Each one in plain English, with the numbers worked through for a shareholder.
21 June 2007capital raising announcement● NeutralMajor
Ireland hired S&P Investors as its agent for a US share offering, paying a 7% commission plus agent warrants. It also issued a first tranche of 2,016,000 units to non-US investors and 2,250,000 units to US accredited investors at $0.65 per unit. Each unit is one share plus a half warrant exercisable at $1.00 for one year. This is the first tranche of the placements announced April 25, 2007, so existing shareholders are diluted.
What it means for a shareholder
2.3m new shares at $0.650 to raise about $1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Now named Ireland Inc., the company gave notice of a coming change in control tied to its March 2007 deal with Nanominerals Corp. Nano is to assign it options on the Columbus (Nevada) and Red Mountain (California) mineral projects in exchange for 30,000,000 new shares, a 5% net smelter royalty and $5,000,000 of promissory notes. CEO Lorrie Ann Archibald is to sell all 18,200,000 of her shares to Nano, which would hold 42,200,000 shares (69.7% per the filing's table). Douglas Birnie is to become president and a director, and Archibald is to resign as a director. Closing was expected around June 30, 2007.
Merritt Ventures dismissed its auditor Morgan & Company and hired Telford Sadovnick, PLLC on April 15, 2005. The filing states Morgan's reports had no adverse opinion and there were no disagreements.
21 May 2004asset acquisition disposition● NeutralMajor
The company, then filing under the name Merritt Ventures Corp., signed an option with International Arimex Resources on May 5, 2004 to earn up to a 75% interest in four mineral claims (the Claw claims) in British Columbia, Canada. To earn 60% it must spend $225,000 on exploration by December 31, 2004, and a further $100,000 by December 31, 2005 for another 15%. It must also show $250,000 of financing by June 30, 2004 to keep the option alive.
