Past year: ▲ 0%(2.00c – 4.00c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2011capital raising announcement● Neutral
On December 27, 2011, 350,000 of the December 2008 warrants were exercised at $0.10, raising $35,000, leaving 1,650,000 that the company expects to be exercised. It also cancelled 125,000 of its own shares that it had received as payment for used equipment in Chile.
28 June 2011capital raising announcement● Neutral
On June 23, 2011 Global Gold issued 2,000,000 restricted shares at $0.15 to settle $300,000 of about $712,000 in wages owed to management (as of March 31, 2011), which stops interest on that part of the debt but dilutes shareholders. It also issued 50,000 shares to each of six directors ($45,000 total), 800,000 shares as a bonus to Armenia and Chile employees ($120,000), another 250,000 shares to Rasia, FZE for the CR joint venture advice, and 250,000 warrants were exercised at $0.10 ($25,000), leaving 2,000,000 of the December 2008 warrants.
5 May 2011capital raising announcement● Neutral
On May 3, 2011 Global Gold issued 250,000 restricted shares to Rasia, FZE as partial payment for advisory services on the Consolidated Resources joint venture, which adds a small amount of dilution. On May 2 it also amended its nominating, audit and compensation committee charters to adopt NYSE Amex governance and director independence provisions; the filing gives no reason for this.
28 Oct 2010capital raising announcement▲ Good
On October 25, 2010, 2,500,000 of the 4,750,000 December 2008 placement warrants were exercised at the reduced price of $0.10, raising $250,000. The company expects the rest to be exercised. This follows the strike price cut from $0.15 and adds new shares.
22 Oct 2010capital raising announcement● NeutralMajor
Three directors' loans plus interest, $5,312,642.95 in total as of October 15, 2010 (Hague $5,052,262.27, Aynilian $154,030.68, Gallagher $106,350), were cancelled and turned into 35,417,620 restricted shares at $0.15 each. This resolves the open question about the Hague advances, which had been $3.21M in 2008, and removes the debt and its interest. For existing shareholders it means dilution, on top of the exercise price of the December 2008 warrants (4,750,000, previously $0.15) being cut to $0.10. Hague's 1.75% NSR on Pureo is unaffected. He is no longer counted as independent, and two independent directors are to be added.
30 Dec 2008capital raising announcement▼ Bad
On December 30, 2008 Global Gold sold a further 1,250,000 shares at $0.10 ($125,000), with the same $0.15 warrants running to December 9, 2013, to current individual shareholders. This brings the offering to 4,750,000 shares sold out of up to 10 million. It continues the December 15 placement and adds more dilution.
What it means for a shareholder
1.3m new shares at C$0.100 to raise about C$125,000. 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 2008capital raising announcement▼ BadMajor
On December 15, 2008 Global Gold sold 3,500,000 shares at $0.10 each ($350,000) to existing shareholders Firebird Global Master Fund, Firebird Republics Fund and Firebird Avrora Fund. Each share comes with a warrant to buy one more share at $0.15 until December 9, 2013. This is the first tranche of an offering of up to 10 million shares, open until December 31, 2008 (extendable to January 30, 2009). The shares are sold at $0.10, far below the $0.75 to $1.25 prices of earlier raises, and will dilute existing holders.
What it means for a shareholder
3.5m new shares at C$0.100 to raise about C$350,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 Oct 2006capital raising announcement● Neutral
Simon Cleghorn's resignation as Director of Mining and Exploration took effect on September 30, 2006, and he moves to a more limited "Senior Geologist" role in Armenia. Because of that, 40,000 restricted shares previously granted to him did not vest and went back to the company. This is a small share return, not a sale of new shares despite the item label.
5 Apr 2006capital raising announcement▲ GoodMajor
On April 4, 2006 Global Gold sold 10,400,000 shares at $1.25 for $13,000,000 in a private placement, with one $2.00 warrant for every three shares, exercisable until the sooner of April 1, 2008 or 60 days after a trading-price trigger of $3.00 after August 1, 2006. Aton Securities was placement agent and received warrants for 1,000,000 shares at $1.25 within 18 months. Proceeds are for Armenian and Chilean projects, acquisitions and working capital; this is far larger than the $3,000,000 raise of July 2005 and dilutes existing holders.
What it means for a shareholder
10.4m new shares at C$1.25 to raise about C$13.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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