Each one in plain English, with the numbers worked through for a shareholder.
11 Mar 2014capital raising announcement● NeutralMajor
NAE placed 42.6m shares at 4.0c to raise $1.703m, including $854k from Resource Capital Fund (lifting it from 28.9% to 31.9%) and $500k from Chee Siew Yaw. Cash will be about $3.9m; RCF gets pro-rata participation rights for five years. The 4.0c price is below the 6.5c placement of 2013.
What it means for a shareholder
42.6m new shares at A$0.040 to raise about A$1.7m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.00968% to 0.00831% of the company. To keep it you'd need 4,123 more shares - about A$165 at the issue price.
NAE's formal request for a voluntary trading halt, pending a capital raising to sophisticated investors, to last no later than the start of trading on 11 March 2014. Administrative.
First hole of the four-hole Phase 1b infill program started at Lochinvar, aiming to lift part of the 112Mt Inferred Resource to Indicated. This follows the 2013 Phase 1a drilling; the program is stated as fully funded.
3 Mar 2014asset acquisition disposition▲ GoodMajor
NAE was granted the 57km2 Lochinvar South licence (100%) next to Lochinvar on 28 Feb 2014, with a 10-34Mt exploration target. Total exploration target rises to 38-81Mt beside the 112Mt Inferred Resource. No coal has yet been intersected there.
Coaltrans presentation for Lochinvar restates the 112Mt Inferred Resource, 28-47Mt exploration target, low-ash coal results and rail access. Indicative schedule shows a pre-feasibility study from H2 2014. Enterprise value A$10m. No new results.
December 2013 quarter report: Lochinvar Phase 1b four-hole infill drilling starts late February with Priority Drilling, fully funded. Preliminary internal economics look attractive. Scoping study now expected late July 2014, later than the Q1 2014 target previously given.
December 2013 Mines and Money presentation repeats Lochinvar's 112Mt resource and plans for 2014 Indicated Resource drilling and a scoping study. Snapshot: share price 4.2c, 258.3m shares, market cap A$10.9m, cash A$3.5m at 30 September.
Addendum to the AGM notice listing securities issued since the 2012 AGM, including the 77.6m and 30.8m shares at 6.5c and several option grants. Administrative disclosure; the shares were valued at 5.8c on 1 November 2013.
September 2013 quarter report recaps the 112Mt Lochinvar Inferred Resource, Phase 1a completion and clean coal results from two holes (3.1-3.5% ash). The company states it is targeting development of the project by 2016.
Maiden JORC Inferred Resource for Lochinvar of 112Mt (Nine Foot 78Mt, Six Foot 34Mt), plus a 28-47Mt exploration target, estimated by Palaris. It meets the early-Q3 plan; 66Mt lies at 200-500m depth. Next: Phase 1b/2 drilling toward an Indicated Resource.
October 2013 presentation promotes Lochinvar's 112Mt Inferred Resource, rail and port access, and low-ash clean coal results. It compares NAE's A$5m enterprise value with ASX coking coal peers. No new results.
2013 annual report (year to 30 June) is led by Lochinvar, which the chairman calls a large, attractive low-ash coking coal project. An initial resource is expected late September, with next drilling in Q4 and a scoping study at end of Q1 2014.
Announces the Managing Director will present on Lochinvar at a Proactive Investors forum in Sydney on 2 October 2013. Restates that the initial JORC resource is due for release in September.
NAE ended its agreement to acquire Colombian coking coal concession FL2-151 rather than pay a US$100,000 instalment due 31 August 2013. It cites difficult markets and being unable to secure drilling rights; it keeps looking at Colombian coking coal with partner Aurora.
August 2013 Lochinvar investor presentation; the readable portion is mainly competent-person statements and forward-looking disclaimers. No new figures are evident.
June 2013 quarter report recaps Phase 1a completion, good clean coal results from LOI-001, new Lochinvar staff, and the $2.0m placement to Resource Capital Funds. Resource due September, scoping study Q1 2014; company says it is funded for next drilling phase.
Phase 1a at Lochinvar is complete: three of four holes hit the Nine Foot Seam (1.42-2.81m coal, 312-327m deep), one found no coal. Maiden resource is now due September, Phase 1b/2 drilling starts Q4, and the scoping study is due Q1 2014.
NAE appoints a Scoping Study Coordinator (Damon Rhodes), Exploration Manager (Donna Sheehy) and Senior Geologist (David Howard) for Lochinvar's Phase 1b/2 drilling and scoping study this year. The company says in-house staffing costs no more than previous contractors.
Washing tests on LOI-001 give clean coal at 3.5% ash (Nine Foot, 84% recovery) and 4.0% (Six Foot, 77%), with low phosphorus. Early customer talks suggest sulphur is acceptable. Project now billed as metallurgical coal; Phase 1a drilling is nearing completion.
Administrative notice that 30,793,564 shares at 6.5 cents were issued on 6 June 2013, the final placement tranche, apparently following shareholder approval (inference). No new information.
Duplicate of the March 2013 quarterly report: Lochinvar drilling progress, Redmoor maiden resource, and a meeting to approve the final $2m placement tranche taking Resource Capital Fund to 29.8%. No new information.
March 2013 quarter: Lochinvar hole LOI-001 completed, LOI-005 done and a third hole started, and Redmoor resource released. A shareholder meeting seeks approval for the final $2m placement tranche, lifting Resource Capital Fund from 19.9% to 29.8%. Lochinvar maiden resource now expected early Q3.
April 2013 investor presentation promoting Lochinvar as a major UK coking coal project. Visible text is mainly disclaimers and competent-person statements; no new figures are evident in the readable portion.
Raw coal tests on LOI-001 show high-volatile bituminous coal with good coking properties; lower Nine Foot section has 8.3% ash and 1.76% sulphur. Washability and fluidity tests are still pending. Follows the March intersection result.
Half-year to 31 December 2012: net loss of about $2.65m attributable to members, up 146%, with revenue of $39,054. Net tangible assets are 2.4 cents per share. Largely recaps Lochinvar, Redmoor, La Miel exit and the placement.
First Lochinvar hole LOI-001 hit both target seams: Nine Foot 3.41m (2.85m coal) at 311.6m and Six Foot 1.78m (1.66m coal), with 100% core recovery. It twinned a 1983 hole, supporting use of historic data; second hole LOI-005 has begun.
Maiden JORC Inferred Resource for the 100%-owned Redmoor tin-tungsten project in Cornwall: 9.1Mt at 0.69% tin equivalent, plus a 4-6Mt exploration target. Indicative valuation is only US$2-10m. NAE will study development options and consider strategic options.
Colombian Cesar project exploration target is trimmed to 250-650Mt from the 200-800Mt reported in 2011, a small cut at the upper end. Deep coal means NAE will seek a strategic partner to fund further work. NAE holds 90%.
