Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2008capital raising announcement● NeutralMajor
Monax announced a share purchase plan for up to $3.7m (16.8m shares) at 22 cents, open to shareholders on the register at 4 April 2008. Funds were for Waddikee manganese and iron ore, Punt Hill IOCG drill targets and a PACE-funded Dingo Hill gold program.
What it means for a shareholder
16.8m new shares at $0.220 to raise about $3.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Marmota update: Waddikee samples showed elevated vanadium and are being assayed for uranium, results in about three weeks. Gravity surveys found palaeochannels at Kimono Tank, and the airborne survey starts end of March. Marmota's work on Monax-related ground; no Monax results.
Rock chips from the 100%-owned Waddikee tenement returned up to 60.1% iron, 43.8% manganese and 1.13% vanadium oxide. Early surface sampling, not drilling; it builds on the December iron ore review and adds manganese and vanadium as new themes.
PDAC presentation mostly repeats known results. New: Punt Hill follow-up drilling planned by June 2008, Waddikee iron ore and manganese (up to 43.7% Mn) drilling in second half 2008, and Monax holds 29% of Marmota. Market cap shown as $19m.
Partner Marmota signed Fugro to fly over 15,000 line km of airborne electromagnetic survey, starting late March 2008, first over Ambrosia. Monax's Eyre Peninsula auger drilling is cited as finding a 200m-wide palaeochannel. Marmota's work, not Monax spending; drilling planned Q3 2008.
Diamond drilling began at the Bonaventura zinc-lead prospect on Kangaroo Island, with at least ten holes aimed at a newly recognised cross-cutting structure. Earlier hole best was 5m at 26.9% zinc. Finishing late March; aims to define a near-surface resource.
Monax won a $75,000 PACE government grant toward a maiden four-hole, 1,200m diamond program at its 100%-owned Dingo Hill epithermal gold project, planned for May 2008. A 14km by 3km alteration zone has been mapped.
IP survey at Punt Hill found previously unrecognised fault targets at Groundhog, Needlenose and Woodchuck. GHDD1 and GHDD2 may have narrowly missed a mineralised fault. Follow-up drilling is being scheduled, with no date given.
December quarter report repeats the IP drill targets. New: native gold grains found in GHDD1 core, and chalcocite zones in GHDD2, GHDD5 and WDDD2, all being assayed. No new assay numbers.
Review of iron ore potential at Waddikee on Eyre Peninsula (about 1,000 sq km, over 80km of banded iron formation). Historical samples reached 51% Fe hematite and 60% Fe magnetite. A new, early-stage commodity idea; Marmota plans an aeromagnetic survey in early 2008.
Notice that the MOXO options ($1.20 strike) expire on 31 December 2007 unless exercised, with quotation ending 20 December. The share price was 47 cents on 20 November, well below the strike. Administrative notice.
Monax says it remains in talks with several parties about Punt Hill, with no guarantee the board will accept any proposal. Continues the review begun on 31 August; no new terms disclosed.
Virginia Suttell, a chartered accountant with over 14 years' experience, was appointed Chief Financial Officer and Company Secretary, replacing Dom Cosentino in the secretary role (inference from earlier context).
AGM chairman's address repeats the Punt Hill results. Approaches from major miners are under consideration, with a Punt Hill direction hoped for by the first quarter of 2008. Marmota raise closed oversubscribed; Neville Alley has stepped down as executive director.
AGM managing director address mostly repeats known results. New items: a 12-hole Bonaventura program planned for early 2008, and cash of $1.8m with about 56.1m shares. Downhole and surface IP surveys at Punt Hill were due to start within a week.
All AGM resolutions passed. The Marmota sale agreements (resolution 5) passed on a poll, 8.96m votes for and 5.07m against. Clears the way for the Marmota uranium deal and its listing.
September quarter report repeats the PDDD2 zinc-copper result and the infill gravity and IP plans. Mount Hope PACE auger drilling is complete: 178 holes, 2,770m, with about half to 60% hitting basement. No new Punt Hill results.
Groundhog hole GHDD4 at Punt Hill gave the best results to date: 122m at 0.47% copper, including 15m at 0.96% copper. It extends Groundhog mineralisation to over 200m of strike and follows GHDD1's 126m at 0.4% copper. Resolves the pending GHDD4 assay.
Second Prairie Dog hole PDDD2 at Punt Hill returned 158.2m at 0.32% zinc and 99m at 0.24% copper, including 1m at 7.58% copper. It is a second alteration system separate from Groundhog. Groundhog GHDD4 assays are due mid-November; IP surveys moved to early November.
Marmota's IPO passed its $7.5m minimum subscription. The Monax holder priority offer (up to $5m) closes 2 November, and listing depends on Monax shareholder approval at the 8 November meeting. Monax would hold 25.7% if the IPO is fully subscribed.
Annual report and AGM notice mailed, including the expert's report on the Marmota sale. Monax sells Marmosa for 36m Marmota shares and 18m options at $0.40; Marmosa earns uranium rights by spending $4m over two years. Monax keeps Punt Hill.
2 Oct 2007asset acquisition disposition▲ GoodMajor
Marmota Energy's IPO is set to raise up to $15m (minimum $7.5m) at 25c a share, with Monax holders getting priority for up to 20m shares. Monax would hold 25.7% if fully subscribed. Shareholder vote is 8 November 2007; an independent expert found it fair and reasonable.
Media release repeating the $15m Marmota IPO terms: 60m shares at 25c, minimum $7.5m, a 25.7% Monax stake if fully subscribed, and a shareholder meeting on 8 November. No new information.
2006-07 annual report: Punt Hill's initial program of 20 holes (about $3m, 17,590m) found IOCG systems with broad low-grade copper and zones up to 1%. Also covers Eyre Peninsula and Kangaroo Island, where an 11-hole zinc program is planned. Mostly known results.
September presentation repeats the Punt Hill discovery and the review of joint venture or sale options. Shows about 56m shares (36.1m listed, 20.0m escrowed), a $27.5m market cap and $3.2m cash. No new results.
Monax has received conditional, incomplete expressions of interest from several parties for its 100%-owned Punt Hill project. The board is reviewing options, possibly a joint venture or sale of some or all of it. No offer is guaranteed; advisers appointed.
Early Eyre Peninsula auger drilling found a 200m-wide lignite-rich palaeochannel, suggesting uranium potential, and four holes with weathered mafic rock possibly greenstone prospective for nickel and gold. Assays due in 4-6 weeks; PACE funds up to half the cost.
Former SA Chief Government Geophysicist Dom Calandro was appointed Managing Director of Marmota Energy, the planned uranium spin-out. Marmota is finalising its raising and listing, with over 7,000 km2 of uranium ground. Monax holders expected to get a priority offer.
June quarter report largely repeats the Punt Hill step-out results (assays pending) and the Ambrosia and Marmota plans. Regional PACE drilling has begun at Mount Hope. The tenement table lists 17 granted licences and several applications, all 100% held.
