Four days after announcing a private placement of senior secured notes and warrants, Jaguar amended the terms to offer convertible senior secured debentures instead (press release dated September 18, 2015). The filing text provided contains only the cover page and exhibit index, so amounts, conversion price, rate and maturity are not stated. Shareholders should expect possible dilution from conversion (inference from the word 'convertible').
Jaguar announced a private placement of units of senior secured notes and warrants (press release dated September 14, 2015). The filing text provided contains only the cover page and exhibit index, so the amount, interest rate, warrant terms and use of proceeds are not available. It appears to supersede the debenture offering revised in May, though the text does not say so (inference), and the May debenture closing was never confirmed in these filings.
Jaguar reported the final results of its 2015 Pilar Mine exploration program: 31 diamond holes totalling 6,541 m, with best intercepts of 13.74 g/t gold over 9.8 m and 9.48 g/t over 11.15 m, which the company says confirm depth extensions below level 7. The CEO says Pilar has lacked investment because of financial constraints and that a broader program will follow when further funding becomes available. This follows the April Pilar results, and no new resource figures are given.
Jaguar revised the convertible debenture offering announced February 27, citing current market conditions: the conversion price is cut from C$0.50 to C$0.25 and the term from three years to two, with 4,870 shares per $1,000 (about double the earlier 2,500). Redemption prices are now 110% in year one and 105% in year two. Proceeds are to repay the Renvest facility, now stated as $10.4 million (previously $12.4 million), and for general purposes; closing is expected in May 2015, subject to TSX-V approval. Existing shareholders face greater potential dilution, since the same principal would convert into roughly twice as many shares (inference from the stated ratio).
Jaguar reported high-grade drill results at its 100%-owned Pilar Mine in the Caete complex, best being 18.22 g/t gold over 7.4 m (hole PPL307), from drilling since Q3 2014 below current workings. The CEO says it has restarted mine planning to consider restarting development at Caete, but any decision is deferred until exploration and costing are finished and economics look positive; the results are not yet a resource update.
This is an exhibit-only filing that attaches the Turmalina NI 43-101 technical report and the certificates and consents of qualified persons Jason Cox and Reno Pressacco. It contains no new figures beyond the report already announced.
Jaguar reported new definition drill results at Turmalina Orebody A, including 23.71 g/t gold over 14 m (with 41.27 g/t over 7.6 m), 23.62 g/t over 8.8 m and 20.15 g/t over 8.7 m. Holes were drilled between September 2014 and March 2015 within the indicated resource envelope. These results were not in the March 25 reserve and resource update, and their effect will only be known at a later model update, which the company says will be done later in the year.
Jaguar filed on SEDAR the independent NI 43-101 technical report on Turmalina, dated March 27, 2015 and prepared by RPA. It supports the March 25 reserve and resource increase and adds no new figures.
An independent estimate by RPA puts Turmalina's proven and probable reserves at 217,000 oz of gold (1,266,000 t at 5.33 g/t) at December 31, 2014, up 51% from 144,000 oz. This is the independent estimate that was due in Q1 2015. Orebody A reserves rose to 180,000 oz from 83,000 oz, while Orebody B has no reserves now. Total measured and indicated resources fell 40% to 466,000 oz because Faina and Pontal declined, though inferred resources rose. The CEO says the drill cut-off was June 30, 2014, and a 25,000 m drill program is planned for 2015.
27 Feb 2015capital raising announcement● NeutralMajor
Jaguar plans to issue up to $20 million of 12% senior secured convertible debentures, convertible at C$0.50 per share, to repay the $12.4 million Renvest credit facility and for general corporate purposes. Closing is expected around March 26, 2015, subject to TSX-V approval. Conversion could dilute existing shareholders. Separately, the board formed a special committee, with Origin Merchant Partners as financial adviser, to review alternatives including a merger, asset sales or partnerships; there is no assurance any transaction results.
Jaguar reported drill results below current workings at Turmalina's Orebody A, including 15.32 g/t gold over 19.0 m, and says an independent resource and reserve estimate is due in Q1 2015. George Bee is now CEO, and he refers to a debt restructuring and recapitalization in April 2014, which is the outcome of the CCAA process (the terms are not in this filing). The company now trades on the TSX-V, and its reported Turmalina December 2013 reserves are 83,140 oz. It also granted 675,000 stock options at $1.35 and 100,000 deferred share units.
