Each one in plain English, with the numbers worked through for a shareholder.
20 June 2012capital raising announcement● NeutralMajor
Shareholders took up only about 28% of the rights issue ($1.12M, 56.2M shares). The $2.89M shortfall goes to underwriter Patersons, including a $2M priority portion for Delecta. Allotment due 26 June 2012.
1 June 2012capital raising announcement● Neutral
Prospectus and supplementary prospectus dispatched for the roughly $4M underwritten rights issue. Acceptances close 5pm WST on 18 June 2012. Administrative.
1 June 2012admin correction● Neutral
Supplementary prospectus withdraws historic 1985 and 1987 'resource' wording from the geologist's report. The figures (e.g. 1.0-1.35Mt at 5.9g/t) are now described as conceptual, not a JORC resource. No resource exists, consistent with earlier context.
24 May 2012capital raising announcement● Neutral
Cover letter to shareholders restating the rights issue timetable already announced: 2-for-1 at 2c with an attaching 3c option, about $4M, underwritten by Patersons. Meeting 15 June, close 18 June, allotment 26 June 2012. No new information.
21 May 2012capital raising announcement● Neutral
Letter to option holders on the rights issue: 2 new shares per share held at 2c with an attaching option, aiming for about $4M, with Patersons as underwriter. Options must be exercised by 5pm on 30 May 2012 to take part.
18 May 2012capital raising announcement● Neutral
Timetable for the $4M underwritten rights issue: prospectus lodged 21 May, record date 30 May, shareholder meeting 15 June, acceptances close 18 June, shares allotted 26 June 2012.
26 Mar 2012admin correction● Neutral
Share registry changed from Advanced Share Registry to Computershare, effective 26 March 2012. ASX codes are unchanged. Administrative.
15 Mar 2012half year report▼ Bad
Half-year to 31 December 2011: loss of $1,388,579 and net assets down to $4,015,406. Shares remain suspended since the October 2011 trading halt. Stage 2 drilling is still only planned.
17 Feb 2012bankruptcy or receivership▲ GoodMajor
The court granted the application to discontinue the winding-up proceedings. The company says it can now focus on exploration and getting its shares back to trading, with Stage 2 drilling targeted for Q2/Q3 2012.
10 Feb 2012debt financing● NeutralMajor
Delecta Limited disclosed its $900,000 loan to the company at 12%, secured over all assets and tenements, due by 1 May 2012. It will sub-underwrite $2M of the rights issue for a 3% fee, may be topped up to 19.9%, and can nominate a director.
10 Feb 2012capital raising announcement▲ GoodMajor
Old note holders were paid $1,078,278 and winding-up proceedings are being discontinued. A $4M rights issue at 2c, underwritten by Patersons, proceeds, supported by $900k from Delecta Limited (secured, 12%) and $700k of director loans.
11 Jan 2012debt financing▼ BadMajor
The company admits breaching ASX placement limits with its $750k August and $400k October 2011 convertible notes, and refinances with $1.2M of 12% director-linked loans due 1 May 2012. Plans an underwritten $4M rights issue at 2c; Peter Landau becomes chairman.
5 Jan 2012bankruptcy or receivership▼ BadMajor
Troca Enterprises, a holder of $350k in convertible notes, served a Federal Court application on 22 December 2011 to wind up the company. The company says a refinancing and underwritten rights issue will repay the Troca debt.
5 Jan 2012director officer appointment● NeutralMajor
Carl Popal was appointed non-executive director and company secretary after Paul Berresford resigned as chairman and secretary on 15 December 2011. Berresford had led the company since March 2010.
30 Nov 2011director officer appointment● Neutral
John Hatherley, a former BP and Glencore energy trader, joined as non-executive director, adding to the rebuilt board.
14 Nov 2011director officer appointment● Neutral
Doug Taylor was appointed non-executive director with immediate effect. He was one of the three nominees in the October shareholder request to call a meeting, so the push for board change is taking effect.
14 Nov 2011director officer appointment● Neutral
Adam Bennett was re-appointed as non-executive director with immediate effect, days after shareholders voted down his re-election at the AGM.
8 Nov 2011agm notice▼ BadMajor
At the 4 November AGM, re-election bids for Salter, Matich, Caminschi and Leedman were withdrawn and Adam Bennett's re-election was voted down (33.1M for, 41.0M against). The meeting adjourned to 11 November, leaving chairman Berresford as sole remaining director, to appoint at least two more.
31 Oct 2011annual report▼ Bad
Annual report for the year to 30 June 2011, repeating the audited accounts released on 30 September: net loss of $5,253,656 versus $117,880 the year before.
26 Oct 2011director officer appointment● Neutral
Brian Leedman resigned as a director effective 26 October 2011, ending his board involvement after stepping down as interim Managing Director on 9 October.
13 Oct 2011security holder rights change● NeutralMajor
The company received a shareholder request under section 249D to call a general meeting to appoint Carlos Popal, Doug Taylor and Ray Musket as directors. This is a push to change the board.
11 Oct 2011material agreement▼ Bad
The company has not paid the $150,000 fee to extend its option over tenements ML 59/503, 504 and 405 (expired 1 August 2011, extendable to 2012) because the vendor could not show clear title. Talks to resolve it are ongoing.
11 Oct 2011director officer appointment▼ BadMajor
Brian Leedman resigned as interim Managing Director effective 9 October 2011, three weeks after taking the role, but stays on the board as a non-executive director. No permanent managing director has been named.
30 Sept 2011annual report▼ Bad
Audited accounts for the year to 30 June 2011 show a net loss of $5,253,656, against $117,880 the year before. The report notes directors were negotiating more funding through a convertible note, with none executed at the report date.
22 Sept 2011capital raising announcement▼ BadMajor
The company decided not to proceed with the 7 September rights issue, which aimed to raise up to $6.0M for Stage 2 drilling. No reason is given in the text, so funding for Stage 2 is now unclear.
19 Sept 2011director officer appointment● NeutralMajor
Peter Salter and Adam Bennett stepped down as Managing Director and Executive Director but stay as non-executive directors. Brian Leedman became interim Managing Director pending a permanent hire, and Andrew Caminschi joined the board as a non-executive director.
14 Sept 2011contract award▲ GoodMajor
CSA Global was appointed to advise on Stage 2 drill planning and quality control, with a separate agreement to produce a JORC resource estimate after drilling. Management expects Stage 2 drilling done by mid-February 2012 and a resource by early April 2012.
13 Sept 2011capital raising announcement● Neutral
Notice to overseas shareholders that they cannot take part in the rights issue, which is offered only to holders in Australia and New Zealand, citing the cost of complying with foreign laws. Administrative.
9 Sept 2011capital raising announcement● Neutral
Shareholder letter on the rights issue: 1 new share per share held at 6c, record date 16 September, closing 7 October, up to 100,452,503 shares. The last close was 8c. Repeats the 7 September terms.
7 Sept 2011capital raising announcement● NeutralMajor
A 1-for-1 non-renounceable rights issue at 6c to raise up to $6,027,150 to fund Stage 2 drilling, with Patersons managing the shortfall. A JORC resource is expected after the next drilling stage. Closes 7 October.
