutes existing holders. The filing is signed by Daniel Forbush as CEO, CFO and director.
What it means for a shareholder
7.3m new shares at $0.040 to raise about $293,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On August 17, 2010 the company sold 1,500,000 units at $0.035 for $52,500 to one U.S. subscriber. Each unit has one share and two warrants exercisable for 24 months at $0.07. More shares and warrants add to dilution.
What it means for a shareholder
1.5m new shares at $0.035 to raise about $52,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
This amendment corrects the per-share prices in the June-July 2009 share sales. For example $0.005 becomes $0.05, $0.004 becomes $0.04 on three issues, and $0.035 on one issue is retained. The share counts and dollar proceeds are unchanged.
This lists small share sales from June 16 to July 15, 2009, mostly to one offshore subscriber each, raising amounts from $4,000 to $51,000 (for example 3,400,000 shares at $0.015 for $51,000). Several of the stated prices ($0.005, $0.004) look inconsistent with the proceeds, and a later amendment corrects them.
What it means for a shareholder
3.4m new shares at $0.015 to raise about $51,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On June 18, 2009 the company sold shares in four placements: 11,661,665 at $0.015 ($174,880), 1,005,000 at $0.02 ($20,100), 750,000 at $0.05 ($37,500) and 540,000 at $0.25 ($13,500). It also issued 650,000 shares to an officer to correct a calculation error, 66,666 as a finder's fee, and 1,000,000 as a discovery bonus for identifying and analysing the Hill Zone at the Independence Project. The attached press release says it raised over $303,000. This links to the Independence project, but the filing gives no drilling results.
On May 26, 2009 the company sold shares in private placements at $0.014-$0.02 per share: 4,000,000 for $60,000, 3,550,000 for $71,000, and 7,000,000 for $100,000. The 3,550,000-share placement is listed twice with identical terms, so it may be a repeat. Separately, it issued 7,400,000 shares for unpaid wages to three people and 350,000 for consulting fees, effective January 25, 2009. The attached press release is titled as raising $473,000. Prices are far below the 2007-2008 placements, so dilution is heavier (inference from the stated prices).
What it means for a shareholder
7.4m new shares at about $0.0639 to raise about $473,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On April 13, 2009 the company signed a three-month investor relations contract with Stephan Tandon and Emanuel Suchefort, paid with 2,000,000 restricted shares issued to two non-U.S. persons. No cash was raised. The filing is internally inconsistent: it says the shares were issued effective March 13, 2009, a month before the contract date.
On March 23, 2009 the company signed a one-year consulting agreement with Mark Iacono, effective March 1, 2009, paid with 2,500,000 restricted shares. No cash was raised; the shares add to the count, continuing the pattern of paying for services in stock.
On February 10, 2009 the company agreed to issue 500,000 restricted shares to The Nevada Agency & Trust Company to settle money owed for its services. It also issued about 13.2 million other restricted shares that day: 6,200,000 to nine private-placement subscribers (closings between Sept 15, 2008 and Feb 8, 2009), 3,500,000 to directors and officers as incentive fees, 1,500,000 to three advisory board members, 1,500,000 to three consultants, and 500,000 at a deemed $0.02 for services. The filing gives no cash amount for the placements, and all of this adds to the share count, continuing the heavy dilution.
This lists share issues from July to October 2008: units at $0.15 and $0.10 raising small sums ($1,200 to $35,100), 170,000 shares as interest and an inducement for a loan, 521,000 shares for services, and 2,665,000 and 1,579,000 shares to consultants under a June 16, 2008 registration statement. Much of the issuance is for services and loan terms rather than cash. The filing shows a loan exists but gives no terms.
This lists many share issues from March to June 2008: units at $0.10 and $0.20, shares at $0.05-$0.06 in private placements, warrant exercises at $0.05-$0.125, and shares for services. The individual amounts raised are small, mostly $1,663 to $54,000. The company's address is now 615 Sierra Rose Drive, Reno. Shares were being sold at $0.05, well below the 2007 placement prices, so dilution is heavier per dollar raised (inference from the stated prices).
