Past year: ▼ 73%(0.05c – 6.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2014capital raising announcement▲ GoodMajor
Raised C$100 million at C$5.00 a share in two parts: a C$75 million bought deal of 15,000,000 shares underwritten by BMO, RBC, Scotia and Haywood on a 5% commission, and a C$25 million non-brokered placement. Shares outstanding reached 135,204,550, up from 106,039,522 in March.
25 Sept 2014joint venture update▲ GoodMajor
The territorial environment minister approved the Type A water licence, completing the permitting Mountain Province had been working through since the environmental review opened in 2011.
12 Aug 2014joint venture update▲ GoodMajor
The land and water board issued the Type A land use permit for Gahcho Kué and referred the Type A water licence to the territorial minister for final sign-off, leaving the water licence as the last major permit after eight years of process.
28 July 2014debt financing▲ GoodMajor
Mandated Deutsche Bank, Natixis and Nedbank to underwrite and arrange a senior secured term loan of up to US$370 million to fund its 49% share of building the mine - the first debt in a build funded entirely with equity until now. Nothing was committed yet: the mandate was subject to due diligence, bank credit approvals and documentation expected by the end of 2014.
30 June 2014drilling result▲ GoodMajor
Follow-up drilling confirmed the Tuzo pipe continues past 740 metres below surface, with hole MPV14-411C cutting kimberlite from 601 to 743 metres and MPV14-406C from 85 to 655 metres, and showed the pipe plunging north-east at depth. Two holes had to be wedged and one abandoned in kimberlite at 457 metres because of unstable ice.
27 June 2014capital raising announcement▲ Good
Closed the placement at C$45.5 million, issuing 9,105,028 shares at C$5.00 with a C$755,250 finder's fee and taking the count to 115,144,550. Bottin took two million shares, funding them by selling the same number to a third party, so its stake did not grow. The company's six directors were also re-elected with 97.7% or better support.
What it means for a shareholder
9.1m new shares at C$5.00 to raise about C$45.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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13 June 2014capital raising announcement▲ Good
Lifted the placement from C$35 million to about C$45 million at C$5.00 a share on strong demand, and confirmed the project was on plan: first production in the second half of 2016, final permits expected in the second half of 2014 and loan agreements by the fourth quarter.
28 May 2014capital raising announcement● Neutral
Launched another non-brokered placement, about C$35 million at C$5.00 a share, for its share of Gahcho Kué construction. The release also carried a larger reserve than earlier in the year: 35.4 million tonnes at 1.57 carats per tonne for 55.5 million carats, against 31.3 million tonnes and 49 million carats.
14 May 2014resource reserve update▲ GoodMajor
Filed the 2014 feasibility study report itself, unchanged in its headline numbers from the 2 April announcement, and disclosed that a financial adviser had been hired to arrange project debt - the first step towards funding the C$858.5 million build with something other than equity.
2 Apr 2014resource reserve update▲ GoodMajor
The revised feasibility study put Gahcho Kué at a 32.6% return and a C$1.005 billion net present value at a 10% discount, for C$858.5 million of remaining capital. It plans a 12-year mine treating 3 million tonnes a year for 53.4 million carats in total, averaging 4.45 million carats a year and 5.6 million in the first three full years, at a modelled diamond price of US$118.38 a carat in 2014 money rising to a life-of-mine average of US$149.66.
28 Mar 2014capital raising announcement▲ Good
Closed both March placements for C$28.24 million together: C$17.85 million of the BMO-led bought deal at C$5.10 (5% cash commission) and C$10.39 million non-brokered at the same price. Shares outstanding reached 106,039,522.
14 Mar 2014capital raising announcement▲ Good
Increased a BMO-led bought deal to 3,500,000 shares at C$5.10 for C$17.85 million, with a concurrent non-brokered placement at no less than C$5.10 open to Bottin and others, for continued Gahcho Kué construction.
What it means for a shareholder
3.5m new shares at C$5.10 to raise about C$17.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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27 Nov 2013capital raising announcement▲ Good
Closed the placement at C$29.4 million: 5,889,200 shares at C$5.00, with a C$567,330 finder's fee. Shares outstanding rose to 100,501,351 from 94,522,151.
What it means for a shareholder
5.9m new shares at C$5.00 to raise about C$29.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Nov 2013capital raising announcement▲ Good
Demand let the placement be lifted from C$25 million to C$29.1 million at the same C$5.00 a share.
12 Nov 2013capital raising announcement● Neutral
Launched a non-brokered placement to raise about C$25 million at C$5.00 a share, with Bottin again subscribing, to cover Mountain Province's share of the first Gahcho Kué construction spending and the 2014 Tuzo deep drilling.
