Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2013capital raising announcement● Neutral
On October 8, 2013 the company completed the conversion of about US$293,000 owed to Mont Strategies, a company controlled by a director, into 6,035,800 common shares at CDN$0.05 each. This finishes the debt conversion announced in September and removes that debt in exchange for new shares.
10 Sept 2013capital raising announcement▼ BadMajor
The company completed a private placement of 33,333,333 common shares at CDN$0.015 for CDN$500,000 on August 28, 2013. It also announced a deal to convert about US$293,000 owed to Mont Strategies, a company controlled by a director, into shares at CDN$0.05 each, expected by September 23, 2013 and subject to approvals. The filing shows the company owed this debt to a director-linked company, and the placement price is far below the 2011 offering price of CDN$0.10.
19 Dec 2011capital raising announcement● NeutralMajor
The company announced on December 16, 2011 that it completed a public offering in Canada of 26 million common shares at CDN$0.10 each, for gross proceeds of CDN$2.6 million. This adds a large number of new shares for existing holders, compared with the 2,608,696 preferred shares sold in June at $0.115. The filing does not state how the money will be used.
What it means for a shareholder
26.0m new shares at C$0.100 to raise about C$2.6m. That's 26% dilution: every existing holder's slice gets 26% smaller. If you held C$1,000 of shares (10,000 at the issue price), your slice goes from 0.0137% to 0.0101% of the company. To keep it you'd need 3,565 more shares - about C$357 at the issue price.
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3 June 2011capital raising announcement● Neutral
On June 2, 2011 the company sold 2,608,696 Series A Preferred shares at $0.115 each for $300,000 to a corporation controlled by CEO and director Todd Montgomery. Each preferred share carries one vote and can convert into one common share; after one year the company may convert them if enough common shares are authorized, or if not, the buyer can require the company to repurchase them at the original price. This is another raise with the CEO's entity as the buyer, following the February 2011 placement, and the price is set below that $0.24 level.
9 Feb 2011capital raising announcement● Neutral
The company sold 2,083,333 shares at $0.24 for $500,000 to a non-U.S. company owned and controlled by CEO and director Todd Montgomery. This is another equity raise with the CEO as the sole investor, and adds to the share count.
What it means for a shareholder
2.1m new shares at $0.240 to raise about $500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 June 2010capital raising announcement● NeutralMajor
The company raised $1,603,831.40 by selling 6,973,180 shares at $0.23 each to non-U.S. investors on June 25, 2010. This adds new shares for existing holders to absorb; the filing does not say what the money will be used for.
What it means for a shareholder
7.0m new shares at $0.230 to raise about $1.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Aug 2008capital raising announcement● NeutralMajor
The company completed a second private placement of 4,100,000 units at $0.50 per unit (about $2.05 million by arithmetic on the stated figures), each a share plus one half-warrant exercisable at $0.75 until September 1, 2010. It pays a $129,500 commission and issues 259,000 broker warrants; this follows the August 1 placement and further dilutes existing holders.
What it means for a shareholder
4.1m new shares at $0.500 to raise about $2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Aug 2008capital raising announcement● Neutral
The company completed a private placement of 2,440,000 units, each one share plus one half-share warrant; a full warrant buys a share at $0.75 until September 1, 2010. It pays a $17,500 commission and issues 35,000 broker warrants; the filing does not state the price per unit or the total raised for this placement, and the new shares dilute existing holders.