On April 8, 2008 the company issued 2,000,000 shares and 2,000,000 warrants ($0.25, 24 months) as pay for services to consultants and to officers and directors Larry Bigler, David Salari, Stephen Parent and Daniel Forbush. No cash was raised, and the new shares dilute existing holders.
6 Nov 2007capital raising announcement● NeutralMajor
The company closed a placement of 2,503,000 units at $0.20 on October 31, 2007, raising $500,600 from 20 accredited investors; each unit has one share and a $0.25 warrant. The company says the money is to continue Phase 1 drilling at the Independence Mine. This is the largest raise in this batch and it dilutes existing holders.
What it means for a shareholder
2.5m new shares at $0.200 to raise about $500,600. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
This amendment repeats the August 3, 2007 filing and corrects the warrant exercise price on the 216,000-unit placement from $0.025 to $0.25. The other figures are unchanged (52,470 shares for $6,558.75; $43,200 raised).
On August 3, 2007 the company issued 52,470 shares on warrant exercises for $6,558.75 and closed a placement of 216,000 units at $0.20 for $43,200. The warrants are stated here with a $0.025 exercise price, which a later amendment corrected.
What it means for a shareholder
216,000 new shares at $0.200 to raise about $43,200. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
This repeats the April 30 and May 17 placements and adds that, in May 2007, warrant holders exercised warrants for 3,064,532 shares ($267,340), 597,333 shares ($79,925) and 90,000 shares ($18,000). Bonus warrants at $0.25 (to April 30, 2008) were issued: 260,000, 265,000 and 90,000. A further 160,000 units were sold on May 30 for $25,000 and 'certain assets'. Cash came in but more shares and warrants are outstanding.
Two small private placements closed at $0.25 per unit (two shares plus one $0.125 warrant): 165,200 units for $41,300 on April 30, 2007 and 18,000 units for $4,500 on May 17, 2007. This is small additional dilution. The filing does not state the use of funds.
The company closed a private placement of 1,060,000 units at $0.25 for $265,000 on April 23, 2007; each unit has two shares and one warrant at $0.125. Canaccord Capital was paid $26,500 and 106,000 agent warrants. The release says proceeds fund the first part of Phase 1 drilling at the Independence Mine (Phase 1 budget $1,350,000) and the 8-K also says general corporate purposes. This answers the open question on the use of 2007 placement proceeds, and existing holders are diluted.
What it means for a shareholder
1.1m new shares at $0.250 to raise about $265,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
22 Mar 2007capital raising announcement● NeutralMajor
On March 15, 2007 the company agreed with Sanibel Investments Ltd. to buy all of Mikite Gold Resources Ltd., a Ghanaian company that holds the rights to the Nyinahin concession in Ghana, paying 1,000,000 shares and 1,000,000 warrants (exercise price $0.26, 2 years). This adds a Ghana exploration property to the Nevada Independence property and dilutes existing holders. It also issued 133,000 units at $0.075 under a consulting agreement.
What it means for a shareholder
133,000 new shares at $0.075 to raise about $9,975. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
9 Mar 2007capital raising announcement● NeutralMajor
The company closed several private placements in February and March 2007. The largest was 3,893,996 units at $0.075 for $292,050, and another was 544,000 units at $0.125 for $68,000. A smaller one was 349,541 units at $0.075 for $11,215.58 plus 'certain assets'. It also issued 200,000 shares to settle debt and 100,000 units for services. Each unit includes a warrant or half-warrant, so existing holders are diluted. The filing does not state how the money will be used.
The company issued 4,950,000 shares on January 25, 2006 to partly convert demand notes, cutting note debt by $91,575. It also issued 500,000 shares to David Salari as a signing bonus for joining the board. Salari has been a General Gold director since November 2004, which ties to the pending General Gold acquisition.
2 Feb 2006capital raising announcement● NeutralMajor
Now renamed General Metals Corporation, the company issued 36,097,500 restricted shares on January 25, 2006 to General Gold Corporation's shareholders under an Acquisition Agreement. The shares are held in escrow until closing conditions are met, and they will be cancelled if the conditions fail. The filing says there is no assurance the deal will complete.
