15 Apr 2010admin correction● Neutral
Administrative notice that 5.9m shares were issued on 14 April 2010 by private placement without a disclosure document. It carries no new information beyond confirming the placement completed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Apr 2010capital raising announcement● NeutralMajor
Monax has firm commitments for a placement of about 5.5m shares at 10 cents to raise $550,000 before costs, earmarked for the new Cape York bauxite tenements. It uses the company's 15% capacity, so no shareholder vote is needed.
What it means for a shareholder
5.5m new shares at $0.100 to raise about $550,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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7 Apr 2010joint venture update● Neutral
Monax confirmed it will keep its 50% of Melton by paying half of exploration costs alongside Marmota, resolving the earlier open question. The maiden drilling, begun 1 March, is now due to finish by end April or early May.
7 Apr 2010asset acquisition disposition● Neutral
Callabonna's own notice of the same Cape York option deal with Monax, forwarding Monax's release. It adds that Callabonna is refocusing on uranium, and that Monax bears tenement upkeep and access agreement costs. No new Monax terms.
7 Apr 2010asset acquisition disposition▲ GoodMajor
Monax optioned three more Cape York bauxite applications (about 385 km2) from Callabonna Uranium for a $50,000 fee, lifting its Cape York access to 11 tenements and 2,272 km2. Later payments: $500,000 after year one, $250,000 to buy, $2m after a pre-feasibility study.
26 Mar 2010asset acquisition disposition▲ GoodMajor
Monax signed an option over four granted gold mining leases at Percyvale, northern Queensland, with historic high-grade rock chips (up to 608 g/t) and past drilling such as 5m @ 12.5 g/t. Monax calls it a new strategic push into northern Queensland; price terms not shown in the text.
24 Mar 2010farm in farm out completion● Neutral
Marmota says it has met its full Melton earn-in and now holds 50%, ahead of schedule; drilling of the first three of five targets continues. Monax may keep its equity by contributing to the program.
18 Mar 2010investor presentation● Neutral
March 2010 investor presentation repeats known projects and plans, with about $5m cash. Notable shifts: Punt Hill drilling is now 'mid 2010' (earlier: Feb-March), and Monax applied for a new tenement about 25km west of Carrapateena.
15 Mar 2010drilling result▲ Good
Mapping and sampling at Waddikee's Jamieson Tank found up to six manganese horizons over about 5km of strike, with rock chips up to 50.61% Mn (previously 46.7%). RC drilling under the OMM farm-in is now planned for late April.
3 Mar 2010drilling scheduled● Neutral
A helicopter magnetic and radiometric survey has started over Kangaroo Island's lead-zinc prospects, with an IP survey at Bonaventura due in 2-3 weeks. Drilling is now planned for mid to late 2010, later than the early 2010 timing earlier signalled. Monax applied for two more tenements, taking the area to 499 km2.
1 Mar 2010drilling spud▲ GoodMajor
Marmota began maiden drilling at Melton, a ten-hole program testing three of five targets, starting with Miranda. Phase one should take about ten weeks. Marmota will reach its 50% earn-in during it, and Monax is expected to contribute to keep its share.
16 Feb 2010joint venture update▲ Good
Marmota says new gravity data confirms five coincident gravity-magnetic targets at Melton, with Miranda strongest, up to 4km long. Access agreements are done and drilling starts in the last week of February. Monax can then contribute to keep its equity.
16 Feb 2010joint venture update● Neutral
Monax re-released Marmota's Melton gravity results. It expects Marmota to meet its $400k minimum spend after 1-2 drill holes, after which Monax will fund 50% using its recent raisings. Monax holds 24.01% of Marmota.
10 Feb 2010joint venture update▲ Good
Partner Marmota reached a 25% interest in Melton by meeting the first half of its earn-in. It expects to reach 50% in the first half of 2010, with drilling of the first three of five targets planned from the end of February.
29 Jan 2010quarterly activities report● Neutral
Quarter to 31 Dec 2009: the SPP, rights issue and placements raised about $5.2m, leaving 142.2m shares on issue. Melton drilling is planned mid to late February and Punt Hill late February to March. Waddikee RC drilling is planned for May 2010.
19 Jan 2010drilling result▲ Good
Early work under the OMM farm-in at Waddikee's Jamieson Tank found five manganese horizons, two of them new, with rock chips up to 46.7% Mn. RC drilling is scheduled for May 2010, earlier than the mid-2010 timing previously given.
