Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2014material agreement▲ GoodMajor
On November 26, 2014 the Commonwealth Bank credit agreement was amended again, and on December 1 Midway announced its first draw of $18 million. The company says the project loan was cut from $45 million to $43 million (the $10 million overrun facility stays), that about $55 million of the estimated $76 million Pan construction cost had been spent by Nov 30, and that first gold pour is scheduled for late January 2015 with cash flow expected in March 2015. These are company forecasts, not results.
On October 3, 2014 MDW Pan amended the Commonwealth Bank credit agreement, changing some definitions and the repayment dates and amounts. Midway also announced it had placed the gold hedges the loan requires: commitments to deliver 80,500 ounces to CBA at a flat US$1,200/oz over 23 months from May 2015, about 13% of estimated life-of-mine production at Pan according to the company. The hedge was described as a required step before drawing on the loan, which still has other conditions to meet.
INV-MID, LLC, Investure, LLC, Alice W. Handy reported a Midway Gold Corp shareholding of 20,000,000 shares (13.34% of votes) in a periodic institutional filing.
Midway furnished the NI 43-101 technical report on the Spring Valley resource, dated September 9, 2014 and prepared by Gustavson Associates, which backs the August 12 resource update announcement. The 8-K text itself gives no resource figures.
On August 18, 2014 Midway approved indemnification agreements with each of its directors and officers, covering expenses, judgments and settlements from proceedings tied to their roles, plus a minimum level of directors' and officers' insurance. This is a governance protection for management; the filing states no financial amounts.
Midway furnished a press release dated August 12, 2014 announcing an updated resource estimate for the Spring Valley project (the Barrick earn-in property). The filing text contains no resource figures, so the size of the change is not known from it.
On July 18, 2014 Midway's subsidiary MDW Pan LLP signed a US$55 million senior secured credit facility with Commonwealth Bank of Australia: a US$45 million project finance facility plus a US$10 million cost overrun facility. It is secured by substantially all of the company's and its subsidiaries' assets, is guaranteed by the company, and the project loan is due to be repaid in quarterly payments from Sept 30, 2015 to Mar 31, 2017. Repayment is forced early if economic completion is not reached by Sept 30, 2015 or if a redemption notice is received on the Series A preferred. Interest is the Eurodollar rate plus 3.50-3.75% on the project loan. This supplies the debt funding for the Pan project that earlier filings described as under construction. The filing text was cut off, so the pledge agreement terms are not seen.
On June 17, 2014 the underwriters used the over-allotment option in full, buying 3,012,000 more common shares at $0.83 for about $2.5 million. Midway also issued 381,669 more fee shares (a $316,785 consent fee) to the Series A preferred holders. This extends the June 6 offering and adds further dilution for common shareholders.
INV-MID, LLC, Investure, LLC, Alice W. Handy reported a Midway Gold Corp shareholding of 20,000,000 shares (13.05% of votes) in a periodic institutional filing.
