Each one in plain English, with the numbers worked through for a shareholder.
30 May 2016capital raising announcement● NeutralMajor
Monax plans a partly underwritten 1-for-2 rights issue at 1.0c to raise up to about $1.52m (up to 151.8m shares), a 39.9% discount to the 10-day average price. Funds go to Mt Ringwood follow-up, Bullock Creek lithium, Croydon gold and working capital.
What it means for a shareholder
152m new shares at about $0.010 to raise about $1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The prospectus for the 1-for-2 rights issue at 1.0c, raising about $1.52m, is lodged. It lists going concern, future capital needs and exploration risk as key risks, and says directors intend to take part and the chairman will underwrite part of any shortfall.
Maiden drilling has started at Mt Ringwood: ten holes at Great Northern, Great Western and Star of the North. Drilling should finish within a week, with results expected about three weeks after that.
Monax signed a binding term sheet to earn 80% of Queensland lithium tenement EPM 26053 by spending $500,000 within 18 months. A rock chip assayed 3.55% Li2O. It also applied for an adjoining tenement, adding a lithium project beside its gold focus.
Government approvals for the maiden Mt Ringwood drilling program have been received. Ten holes at Great Northern, Great Western and Star of the North are expected to start within two weeks and take about one week. This resolves the approvals wait.
Monax was accepted into the federal Exploration Development Incentive scheme. It will pass $275,409 of tax credits to eligible shareholders, about 0.0907c per share on 303.6m shares, issued 14 June 2016 to holders on the 13 May record date.
The 15 new Mt Ringwood rock chips returned 8 samples above 1 g/t gold, with a top result of 143 g/t, south of the Goodall mine. These areas are not in the drilling program. Drilling start is now expected in early May 2016, later than the earlier early-April target.
Monax applied for a Queensland tenement (EPM 26176), about 40km WSW of Mount Garnet, that it considers prospective for lithium. It is an application only, with exploration to follow if granted. This is a new lithium thread beyond gold.
Monax collected 15 more rock samples south of the Star of the North leases, with results due in 2-3 weeks. It is still waiting on statutory approvals for the maiden drilling program.
Half-year to 31 December 2015: net loss of $435,664 (prior period $375,985). Covers Mt Ringwood deals, the 10% Western Gawler decision and the Punt Hill buy-out. Drilling is planned for April 2016. Mostly repeats known facts.
Routine compliance notice: 27,601,386 placement shares were issued on 2 March 2016, matching the roughly $138,000 raise at 0.5c announced on 1 March. No new information.
Monax has firm commitments for a second placement of about $138,000 at 0.5c per share. Together with the February raise, it says this fully funds the 10-hole Mt Ringwood drilling, now expected from early April 2016, plus extra mapping and sampling.
Routine compliance notice: the 12,000,000 placement shares issued on 23 February 2016 (the $60,000 raise at 0.5c) were issued without a prospectus. No new information.
23 Feb 2016capital raising announcement● NeutralMajor
Monax raised $60,000 from a placement of 12,000,000 shares at 0.5c, a 28.6% discount, to fund a 10-hole maiden Mt Ringwood drilling program starting within 4-6 weeks: five holes at Great Northern, three at Star of the North and two at Great Western.
What it means for a shareholder
12.0m new shares at $0.005 to raise about $60,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Final December Mt Ringwood batch: 34 of 121 rock chips above 1 g/t gold, up to 81 g/t south of the Goodall mine. Monax plans a low-cost induced polarisation survey after the wet season, with drilling to follow soon after.
Routine compliance notice: the 14,000,000 shares for the Mt Ringwood option, approved at the November AGM, were issued on 22 December 2015. No new information.
The share purchase plan raised $145,500 from applications for 14,550,000 shares at 1.0c, about 21% of the $706,377 maximum. Shares are to be issued on 29 December, with funds going to Mt Ringwood exploration and working capital.
What it means for a shareholder
14.6m new shares at $0.010 to raise about $145,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Monax will keep its 10% interest in Western Gawler and form an unincorporated joint venture with Western Areas, with the option to co-fund exploration pro rata. This resolves the 45-day choice over a 10% share or a 1% royalty.
Western Areas has begun diamond drilling one hole to test the Atomic Cafe electromagnetic target at Western Gawler, taking 7-10 days with results due early 2016. Monax is still to decide on its 10% interest.
The chairman's letter to shareholders re-promotes the share purchase plan at 1.0c, now closing 18 December, citing the 382 g/t Mt Ringwood sample and the Western Gawler conductor. It says Monax's ability to co-fund Western Gawler depends on strong take-up. Nothing new.
Ground electromagnetic surveys at Western Gawler's Atomic Cafe area outline a conductor modelled at 300m+ depth, matching gravity and magnetic anomalies. Earlier hole WGA0046 had magmatic copper sulphides. Monax is told it has 14 days to choose a 10% interest or a 1% royalty. No ore result yet.
Monax extends the share purchase plan closing date by a week to 18 December, so holders can digest the new Mt Ringwood and Western Gawler news. Results now due 22 December, shares issued 29 December. Other terms unchanged.
Second batch of 140 Mt Ringwood rock chips: 37 above 1 g/t gold, with a top result of 382 g/t west of Great Northern and up to 100 g/t at Great Western. Further results are due in 3-4 weeks. Still surface sampling, not drilling.
Iluka has started drilling at Phar Lap: three diamond holes of about 500m testing three gravity targets, taking 6-8 weeks. Iluka can earn 80% by spending $2m over four years. This starts the drilling flagged in mid-November.
First Mt Ringwood assays from 93 new rock chips: 25 returned over 1 g/t gold, best 150 g/t at Star of the North. Results for 140 more samples from Great Northern and Great Western are due in 1-2 weeks; drilling or costeaning still targeted for early 2016.
Monax sends out the offer documents for the share purchase plan announced 19 November: up to $15,000 per holder at 1.0c a share, capped at 70,637,771 shares ($706,377). It closes 11 December. Administrative; no new terms.
19 Nov 2015capital raising announcement● NeutralMajor
Monax announces a share purchase plan to raise up to $706,377 through up to 70,637,771 shares at 1.0c, a 16.8% discount to the 5-day average price. It opens 26 November and closes 11 December. Funds go first to Mt Ringwood, and a strong take-up would help co-fund Western Gawler at 10%.
What it means for a shareholder
70.6m new shares at $0.010 to raise about $706,377. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The Managing Director's AGM presentation repeats the Mt Ringwood deal terms and plans: mapping to December, drilling late February-March 2016. It shows about 235.4m shares, a $3.1m market capitalisation at 1.3c and $0.5m cash at 30 September. Nothing new.
17 Nov 2015director officer appointment● NeutralMajor
Gary Ferris will stay on as Managing Director, with a new contract being negotiated, which reverses the three months' notice given on 12 August. Terms will be announced later.
