Each one in plain English, with the numbers worked through for a shareholder.
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.
