Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2007material agreement● NeutralMajor
The company signed an option (agreement dated September 25, 2007) with Temex Resources to earn 50% of the Merico Ethel and Yarrow gold-copper-uranium properties near Elk Lake, Ontario. It must pay $50,000 on signing and spend $950,000 on exploration by June 30, 2008, after which a 50:50 joint venture would be formed; Temex keeps diamond rights and manages the work, starting with a planned 3,000 metre drill program. The press release says the Sagar exploration program has been completed with a full report pending and the camp will be occupied during a shut-down, and that the company has applied for Canadian reporting issuer status as a step toward a TSX Venture listing. The agreement itself is to be filed later by amendment.
The company agreed (agreement dated August 22, 2007) to acquire 75% of the Three Horses property in south-central Madagascar (about 180 sq km) through a new joint venture company, with Madagascar Minerals and Resources holding 25%. It must pay US$765,000 cash (US$15,000 signing fee plus US$750,000), issue 1,250,000 shares and 500,000 warrants at $1.00 for 24 months, with a stated deemed value of $1,202,500, after title vests in the venture company. Madagascar Minerals gets a free carried interest until a pre-feasibility study. This is the company's first asset outside Quebec and Arizona seen in these filings; the earlier Finland claim reservations are not mentioned in the company description, and their outcome is still not stated. An airborne survey was due to start at the end of September 2007.
The company reported its first notable drill result on the Sagar property in Quebec: one vertical reverse circulation hole hit 4.5 meters averaging 22.7 g/t gold, including 31.5 g/t over 3 meters, in bedrock. The values come from an on-site XRF analyser and have not yet been checked against commercial lab fire assays (ALS Chemex), so they may vary; more drilling is needed to find the true width. This is the first drill result following the drilling start in March, and the company still has 7 priority targets to drill in its search for the source of the Mistamisk boulders.
A second amendment to the earlier auditor-change report, filed March 14, 2007, attaching a new Manning Elliott letter dated March 13, 2007 that again agrees with the company's statements about the switch to Moore Stephens Cooper Molyneux. The rest repeats the earlier disclosure: the name change to Uranium Star Corp. and symbol URST, the five directors elected, authorized shares raised to 125,000,000, and no action yet on the Minnesota re-incorporation. It adds no new business information.
On March 5, 2007 the company announced that two reverse circulation drills are in place on the Sagar uranium-gold project in northern Quebec and expected to be fully operational the following week, with ground geophysics well advanced and camp construction complete. The program aims to find the source of the Mistamisk boulders, which a Virginia Mines report says averaged 64.9 g/t gold and 1.3% uranium across 70 boulders. This is the start of exploration spending on Sagar, the purpose of the recent financings; no drilling results yet.
This second amendment attaches the letter from Manning Elliott LLP, dated February 16, 2007, saying it agrees with the company's statements about the auditor change as they relate to it. That closes the open item from the January 19 amendment; the rest repeats the earlier disclosure, with slightly softened wording on why a Toronto auditor was preferred and a changed SEC file number (000-51151).
This amends the January 3 report on the auditor change and name change, giving fuller detail. The company says it dismissed Manning Elliott LLP as of November 24, 2006 and engaged Moore Stephens Cooper Molyneux LLP in Toronto, citing the move of administrative functions from Vancouver. It repeats that Manning Elliott's 2005 and 2006 audit reports raised substantial doubt about the company's ability to continue as a going concern, with no disagreements with the auditor. A letter from Manning Elliott is still awaited.
16 Jan 2007capital raising announcement● NeutralMajor
The company, now Uranium Star Corp., reported that its private placement, begun December 22, 2006, was completed January 12, 2007, with total gross proceeds of $8,072,500: 13,430,000 units (US$6,715,000) and 2,715,000 flow-through units (US$1,357,500), all at US$0.50. Each unit includes a warrant at US$0.75 for two years (half a warrant for flow-through units), plus broker warrants and cash commissions, so shareholders are diluted; proceeds are mainly for exploration on the Sagar property in Quebec. This is a further close in the series of financings since November 2006; it is not stated whether these totals include the earlier December closings.
