12 May 2016quarterly activities report▼ Bad
NextSource Materials Inc. reported a quarterly net loss of $411 thousand for the period ended 2016-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 May 2016director interest notice● Neutral
Richard E Schler became a NextSource Materials Inc. CEO and company insider (initial ownership filing).
12 Apr 2016capital raising announcement▼ Bad
The company closed a further small placement of 3,207,857 units at US$0.05 (CAD$0.07) for gross proceeds of US$172,615 (CAD$224,550), each unit a share plus a warrant at US$0.11 until April 11, 2018. Same terms as the February raise; more dilution, and the filing does not give the use of proceeds.
What it means for a shareholder
3.2m new shares at US$0.050 to raise about US$172,615. That's 0.907% dilution: every existing holder's slice gets 0.907% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.0057% to 0.00565% of the company. To keep it you'd need 183 more shares - about US$9 at the issue price.
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16 Feb 2016capital raising announcement▼ Bad
The company closed a small placement of 6,437,900 units at US$0.05 (CAD$0.07) for gross proceeds of US$328,977 (CAD$450,653), each unit a share plus a warrant at US$0.11 until February 4, 2018. It continues the pattern of small, dilutive raises at falling prices; the filing does not state the use of proceeds. The 8-K is now signed by Marc Johnson as CFO, replacing Peter Liabotis (inference from the signature).
What it means for a shareholder
6.4m new shares at US$0.050 to raise about US$328,977. That's 1.8% dilution: every existing holder's slice gets 1.8% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.0057% to 0.0056% of the company. To keep it you'd need 367 more shares - about US$18 at the issue price.
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12 Feb 2016quarterly activities report▼ Bad
NextSource Materials Inc. reported quarterly revenue of $0 and a net loss of $972 thousand for the period ended 2015-12-31.
17 Nov 2015quarterly activities report● Neutral
NextSource Materials Inc. reported quarterly revenue of $0 and net income of $50 thousand for the period ended 2015-09-30.
17 Nov 2015quarterly activities report● Neutral
NextSource Materials Inc. reported quarterly revenue of $0 and net income of $50 thousand for the period ended 2015-09-30.
16 Nov 2015late filing notice▼ Bad
NextSource Materials Inc. notified the SEC that its quarterly report would be filed late.
12 Nov 2015agm notice● Neutral
NextSource Materials Inc. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
13 Oct 2015capital raising announcement▼ Bad
The company closed a non-brokered placement of 14,200,000 units at C$0.05 for C$710,000 (insiders took C$50,000), each unit being a share plus half a warrant at US$0.07 until October 6, 2017. The price is well below the C$0.12 of the May 2015 raise. Proceeds are for value-engineering work, purified graphite samples for battery anode testing and working capital; final TSX approval was pending. The release also says two independent parties made spherical graphite from Molo concentrate that met specifications and that discussions on possible offtake agreements are under way, with no agreement announced.
What it means for a shareholder
14.2m new shares at C$0.050 to raise about C$710,000. That's 4.1% dilution: every existing holder's slice gets 4.1% smaller. If you held C$1,000 of shares (20,000 at the issue price), your slice goes from 0.00606% to 0.00581% of the company. To keep it you'd need 861 more shares - about C$43 at the issue price.
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28 Sept 2015late filing notice▼ Bad
NextSource Materials Inc. notified the SEC that its annual report would be filed late.
4 Aug 2015securities registration● Neutral
NextSource Materials Inc. filed the final prospectus for a registered offering.
29 July 2015securities registration● Neutral
NextSource Materials Inc. amended a filing by which it registered a securities offering with the SEC.
19 June 2015securities registration● Neutral
NextSource Materials Inc. registered a securities offering with the SEC.
15 May 2015quarterly activities report▼ Bad
NextSource Materials Inc. reported a quarterly net loss of $1.9 million for the period ended 2015-03-31.
7 May 2015capital raising announcement▼ Bad
The company closed a private placement of 20,550,998 special warrants at C$0.12 for gross proceeds of about C$2.5 million, led by Secutor Capital Management. Each converts into one share plus half a warrant (US$0.14 strike, to May 4, 2018), and holders get 1.1 shares and 0.55 warrant if a final prospectus and US registration statement are not in place by August 4, 2015. Proceeds are for further developing Molo and working capital. This is another dilutive raise following the feasibility study, and the filing gives no sign of the offtake or project financing the study was meant to unlock.
11 Feb 2015quarterly activities report▼ Bad
NextSource Materials Inc. reported quarterly revenue of $0 and a net loss of $1.2 million for the period ended 2014-12-31.
6 Feb 2015resource reserve update▲ GoodMajor
The company released the long-awaited Feasibility Study for its 100%-owned Molo graphite project in Madagascar, which the Q4 2014 target had pointed to. It reports post-tax NPV (10%) of US$389.8 million, IRR of 31.2%, payback of 4.84 years, capital cost of US$149.9 million (US$188.2 million total with allowance and contingency), a 26-year mine life and proven plus probable reserves of 14.17 Mt at 7.0% C and 8.37 Mt at 7.04% C. These figures assume 50% debt and 50% equity funding and a satisfactory investment agreement under Madagascar's large-mining-investment law. The CEO says the aim is to secure offtake and project financing and to be in production by 2017, so financing remains an open question. The study's head grade (7.04% C) is lower than the PEA's 8.5% C, and annual concentrate output (about 53,017 t) is lower than the PEA's 84,000 tpa. Per the press release, a technical report is to be filed within 45 days. The feasibility study completion also appears to trigger the Malagasy payment of CAD$700,000 plus 1,000,000 shares (inference from the earlier purchase agreement terms).
