5 Sept 2019listing compliance notice▼ BadMajor
IRELAND INC. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2017capital raising announcement● NeutralMajor
On March 28, 2017 Ireland sold 28,119,123 shares at $0.08 for $2,249,530 and issued 21,250,000 shares to Nanominerals to settle $1,700,000 it owed them. This further dilutes shareholders at a price equal to the reduced warrant price, and shows the company owed Nanominerals money.
1 Mar 2017capital raising announcement● NeutralMajor
Between January 20 and February 27, 2017, 38,455,921 shares were issued on warrant exercises at a temporarily reduced $0.08, raising $3,076,473; warrants due to expire December 31, 2016 were extended to February 17, 2017 and lapsed if unexercised. Also, 1,659,461 shares were issued at $0.064 to creditors converting loans, and consultant warrants at $0.14 expiring February 17, 2020 were agreed. The $0.08 price is far below the earlier $0.75-$0.95 warrant prices, and many new shares were created. The filing mentions creditor loans, which the earlier context did not show.
What it means for a shareholder
1.7m new shares at $0.064 to raise about $106,206. That's 0.906% dilution: every existing holder's slice gets 0.906% smaller. If you held $1,000 of shares (15,625 at the issue price), your slice goes from 0.00861% to 0.00853% of the company. To keep it you'd need 143 more shares - about $9 at the issue price.
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1 Dec 2016capital raising announcement● Neutral
On November 30, 2016 the board extended 8,896,901 warrants from the November 2012 placement (exercise price $0.95) from November 30 to December 31, 2016. This is a one-month extension of the warrants previously left unextended.
12 Sept 2016asset acquisition disposition● NeutralMajor
On August 31, 2016 Ireland let 328 more Columbus claims lapse, expecting to save about $133,000 a year. Columbus is now 126 placer claims and 12 millsite claims (about 6,778 acres plus 80 acres private), keeping the North and South Sand Zones and the permitted mine area with the pilot plant. This continues the shrinking of Columbus begun in 2014 (from 466 claims).
3 Mar 2016capital raising announcement● NeutralMajor
Effective February 26, 2016 Ireland issued warrants for 4,500,000 shares to Nanominerals under a verbal agreement, and 450,000 to other consultants, all at $0.40 expiring February 28, 2020, for 2015 consulting services. Separately all 21,025,000 outstanding 2015 special warrants converted on February 28, 2016 into shares plus $0.40 warrants. This resolves the 2015 special warrant thread and adds dilution.
17 Apr 2015capital raising announcement● NeutralMajor
Effective April 10, 2015 Klein (100,000) and Birnie (250,000) subscribed for 2015 special warrants at $0.20, $70,000 in total. Separately, holders of all the March 2014 special warrants dealt with them: 8,075,000 rolled into 2015 special warrants at no extra cost, and 1,600,000 converted into shares plus $0.40 warrants expiring March 29, 2019. This resolves the 2014 special warrant conversion thread.
26 Mar 2015capital raising announcement▲ GoodMajor
The 2015 special warrant offering closed on March 23, 2015 with 18,650,000 sold at $0.20 for $3,730,000, exceeding the 15,000,000 originally offered by 3,650,000. Each converts into a share plus a $0.40 warrant expiring February 28, 2020. This completes the raise started March 4 and adds many potential new shares.
4 Mar 2015capital raising announcement● NeutralMajor
On March 4, 2015 the board approved a new offering of up to 15,000,000 special warrants at $0.20 (up to $3,000,000), each convertible free into a share plus a $0.40 warrant expiring February 28, 2020. A first sale of 1,975,000 special warrants for $395,000 closed that day. This repeats the March 2014 structure and price, with a term ending by February 28, 2016.
26 Jan 2015farm in farm out agreement● Neutral
Effective December 22, 2014 the board extended director Mark Brennan's options on 50,000 shares at $0.48 from December 30, 2014 to June 29, 2015. It is a small change affecting one director and not a farm-in or farm-out deal despite the filing category.
22 Jan 2015material agreement▲ Good
On December 23, 2014 Nanominerals paid Ireland $250,000 for use of the Columbus onsite laboratory and staff for the two months to December 31, 2014; some of its use was unrelated to Ireland's business. Nanominerals owns about 27% of the stock and is lead technical consultant, and the arrangement was only verbal, not written. This is a related-party deal, and the money is income for Ireland.
24 Dec 2014capital raising announcement● Neutral
On December 22, 2014 the board extended the 2007, 2009, 2010 and 2011 private placement and consultant warrants from December 31, 2014 to December 31, 2015, and the 2012 warrants (9,560,000 at $0.80) from March 31, 2015 to December 31, 2015. The November 2012 warrants were not extended (expiry November 30, 2016). This is a 12-month extension, longer than earlier ones, and brings the 2012 warrants into the series.