20 Aug 2013resource reserve update● Neutral
A short notice that the updated Gahcho Kué technical report, whose results were announced on 2 July, had been filed on SEDAR and EDGAR. It carries no figures beyond those already released.
14 Aug 2013resource reserve update● Neutral
The full technical report behind the July resource increase: Mineral Services Canada's updated estimate for the Tuzo kimberlite, effective 2 July 2013.
11 July 2013joint venture update▲ Good
De Beers, as operator, signed the first impact benefit agreement for Gahcho Kué, with the North Slave Métis Alliance, covering employment, business opportunities, training and financial benefits over the life of the mine. Further agreements with other groups were still being negotiated.
2 July 2013resource reserve update▲ GoodMajor
The deep drilling paid off in the resource: indicated resources rose 12% to 56.6 million carats (33.8 million tonnes at 167 carats per hundred tonnes) and inferred rose 80% to 18.5 million carats (11.3 million tonnes at 164 carats per hundred tonnes). Almost all of the gain was Tuzo below 350 metres, where inferred carats went from 6.2 million in 2009 to 14.4 million plus 6.0 million now indicated.
28 June 2013joint venture update▲ Good
De Beers, as operator, signed a socio-economic agreement with the Northwest Territories government covering priority hiring, at least 30 training and apprenticeship places, and business opportunities for territory residents at the proposed Gahcho Kué mine.
30 Nov 2012capital raising announcement▲ GoodMajor
Raised $47 million in a rights offering to fund its 49% share of the 2013 Gahcho Kué budget. Holders took up 80.65% of the issue, 10,850,069 shares in all, and the shortfall was absorbed by largest shareholder Bottin (International) Investments, Dermot Desmond's vehicle, under a standby commitment.
What it means for a shareholder
10.9m new shares at about C$4.33 to raise about C$47.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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27 Aug 2012joint venture update● Neutral
The review board set the final steps of the Gahcho Kué environmental review, ending with a public hearing on 4-7 December 2012.
11 July 2012business combination● NeutralMajor
Completed the spin-out on 6 July: Kennady North and C$3 million of cash went to Kennady Diamonds for 16,143,111 of its shares, which were then handed to Mountain Province holders one for five. Mountain Province was left holding its 49% of Gahcho Kué as its asset, and Kennady began trading on the TSX Venture Exchange as KDI.
26 June 2012business combination● Neutral
Set 5 July as the record date and 6 July as the effective date for the Kennady Diamonds spin-out, with the new company due to begin trading on the TSX Venture Exchange on 10 July.
30 May 2012joint venture update▲ GoodMajor
The joint venture partners approved C$31.3 million of initial capital to move Gahcho Kué towards construction, covering permit applications, front-end engineering, the 2013 winter road and long-lead equipment. Final court approval for the Kennady North spin-out had come through on 30 April, and the partners reported Gahcho Kué diamond prices marginally higher.
12 Apr 2012drilling result▲ GoodMajor
Five deep holes totalling 3,725 metres confirmed substantial kimberlite at Tuzo well below the 350-metre base of the existing resource, with intercepts of 137 to 216 metres and the deepest cutting kimberlite from 604 to 819 metres. The pipe widens with depth, from about 125 metres across near surface to 225 metres at 300 metres, and the company noted the existing resource model shows grade rising with depth.
30 Mar 2012business combination● NeutralMajor
Won an interim court order for a plan of arrangement to spin the wholly-owned Kennady North exploration ground, plus about C$3 million of working capital, into a separately listed company, Kennady Diamonds, with one Kennady share for every five Mountain Province shares. The same release disclosed that the auditors had put a going-concern note on the 2011 accounts.
1 Mar 2012joint venture update● Neutral
Three of five deep holes at Tuzo were complete and the airborne survey had picked out 57 gravity targets on the joint venture leases, while the environmental review moved to technical sessions in April and public sessions in May. Gahcho Kué's probable reserve stood at 31.3 million tonnes at 1.57 carats per tonne, 49 million carats.
24 Oct 2011drilling progress report● Neutral
Finished the 3,991 line-kilometre airborne gravity survey (1,198 km over Gahcho Kué, 2,793 km over the wholly-owned Kennady North ground), with results expected in November, and expanded the Tuzo deep drilling program.
7 Oct 2011drilling progress report● Neutral
Started deep drilling at the Tuzo kimberlite to test for diamond-bearing rock between 350 and 750 metres, below the bottom of the existing resource, and began the first property-wide airborne gravity survey flown at Kennady Lake in roughly 17 years of exploration.
