Each one in plain English, with the numbers worked through for a shareholder.
9 Sept 2016asset acquisition disposition▲ GoodMajor
Acquisition of 100% of European Lithium AT, owner of Wolfsberg, completed; 187.5M shares issued to sellers. A further 62.5M shares depend on lifting the resource to at least 4.5Mt at 1.3% Li2O. Tony Sage becomes chair; company renamed European Lithium.
5 Sept 2016capital raising announcement● Neutral
The offer under the 28 July prospectus has closed. The company will now complete the Austrian lithium acquisition and seek re-admission to the ASX. Amount raised not stated here.
25 Aug 2016capital raising announcement● Neutral
The closing date for the 28 July prospectus offer is extended to Friday 2 September 2016. No change to terms is stated.
29 July 2016regulatory community update▲ Good
ASIC has revoked its interim stop order. The second replacement prospectus dated 28 July is live and fundraising has begun, resolving the delay flagged on 20 July.
28 July 2016quarterly activities report● Neutral
June 2016 quarter: cash fell to $709,000 after a $750,000 deposit on the Wolfsberg acquisition. Shareholders approved the deal and raising on 25 July. Paynes Find lithium rock samples peaked at 378ppm; JV or sale talks continue.
28 July 2016capital raising announcement● Neutral
Second replacement prospectus dated 28 July 2016, following the ASIC stop order. Headline terms unchanged: up to $9,000,000 at $0.08 per share. Completion remains conditional.
20 July 2016regulatory community update▼ Bad
ASIC placed an interim stop order on the 1 July replacement prospectus. The company says it is addressing ASIC's concerns and will update soon; this delays the raising and relisting.
1 July 2016capital raising announcement● Neutral
Replacement prospectus dated 1 July 2016 replaces the 21 June version, with the same offer: up to $9,000,000 at $0.08 per share. Text shows no change to the headline terms.
21 June 2016capital raising announcement● NeutralMajor
Re-compliance prospectus to raise up to $9,000,000 via 112,500,000 shares at $0.08, plus up to 250,000,000 shares to European Lithium holders and up to 31,250,000 shares and 200,000,000 options to lead manager EverBlu. Company to be renamed European Lithium; Tony Sage proposed chair, Dr Steve Kesler proposed CEO.
What it means for a shareholder
113m new shares at $0.080 to raise about $9.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 June 2016material agreement▲ GoodMajor
Due diligence on the Wolfsberg lithium acquisition is complete. A notice of meeting will go out within 10 days seeking approval for the deal and a capital raising of $6M to $9M. Resource of 3.7Mt at 1.5% Li2O repeated.
11 May 2016other● Neutral
Delecta, holding 15.1% (11,000,000 shares) of the company, notes the Austrian lithium acquisition and refers to the main announcement. No new information.
11 May 2016asset acquisition disposition▲ GoodMajor
Binding terms sheet to acquire 100% of European Lithium AT (Investments), owner of the Wolfsberg lithium project in Austria, with an inferred resource of 3.7Mt at 1.5% Li2O (55,500t contained lithium). It is conditional and a reverse takeover; this ends the search for a new asset.
11 May 2016other● Neutral
Cape Lambert, which owns 26.2% of the pre-raising capital of European Lithium Limited, notes the planned reverse takeover listing and attaches the company's announcement. It says the deal unlocks about $6m of value at the proposed listing price.
5 May 2016other● Neutral
Shares suspended at the company's request, pending an announcement on a material acquisition expected before trading on 10 May 2016. This follows a trading halt request of 4 May.
3 May 2016price query● Neutral
Responding to an ASX price query after shares fell from $0.105 to $0.09, the company said it has no undisclosed information. It says advanced talks on a resource deal broke down, and pegmatite veins at Paynes Find may host lithium; re-assaying of old drilling is under way.
27 Apr 2016quarterly activities report▲ Good
March 2016 quarter: rights issue and shortfall placement raised $1,177,000; cash $1,244,000. After quarter-end, a further 14,208,950 shares at 4 cents raised $568,358. Soil sampling started in the south; JV or sale talks for Paynes Find continue.
30 Mar 2016other▲ GoodMajor
ASX lifts the trading suspension from 31 March 2016 after the capital raising was completed. The suspension began 2 Feb 2015, so shares trade again after about 14 months.
9 Mar 2016half year report● Neutral
Half year to 31 Dec 2015: loss $161,662 (prior period $285,705); net assets $165,722. Exploration kept to minimum; no suitable acquisition found yet. Rights issue raised $84,743 (7.2% take-up) with a $1,091,973 shortfall to place. Directors seek a JV or buyer for Paynes Find.
23 Feb 2016capital raising announcement▼ BadMajor
The 1-for-1 rights issue raised only $84,743, a 7.2% take-up (2,118,563 shares), against up to $1,176,716 sought. Directors have 3 months to place the 27,299,337-share shortfall. Shares on issue become 31,536,463.
What it means for a shareholder
2.1m new shares at about $0.040 to raise about $84,743. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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10 Feb 2016capital raising announcement● Neutral
Confirms the rights issue prospectus and application form were sent to eligible holders on the 4 February 2016 record date. Administrative notice only.
3 Feb 2016capital raising announcement● Neutral
Letter to eligible shareholders on the 1-for-1 rights issue at $0.04, closing 18 February 2016. Restates known timetable and use of funds, including $250,000 for exploration. Administrative notice.
3 Feb 2016capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the 1-for-1 rights issue. Administrative notice of the known offer.
28 Jan 2016capital raising announcement● NeutralMajor
Offers 1 new share for every 1 held at $0.04 to raise up to $1,176,716 (29.4M shares), not underwritten. The chairman says directors will now also evaluate projects outside the resources industry, citing falling commodity prices. This is a strategy shift.
What it means for a shareholder
29.4m new shares at about $0.040 to raise about $1.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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28 Jan 2016capital raising announcement● Neutral
Letter to optionholders on the 1-for-1 rights issue at $0.04. Options carry no right to participate unless exercised by 3 February 2016. Restates known terms and use of funds; administrative.
20 Jan 2016quarterly activities report● Neutral
December 2015 quarter: cash fell to $200,000 from $327,000. Shallow RAB drilling at Paynes Find is under consideration, and the search for a significant project acquisition continues. No new funding or resource yet.
29 Oct 2015quarterly activities report● Neutral
September 2015 quarter: cash is $327,000 after the $534,871 rights issue, with 29,417,900 shares on issue. Geological review points to untested areas south and southwest at Paynes Find. Project acquisition search continues; shares still not relisted.
18 Sept 2015admin correction● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to pages 41 to 51. Administrative filing with no new information.
18 Sept 2015annual report● Neutral
Annual report for year to 30 June 2015: net loss $986,321 (2014: $4,922,983). Principal activity remains gold exploration in Western Australia, with no change in directors. It notes the shortfall placement of $289,474 after year end.
2 Sept 2015capital raising announcement▲ GoodMajor
The whole 5,789,480-share rights shortfall was placed at $0.05, raising $289,474 and bringing the rights issue total to $534,871. Shares on issue rise to 29,417,900. The company says it is doing due diligence on a possible new substantial asset.
27 July 2015quarterly activities report● Neutral
June 2015 quarter: cash fell to $22,000 as the company fielded a rights issue that raised $245,397 (46% take-up). Directors await placing the 5,789,480-share shortfall ($289,474) before applying to relist. Field work at Paynes Find continues; no resource exists and the project search goes on.