4 Sept 2014asset acquisition disposition● NeutralMajor
On August 27, 2014 Ireland ended its Red Mountain option with Sierra Mineral Management for a $50,000 payment, abandoning that project; the company said it wanted to redirect budgeted funds to exploration at Columbus. It also let 198 Columbus claims lapse, expected to save about $212,000 a year, leaving Columbus with 466 claims (about 23,498 acres including private land) and its main 2,000-acre focus area retained. This resolves the open Red Mountain option thread and narrows the company to Columbus.
20 Aug 2014capital raising announcement▲ Good
On August 15, 2014 Ireland sold 1,333,333 units to Nanominerals at $0.225 each for $300,000, completing the purchase Nanominerals agreed on March 25, 2014. Each unit is one share plus a warrant at $0.45 expiring March 29, 2019. This resolves the open Nanominerals unit purchase.
What it means for a shareholder
1.3m new shares at $0.225 to raise about $300,000. That's 0.894% dilution: every existing holder's slice gets 0.894% smaller. If you held $1,000 of shares (4,444 at the issue price), your slice goes from 0.00301% to 0.00298% of the company. To keep it you'd need 40 more shares - about $9 at the issue price.
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18 July 2014capital raising announcement● Neutral
On July 17, 2014 the board extended all the 2007, 2009, 2010 and 2011 private placement and consultant warrants to December 31, 2014, from July 31 (2007/2009/2010 groups) or September 30 (2011 groups). Exercise prices ($0.55-$0.80) and share numbers are unchanged. This is a longer extension than the earlier one- to three-month steps.
6 May 2014capital raising announcement● Neutral
On May 5, 2014 the board extended the 2007, 2009 and 2010 private placement and consultant warrants (about 26.6 million shares at $0.55-$0.75) from June 30 to July 31, 2014. The 2011 warrants stay at September 30, 2014. This continues the run of short expiry extensions; only the date changed.
What it means for a shareholder
26.6m new shares at $0.550 to raise about $14.6m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held $1,000 of shares (1,818 at the issue price), your slice goes from 0.00124% to 0.00105% of the company. To keep it you'd need 330 more shares - about $182 at the issue price.
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30 Apr 2014capital raising announcement● Neutral
On April 28, 2014 the board extended the 2007, 2009 and 2010 warrants from April 30 to June 30, 2014 and the 2011 placement and consultant warrants (2,509,099 at $0.80 and 500,000 at $0.75) from June 30 to September 30, 2014. This continues the series of short extensions; no terms other than expiry changed.
28 Mar 2014capital raising announcement▼ BadMajor
On March 24, 2014 Ireland sold 12,525,000 special warrants at $0.20 for $2,505,000, each convertible at no cost into a share plus a $0.40 warrant expiring March 29, 2019. Directors, officers and Nanominerals took part ($275,000 of the total by the table; Klein's total is shown as $600,000 including trusts). On March 25 Nanominerals also agreed to buy $300,000 of units by August 15, 2014, at the greater of $0.20 or the 10-day average price. The price is well below the $0.45-$0.55 of prior raises (comparison from earlier context), and conversion adds many shares.
15 Jan 2014capital raising announcement● Neutral
On January 15, 2014 the board extended the same 2007, 2009 and 2010 placement and consultant warrants from January 15 to April 30, 2014. Terms and exercise prices are unchanged. Another extension in the series.
2 Dec 2013capital raising announcement● Neutral
On November 26, 2013 the board extended the same 2007, 2009 and 2010 placement and consultant warrants from November 30, 2013 to January 15, 2014. The filing's table writes the new year as 2013, which appears to be a typo given the text says 2014 (inference). Another short extension of the same warrants.
4 June 2013capital raising announcement● Neutral
On May 30, 2013 the board extended the expiry of its 2007, 2009 and 2010 placement warrants and consultant warrants from June 30 to November 30, 2013 (10,160,650, 6,894,677 and 5,517,500 shares plus 200,000 and 3,800,000 consultant warrants, mostly at $0.75). Directors Birnie, Brennan and Klein hold some of them. It continues the pattern of extending these warrants and keeps them outstanding longer.
6 Dec 2012capital raising announcement● NeutralMajor
On November 30, 2012 Ireland sold 8,896,901 shares plus warrants for the same number of shares (exercise $0.95, four years) to accredited investors, with net proceeds of $5,411,491. Craig-Hallum Capital Group was placement agent and received $335,000 including expenses. Ireland must register the resale of the shares within 45 days, with penalties up to 6% of proceeds if it fails. More dilution; the per-share price is not stated in the filing.
