14 July 2016securities registration● Neutral
Golden Queen Mining Consolidated Ltd. filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 July 2016securities registration● Neutral
Golden Queen Mining Consolidated Ltd. filed a free-writing prospectus - marketing material for an offering in progress.
16 May 2016securities registration● Neutral
Golden Queen Mining Consolidated Ltd. filed the final prospectus for a registered offering.
10 May 2016quarterly activities report▼ Bad
Golden Queen Mining Consolidated Ltd. reported a quarterly net loss of $8.9 million for the period ended 2016-03-31.
10 May 2016quarterly activities report▼ Bad
Golden Queen Mining Consolidated Ltd. reported a quarterly net loss of $8.9 million for the period ended 2016-03-31.
4 May 2016securities registration● Neutral
Golden Queen Mining Consolidated Ltd. registered a securities offering with the SEC using its shelf eligibility.
6 Apr 2016auditor change● Neutral
Effective March 31, 2016 Golden Queen replaced its auditor BDO with PricewaterhouseCoopers LLP of Vancouver, on the audit committee's recommendation after reviewing proposals from several firms. The filing says BDO's reports for 2014 and 2015 had no adverse opinion and that there were no disagreements or reportable events; this comes days after the restatement of 2014 accounts, but the filing gives no reason linking the two.
30 Mar 2016financial restatement▼ BadMajor
On March 24, 2016 the audit committee concluded that 2014 deferred taxes were wrongly accounted for, so the 2014 annual accounts and the Q3 2014 and first three 2015 quarterly accounts should no longer be relied on. The error was missing a US$12,922,000 deferred tax liability from the gain on the 2014 joint venture deal, offset by a matching US$12,922,000 cut to additional paid-in capital; the filing says cash flows and reported losses were unaffected and no cash tax is payable. A material weakness in tax accounting controls was identified, and the company says it fixed it by hiring a US tax expert. The press release also reports a 2015 loss of $5.5 million ($0.05 per share), cash of $37.6 million and a $7.7 million working capital deficit, with commercial production anticipated in 2016.
21 Mar 2016listing compliance notice▼ Bad
Golden Queen Mining Consolidated Ltd. withdrew a registration statement, abandoning the offering it covered.
9 Nov 2015quarterly activities report▼ Bad
Golden Queen Mining Consolidated Ltd. reported a quarterly net loss of $1.9 million for the period ended 2015-09-30.
24 Aug 2015substantial holder notice● Neutral
Jonathan C. Clay reported a Golden Queen Mining Consolidated Ltd. shareholding of 9,229,266 shares (9.20% of votes) in a periodic institutional filing.
10 Aug 2015quarterly activities report▼ Bad
Golden Queen Mining Consolidated Ltd. reported a quarterly net loss of $1.4 million for the period ended 2015-06-30.
9 June 2015capital raising announcement● NeutralMajor
On June 8, 2015 Golden Queen enlarged its Clay family term loan from US$12.5 million to US$37.5 million, with four notes at 10% now due December 8, 2016 and a US$1.5M closing fee. Proceeds are to repay the US$12.5M loan due July 1, 2015, repay the CAD$10 million convertible debentures due July 26, 2015, and fund a capital contribution of up to US$12.5M to the joint venture due June 15, 2015. The Clay lenders also received warrants for 10,000,000 shares at US$0.95 and an indemnity, so the debt grows and potential dilution is added, while the near-term maturities are pushed out. This closes the convertible debenture thread by repayment.
11 May 2015quarterly activities report▼ Bad
Golden Queen Mining Consolidated Ltd. reported a quarterly net loss of $1.7 million for the period ended 2015-03-31.
8 May 2015substantial holder notice● Neutral
Sprott Inc. reported a Golden Queen Mining Consolidated Ltd. shareholding of 4,513,300 shares (4.50% of votes) in a periodic institutional filing.
2 Mar 2015resource reserve update● Neutral
Golden Queen furnished to the SEC the Soledad Mountain Technical Report and Updated Feasibility Study dated February 25, 2015, prepared by Kappes, Cassiday & Associates and already filed in Canada. The filing itself gives no resource, reserve or cost figures, only cautions on how Canadian and US mining definitions differ.
17 Feb 2015resource reserve update● Neutral
Golden Queen furnished a February 10, 2015 press release giving an update on resource estimates, reserve estimates and construction progress at Soledad Mountain. The filing text itself contains no figures; the details are only in the attached press release, which was not included here. This follows up the earlier open question about detailed reserve numbers.
