1 Feb 2018drilling result● Neutral
Corvus reported assay results from the final eight holes of its 2017 Phase I drill program at Mother Lode, completing the reporting of that program. The filing gives no figures.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2018drilling result● Neutral
Corvus reported more assay results, from ten new drill holes at Mother Lode in southern Nevada. The filing gives no numbers, so the results themselves are not described.
13 Dec 2017capital raising announcement▲ Good
Corvus closed a placement of 4,403,933 shares on December 7, 2017: 2,829,130 at Cdn$1.15 to institutional shareholders and 1,574,803 at Cdn$1.27 to a key strategic shareholder. It also furnished results from eight new Mother Lode drill holes (no figures in the filing). The new shares dilute existing holders, at prices well above the 2016-2017 raises.
What it means for a shareholder
4.4m new shares at C$1.15 to raise about C$5.1m. That's 4.2% dilution: every existing holder's slice gets 4.2% smaller. If you held C$1,000 of shares (870 at the issue price), your slice goes from 0.000871% to 0.000835% of the company. To keep it you'd need 38 more shares - about C$44 at the issue price.
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15 Nov 2017drilling result● Neutral
Corvus reported further assay results from three new drill holes at its Mother Lode project in southern Nevada, the property acquired in June 2017. The filing gives no grades or intercepts, so the quality of the results is not stated.
8 Nov 2017resource reserve update● Neutral
Corvus announced updated mineral resource estimates for North Bullfrog that include all drill results through 2017. The filing itself only refers to the press release and gives no figures, so the size of any change cannot be stated.
6 Oct 2017capital raising announcement● NeutralMajor
This is a corrected re-filing (the July 2017 report was first filed by mistake as a foreign-issuer form). It reports a July 5, 2017 placement of 6,200,000 shares at Cdn$0.75 (Cdn$4,650,000) to an institutional investor, and adds that 1,000,000 shares (fair value $810,000) were issued on June 9, 2017 to Goldcorp USA, Inc. to acquire the Mother Lode property in Nevada. Mother Lode is a new asset; both share issues dilute existing holders.
21 July 2016capital raising announcement▲ Good
Corvus closed a Cdn$2,601,000 private placement of 2,550,000 shares at Cdn$1.02 (no warrants), about 2.8% of outstanding shares, with Osisko Mining Inc. as the sole buyer. The company says the money is expected to speed up the North Bullfrog exploration program; the price is above the Cdn$0.70 of March 2016, and the new shares dilute existing holders.
What it means for a shareholder
2.5m new shares at C$1.02 to raise about C$2.6m. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held C$1,000 of shares (980 at the issue price), your slice goes from 0.0011% to 0.00107% of the company. To keep it you'd need 28 more shares - about C$29 at the issue price.
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25 May 2016resource reserve update● Neutral
Corvus filed an amended and restated version (dated May 18, 2016) of its North Bullfrog PEA technical report, with the same four authors and new consents from each. The portion provided does not say what was changed, so no change to the PEA results can be stated.
16 Mar 2016capital raising announcement● NeutralMajor
Corvus closed a Cdn$3,430,000 private placement of 4,900,000 shares at Cdn$0.70 each (no warrants), with Tocqueville Gold Fund and AngloGold Ashanti (U.S.A.) Exploration among the participants. The company says there is no change of control and that it supports continued exploration; the new shares dilute existing holders. The price is higher than the Cdn$0.47 in the September 2015 placement but below the Cdn$1.00 of February 2015.
What it means for a shareholder
4.9m new shares at C$0.700 to raise about C$3.4m. That's 5.5% dilution: every existing holder's slice gets 5.5% smaller. If you held C$1,000 of shares (1,429 at the issue price), your slice goes from 0.00169% to 0.0016% of the company. To keep it you'd need 83 more shares - about C$58 at the issue price.
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3 Sept 2015capital raising announcement● NeutralMajor
Corvus closed a Cdn$2,000,000 private placement of 4,255,320 shares at Cdn$0.47 each (no warrants), sold to Resource Capital Fund VI L.P., about 5% of outstanding shares. No insiders took part and there was no change of control; the company says it adds flexibility for its drilling program into 2016. The price is well below the Cdn$1.00 paid in the February 2015 placement, and the new shares dilute existing holders.
What it means for a shareholder
4.3m new shares at C$0.470 to raise about C$2.0m. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held C$1,000 of shares (2,128 at the issue price), your slice goes from 0.00265% to 0.00252% of the company. To keep it you'd need 113 more shares - about C$53 at the issue price.
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11 Aug 2015resource reserve update● Neutral
Corvus issued a press release saying it has filed the full technical report for the North Bullfrog PEA, and states there are no material differences from the June 16, 2015 news release. It restates the PEA headline numbers already known: post-tax NPV (5%) of US$246M at $1,200 gold (US$103M at $1,000), 38% IRR, initial capital of about US$175M, cash cost of US$635/oz and a 10-year life. The company repeats that the PEA is preliminary and may not be realized.
5 Aug 2015resource reserve update● Neutral
Corvus filed with the SEC the full technical report (dated June 16, 2015) behind its June 2015 North Bullfrog preliminary economic assessment, prepared by Scott Wilson, Stephen Batman, Herbert Osborne and William Pennstrom. It supports the PEA already announced in June; the portion provided here contains no new figures, and the filing repeats that inferred resources are highly uncertain and not reserves.
3 Aug 2015farm in farm out agreement● NeutralMajor
Corvus's Alaskan subsidiary sold the West Pogo project and Goodpaster database to Millrock Resources for US$120,000 in cash, keeping net smelter return royalties, and gave Millrock until September 1, 2015 to option the LMS project (US$775,000 over 5 years, with a retained 3% precious-metals royalty). The company calls these non-core and says the cash will fund exploration at North Bullfrog in Nevada, so it is moving away from the Alaskan assets it reported on in the 2014 LMS technical report. The LMS option is not yet exercised.
17 June 2015resource reserve update▲ GoodMajor
Corvus released a preliminary economic assessment (PEA) and updated resource estimate for its North Bullfrog project in Nevada, built around the newly discovered Yellowjacket deposit. At $1,200 gold the study shows a post-tax NPV (5%) of US$246 million, 38% IRR, initial capital of US$175 million and a 10-year mine life; the company states the PEA is preliminary and there is no certainty it will be realized. It also reports that 91% of the Yellowjacket mill resource is now Measured & Indicated, up from under 20% in 2014.
5 Mar 2015capital raising announcement▲ GoodMajor
Corvus closed a non-brokered private placement of 4,500,000 shares at Cdn$1.00 each, raising Cdn$4,500,000; insiders Tocqueville Asset Management and AngloGold Ashanti (USA) Exploration took part. The company says the money fully funds its proposed 2015 exploration program, with drilling due to start in Q2 2015, and it adds new shares, so existing holders' stakes are diluted by that issue.
What it means for a shareholder
4.5m new shares at C$1.00 to raise about C$4.5m. That's 5.6% dilution: every existing holder's slice gets 5.6% smaller. If you held C$1,000 of shares (1,000 at the issue price), your slice goes from 0.00132% to 0.00125% of the company. To keep it you'd need 60 more shares - about C$60 at the issue price.
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29 Oct 2014resource reserve update● Neutral
Corvus filed with the SEC a technical report on its LMS Gold Project in Alaska's Goodpaster Mining District, dated October 22, 2014 (effective August 1, 2014) and prepared by Ed Hunter and Gary Giroux. The 8-K is a disclosure filing that furnishes the report; the part of the report provided here does not include the resource figures, so no numbers can be stated.