Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2017capital raising announcement▲ GoodMajor
Closed the US$330 million 8.0% second lien notes, repaying and terminating the project loan and clearing the De Beers development-cost balance. Interim CEO David Whittle said this removed the project loan's cash reserve accounts, lender-approval restrictions and, in his words, any further need for bank waivers - the first mention in the record that the company had been seeking waivers under that facility. Patrick Evans, chief executive through the whole build, was no longer in the role.
31 Mar 2015capital raising announcement▲ GoodMajor
The C$95 million rights offering was oversubscribed, with 23,761,783 shares issued and Desmond's standby commitment left unused. The money funds the US$75 million cost-overrun facility that is the condition for drawing the US$370 million term loan. Shares outstanding reached 158,966,333, roughly double the 80.7 million of late 2012.
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.
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.
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.
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.
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.
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.
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.
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.
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.
