Past year: ▲ 67%(0.20c – 0.80c USD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2007capital raising announcement▼ Bad
On August 28, 2007 the company closed a second tranche of its $0.40 private placement, issuing 362,500 units to 3 investors for $145,000 (each with a half-warrant at $0.80 to August 28, 2009), plus 25,000 shares as a finder's fee to a Swiss entity. This continues the May 2007 placement; the new shares dilute existing holders, and the amount is small compared with the first tranche of $1,900,000.
20 June 2006capital raising announcement● Neutral
On June 8, 2006 the company issued 657,263 shares to 15 investors on warrant exercises at $1.225 for $805,147.20, with each holder also getting a piggyback warrant. The new shares dilute existing holders; proceeds go to exploration, salaries, administration, working capital and property payments.
26 Apr 2006capital raising announcement● NeutralMajor
The company dropped the Henan titanium option (signed March 23-24, 2006) after due diligence: a Watts, Griffis and McOuat report raised concerns about very fine rutile grain size, high stripping ratio and dilution, so the board decided not to pursue it. On April 20, 2006 it instead agreed to buy 100% of a gold exploration license at Manzhanggang, Xinghai County, Qinghai, from the Qinghai Provincial Nuclear Industry Geologic Bureau for 3,200,000 RMB (about US$400,000): a 33.36 sq km license plus help acquiring about 17 sq km more, held through a to-be-formed subsidiary, Qinghai Minerals Inc. It also reported share issues from warrant and option exercises and a placement of 668,248 units at $1.60 for $1,069,196.80 (half-warrants at US$2.40 to April 19, 2008), which dilute existing holders.
What it means for a shareholder
668,248 new shares at $1.60 to raise about $1.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
30 Mar 2006capital raising announcement● Neutral
In March 2006 the company issued 209,000 shares ($224,075) and 33,000 shares ($39,600) on warrant exercises, and on March 20 closed a second tranche of 1,087,000 units at $1.25 for $1,358,750 (each with a half-warrant at US$2.00 to March 20, 2008). Warrant exercisers also received piggyback warrants; the new shares dilute existing holders, and proceeds go to exploration, salaries, administration, working capital and property payments.
What it means for a shareholder
1.1m new shares at $1.25 to raise about $1.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
1 Feb 2006capital raising announcement▼ BadMajor
In January 2006 the company raised money in two ways: President Graham Taylor exercised 800,000 options at $0.50 for $400,000, and on January 17 it issued 624,500 units at $1.25 to 40 investors for $780,625 (each unit one share plus a half-warrant at US$2.00 to January 17, 2008). It also issued 100,000 Series A preferred shares to Taylor for $100; they have no dividends or liquidation rights but carry 1,000 votes each, i.e. 100,000,000 votes, which gives Taylor voting control that shareholders should note (inference from the stated terms).
17 Jan 2006capital raising announcement● Neutral
On January 12, 2006 the company issued 100,000 units at $0.50 for $50,000 in the final closing of an earlier private placement. Each unit has a share, a warrant at US$1.15 (to January 31, 2006) and a piggyback warrant at US$2.00 (to September 30, 2006, only if the first warrant is exercised); new shares dilute existing holders.
What it means for a shareholder
100,000 new shares at $0.500 to raise about $50,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
14 Sept 2005capital raising announcement● Neutral
On September 6, 2005 the company issued 220,000 units at $1.00 each for $220,000 in a private placement to five individuals. Each unit has one share and a half-warrant to buy a share at $2.00 until September 6, 2007; proceeds go to exploration, salaries, consultants, administration, working capital and property acquisitions.
What it means for a shareholder
220,000 new shares at $1.00 to raise about $220,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
1 Sept 2005capital raising announcement● Neutral
The company reported several unregistered share issues between July and August 2005: private placements at $0.50 per unit (20,000 units for $10,000 and 726,800 units for $363,400), 30,000 units at $1.00 for $30,000, and warrant exercises of 620,000 shares ($620,000) and 133,000 shares ($133,000) at $1.00. It also issued 285,714 shares to an entity under the Long Teng joint venture contract. Funds are to go to exploration, salaries, consultants, administration, working capital and property acquisition payments; the new shares dilute existing holders.
