Past year: ▲ 0%(0.01c – 0.22c USD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2011capital raising announcement● Neutral
After temporarily cutting the exercise price of its Class E and Class F warrants to $0.20, the company issued 1,428,332 shares on exercises and received $285,666. Remaining are 422,518 Class E warrants at $0.65 and 659,662 Class F warrants at $0.55. Small cash raise with some dilution.
8 Feb 2011capital raising announcement● NeutralMajor
The company was in default on gold deliveries due November 2010 under its gold forward contracts (the notes payable in gold from 2009-2010). It settled about 1,300 ounces by issuing 10,931,982 new shares, and moved about 191 ounces to November 2012 at a higher interest rate (lesser of prime plus 8% or 12%). This clears the default and leaves 406 ounces due October 2011 and 191 ounces due November 2012, but the share issue is significant dilution.
29 Dec 2010capital raising announcement● Neutral
The company closed another private placement, selling 4,169,850 units at $0.18 each (one share plus one warrant at $0.36 for two years) for about $750,000 gross and $677,000 net, to fund Chandalar exploration and development and general costs. The price is below the $0.30 units sold earlier in 2010, so shareholders are diluted at a lower price; the company can shorten the warrants' life if the stock trades above $0.72 for 20 straight days.
What it means for a shareholder
4.2m new shares at US$0.180 to raise about US$750,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
18 Oct 2010capital raising announcement▲ GoodMajor
The company announced the close of its unit private placement: 4,105,998 units at $0.30 each (one share plus a half warrant at $0.55 for two years), for net proceeds of $1,231,780. This continues the April 2010 placement, of which 695,000 units were already reported, and the company says the money funded mining at Chandalar. It also says it received another $625,037 from gold notes in 2010 and bought $1,238,050 of equipment for its first significant step into gold production.
1 Apr 2010capital raising announcement● NeutralMajor
On April 1, 2010 the company announced $1,756,442 of new financing: $615,037 of notes payable in gold, $208,500 from selling 695,000 units at $0.30, and $932,905 of secured equipment vendor loans. About $1.3 million is to buy equipment to begin commercial production at Chandalar. The gold notes can be settled in gold or converted to stock at $0.45, and the units sit within a board-approved private placement of up to $7 million. This moves the company from exploration financing toward production financing and adds debt and warrants.
3 Mar 2009capital raising announcement● NeutralMajor
The company issued 5,072,328 common shares to RAB on February 27, 2009 by converting the $1,000,000 debenture and $14,465.75 of interest at $0.20 per share, after the maturity was extended from November 21, 2008 to February 27, 2009. This resolves the RAB debenture thread, removes that debt, and leaves 44,219,712 shares outstanding. The filing says the company did this to reduce costs and future commitments and is in cash conservation mode.
5 Jan 2009capital raising announcement● NeutralMajor
On December 29, 2008 the company closed a private placement of 225,000 shares of a new Series A Convertible Preferred Stock at $1.00 each, raising $225,000 from three investors. The preferred stock converts into common at $0.16667 per share, pays a 5% cumulative dividend (payable in cash, stock or gold from Chandalar), and ranks ahead of common shares in a liquidation at $2.00 per share. The company says it may sell more of this stock; the proceeds are modest relative to the 2009 Chandalar financing it says it still needs to secure.
3 Jan 2007capital raising announcement● Neutral
On December 27, 2006 the company closed a private placement of 3,012,002 units at $1.00, raising $3,012,002. Each unit is one share plus a half warrant exercisable at $1.50 for two years. The unit price is four times the $0.25 paid in the 2006 earlier placements. The company can force warrant exercise if its bid price averages $2.00 or more for five trading days after a resale registration is effective. The placement agent got a 6% cash fee and options on 5% of units sold.
What it means for a shareholder
3.0m new shares at US$1.00 to raise about US$3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
24 Feb 2006capital raising announcement● Neutral
On February 24, 2006 the company closed the second tranche of the same private placement: 5,600,000 units at $0.25, raising $1,400,000, on the same warrant terms as the January tranche. Strata Partners again received a 10% cash fee and warrants equal to 10% of units sold. Together with the January tranche, this is 9,495,000 units and $2,373,750 gross (a sum of the two filings).
What it means for a shareholder
5.6m new shares at US$0.250 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.
Create a free account to see this worked out for your own holding.
1 Feb 2006capital raising announcement● Neutral
On January 31, 2006 the company closed a private placement of 3,895,000 units at $0.25, raising $973,750. Each unit is one share plus a half warrant exercisable at $0.35, $0.50 and $0.65 over three years. Strata Partners received a 10% cash fee and warrants equal to 10% of units sold. This adds new shares and warrants.
What it means for a shareholder
3.9m new shares at US$0.250 to raise about US$973,750. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
29 Nov 2005capital raising announcement● NeutralMajor
Effective November 21, 2005 the company sold RAB Special Situations (Master) Fund $1,000,000 of 6% convertible debentures due November 21, 2008, convertible at $0.20 per share, plus 2,500,000 warrants at $0.30 for 36 months. The debentures and warrants carry full-ratchet anti-dilution protection (the price resets if shares are later issued lower), which could dilute existing shareholders. Strata Partners was paid a $100,000 fee and received 500,000 warrants. The company must file a resale registration statement within 60 days of closing or issue penalty shares, capped at 8% of the subscription price.
21 Oct 2005capital raising announcement● Neutral
The company closed a private placement of 1,200,000 units at $0.25 each, raising $300,000 with no commissions paid. Each unit has one share and a three-year warrant exercisable at $0.30, rising to $0.35 and $0.40. Shares outstanding are now 16,833,420 (18,353,420 fully diluted). The company says the money covers working capital and financing costs, and more is needed to explore Chandalar.
What it means for a shareholder
1.2m new shares at US$0.250 to raise about US$300,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