The TSX delisting date was extended again, to April 30, 2014, to finish moving the listing to the TSX Venture Exchange under the CCAA plan. The TSX-V has conditionally accepted the listing, though there is still no assurance it will be obtained. Trading remains suspended since December 23, 2013.
The TSX delisting of Jaguar's shares has been pushed to March 31, 2014, to allow a move to the TSX Venture Exchange under an amended and restated plan of compromise under Canada's creditor protection law (CCAA). Trading has been suspended since December 23, 2013, and there is no assurance of a new listing. This is a major turn from the 2012-13 listing and credit facility news: the company is now in CCAA creditor proceedings (details of the plan are not in this filing).
Jaguar confirmed that the remaining $25 million of the $30 million Renvest standby facility is now available, resolving the pending security registration noted in January. It has no immediate plans to draw more, and the CEO says it prefers internally generated funds despite volatile gold prices.
A routine notice to Canadian regulators that Jaguar will hold its annual general and special meeting on June 10, 2013 in Toronto, with a May 6, 2013 record date for notice and voting. The filing gives no agenda or other substance.
Jaguar drew the initial $5 million on the Renvest standby facility, which had been expected to close by November 2012. The lender received 570,919 common shares and $150,000 in cash as upfront and drawdown fees. The remaining $25 million becomes available once the rest of the security is registered, and the CEO says the company prefers to rely on internally generated funds where possible.
The NYSE notified Jaguar on November 30, 2012 that it is again below the US$1.00 minimum price standard, with a 30-day average of $0.94. This reverses the compliance regained only on September 28, 2012. Jaguar has six months to cure, shares keep trading meanwhile, and the CEO says turnaround and cost-cutting efforts are gaining traction and should improve results over 2013.
Jaguar arranged a $30 million standby credit facility with Renvest Mercantile Bancorp's Global Resource Fund, expected to close by November 28, 2012 subject to the lender's due diligence and loan documents. On closing it will draw US$5 million, pay 11% interest, and pay fees including 450,000 common shares (new shares, so some dilution), with proceeds for working capital at Turmalina, Paciencia or Caete. The CEO ties it to the ongoing restructuring and cost reduction programs.
The NYSE told Jaguar it is back in compliance with the US$1.00 minimum average share price standard as of September 28, 2012 (price US$1.20; 30-day average US$1.16). This implies the shares had earlier fallen below that standard (inferred from the regained-compliance wording). New CEO David Petroff says the operational improvement and cost reduction programs announced in May 2012 are meant to improve cash flow.
Jaguar raised Gurupi's measured and indicated resources by 30% to 3.2 million oz of gold (35.65 Mt measured at 0.86 g/t and 75.02 Mt indicated at 0.93 g/t, at a 0.33 g/t cutoff), based on 24,497 m drilled in 107 holes. A revised feasibility study incorporating the new resource is now expected in Q4 2012, rather than the build decision timing set in 2011. Mineralization is still open at depth; the filing is signed by CFO James Roller.
Jaguar reported new Gurupi drill results from more than 24,000 m in 104 holes at the Chega Tudo and Cipoeiro ore bodies, including 53 m at 4.22 g/t gold. A deep hole suggests mineralization to about 400 m vertical depth versus 130-170 m previously drilled, and a full resource re-evaluation is expected in April 2012. This is the follow-on to the 30,000 m drill program started in 2011; the current resource is stated as 2.5 million oz.
15 June 2011regulatory community update▲ GoodMajor
Jaguar received the Preliminary License from Maranhao's environmental agency SEMA for its wholly owned Gurupi Project, resolving the pending license thread from the February 2011 feasibility study. The CEO said the company expects to decide in Q3 2011 whether to proceed with final engineering and project financing with the Brazilian Development Bank, with commissioning slated for Q1 2013. The balance of capital is expected to come from the Brazilian Development Bank (not yet secured), alongside cash on hand and operating cash flow; the final build decision is not yet made.
