Each one in plain English, with the numbers worked through for a shareholder.
22 July 2010capital raising announcement● NeutralMajor
The company sold 14,275,800 new shares at US$0.10 (US$1,427,580) to Northern Capital Resources Corp on July 14, 2010, and used the proceeds to subscribe on July 16 for 49,233,866 more Acadian shares at CDN$0.03 (CDN$1,477,015.98). Its Acadian holding is now 387,345,200 shares, or 71.5%. This is a new placement under a fresh subscription agreement, separate from the earlier US$8.5 million one, and again adds shares to a Gutnick-associated buyer.
What it means for a shareholder
14.3m new shares at US$0.100 to raise about US$1.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
18 May 2010capital raising announcement▲ GoodMajor
The company closed its purchase of the Tahera Diamond Corp mineral properties in the Slave Craton, which it had until now only held rights to explore under separate access agreements since 2002. It paid CDN$86,000 and issued 3,000,000 shares to Tahera, which keeps the rights to any diamonds. The company says it now has unrestricted access and is planning a gold exploration program. This turns the earlier exploration arrangement with Tahera into outright ownership. The attached agreement is dated December 3, 2009 and also mentions a CDN$74,703.55 lease payment and legal costs of up to CDN$20,000; the CDN$86,000 figure is the company's own wording and the filing does not reconcile the two.
The third tranche of the Northern Capital Resources Corp placement closed March 31, 2010: 49,036,800 shares at US$0.10 for US$4,903,680. Unlike earlier tranches, the proceeds repaid loans from Northern Capital that had funded the final Acadian subscription in October 2009 and advances to Acadian. The company's Acadian holding is stated as 68.7%, slightly above the 68.45% originally targeted. The filing does not say how much was lent or when the loans were made.
What it means for a shareholder
49.0m new shares at US$0.100 to raise about US$4.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The second tranche of the Northern Capital Resources Corp placement closed September 30, 2009: 9,290,000 shares at US$0.10 for US$929,000. The proceeds were used for the next Acadian share subscription, taking the company's Acadian holding to 57.1%. This continues the related-party funding of the Acadian stake and adds further new shares.
What it means for a shareholder
9.3m new shares at US$0.100 to raise about US$929,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company signed a subscription agreement with Northern Capital Resources Corp, a company associated with CEO Joseph Gutnick, to sell 85,000,000 new shares at US$0.10 each for US$8,500,000, to be closed in tranches before March 31, 2010. The money is for buying more Acadian shares and for working capital. The first tranche of 41,276,710 shares (US$4,127,671) closed September 3, 2009, and the filing puts the company's Acadian holding at 52%. This answers the open question of how the Acadian purchase would be funded, and it dilutes existing shareholders, with the buyer being a Gutnick-associated company.
What it means for a shareholder
85.0m new shares at US$0.100 to raise about US$8.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
9 Dec 2008capital raising announcement● NeutralMajor
On December 9, 2008 the company sold 100,000,000 new shares at US$0.005 each (US$500,000 total) to Fast Knight Nominees Pty Ltd, a company associated with President and CEO Joseph Gutnick. The money is for exploration and general corporate and administrative costs. This is the capital raising the company had been investigating since 2007; the new shares are a large addition to the 26,711,630 shares reported in 2007 and dilute other holders (inference), and the buyer is a Gutnick-linked party.
What it means for a shareholder
100m new shares at US$0.005 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
15 June 2006capital raising announcement● NeutralMajor
On June 9, 2006 the company sold RAB Special Situations Fund (Master) Limited 10,000,000 special warrants (each convertible to one share for no extra payment) plus warrants over 20,000,000 shares at US$0.1542 (to April 30, 2011) for US$1,542,000. Proceeds are intended for gold exploration on Tahera's Slave Craton properties and its Committee Bay tenements in northern Canada, and for general corporate costs. This is new outside money, but the shares and warrants it creates will dilute existing holders (inference).
9 May 2006capital raising announcement● NeutralMajor
Effective May 8, 2006, the company agreed to issue 10 million shares and options over 20 million shares (A$0.20 exercise price, expiring April 2011) to Fast Night Nominees, a company associated with President J. I. Gutnick, to repay A$2 million of loans from Wilzed Pty Ltd, another Gutnick-associated company. It also said it intends to seek approval to raise authorized shares to 100 million. For shareholders this removes the A$2 million debt but adds shares and options, which dilutes existing holders (inference).
