Past year: ▲ 261%(47.0c – 1.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2014capital raising announcement▼ BadMajor
Issued 4,545,454 shares at C$0.22 to Crown Capital as payment for waiving a covenant breach at 31 December 2013 under the April 2013 credit agreement and for modifying the covenants; the 5.75 million warrants from the original deal were cancelled as part of the same bargain. Read plainly: the company had broken a covenant on the expensive debt taken a year earlier and paid in stock to be let off.
8 Apr 2013capital raising announcement● NeutralMajor
Closed the $25 million five-year Crown Capital facility at 10%, with no principal due for twelve months then $300,000 a month and $10.9 million at maturity, and granted 5.75 million warrants at $0.70. With the expanded Canadian Western Bank lines that gave access to $50 million of debt at a blended cost of about 8% - deliberately chosen, management said, over a large equity raise.
