GREAT PANTHER MINING Ltd: announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

20 May 2020capital raising announcement● NeutralMajor

Closed the raise at US$16.1 million after the underwriters took the full over-allotment, issuing 40.25 million shares at US$0.40 with a 6% commission. Proceeds are earmarked for Tucano exploration and improvements rather than for the Mexican mines.

What it means for a shareholder

40.3m new shares at US$0.400 to raise about US$16.1m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (2,500 at the issue price), your slice goes from 0.000801% to 0.00071% of the company. To keep it you'd need 323 more shares - about US$129 at the issue price.

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14 May 2020capital raising announcement▼ BadMajor

A further bought deal, 25 million shares at US$0.40 for US$10 million, led by Cantor Fitzgerald Canada and BMO. The price is a little over half the US$0.75 charged nine months earlier and a quarter of the 2016 unit price, with Mexican operations suspended for COVID-19 at the time.

What it means for a shareholder

25.0m new shares at US$0.400 to raise about US$10.0m. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held US$1,000 of shares (2,500 at the issue price), your slice goes from 0.000801% to 0.000742% of the company. To keep it you'd need 200 more shares - about US$80 at the issue price.

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14 May 2020capital raising announcement● Neutral

Upsized the previous day's offering to US$14 million, 35 million shares at the unchanged US$0.40, on stronger demand.

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8 Aug 2019capital raising announcement● Neutral

Closed the bought deal at the larger US$17.25 million after the underwriters took up the full over-allotment, issuing 23 million shares at US$0.75 with a 5% commission; insider and employee participation came in at about US$0.6 million.

What it means for a shareholder

23.0m new shares at US$0.750 to raise about US$17.3m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held US$1,000 of shares (1,333 at the issue price), your slice goes from 0.000788% to 0.000694% of the company. To keep it you'd need 181 more shares - about US$136 at the issue price.

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2 Aug 2019capital raising announcement▼ BadMajor

Bought-deal equity raise of 20 million shares at US$0.75 for US$15 million, led by Cantor Fitzgerald Canada, with insiders and employees taking about US$525,000. The price is less than half the US$1.60 unit price of the 2016 bought deal, so the same amount of money now costs far more of the company.

What it means for a shareholder

20.0m new shares at US$0.750 to raise about US$15.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (1,333 at the issue price), your slice goes from 0.000788% to 0.000705% of the company. To keep it you'd need 158 more shares - about US$119 at the issue price.

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10 July 2019capital raising announcement● Neutral

Put an at-the-market facility in place allowing up to US$25 million of shares to be sold into the market on the NYSE American at the company's discretion, four months after closing the Beadell deal. Nothing is committed and nothing is raised on signing; it is standing permission to dilute as needed.

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7 July 2016capital raising announcement▲ Good

The same bought deal upsized the following day to US$26 million on stronger demand - 16.25 million units on unchanged terms of US$1.60 per unit with a US$2.25 warrant - with the over-allotment raised to US$3.9 million.

What it means for a shareholder

16.3m new shares at about US$0.240 to raise about US$3.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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6 July 2016capital raising announcement● NeutralMajor

Bought-deal equity raise of US$20 million: 12.5 million units at US$1.60, each unit being one share plus half a warrant exercisable at US$2.25 for 18 months, underwritten by Cantor Fitzgerald Canada and Rodman & Renshaw with a 6% commission and an over-allotment option for a further US$3 million.

What it means for a shareholder

12.5m new shares at US$1.60 to raise about US$20.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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