12 Jan 2010asset acquisition disposition▲ GoodMajor
Monax signed an option deal with Delminco for five bauxite tenement applications on Cape York, Queensland (about 1,358 km2), paying $50,000 for one year, with $500,000 to buy outright. It also applied for three more, taking the total to about 2,002 km2. This is the first new project under Ferris.
12 Jan 2010capital raising announcement▲ GoodMajor
The rights issue shortfall was fully placed: about 19.8m shares and 9.9m options raised about $1.5m. Acorn Capital became a substantial holder at about 6.6%. Monax says it will have over $5m in cash, resolving the rights issue thread.
What it means for a shareholder
19.8m new shares at about $0.0758 to raise about $1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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18 Dec 2009capital raising announcement● NeutralMajor
The rights issue raised only about $1.26m of the targeted $2.7m, with 10.9m shares taken up and 5.9m applied for as extras. The 18.36m-share shortfall is to be placed to raise a further $1.37m.
What it means for a shareholder
10.9m new shares at about $0.1156 to raise about $1.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Nov 2009investor presentation● Neutral
Broker presentation by MD Ferris repeats known facts: five core projects, 105.5m shares, cash $3.3m, rights issue at 7.5 cents, Punt Hill and Melton drilling planned. The rights issue closing date is printed as 14 December 2010, apparently an error against the earlier 11 December 2009 timetable.
20 Nov 2009agm notice● Neutral
Chairman's AGM address: the share price ranged 4 to 12 cents over the year and is now 8 cents, versus a $1.80 peak after the Punt Hill results. It recaps the $2.6m raised, the rights issue, Ferris as new MD and the 2010 drilling plans.
20 Nov 2009agm notice● Neutral
All AGM resolutions passed, including the remuneration report, Glenn Davis's re-election, ratification of the September placement and up to 3m options for MD Gary Ferris. Administrative outcome with no new substance for the business.
20 Nov 2009investor presentation● Neutral
AGM presentation by MD Ferris repeats known facts: 105.5m shares, about $9m market value, cash $3.3m and the five core projects. Timing is given as Melton drilling late January, Punt Hill in the first quarter and Waddikee drilling mid-2010.
20 Nov 2009drilling scheduled▲ Good
Monax outlined a 2010 drilling program across four projects: Melton from February, Punt Hill from March subject to approvals, Waddikee and Kangaroo Island. It is described as one of the most intensive in the company's history; the rights issue is aimed at adding $2.7m.
16 Nov 2009other● Neutral
Letter to shareholders repeating the rights issue terms and the timetable: record date 24 November, offer closes 11 December, allotment 21 December 2009. It adds that two holes are planned at Punt Hill and that the company is considering acquiring proven or producing assets.
13 Nov 2009capital raising announcement● Neutral
Prospectus lodged for the 1-for-3 rights issue at 7.5 cents, about $2.7m, with free attaching options. Documents are due to be mailed on 27 November 2009. This is the formal offer document for the 10 November announcement; the visible text adds no new figures.
13 Nov 2009joint venture update▲ Good
Partner Marmota says reprocessing of aeromagnetic data supports the five large targets at Melton, where it is earning 50% from Monax. It plans a ground gravity survey in December and drilling from January 2010.
11 Nov 2009security holder rights change● Neutral
Letter telling optionholders about the rights issue. They can join only if they exercise options by 18 November 2009, before the 24 November record date. No new substance beyond the rights issue already announced.
10 Nov 2009capital raising announcement● NeutralMajor
Monax announced a 1-for-3 non-renounceable rights issue at $0.075 a share to raise about $2.7m, up to 36.6m shares, with a free 15c option expiring 30 Nov 2011 for every two shares taken. Funds go to Punt Hill and Melton drilling, a Kangaroo Island survey and new projects. It follows the September raising.
What it means for a shareholder
36.6m new shares at about $0.0738 to raise about $2.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Nov 2009drilling result▲ Good
Infill gravity survey at Punt Hill found two prominent targets, Gopher and Otcheck, possibly shallower than the earlier Groundhog drilling (best 159m @ 0.47% Cu). Modelling is under way and drilling is planned for the first quarter of 2010, subject to approvals.