Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
Kenneth Greif, The Greif Family Limited Partnership L.P reported a IRELAND INC. shareholding of 10,428,074 shares (6.85% of votes) in a periodic institutional filing.
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.
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.
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.
