Each one in plain English, with the numbers worked through for a shareholder.
29 Feb 2008capital raising announcement▼ BadMajor
The company closed a further $350,000 financing with AJW Partners, AJW Master Fund and New Millennium Capital Partners II, issuing 8% secured convertible notes (convertible at 60% of a recent low trading price) and warrants for 10,000,000 shares at $0.006, secured by a first lien on all assets. It also issued $350,000 of 2% notes to cover interest owed on the earlier 6% notes, due January 28, 2011, and the earlier notes convert on the same terms. Proceeds are for general and administrative expenses and consulting fees. This continues the AJW borrowing from 2006, now at a far lower warrant price ($0.006 versus $0.30), so more dilution is possible.
26 May 2006capital raising announcement● NeutralMajor
The company closed the second $600,000 tranche of the AJW financing on May 19, 2006 after filing its resale registration (Form SB-2) on May 15, receiving $595,000 and issuing 6% notes plus 11,000,000 more warrants at $0.30. It corrected the earlier filings, which wrongly said these warrants had an aggregate $400,000 exercise price. A final $700,000 remains due once the SEC declares the registration effective, and a proxy to raise authorized shares was filed May 22. The company's press release says the cash covers the upcoming Lucky Boy drill program.
An amendment to the April 18 filing repeats the AJW financing: $700,000 of 6% secured convertible notes closed April 13, 2006, with 11,000,000 warrants at $0.30. The company says it will actually receive $640,000 after $35,000 and $5,000 in fees and $20,000 placed in escrow for key man life insurance on President Brad Rudman. The main additions are the Envision Capital finder terms (10% cash commission plus warrants for as many as 1,000,000 shares at $0.30 for 5 years) and the Envision retainer agreement filed as an exhibit. Note this differs from the 22,000,000 finder warrants in the earlier context, which should be treated as superseded by this figure.
The company closed an initial $700,000 of a $2,000,000 financing with AJW Partners and affiliated investors, issuing 6% secured convertible notes (three-year term, convertible at a variable price of 50%-60% of a recent low trading price) and warrants for 11,000,000 shares at $0.30. The notes are secured by a first lien on all company assets, and later tranches ($600,000 and $700,000) depend on filing and SEC effectiveness of a resale registration. The company lacks enough authorized shares for the resale registration and plans to seek shareholder approval to increase them. Proceeds are intended for payables, the Lucky Boy option and work, Debut and Gold View work, and general costs. It also announced a process to list on the Frankfurt exchange.
The company said partner Minterra had filed for final regulatory acceptance of its private placement and expects to start a work program on Gold View and Dun Glen once approved. It restates the earlier option terms (50% interest for US$60,000, 200,000 Minterra shares and a CAD$2,000,000 work commitment over three years); nothing new was raised by Golden Patriot itself.