2 Feb 2015substantial holder notice● Neutral
Harris Clay, Jonathan C. Clay reported a Golden Queen Mining Consolidated Ltd. shareholding of 11,656,450 shares (11.70% of votes) in a periodic institutional filing.
23 Jan 2015securities registration● Neutral
Golden Queen Mining Consolidated Ltd. filed the final prospectus for a registered offering.
21 Jan 2015substantial holder notice● Neutral
Harris Clay, Jonathan C. Clay reported a Golden Queen Mining Consolidated Ltd. shareholding of 10,516,849 shares (10.50% of votes) in a periodic institutional filing.
12 Jan 2015substantial holder notice● Neutral
Sprott Inc. reported a Golden Queen Mining Consolidated Ltd. shareholding of 7,130,800 shares (7.10% of votes) in a periodic institutional filing.
31 Dec 2014debt financing● NeutralMajor
On December 31, 2014 Golden Queen borrowed US$12.5 million from Clay family lenders (a trust and Harris Clay) at 10%, due July 1, 2015, with a US$1M closing fee. About US$11M of it repaid the earlier Clay family loan that was due January 1, 2015, and the rest is for expenses and general purposes. The loan is guaranteed by GQ Holdco and secured by a pledge of Golden Queen's interest in GQ Holdco and its 50% stake in the joint venture; the lenders also got registration rights over Clay-held shares. This is another related-party loan (director Thomas Clay's family) and rolls over the January 2014 Clay debt.
10 Nov 2014quarterly activities report▼ Bad
Golden Queen Mining Consolidated Ltd. reported a quarterly net loss of $3.0 million for the period ended 2014-09-30.
16 Sept 2014material agreement▲ GoodMajor
On September 15, 2014 the Soledad Mountain joint venture agreed in June closed: Gauss (owned 67.5% by Leucadia's Gauss Holdings and 32.5% by the Clay family's Auvergne) paid US$110 million cash for 50% of the project company, GQ California, and Golden Queen keeps 50% through a new subsidiary, GQ Holdco. The July 2014 US$10M bridge note was paid off (about US$6.6M to Leucadia and US$3.6M to Auvergne including interest), the Clay debt restructuring took effect, and Golden Queen paid standby commitment fees of about US$1.5M to Gauss Holdings and US$731,250 to Auvergne; the filing states the rights offering backstop fee but does not say a rights offering has happened. The project board is split equally, and Golden Queen's stake can be diluted if it does not make the top-up contribution (Gauss then puts in up to US$40M).
10 Sept 2014securities registration● Neutral
Golden Queen Mining Consolidated Ltd. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
21 Aug 2014securities registration● Neutral
Golden Queen Mining Consolidated Ltd. registered a securities offering with the SEC using its shelf eligibility.
11 Aug 2014quarterly activities report▼ Bad
Golden Queen Mining Consolidated Ltd. reported a quarterly net loss of $706 thousand for the period ended 2014-06-30.
2 July 2014debt financing● NeutralMajor
On July 2, 2014 the Soledad subsidiary borrowed US$10,000,000 (US$6.5m from Leucadia, US$3.5m from Auvergne) in a senior secured note at 10%, guaranteed by Golden Queen and secured on the subsidiary's property and shares. It matures at the earlier of the joint venture closing or September 30, 2014, extendable to December 1, 2014 for a US$1,000,000 fee, and is to be repaid from joint venture proceeds. It ranks ahead of the Clay family's existing loans, which they agreed to subordinate. This bridges the June 2014 joint venture deal.
18 June 2014substantial holder notice● Neutral
Harris Clay, Jonathan C. Clay reported a Golden Queen Mining Consolidated Ltd. shareholding of 10,516,849 shares (10.50% of votes) in a periodic institutional filing.
12 June 2014material agreement▲ GoodMajor
On June 8, 2014 the company agreed that Gauss Holdings (Leucadia-controlled) and Auvergne (Clay family) will invest US$110 million for a 50% joint venture interest in Soledad Mountain, which it currently wholly owns. It needs TSX approval and a majority of disinterested shareholders. A US$45 million backstop for a possible rights offering (price up to US$1.10) and a debt restructuring moving guarantees of Clay loans to a new holding company were also agreed. A US$2.5 million termination fee applies in certain circumstances; if the company does not make a top-up contribution, Gauss may put in up to US$40 million and dilute the company's stake.