Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2013capital raising announcement▼ BadMajor
Effective February 18, 2013 the company sold 45,000,000 new shares at US$0.05 each to one accredited investor, raising US$2,250,000, in a private placement. The price is half the US$0.10 paid in the June 2012 placement, so existing holders are diluted more per dollar raised. The filing does not name the investor or state how the money will be used. The attached agreement also contains an inconsistency (its offering clause says US$0.10 while the subscription is at US$0.05).
What it means for a shareholder
45.0m new shares at US$0.050 to raise about US$2.3m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.00803% to 0.0068% of the company. To keep it you'd need 3,614 more shares - about US$181 at the issue price.
6 July 2012capital raising announcement● NeutralMajor
Effective June 29, 2012 the company sold 22,640,725 new shares at US$0.10 each to one accredited investor, raising US$2,264,072.50, in a private placement. This adds new shares for existing holders; the filing does not name the investor or say how the money will be used (the use is in a term sheet not included). Inference: the timing and size are close to Regals Fund's June 2012 rise to 18.80%, but the filing does not link them.
What it means for a shareholder
22.6m new shares at US$0.100 to raise about US$2.3m. That's 8.3% dilution: every existing holder's slice gets 8.3% smaller. If you held US$1,000 of shares (10,000 at the issue price), your slice goes from 0.00402% to 0.00368% of the company. To keep it you'd need 909 more shares - about US$91 at the issue price.
16 July 2008capital raising announcement▲ GoodMajor
On July 14, 2008 the company gave India's IFFCO options over 30 million shares (5m at $2.50 expiring in 60 days, 8m at $3.00, 8m at $3.50, 9m at $4.00), worth $100.5 million if all exercised. The parties also agreed principles for a long-term deal for IFFCO to take 4 million tonnes of phosphate rock a year at a discount of at least 5% to a benchmark price, to be negotiated within 9 months of closing and not binding if not signed within 24 months. Separately IFFCO bought 15 million shares from a Joseph Gutnick affiliate at $1.87; the board is to grow from two to six members with two IFFCO nominees, and some material actions will need unanimous board approval. Exercise of the options would dilute holders, and IFFCO becomes a major shareholder with board influence.
What it means for a shareholder
30.0m new shares at $2.50 to raise about $101m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
5 June 2008capital raising announcement▲ GoodMajor
The private placement closed on June 3-4, 2008, upsized by US$5 million: 42 million shares were issued at US$2.50 for US$105 million, and agents received 840,000 warrants at US$2.50 exercisable to June 3, 2010. Proceeds are for the Queensland phosphate projects and working capital; the company will register the shares and warrant shares, and has applied to list on the American Stock Exchange. This completes the raise announced on May 22, and adds to the share count.
What it means for a shareholder
42.0m new shares at US$2.50 to raise about US$105m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
27 May 2008capital raising announcement▲ GoodMajor
On May 22, 2008 the company announced an agreement to raise US$100 million by issuing 40 million shares at US$2.50 each, in a private placement led by BMO Capital Markets with 25 institutional investors. The money is for the Georgina Basin phosphate projects in Queensland, and the company will register the shares for resale. This is far above the US$0.80 paid by Atticus in December 2007 and will add many new shares, diluting existing holders.
What it means for a shareholder
40.0m new shares at US$2.50 to raise about US$100m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On December 28, 2007 the board agreed to issue 4,787,500 options at US$1.00 under the 2006 Incentive Option Plan to directors, officers and consultants, vesting one-third each after 12, 24 and 36 months. Named recipients are Peter Lee (1,000,000), Craig Michael (1,250,000) and Mordechai Gutnick (2,000,000). This adds potential new shares for existing holders.
28 Dec 2007capital raising announcement▲ GoodMajor
The company reported agreements to acquire phosphate project areas in Queensland's Georgina Basin: Lady Annie, Lady Jane and Thorntonia from Iron Duyfken Pty Ltd (A$500,000 plus 500,000 shares, effective November 2, 2007) and D-Tree from Ansett Resources & Industries Pty Ltd (A$300,000, effective November 7, 2007). Under the Iron Duyfken deal the permits are applications held in trust for Legend, and Iron Duyfken keeps the uranium rights. It also reported small share issues: 75,000 shares on a cashless exercise of 90,000 options and 104,000 shares for investor relations and consulting. This adds a phosphate business alongside the diamond and uranium work and is the use the December US$15m raise was earmarked for.
