Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2014capital raising announcement▼ BadMajor
Rights issue closed raising $312,650, a 31% take-up of the $1,007,877 sought, at $0.001 per share. 312,650,280 shares are issued, leaving a shortfall of 695,226,220 shares that directors have three months to place.
14 Aug 2014capital raising announcement● Neutral
Confirms the rights issue prospectus and application form were sent to eligible shareholders on the 11 August record date register. Administrative notice only.
1 Aug 2014capital raising announcement● Neutral
Letter to eligible shareholders repeating the 5-for-2 rights issue at $0.001, with the options for accepting, selling or ignoring entitlements. Offer closes 25 August 2014; doing nothing dilutes holders. No new terms.
1 Aug 2014capital raising announcement● Neutral
Letter to optionholders on the 5-for-2 rights issue at $0.001. Options carry no right to take part unless exercised and shares issued before the 11 August record date; exercise paperwork is due by 8 August. Adds no new terms.
1 Aug 2014capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the rights issue. A nominee will sell their rights and send any net proceeds, which may be nil. Administrative notice of the known offer.
30 July 2014capital raising announcement● NeutralMajor
Launches a 5-for-2 renounceable rights issue at $0.001 per share to raise up to $1,007,877, not underwritten. Planned uses include $260,000 to repay the Delecta loan, $250,000 for exploration and $200,000 for payables. Fully subscribed, shares on issue would reach about 1.41 billion.
15 May 2014debt financing● Neutral
Delecta's own notice of the same $250,000 loan to Paynes Find, at 10% interest plus a 2% fee, unsecured and repayable on conversion in a proposed rights issue. It adds no new terms.
15 May 2014debt financing● NeutralMajor
Signed a $250,000 unsecured loan from substantial shareholder Delecta (24.8%), at 10% interest plus a 2% fee. Repayment is intended by conversion to equity in a proposed rights issue, terms not yet set. Funds are for exploration and working capital.
23 Apr 2014asset acquisition disposition● NeutralMajor
Conditional deal to sell 7 peripheral tenements (247ha, about 25% of the land) for $350,000, with $50,000 non-refundable deposit received. The $300,000 balance is due within 90 days if the buyer raises funds. Main gold targets are not in the sale.
12 Mar 2014half year report▼ BadMajor
Half year to 31 Dec 2013: loss $5,098,960 (prior $2,088,587), mainly from writing off capitalised exploration. Net assets fell from $5.03M to negative $65,391. The company is reassessing drilling given patchy gold and no significant resource, and is discussing trial mining, farm-in or outright sale.
15 Jan 2014director officer appointment● Neutral
David Holden, a geologist and Managing Director of Firestrike Resources, joins as Non-executive Technical Director. Executive director Carl Popal resigns. This leaves a board of Lloyd, Day and Holden, all non-executive.
4 Oct 2013director officer appointment● NeutralMajor
Paul Lloyd, a chartered accountant, becomes Non-executive Chairman, Company Secretary and CFO. Chairman Peter Landau, executive director Doug Taylor and secretary Jane Flegg have resigned. Carl Popal remains as the executive director.
1 Oct 2013material agreement termination▼ BadMajor
The company could not agree a revised mining services deal with MJF and has formally terminated the agreement signed 4 June 2013, which had offered 50% of gold. It is talking to other contractors on a profit-share basis.
18 Sept 2013annual report▼ Bad
Year to 30 June 2013: net loss $3,022,736 (prior year $3,674,706), no dividend. Directors report no significant changes in the state of affairs. Board is unchanged at this date. Detailed financials were not in the excerpt.
12 June 2013regulatory community update▲ Good
Soil survey outlines ten new geochemical targets in addition to twelve earlier ones. Consultants rank eleven priority drill targets: four ready for RC drilling and seven needing RAB drilling or infill sampling first. These feed the planned Stage 3 program, which has not yet started.
4 June 2013material agreement▲ GoodMajor
Agreement with MJF Mining Contractors to expand mining to two open pits to 40-50m depth. Target is at least 20,000 tonnes a month within 6 months, with the plant upgraded to 200 tph. The company gets 50% of gold, up from 25% under the earlier deal. MJF bears all costs.
13 Mar 2013production update▲ GoodMajor
Small-scale mining of eluvial/alluvial gold has started in the company's own plant, 50 tonnes per hour. A contractor pays all costs for 25% of revenue. Target is about 9,000 tonnes a month at 0.3-0.5 g/t, giving the company its first cash revenue potential.
7 Mar 2013regulatory community update▲ Good
Further structural work identifies three mineralisation styles and more targets. Soil sampling is due to finish in March, with results expected early April. WA regulator approved a Small Mining Proposal, with mining and processing to start shortly.
27 Feb 2013half year report▼ Bad
Half year to 31 December 2012: loss of $2,088,587 (prior period $1,388,579). Net assets fell from $8.05M to $5.97M, due to Stage 2 drilling costs not capitalised. Delecta is described as a 24.8% shareholder. Auditor listed as BDO.
24 Jan 2013regulatory community update▲ Good
Structural study finds extensions of tested areas and several new target zones prospective for more gold. The company says only about 5% of the mineralised area is drill tested. IO Global engaged to review geochemical data. No new drilling results.
19 Nov 2012drilling result▲ GoodMajor
All Phase II assays are in. New hits include 12m at 6.61 g/t gold from 10m and 3m at 8.05 g/t, plus the earlier 3m at 92.1 g/t. Gold also found in greenstone schist, not just gneiss. CSA Global structural study and Stage 3 drilling are next.
28 Sept 2012drilling result▲ GoodMajor
First 40% of Phase II assays: 3m at 92.1 g/t gold from 41m in PFRC120, including 1m at 271 g/t. Other intersections were modest (e.g. 3m at 4.94 g/t). Remaining results due in two to four weeks.
25 Sept 2012annual report● Neutral
Year to 30 June 2012: net loss $3,674,706, versus $5,253,656 the year before. Board is Landau, Popal, Taylor, Hatherley and Day. No new operating information beyond earlier announcements.
6 Sept 2012drilling result● Neutral
Phase II drilling finished: 5,326m of RC in 51 holes and 6 diamond holes totalling 1,540m. Some core showed traces of visible gold. Assay results are expected by end of September 2012.
13 July 2012drilling spud● Neutral
Phase II drilling has started with diamond core drilling, north and east of Stage 1. The program is stated as 6 diamond holes and 5,000m of RC, well below the 15,000m RC quoted two weeks earlier.
2 July 2012drilling scheduled▲ GoodMajor
Drilling contracts signed for Phase II: 6 diamond holes and a 15,000m RC program (initial 64 holes), July to September. Malcolm Day, managing director of largest shareholder Delecta, joins as non-executive director.
29 June 2012listing compliance notice▲ GoodMajor
ASX will reinstate Paynes Find shares to quotation from 2 July 2012, ending the suspension that began with the 11 October 2011 trading halt.
29 June 2012capital raising announcement▲ Good
Request to ASX to resume trading after the raising. Company reports it is debt free with $3.7M cash; planned use includes $1.8M for Phase 2 drilling and $1.86M working capital.
28 June 2012capital raising announcement▲ GoodMajor
The $4M rights issue is completed along with a $1M placement on the same terms, approved at the 15 June meeting. Company says it is debt free; director loans were repaid in shares. Re-quotation requested.
21 June 2012capital raising announcement● Neutral
Delecta says it has been allocated its full $2M sub-underwritten shortfall, expecting 100M shares and 50M options around 26 June 2012. Delecta becomes the largest shareholder as a result (inference from the share numbers).
