Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2007material agreement▲ GoodMajor
The company closed the first stage of selling its Minera Montoro stake to Rogue River, receiving $695,000 for 31% of its ownership. The remaining stages are $745,000 each, with extensions of up to 60 days available for $25,000 per 30 days, and the company keeps a 1% royalty on the porphyry portion. This partly completes the December 2005 sale, which is still not finished.
10 Aug 2006capital raising announcement● NeutralMajor
The company took an option from Grandcru Resources on claims in the Cambridge Mining District near Yerrington, Nevada. It can earn 100% through staged cash payments and work commitments through 2010, subject to two 2% royalties. It also issued shares for a mineral lease ($90,000) and for services, and granted 2.65 million options at $0.10 to directors and service providers. The Rogue River sale of the Mexican assets is still described as expected to close soon.
The sale of the Mexican La Balsa interest has slipped. Nexvu assigned its rights to Rogue River Resources, and extension payments of $25,000 each pushed closing to June 30. A new letter agreement now sets closing at July 31, 2006, so the company can set up the correct deal structure. This continues the December 2005 sale, which has not yet closed.
14 Feb 2006capital raising announcement● NeutralMajor
The company raised $540,000 in private placements at $0.05 per unit, each unit being one share plus a warrant to buy another share at $0.10 until January 15, 2008. Of this, $300,000 came from converting debts owed to related parties, including directors Beattie, Bojtos and Seed. After the placements, 69,166,819 shares are outstanding, so existing shareholders are diluted. The filing also refers to a first payment from Nexvu.
The company (the filings name it Fisher-Watt Gold, the same registrant as Cyclone Uranium) agreed in a letter agreement to sell its entire 65% stake in Minera Montoro, which owns the La Balsa copper project in Mexico, to Nexvu Capital for $2,235,000, paid in stages from January 2006 to April 2007. It would keep a 1% royalty on the porphyry portion. The deal depends on Nexvu's due diligence and a formal agreement. Separately, the board agreed in principle to repay director James Seed's company Astra $864,028 in three payments and grant it 10 million options (4M at $0.30, 4M at $0.40, 2M at $0.60) in return for Astra giving up its 21.6% interest in La Balsa; no definitive Astra agreement exists yet.