19 Dec 2007capital raising announcement▲ GoodMajor
The company sold 18,750,000 new shares at US$0.80 each to funds managed by Atticus Capital, raising US$15,000,000 in a private placement effective December 12, 2007, and agreed to register the shares for resale. The press release says the money is to fund a pre-feasibility study on historic phosphate deposits at D Tree, Lady Annie, Lady Jane and Thorntonia in Queensland. This is far above the earlier US$0.25 placements and adds to the share count, diluting existing holders.
What it means for a shareholder
18.8m new shares at US$0.800 to raise about US$15.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
14 May 2007capital raising announcement▲ GoodMajor
The company issued 18,470,000 more restricted shares raising US$4,117,500 and says it has closed its US$0.25 private placements. It plans to file a Form SB-2 within 45 days to register shares, and announced an intention to spin off its uranium exploration interests into a new public company, with shares distributed to existing Legend holders as a dividend once an SEC registration is effective. No record date or terms are given yet; this follows the Selby uranium anomalies reported in March.
The company issued a further 3,700,000 restricted shares raising US$925,000, additional to the placements reported earlier the same day, for diamond exploration and working capital. The price works out to US$0.25 a share (inference).
28 Mar 2007capital raising announcement▲ GoodMajor
From December 31, 2006 to March 28, 2007 the company issued 5,315,624 restricted shares raising US$1,328,906 (about US$0.25 each, inference from the amounts) for exploration and working capital, and about 41,934,337 bonus shares were issued for the second one-for-two bonus. It also reports drilling and sampling in Abner Range, and says a review of old reports found radioactive phosphate and uranium anomalies at Selby (past assays 250 to 532 ppm uranium); further work is planned, but these are historical results, not new findings.
13 Dec 2006capital raising announcement▲ GoodMajor
Placements at US$0.50 total 5,201,657 shares raising US$2,600,828, all received. About 27,574,721 bonus shares were issued on November 17, 2006, leaving roughly 82,724,163 shares outstanding, and 400,000 more options at US$2.25 were agreed. Stockholders approved the increase in authorized shares to 200 million, and a second one-for-two bonus issue is set for a December 31, 2006 record date, taking the total to about 124,086,244. Drilling is also due to start at the Glyde River project (next to the Merlin diamond mine) and Abner Range.
The company closed a further private placement of 1,000,000 shares at US$0.50, raising US$500,000 for working capital, effective October 9, 2006. This is on top of the completed US$2,000,000 placement and adds to the share count.
What it means for a shareholder
1.0m new shares at US$0.500 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company completed the US$2,000,000 placement (4,000,000 shares at US$0.50) on September 18, 2006, resolving the delays; about US$1.2m had already been received and used to complete the Astro tenement purchase, with the rest for diamond exploration and working capital. It also adopted a 2006 stock option plan and granted options (Gutnick 1,000,000 at US$2.25; Peter Lee 700,000, half at US$1.00 and half at US$2.25), and announced a one-for-two bonus share issue (record date November 17, 2006) plus a plan to double authorized shares to 200 million and make another one-for-two bonus issue. Bonus issues give existing holders more shares but are not described as adding value; the option grants add potential dilution (inference).
Settlement of the same 4,000,000-share, US$2,000,000 placement at US$0.50 has been extended a second time, now to September 15, 2006. No reason is given in the filing; the money is still not reported as fully received.
The US$2,000,000 placement of 4,000,000 shares at US$0.50, due to complete on August 15, 2006, has had its settlement pushed back to August 31, 2006. The company also says drilling has started on its Northern Territory diamond tenements (Calvert Hills: Foelsche and Selby; Cox: Broadmere), the first drilling reported on the assets bought from Astro.
What it means for a shareholder
4.0m new shares at US$0.500 to raise about US$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company issued 7,593,750 shares of common stock to Renika Pty Ltd, the Gutnick-linked controlling holder, on a cashless exercise of 9,000,000 options. No cash proceeds are reported, and the extra shares add to the number outstanding, which was 10,474,000 in late 2004 (inference: this raises Renika's stake and dilutes other holders).
The company began a $1,000,000 private placement of 8% senior subordinated convertible debentures due March 31, 2004, convertible at $0.10 per share; so far only $100,000 has been raised, from the president and a family member. It also said a market maker intends to file to get its shares quoted on the OTC Bulletin Board, expected in the third quarter, with no assurance of approval.