12 Nov 2014quarterly activities report▼ Bad
NextSource Materials Inc. reported quarterly revenue of $0 and a net loss of $3.1 million for the period ended 2014-09-30.
27 Oct 2014agm notice● Neutral
NextSource Materials Inc. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
15 Oct 2014agm notice● Neutral
NextSource Materials Inc. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
29 Sept 2014capital raising announcement● NeutralMajor
The company closed a private placement of 34,285,714 shares at US$0.14 for gross proceeds of US$4,800,000, paying brokers 1,928,571 shares and US$252,316 cash. Proceeds are for producing more graphite concentrate samples for potential offtake groups and for working capital; final TSX approval was still pending. It is another dilutive share issue, and the release targets the feasibility study for Q4 2014 and production in Q2/Q3 2016.
What it means for a shareholder
34.3m new shares at US$0.140 to raise about US$4.8m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (7,143 at the issue price), your slice goes from 0.00265% to 0.00235% of the company. To keep it you'd need 910 more shares - about US$127 at the issue price.
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14 May 2014quarterly activities report▼ Bad
NextSource Materials Inc. reported a quarterly net loss of $4.3 million for the period ended 2014-03-31.
22 Apr 2014capital raising announcement▲ GoodMajor
The company bought the remaining 25% of the Molo Graphite Project from Malagasy Minerals, giving it 100% of the industrial mineral rights on 2,120 claims (363 square miles), plus about 41.7 square miles of extra ground to the east. This resolves the October 2013 MOU and ends the 75/25 joint venture formed in December 2011. Payments to Malagasy: within 5 business days of TSX approval, CAD$400,000, 2,500,000 shares and 3,500,000 warrants; CAD$700,000 and 1,000,000 shares on completing the feasibility study; CAD$1,000,000 on commercial production; and a 1.5% NSR retained by Malagasy. Separately, Malagasy gets 75% of non-industrial minerals on four Green Giant claims, with the company keeping 25% and a free carry to feasibility. Completion remains subject to final TSX approval.
13 Feb 2014quarterly activities report▼ Bad
NextSource Materials Inc. reported a quarterly net loss of $1.2 million for the period ended 2013-12-31.
3 Feb 2014capital raising announcement● Neutral
This amendment updates the January placement to its final size: 62,384,067 shares at CAD$0.12 and 31,192,033 warrants, for gross proceeds of CAD$7,486,088, completing the offering announced in November. Proceeds are meant mainly to fund the Full Feasibility Study for the Molo Graphite Project, with the rest for working capital; management and employees subscribed $501,000, and final TSX approval was still pending.
What it means for a shareholder
62.4m new shares at C$0.120 to raise about C$7.5m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held C$1,000 of shares (8,333 at the issue price), your slice goes from 0.00409% to 0.00313% of the company. To keep it you'd need 2,552 more shares - about C$306 at the issue price.
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15 Jan 2014capital raising announcement● NeutralMajor
The company reported the closing of the placement announced in November: 61,204,067 units at CAD$0.12 for gross proceeds of CAD$7,344,488, each unit having a share and half a warrant. Warrants are exercisable at CAD$0.18 (36 months, or 18 months for insiders); brokers received 3,396,744 warrants at CAD$0.14 and CAD$407,609 cash. This is a large issue of new shares, priced below the CAD$0.14 flow-through price a month earlier.
What it means for a shareholder
61.2m new shares at C$0.120 to raise about C$7.3m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held C$1,000 of shares (8,333 at the issue price), your slice goes from 0.00409% to 0.00315% of the company. To keep it you'd need 2,503 more shares - about C$300 at the issue price.
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23 Dec 2013capital raising announcement● NeutralMajor
The company closed a flow-through placement of 11,189,215 shares at CAD$0.14 for CAD$1,566,490, paying a CAD$103,989 cash fee and issuing 671,353 compensation options. The money must go on Canadian exploration spending by Dec 31, 2014; the press release says it will go toward the Sagar Property in Quebec, to prepare it for prospective joint venture partners or purchasers, while the company says it is focused on its Molo Graphite Project in Madagascar. The brokered offering of up to CAD$8 million is still being worked on, and final TSX approval of this placement is still pending.
29 Nov 2013capital raising announcement● NeutralMajor
The company announced it intends to offer up to C$8,000,000 of subscription receipts, plus a possible non-brokered placement of up to C$600,000 on the same terms (C$8,600,000 in total if fully subscribed). Each receipt converts into one common share and one half warrant (18-month term) once conditions including shareholder and TSX approval are met, so it would mean more shares if completed.
13 Nov 2013agm notice● Neutral
NextSource Materials Inc. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).