Core raised about $2.2M from a heavily oversubscribed placement of about 52M shares at 4.2c, led by Hartleys. Funds go to Finniss and Anningie lithium evaluation; a fully funded maiden drilling program is expected in Q3 2016.
What it means for a shareholder
52.0m new shares at $0.042 to raise about $2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
All seven resolutions passed at the general meeting, including approval of the 43.5M placement options and options for the three directors. This clears the open approval needed for the February placement's attaching options.
April lithium presentation repeats the Finniss and NT pegmatite story. It states about 218M shares, cash of about $0.9M at 31 March 2016, a share price of about 3.5c and market cap of about $7M. No new results.
Cleansing prospectus offering quoted 5c options expiring August 2017: 43.5M to February placement participants, 10M to the lead manager, 3.7M to directors and employees and 2M to a contractor. Mainly removes trading restrictions; no new money is raised.
Core has started sampling and evaluating historic mine workings, dumps and tailings at Finniss, expanding through April and May as the wet season ends. No results yet; this is the first step of the lithium pivot announced in February.
800,000 unlisted performance rights lapsed on 29 March 2016 after the employee holding them left the company. Housekeeping only; the text notes 218,342,868 shares on issue in the attached form.
15 Mar 2016asset acquisition disposition▲ GoodMajor
Core applied for four exploration licences covering about 2,500 sq km around the Anningie and Barrow Creek pegmatite fields in the north Arunta, extending its lithium push beyond Finniss. These are applications only, expected to be granted in Q3 2016; no lithium work yet.
2 Mar 2016asset acquisition disposition▲ GoodMajor
Core has an option to buy EL 29698, covering 25 historic tin-tantalum mines in the Bynoe field, from AU Exploration for $80,000 (part cash, part cash or shares). It adds to Finniss, with exploration access for up to 12 months. Lithium has not been explored there.
Half-year accounts to 31 December 2015 show a net loss of $719,769. Operations covered Jervois and Yerelina drilling. Routine financial statements; no new developments in the text provided.
18 Feb 2016capital raising announcement▲ GoodMajor
Placement of about 43.5M shares at 2.2c to raise about $950,000, led by Hartleys, each with an attaching 5c option expiring August 2017. Funds go to lithium exploration starting at Finniss. The attaching options need shareholder approval.
What it means for a shareholder
43.5m new shares at $0.022 to raise about $950,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Lithium-focused presentation promoting the Finniss and Harts Range projects. It states cash of about $0.21M at 31 December 2015, a share price of about 2.5c and market cap of about $4M. No new results.
8 Feb 2016asset acquisition disposition▲ GoodMajor
Core has applied for three exploration licences covering 200km2 in the Bynoe pegmatite field south of Darwin, the Finniss Lithium Project, including the historic Mount Finniss tin-tantalum mine area. These are applications, not granted licences, and there is no lithium result yet.
Core says a review of its Northern Territory tenure found lithium-bearing pegmatite potential in the Harts Range and Arunta regions, and it will refocus resources there, helped by the Jilin JV. A strategy shift toward lithium; no results yet.
15,000,000 unlisted options at 10c lapsed unexercised on 31 January 2016. Housekeeping only; no new information, and shares on issue stay at 174,818,983.
3,125,000 unlisted performance rights held by directors and officers lapsed on 28 January 2016 because performance conditions were not met. 800,000 unvested rights remain. Housekeeping only.
Binding term sheet with China's Jilin No.1 Geological Survey to earn up to 80% of Blueys EL 28136 by funding $1.4M of exploration, plus a $150,000 share placement and $50,000 cash. Conditional on FIRB approval and due diligence; converts the earlier MOU.
Yerelina assays confirm zinc: 17m at 1.4% zinc plus lead and 19g/t silver at Great Gladstone (including 4m at 3% zinc), and 33m at 0.2% zinc at Big Hill. Core says it has possibly discovered a new MVT zinc system; stratiform targets are next.
The options rights issue closed with applications for 25.7M of 43.67M options (about $77,000 at 0.3c). Remaining shortfall of 17.96M options may be placed within three months. This is below the full amount despite the 'fully underwritten' description.
Core's first Jervois drilling found elevated copper on all five traverses across 15km of the 20km Big-J zone, with surface malachite in places. Holes were shallow (average 10m); best results were 1,498ppm copper. Core calls this above expectations and plans infill drilling in early 2016.
Notice that the rights issue prospectus and entitlement forms were posted on 9 November to holders on the 5 November record date. Offer terms unchanged.
1,200,000 unlisted contractor and employee options (10c and 7.5c exercise prices) lapsed unexercised on 31 October 2015, with an updated Appendix 3B. Housekeeping only; shares on issue remain 174,664,295.
Letter to eligible shareholders repeating the options rights issue terms and timetable: 1-for-4 at 0.3c, record date 5 November, closing 18 November. No new information.
AGM presentation recapping the Yerelina breccia hits, the finished Jervois drilling awaiting assays, the Inkheart/Blueys $2M JV MOU and the Fitton uranium discovery. It repeats known facts, with no new results.
Compliance letter to optionholders: they have no right to join the rights issue unless they exercise options before the 5 November record date. It notes the options are not in the money. No new information.
Standard letter telling shareholders with registered addresses outside Australia and New Zealand they are ineligible for the options rights issue, citing cost of compliance. No new information.
Prospectus for the options rights issue: up to about 43.67M options at $0.003, raising up to about $130,998, underwritten by InSync. It also aims to remove trading restrictions on existing options. Terms match the same-day announcement.
27 Oct 2015capital raising announcement● NeutralMajor
Core announced a fully underwritten 1-for-4 rights issue of options at 0.3c each (5c exercise, expiring 31 August 2017), raising up to about $0.13M for working capital. Underwriter is InSync Equity Services. Assays for both drill programs now expected toward end-November.
A second Yerelina hit: a 30m wide zone of broken rock and veining at Big Hill (hole YRDH005, 30-60m depth), with voids and iron staining where sulphides have weathered away. Seen as a shallow version of Great Gladstone, 5km west. Assays expected in 4-5 weeks.
Company issued 800,000 unlisted employee performance rights, a renewal replacing lapsed equivalent rights, expiring 16 October 2016 with exploration and business development KPI vesting. Routine administrative notice.
Yerelina drilling hit a 9.8m wide mineralised breccia with zinc and lead sulphides at Great Gladstone (hole YRDH003, from 144m). Drilling is finished at five holes (1,037m); assays are expected in 4-6 weeks. Visual observations only, no grades yet.