What it means for a shareholder
8.9m new shares at about $0.6082 to raise about $5.4m. That's 6.1% dilution: every existing holder's slice gets 6.1% smaller. If you held $1,000 of shares (1,644 at the issue price), your slice goes from 0.0012% to 0.00113% of the company. To keep it you'd need 107 more shares - about $65 at the issue price.
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14 Mar 2012capital raising announcement● NeutralMajor
On March 8, 2012 Ireland issued a further 4,030,000 units at $0.50 for $2,015,000 to accredited investors, on the same terms as the February tranche (a share plus a warrant at $0.80 to March 31, 2015). Together with February that is 9,560,000 units and $4,780,000 for this raise. A finder gets $8,000 plus 16,000 warrants on 400,000 of the units.
What it means for a shareholder
4.0m new shares at $0.500 to raise about $2.0m. That's 3.1% dilution: every existing holder's slice gets 3.1% smaller. If you held $1,000 of shares (2,000 at the issue price), your slice goes from 0.00157% to 0.00152% of the company. To keep it you'd need 63 more shares - about $32 at the issue price.
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28 Feb 2012capital raising announcement● NeutralMajor
On February 23, 2012 Ireland issued 5,530,000 units at $0.50 for $2,765,000 (5,230,000 US units for $2,615,000 and 300,000 offshore units for $150,000). Each unit is a share plus a full warrant at $0.80 to March 31, 2015. This is the first closing of the placement announced February 16 and dilutes existing holders.
What it means for a shareholder
5.5m new shares at $0.500 to raise about $2.8m. That's 4.2% dilution: every existing holder's slice gets 4.2% smaller. If you held $1,000 of shares (2,000 at the issue price), your slice goes from 0.00157% to 0.0015% of the company. To keep it you'd need 87 more shares - about $44 at the issue price.
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16 Feb 2012capital raising announcement● Neutral
On February 16, 2012 Ireland reported encouraging extraction results from a bulk gravity concentration test by AuRIC Metallurgical Laboratories, and announced a private placement of units (a share plus one warrant at $0.80 to March 31, 2015). No price, size or test figures are given in the filing text. Completion and amount were not stated.
9 June 2011capital raising announcement● NeutralMajor
Ireland issued 2,083,645 units on June 3, 2011 ($1,146,005) and 450,000 on June 8 ($247,500) at $0.55, closing its 2011 private placement at 5,018,199 units and $2,760,010 gross. Each unit is a share plus half a warrant at $0.80 to June 30, 2014. Subscribers also get a right to swap into terms of any further 2011 offering, which could mean more shares or better warrants for them. More dilution for existing holders.
13 Apr 2011farm in farm out agreement● Neutral
On April 8, 2011 the board set independent directors' pay at $3,000 a month, back-dated to January 1, 2011. Mark Brennan, the sole independent director, got 200,000 options at $0.36 vesting through December 31, 2011, which vest automatically on a change in control. This is a routine compensation matter, not a farm-in or farm-out deal despite the event label.
14 Jan 2010capital raising announcement● NeutralMajor
Ireland closed the December 2009 offering, issuing 11,035,000 units at $0.45 for $4,965,750 in total: 10,835,000 US units ($4,875,750, issued January 8 and 13, 2010, 835,000 over the originally approved size) and 200,000 foreign units ($90,000). Warrants are $0.75 to June 30, 2013, with the company able to accelerate if the share price averages over $4.50 for 20 days plus a volume test. Planned use is about $1,800,000 each for Red Mountain and Columbus drilling, the rest for working capital. This meets the 6,000,000-unit minimum set in December and adds more shares.
What it means for a shareholder
11.0m new shares at $0.450 to raise about $5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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21 Dec 2009capital raising announcement● NeutralMajor
On December 18, 2009 the board approved a new US private placement of up to 10,000,000 units at $0.45, each a share plus half a warrant at $0.75 expiring June 30, 2013, with a minimum of 6,000,000 units needed by January 8, 2010 or funds are refunded. If fully sold, about $1,800,000 each is planned for drilling at Red Mountain and Columbus, with the rest for working capital. This follows the 2009 placements closed in November; completion is not assured and existing holders would be diluted.
What it means for a shareholder
10.0m new shares at $0.450 to raise about $4.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 Nov 2009security holder rights change● NeutralMajor
On November 17, 2009 the board cut the exercise price of the 2007 placement warrants from $1.00 to $0.75 (matching the 2009 warrants) and raised the acceleration trigger from $3.50 to $4.50 over 20 trading days, adding a volume test of at least 0.2% of free float. This is a further change to the 2007 warrants after the extension days earlier, and favours the holders on price. A news release says the company completed a $6.25 million financing to finish the 2009 drill program, start the onsite pilot plant and fund pilot operations into the third quarter of 2010.