Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2012capital raising announcement▼ BadMajor
In April 2012 the company closed a private placement of 14,285,000 shares at $0.06 each for gross proceeds of $857,100. 2,000,000 shares went to one non-US subscriber and 12,285,000 to eight US accredited investors. Proceeds are meant for the ongoing work program on its mining projects, exploration for new projects and general working capital. The price is well below the $0.15 paid in the March 2011 placement (a comparison drawn from the earlier context), and the new shares dilute existing holders.
What it means for a shareholder
14.3m new shares at $0.060 to raise about $857,100. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held $1,000 of shares (16,667 at the issue price), your slice goes from 0.0171% to 0.0149% of the company. To keep it you'd need 2,442 more shares - about $147 at the issue price.
11 Mar 2011capital raising announcement● NeutralMajor
Effective March 7, 2011 the company sold 20,000,000 units at $0.15 for $3,000,000, each with a warrant to buy another share at $0.30 for six months. Proceeds are meant for its gold prospects work program, new project exploration and working capital. It also issued 145,833 shares at $0.24 to director Roger Newell to settle $35,000 of debt. This is a much larger raise than recent ones and at a lower price, so existing holders are diluted.
As of September 7, 2010 the company sold 4,790,700 units for $1,077,907.50, with each unit being one share plus two warrants (exercisable at $0.40 and $0.60 for 36 months from August 12, 2010). A sales commission of $23,415.75 goes to Dorn & Co., and two directors bought 300,000 of the units for $67,500. The price per unit is well below the $1.25 warrant price in earlier placements. That is a drop in the price investors paid.
28 May 2010capital raising announcement▲ GoodMajor
The company sold 500,000 units for $100,000 to the Norris Charitable Remainder Unitrust of Arizona on May 19, 2010, and 2,000,000 units for $400,000 to the Robert H. and Shirley B. Norris Real Estate Trust on May 21, 2010. Each unit is one share plus a warrant to buy another share at $1.25, exercisable for 36 months from January 28, 2010. This continues the unit placement that began in 2009-10 at the same $0.20 per unit price and adds $500,000 of cash, with possible further dilution if the warrants are exercised.
On March 17, 2010 president Roger Newell bought 500,000 restricted shares for $100,000 and received the right to buy 500,000 more at $1.25 per share. This is another insider purchase, following Heidi Kalenuik's in February.
On February 8, 2010 director and officer Heidi Kalenuik bought 750,000 restricted shares for $150,000 and received the right to buy 750,000 more at $1.25 per share. This puts new money into the company from an insider.
5 Jan 2010capital raising announcement● NeutralMajor
By December 31, 2009 the company had sold 2,701,001 units (a share plus a warrant) for $1,620,600, and paid $45,900 in sales commissions to Dorn & Co. On December 31 it extended the Lupo consulting deal by 60 days with a 60-day probation, so share compensation is at the company's sole discretion. It also signed a consultant, Jack Everett, for $20,000 and 68,775 shares, and on January 4, 2010 a five-year finder's fee deal with The RAYA Group (10% of the first $10 million raised, 5% above). Roger Newell left the board of Capital Gold and joined Midway Gold's board.
This amendment corrects the November 6, 2009 filing: the shares issued for services were 1,906,250, not 1,876,250. The Reg. S portion (456,250) and the 1,450,000 other shares are unchanged, so the sum shown only works out to the corrected figure by the filing's own numbers.
On November 6, 2009 the company issued 1,876,250 restricted shares to three persons or entities as payment for services. This adds to the share count without bringing in cash.
On April 15, 2009 the board approved pay for officers and directors: options on restricted shares at $0.45 each (600,000 for Roger Newell and 480,000 for Heidi Kalenuik as officers, with further director options), small share issues of 10,000 to 25,000 shares each, and $3,000 per quarter for directors Magoma and Ashby. The options still need written agreements with vesting periods.
24 Nov 2008capital raising announcement● NeutralMajor
The company signed an option with Geo Can Resources on November 18, 2008 to earn 60% of certain Tanzanian prospecting licenses, in exchange for US$250,000 cash, 1,500,000 shares and US$1,200,000 of exploration spending over three years, plus a 2% net smelter royalty on any production. It also reported share sales with warrants, including 4,000,000 shares for $1,000,000 and 375,000 shares for $150,000, plus two $50,000 sales of 125,000 shares each. The address has moved to Golden, Colorado and Roger Newell now signs as President, which differs from David Gamache's earlier role (leadership change not explained in the filing).
The company sold 12,500,000 restricted shares at $0.02 per share (about $250,000 gross, computed from the filing's figures) to non-US buyers in a private placement completed May 28, 2008. Proceeds are for working capital, and the company promised to register these shares with an S-1 within 120 days. This adds new shares, diluting existing holders.