Jaguar reported Q1 2011 exploration results, with high-grade drill intercepts at Turmalina, Paciencia (NW3, NW1) and the Pilar mine at Caete, and named Celso Frizzo as its new Chief Geologist. It said the 30,000 m Gurupi drill program (flagged in the February 2011 feasibility release) is just beginning, and that updated resource estimates for Turmalina, Paciencia and Caete are planned for early 2012. Some Turmalina drilling confirms Ore Bodies A and B at depth, following the earlier Ore Body A geo-mechanical problems.
Jaguar priced the offering at US$90M of 5.5% unsecured senior convertible notes due March 31, 2016, with a 30-day option for another US$13.5M. Notes convert at about US$7.55 per share (132.4723 shares per US$1,000), and net proceeds of about US$86.3M are meant for Gurupi development and general purposes; closing was expected about February 9, 2011, subject to TSX and NYSE approval. The conversion price is far below the roughly US$12.75 on the 2009 notes, and this adds debt on top of the 4.50% notes due 2014.
Jaguar announced a proposed offering of US$90M of unsecured convertible senior notes due 2016 (plus up to US$13.5M for over-allotments) to qualified institutional buyers. Proceeds are intended for developing Gurupi, working capital and general purposes. Terms were not yet set; holders could convert to shares, though Jaguar may pay cash instead, so conversion could dilute shareholders.
Jaguar completed the Gurupi feasibility study: pre-operational capital US$278.0M (up from US$224.6M in the May 2010 pre-feasibility), 148,690 oz/yr over 13 years from 2013, and probable reserves of 2,327,930 oz. It will spend about US$12M on a 30,000 m drill program before deciding later in 2011 whether to build. For 2010, gold output fell 11% to 137,866 oz and cash operating cost rose 57% to US$732/oz, which the company attributes to Turmalina mining-method change and Ore Body A geo-mechanical issues, an idle Sabara mine, a stronger Brazilian real and Caete start-up issues. Turmalina produced 59,481 oz, down 28%.
AMEC's pre-feasibility study on Gurupi estimates probable reserves of 2,322,000 oz, taking Jaguar's total reserves to 4.3 million oz (up 115%). It projects 154,000 oz/yr over 13 years from 2013, pre-operational capital of US$224.6M and average cash cost of US$519/oz. The release says Jaguar completed buying MCT Mineracao (holder of the Gurupi licences) from a Kinross subsidiary in December 2009, which resolves the earlier unnamed-property talks only if that is the same deal (an inference; the filing does not link them). An internal two-phase plan would cut initial capital to US$156.3M and output to 118,000 oz/yr, and a feasibility study is planned for 2010.
Jaguar filed a technical report on the newly acquired Gurupi Project in Northern Brazil, showing indicated resources of 70,159,952 tonnes at 1.12 g/t (2,516,326 oz) plus 618,595 oz inferred. Adding this to its Minas Gerais resources lifts total measured and indicated gold to about 6,035,000 oz (up 72%) and inferred to about 1,744,000 oz (up 55%). A Gurupi feasibility study with AMEC is expected in Q1 2010. This builds on the Gurupi project named in the 2010 exploration budget; the release calls Gurupi 'newly acquired' but does not state the price or how it was paid.
Jaguar reported about 38,000 m drilled in the first ten months of 2009, with new intercepts near Turmalina (Zone D, Faina target), Paciencia (NW1, Bah target) and a target near Caete. It expects to spend US$10.3 million on exploration in 2009 and about US$14.7 million in 2010, of which about US$2.9 million is for the Gurupi and Pedra Branca projects in Northern Brazil. New Ore Body B resource estimates are promised for early 2010; the late-2008 deep drilling result at Ore Body A (about 800 m) is restated.
Jaguar priced the convertible note offering at US$150 million (up from US$110 million) of 4.50% unsecured senior notes due November 1, 2014, with a further US$15 million over-allotment option and expected net proceeds of about US$144.6 million. Notes convert at about US$12.75 per share (78.4314 shares per US$1,000), and Jaguar may pay cash or a mix of cash and shares on conversion, so holders could be diluted if converted in shares. Proceeds are to repurchase the 10.5% secured notes (redeemable on or after March 22, 2010) and fund the pending gold property deal, which the parties agreed would cost US$39-43 million payable in Jaguar shares if completed. Closing was expected about September 15, 2009, subject to TSX and NYSE approval.
