Past year: ▼ 82%(2.00c – 17.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2010financial restatement▼ BadMajor
The company said its 2009 annual and first two 2010 quarterly financial statements can no longer be relied on and will be restated. Stock options exercisable in a currency other than its functional currency should have been treated as a derivative liability marked to market. The filing says cash flows and project development are unaffected, and amended 10-K and 10-Q filings are planned.
10 June 2010capital raising announcement● NeutralMajor
On June 1, 2010 the company completed a private placement of 5,000,000 units at $1.60 for $8,000,000. Each unit has one share plus a quarter each of a Class A warrant ($1.75) and a Class B warrant ($2.00), both exercisable for 18 months. This adds shares and potential further dilution.
What it means for a shareholder
5.0m new shares at $1.60 to raise about $8.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Jan 2008capital raising announcement▲ GoodMajor
On January 22, 2008, warrants for 7,200,000 shares were exercised at C$0.60, bringing the company C$4,320,000 to be used for operations and working capital. The number matches the 7,200,000 warrants issued in the January 2006 financing (inference), meaning those warrants were exercised before expiry.
20 Dec 2007resource reserve update▲ GoodMajor
The company announced that Norwest Corporation has completed a feasibility study on the Soledad Mountain Project. The filing only references the press release and gives no figures from the study.
6 Feb 2006capital raising announcement● NeutralMajor
On January 31, 2006 the company sold 7,200,000 units at CAD$0.50 for CAD$3,600,000 gross; each unit is one share plus a two-year warrant at CAD$0.60. It also re-priced and extended 8,000,000 warrants from the January 2004 financing to CAD$0.60 and a June 1, 2006 expiry, and gave Sprott Asset Management a two-year right to join future financings. The re-pricing of the 3,000,000 warrants held by insider Landon Clay needs disinterested shareholder approval at the next annual meeting.
What it means for a shareholder
7.2m new shares at C$0.500 to raise about C$3.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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