Each one in plain English, with the numbers worked through for a shareholder.
9 May 2008capital raising announcement● NeutralMajor
Agreement via Canadian consultant Falco to raise at least A$2.2m in two placements: 10m shares at A$0.22 (closing 19 May), then 10m at a discount to market by 5 August, each with free options. Falco gets A$15,000 monthly and 17m options, subject to shareholder approval. London or Toronto listing is being considered.
What it means for a shareholder
10.0m new shares at A$0.220 to raise about A$2.2m. That's 3.5% dilution: every existing holder's slice gets 3.5% smaller. If you held A$1,000 of shares (4,545 at the issue price), your slice goes from 0.00166% to 0.0016% of the company. To keep it you'd need 166 more shares - about A$37 at the issue price.
March 2008 quarter: 295 RC holes (8,859m) drilled at Marenica, restating the 17-27m lb target and a revised resource aimed for mid-2008. Also initial metallurgical work, and reconnaissance at Scaddan and Northampton base metals. Mostly repeats earlier announcements.
Company sets an exploration target of a further 65-85Mt at 115-145ppm U3O8 (17-27m lb) over 7 sq km, additional to the existing JORC resource. It is conceptual and unproven; a revised resource is aimed for mid-2008. Follows the Priority Area drilling.
Further Priority Area results (97 holes) push mineralisation close to 2km east of the resource, still open, with combined thickness up to 20m (e.g. 10.4m at 190ppm eU3O8). A target statement is expected by end-April and a revised resource by mid-2008.
April 2008 presentation, now noting a Frankfurt listing (WTT). Shows 273.3m shares, a A$0.18 price and A$58m fully diluted market cap, down from A$120m in December. Mostly repeats known project facts.
Drilling extends Marenica mineralisation up to 1.5km east and 2.5km southeast of the resource, with thickness up to 20m (e.g. 13.6m at 240ppm eU3O8). A target statement is due this month and a revised resource by mid-2008. Scoping metallurgy has started.
Area 3 radon survey shows an undrilled anomaly about 2km long on the main channel, with a shallow carnotite pit inside it. Probing of historic holes gives intercepts such as 1.6m at 389ppm eU3O8. Supportive indications only, nothing drilled in the anomaly yet.
First Priority Area RC results extend Marenica mineralisation (over 100ppm eU3O8) east and southeast of the 15m lb resource, with five holes showing 10-15.7m accumulated thickness. The company says this improves heap-leach potential. Assays are delayed by laboratory backlogs.
December 2007 quarter: restates the 15m lb Inferred resource (32Mt at 213ppm). 80 RC holes (2,760m) drilled, a new palaeochannel was indicated in the southeast, and 400 sq km mapped. Mostly repeats earlier announcements; text is truncated, so cash is not shown.
December 2007 presentation repeating the 15m lb Inferred Marenica resource, 80% interest and planned 2008 drilling and scoping study. Capital structure shows 269.1m shares and a A$120m fully diluted market capitalisation. No new results.
Maiden JORC Inferred resource for Marenica Areas 1-3: 32Mt at 213ppm U3O8 for 15m lb (110ppm cut-off, to 40m depth), in line with the 14-22m lb target. Probe grades were cut 20% after checks against assays. Drilling is planned over 28 sq km to expand it.
RC drilling has begun at Marenica to test the radon-indicated palaeochannel and other targets. The aim is to expand the known mineralisation and the non-JORC target of 35-45Mt for 14-22m lb U3O8. Resolves the earlier search for a rig.
Media release accompanying the drilling start. It calls the radon anomaly 'Area 6', about 11km by 2km, and says a first JORC resource is expected within six weeks. Largely repeats the same-day drilling announcement, with a more promotional tone.
September 2007 quarter: results from over 400 logged holes received, a Track Etch survey over 62.4 sq km suggests a 10km palaeochannel, and the Scaddan airborne EM survey is complete. The company is seeking a rig to drill the new targets. Mostly repeats earlier announcements.
2007 annual report with chairman's review: initial JORC resource targeted around year-end, a 14-22m lb target for the Gold Fields area, and a scoping study planned afterwards. The chairman calls the radon-survey zone, over 10km long, the most exciting development. Largely repeats known facts.
Logging of 131 old holes over 4.5 sq km in Areas 1 and 2 found shallow intercepts, best 2.8m at 648ppm and 3.5m at 623ppm eU3O8. The maiden JORC resource target has now moved to year-end 2007.
A radon-gas (Track Etch) survey over 62.4 sq km indicates a possible new uranium palaeochannel about 10km long and 2km wide, east of the known mineralised areas. It is an indirect indicator, not drilled; the company is seeking an RC rig to test it.
Duplicate of the 28 September full-year statutory accounts: loss $1,581,667 for the year to 30 June 2007, 80% of Marenica earned, and $828,000 received after year-end from partly paid shares. No new information.
Statutory accounts for year to 30 June 2007: loss $1,581,667 (prior year $840,903). The company states it has earned 80% of Marenica. After year-end, $828,000 was received from 36m partly paid shares being paid up in full (Jul-Aug 2007). Auditor is Rothsay.
Logging of 45 old holes across 15 sq km south and southeast of Area 3 found shallow intercepts, e.g. 3m at 536ppm eU3O8; historic data from 62 more holes agrees. Scaddan (WA) airborne EM survey finished (917 line km), with preliminary results due early October.
Gamma logging of 203 old Gold Fields holes over 3.5 sq km (Mineralised Area 3) found shallow intercepts, best 5.8m at 1,444ppm eU3O8 and 3.2m at 1,582ppm. Company says this builds confidence in the historic data; a first JORC resource is due in the final quarter of 2007.
At ASX's request, the company clarifies that gamma-logging uranium grades assume equilibrium with decay products. If that assumption fails, true grades could be higher or lower than those reported on 21 August. No new results.
Gamma logging of 31 old holes 5-7km west of known mineralisation found narrow high-grade zones, e.g. 0.3m at 966ppm eU3O8, a new prospective area. Final RC assays were also received, best 3m at 385ppm. Scaddan electromagnetic survey starts 10 September.
June 2007 quarter: the 150-hole, 3,624m RC program was completed, with previously reported results including 11m at 409ppm. About 7,000m of old holes have been logged. A Scaddan airborne electromagnetic survey is contracted for September. Largely repeats earlier announcements.
Updated re-release of the 25 July discovery announcement. The new element is a stated exploration target of 35-45 million tonnes at 175-225ppm U3O8 (14-22m lb) in the eastern half, based on Gold Fields historic data; not a JORC resource.
Drilling found a previously unknown mineralised area in the far east of Marenica (e.g. 1m at 617ppm), and mapping showed widespread alaskite intrusions, the rock type hosting Rössing's uranium. Further assays include 8m at 378ppm. About 15% of results remain outstanding.
More Marenica assays include 11m at 409ppm U3O8 (28-39m, with 1m at 1,632ppm) in a sand-covered palaeochannel 2km south of known mineralisation, an area little drilled historically. About a third of results remain outstanding. Extends the shallow mineralisation beyond the historic zone.
First assays from 12 of 150 Marenica holes show shallow uranium, e.g. 9m at 488ppm U3O8 from surface and 1m at 1,033ppm. The company says it has spent enough to earn 80% of the Marenica joint venture company; licence transfer applied for. A JORC resource is targeted this year.