The company changed its name from Yukon Resources Corp. to Uranium Star Corp. effective December 22, 2006, with its OTC Bulletin Board symbol becoming URST from January 3, 2007. Shareholders at the December 22 meeting also elected five directors (McKinnon, Schler, Nielsen, Butler, Wolfe), raised authorized shares from 75,000,000 to 125,000,000, and approved a possible re-incorporation in Minnesota, on which no action has been taken. The company also engaged Moore Stephens Cooper Molyneux LLP in Toronto as auditor for the year to June 30, 2007, replacing Manning Elliott LLP, which the filing says did not resign or decline re-election.
21 Dec 2006capital raising announcement● NeutralMajor
On December 15, 2006 the company (still filing as Yukon Resources Corp.) closed a private placement of 5,000,000 units for US$2,500,000 and 950,000 flow-through units for US$475,000, all at US$0.50. It also closed another placement on December 13, 2006 with a different agent: 800,000 units for US$400,000 and 1,740,000 flow-through units for US$870,000. Each unit carries a warrant at US$0.75 (half a warrant for flow-through units) running to December 2008, plus broker warrants and commissions, so existing shareholders are diluted; proceeds are mainly for exploration on the Sagar property in Quebec, continuing the November 2006 raise.
30 Nov 2006capital raising announcement▲ GoodMajor
On November 24, 2006 the company completed a private placement of 5,300,000 flow-through units at US$0.50 for gross proceeds of US$2,650,000, with Dundee Securities as agent. Each unit includes a half warrant exercisable at US$0.75 until November 24, 2008; the agent received 371,000 shares and broker warrants for 371,000 units. The company says proceeds are planned for exploration on the Sagar property in Quebec; the issue dilutes existing shareholders. The company's address is now Toronto.
On August 9, 2006 the company announced it acquired 69 mineral claims next to Rodinia Minerals' Workman Creek uranium project in Arizona, adding to its Arizona holdings. It also said it is currently focusing exploration on the Sagar property in Quebec and had recently acquired 20 claim reservations in two areas of Finland, which indicates the Finland claims moved forward. The release cites a neighbouring Rodinia inferred resource, not a resource on the company's own claims; no drilling results of its own are given.
On May 2, 2006 the company signed a binding letter of intent with Virginia Mines Inc. for an option to earn a 75% joint venture interest in the 200-claim Sagar property in the Labrador Trough, northern Quebec. It must issue 2,000,000 shares and 2,000,000 warrants (exercisable at $1.00 for 3 years) by May 15, 2006, subject to regulatory approval, and spend $2,000,000 on exploration by August 31, 2008. Virginia can sell its remaining 25% for 1,000,000 shares and warrants, and has a back-in right to 51% if a deposit of at least 500,000 ounces gold equivalent is found. The company's address also moved to Miami Beach, Florida and the signer changed to J. A. Kirk McKinnon, CEO.
On March 10, 2006 the company signed a letter of intent with Apofas Ltd. for the right to acquire 100% of uranium claim reservations in Finland. It owes a non-refundable US$10,000 by March 31, 2006 and US$40,000 if it exercises its exclusive right once Finnish authorities approve the claims, plus 100,000 shares and 2,000 shares per approved square kilometre to consultants as a brokering fee. This opens a new Finland uranium thread alongside the Arizona option; the claim reservations were still awaiting Finnish approval.
This is an amended re-filing of the February 10, 2006 Rodinia Minerals letter of intent report. The terms shown (75% option on four Arizona uranium properties) are unchanged; the visible differences are the registrant name styling and signature date (February 15, 2006).
On February 10, 2006 the company signed a letter of intent with Rodinia Minerals for an option to earn a 75% interest in four uranium properties in Gila County, Arizona (Red Bluff, Middleton Mountain, Buckaroo Flats, Pendleton Mesa). To earn it, it must issue 1,000,000 shares and 500,000 warrants and pay US$50,000 by March 10, 2006, and spend US$500,000 on exploration within the first year, then at least US$150,000 per property by the second anniversary. The deal is still subject to board and TSX Venture Exchange approvals and a formal agreement.
The company (filing under the name Yukon Resources Corp.) closed a private placement on September 1, 2005 raising $453,000 from offshore investors. It sold 755,000 shares at $0.60 each, plus 755,000 warrants exercisable at $0.80 until September 1, 2007; existing shareholders face dilution if the warrants are exercised.
What it means for a shareholder
755,000 new shares at C$0.600 to raise about C$453,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
