Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2011capital raising announcement▼ BadMajor
A placement of 2,700,000 shares at 6 cents raised $162,000 for working capital. That is far below the 20c paid in the May raising and the 20c IPO price.
What it means for a shareholder
2.7m new shares at $0.060 to raise about $162,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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25 Aug 2011debt financing● NeutralMajor
Issued 15 convertible notes of $50,000 to raise $750,000, at 10% interest paid quarterly, expiring 19 February 2013. Converts at the lesser of 6c or a 20% discount to the 5-day average price. First debt for the company; conversion could dilute shareholders.
10 Aug 2011drilling scheduled▲ Good
Stage 2 plan firmed up: 8,000-10,000m of RC drilling to about 60m depth, directly north of Stage 1. Preparation starts 1 September and drilling 1 October 2011, a month earlier than the 15 July timing.
15 July 2011drilling scheduled▲ Good
Stage 2 RC drilling north and east of Stage 1 is planned, with field preparation from 1 August and drilling from 1 November 2011, subject to rig availability. Backed by soil geochemistry and re-reading of old drilling that sampled only part of each hole.
14 June 2011drilling result▲ GoodMajor
Stage 1 finished with all 69 holes assayed: 81% hit significant gold, including 10m at 1.8g/t and 2m at 50.5g/t. Further drilling north and east is planned. The company says widths suit bulk selective mining, and a resource statement is expected after Stage 2.
3 June 2011capital raising announcement▲ GoodMajor
The $1.2M placement flagged on 13 May is complete: 6,000,000 shares at 20c, with free 20c options (expiring 1 Nov 2012) on a 2-for-3 basis. CPS Securities also received 1,000,000 options. Shares on issue rise to 97,752,503.
What it means for a shareholder
6.0m new shares at $0.200 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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13 May 2011drilling result▲ GoodMajor
Stage 1 assays from 43 of 69 holes include 2m at 50.5g/t, 2m at 19.0g/t and 10m at 1.8g/t, mostly shallow. A JORC resource may follow the final results. Also announced: a proposed placement of up to $1.2M at 20c.
4 Apr 2011drilling spud▲ GoodMajor
Drilling began at the wholly owned Paynes Find Project: an initial 3,500m reverse circulation programme to 50-80m depth around the Carnation/Blue Heaven old workings. Taking about 12 weeks, with first results expected from late April 2011.
17 Mar 2011drilling scheduled● Neutral
Drilling start slipped from 18 to 28 March 2011 because of storm damage to local infrastructure. The mines department approved a larger 5,000m programme, and a 15-person exploration camp is due by 25 March.
2 Mar 2011investor presentation● Neutral
March 2011 presentation repeating known facts: the $6.5 million IPO at 20 cents, project history, tenements and use of funds, and the drilling contractor starting mid-March. No new results.
25 Feb 2011drilling scheduled▲ Good
Murchison Exploration was engaged for a 3,500m reverse circulation drilling programme starting 18 March 2011, testing a 500m x 400m area to about 50m depth. Assay results are expected mid-April 2011.
21 Feb 2011other▲ Good
Mapping identified 41 gold-bearing quartz reefs over 600m, up from 10 in the prospectus. A 3,500m drilling programme is planned from March 2011. Historical drilling had intersected shallow gold, and the update describes no JORC resource yet.
15 Feb 2011asset acquisition disposition▲ Good
Nine more tenements were acquired next to the main Paynes Find ground. Seven cost $380,000 (a $100,000 deposit paid, $280,000 due at settlement on 1 June 2011) and two were applied for. The geologist cites security of tenure and project access.
19 Jan 2011asset acquisition disposition▲ Good
The company bought Prospecting Licence 59/1924, east of its main Paynes Find tenements, for $60,000 from Provider Express, which keeps a gold production royalty. The geologist says it secures tenure over potential footwall mineralisation and access.
5 Jan 2011other● Neutral
The company released its newly adopted Share Trading Policy. Administrative only, with no new substance.
20 Dec 2010other▲ Good
Consultant geologist's update: mapping and 1,056 soil samples completed since 22 November, supporting mineralisation across roughly 1,600m x 550m. Airborne survey planned for early 2011, with drilling still due in the first quarter. No assay results yet.
17 Dec 2010admin correction● Neutral
Amended initial director interest notices were filed for Paul Berresford and Paul Matich, correcting those released on 1 December 2010. Matich holds 4.4 million shares directly. No new events.
17 Dec 2010material agreement● Neutral
M & M Walter Consulting was engaged to manage the company's tenements, partly paid with 1,000,000 unquoted options at 25c expiring 17 December 2011, escrowed for 12 months. Minor administrative engagement.
17 Dec 2010director officer appointment● Neutral
Peter Salter, previously an executive director, was appointed Managing Director effective 17 December 2010. Adam Bennet remains an executive director.
2 Dec 2010director officer appointment▲ Good
Veteran geologist Rod Dale (50 years' experience) was appointed lead geological consultant for the Paynes Find tenements. Mapping and soil sampling have started, with a drilling programme planned for the first quarter of 2011.
30 Nov 2010other● Neutral
Option holder spread and top 20 list as at 23 November 2010: 9,687,500 listed options (20c, expiring 1 November 2012) held by 435 holders. Elaine and Douglas Taylor each hold 8.07%. Administrative listing disclosure only.
30 Nov 2010other▲ GoodMajor
Paynes Find Gold was admitted to the ASX Official List on 29 November 2010, with quotation due 2 December 2010. The release is a pre-quotation disclosure checklist confirming conditions under the First Tech and Cable agreements were met, including a $2.9 million payment.
30 Nov 2010other● Neutral
Shareholder spread and top 20 holder list as at 23 November 2010: 91,750,003 shares held by 527 holders. The top 20 hold 42.18%, led by Paul Matich at 4.80%. Administrative listing disclosure only.
