Past year: ▼ 100%(0.00c – 1.04 USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2014capital raising announcement● Neutral
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.
6 June 2014capital raising announcement▼ BadMajor
Midway closed the bought-deal offering of 30,121,000 common shares at $0.83 for gross proceeds of $25,000,430. At closing it also issued 3,434,475 fee shares, worth $2,850,613 at the offering price, to the Series A preferred holders for consenting to a sale below US$1.85. This completes the offering announced on May 29, 2014 and dilutes existing common shareholders.
What it means for a shareholder
30.1m new shares at $0.830 to raise about $25.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held $1,000 of shares (1,205 at the issue price), your slice goes from 0.000906% to 0.000739% of the company. To keep it you'd need 273 more shares - about $227 at the issue price.
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26 Nov 2012capital raising announcement● NeutralMajor
Midway signed the agreements for the US$70 million Series A preferred placement announced on Nov 21, 2012: 37,837,838 preferred shares at US$1.85 to institutional investors led by INV-MID, LLC (a Hale Capital Partners vehicle), with closing expected on or before Dec 13, 2012. The filing says proceeds are for working capital and general corporate purposes, and no underwriting fees are payable. Terms include 8% dividends, a 125% liquidation preference, 1-to-1 conversion, and preferred consent rights over issuing shares below US$1.85. New in this filing: Midway can force conversion after 1 year if the shares trade above US$3.70 for 20 days, and either side can redeem for cash at US$1.85 after 5 years. Director Nathaniel Klein, a Hale Capital vice president, abstained from approving it.
21 Nov 2012capital raising announcement▲ GoodMajor
Midway announced a US$70 million private placement of five-year 8% convertible Series A preferred shares at US$1.85, led by Hale Capital Partners, expected to close on or before December 13, 2012. Proceeds are mainly to advance the Pan heap leach project towards production (including ordering long-lead equipment) and engineering studies at Gold Rock. The preferred shares convert 1-to-1 into common shares, carry a 125% liquidation preference, and require preferred holder consent for issuing common shares below US$1.85, so existing shareholders face potential dilution. The company states no hedging or security over assets is involved. This follows the Dec 2011 Pan feasibility study and the July 2012 offering.
7 Sept 2010capital raising announcement▲ GoodMajor
Midway told the NYSE Amex that its 2009 audit report carried a going-concern qualification, and said that after the April 2010 placement (Cdn$800,000) and June 2010 public offering (Cdn$6.6 million) it had working capital of Cdn$6,345,847 at June 30, 2010. Management says this is enough to fund obligations and operations for the next 12 months and that it has therefore resolved the going-concern issue; this closes out the June 2010 offering thread, with gross proceeds of Cdn$6.6 million.
15 Apr 2010capital raising announcement● Neutral
Midway completed a small non-brokered private placement of 1,333,333 units at Cdn$0.60 for gross proceeds of Cdn$800,000. Each unit has one share and one warrant exercisable up to October 9, 2011 at Cdn$0.70, 0.80 or 0.90 depending on timing. This adds a small amount of new shares and warrants. The filing does not say whether it relates to the larger October 2009 placement plan.
What it means for a shareholder
1.3m new shares at C$0.600 to raise about C$800,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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14 Oct 2009capital raising announcement● NeutralMajor
Midway announced it had hired two agents for a private placement of units to raise up to Cdn$10M gross, each unit being one share plus half a two-year warrant, with pricing and warrant exercise price still to be set. Closing was expected around November 16, 2009, subject to approvals. Proceeds are meant for exploration and development in Nevada and Washington and general corporate purposes; new shares would dilute existing holders.
18 June 2008capital raising announcement▲ GoodMajor
Midway closed the private placement announced May 16, issuing 1,421,500 shares at Cdn$2.00 for gross proceeds of Cdn$2,843,000. Barrick Gold bought 1,000,000 of them, raising its stake to 10.7%, with its money directed to drilling at Spring Valley. Midway says it has about $5.7 million in cash afterwards and that the pending Golden Eagle (Washington) acquisition should hopefully close by end of August.
16 May 2008capital raising announcement● Neutral
Midway Gold announced a brokered private placement (a share sale to selected investors). The filing gives no size or price; the details are only in the attached press release.
