Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2016capital raising announcement● NeutralMajor
The company closed its largest raise in this period: 96,064,286 shares at US$0.05 (CAD$0.07) for gross proceeds of US$5,177,865 (CAD$6,724,500). Investment funds managed by Goodman & Company, an affiliate of Dundee Corporation, bought CAD$6,000,000 of it, taking their total holding to just under 20%; Sprott Asset Management and existing shareholders took the rest. Dundee had nominee rights going back to 2010, so this deepens an existing relationship. It is a big new share issue, and the filing does not state the use of proceeds.
What it means for a shareholder
96.1m new shares at US$0.050 to raise about US$5.2m. That's 21% dilution: every existing holder's slice gets 21% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.00548% to 0.00434% of the company. To keep it you'd need 5,265 more shares - about US$263 at the issue price.
The company closed a placement of 11,150,000 shares at US$0.05 (CAD$0.09) for gross proceeds of US$772,695 (CAD$1,003,500). Unlike the recent raises, these units carry no warrants, and the price in Canadian dollars is higher than the CAD$0.07 of the February and April raises. The filing does not give the use of proceeds.
What it means for a shareholder
11.2m new shares at US$0.050 to raise about US$772,695. That's 3.1% dilution: every existing holder's slice gets 3.1% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.0057% to 0.00553% of the company. To keep it you'd need 636 more shares - about US$32 at the issue price.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The company closed a non-brokered private placement raising CAD$837,500 and US$1,230,000 through 16,950,001 common shares, paying cash fees of CAD$57,750 and US$21,600 plus 582,000 broker warrants. Completion is still subject to final regulatory approval including the TSX. Another round of share issuance, following the March 2013 placement.
What it means for a shareholder
17.0m new shares at about C$0.0494 to raise about C$837,500. That's 8.8% dilution: every existing holder's slice gets 8.8% smaller. If you held C$1,000 of shares (20,239 at the issue price), your slice goes from 0.0115% to 0.0105% of the company. To keep it you'd need 1,954 more shares - about C$97 at the issue price.
On March 26, 2013 the company closed a CAD$2,358,000 non-brokered private placement of 12,350,000 common shares. It paid a CAD$86,000 cash fee and issued 270,000 broker warrants at CAD$0.20 for 12 months. This adds new shares to the count.
15 Dec 2011capital raising announcement▲ GoodMajor
On December 14, 2011 the company signed the definitive joint venture agreement with Malagasy Minerals that followed the October heads of agreement, forming Madagascar-ERG Joint Venture (Mauritius) Ltd, 75% company and 25% Malagasy. Malagasy is to receive US$2,000,000 in cash and 7,500,000 company shares, and can appoint one board member; the deal remains subject to TSX and SEC approvals. The filing no longer mentions the due diligence condition, which the October filing stated.
10 Feb 2011capital raising announcement● NeutralMajor
The company reported that on February 2, 2011, 25,369,433 units were subscribed at US$0.45 for US$11,416,245 gross. Each unit has one share and a half warrant exercisable at US$0.75 for 24 months. Finders received US$460,800 in cash and 1,023,999 compensation warrants. This is the main part of the early-2011 raise, following the March 2010 placement at US$0.30, and it issues many new shares.
On February 9, 2011 the company took subscriptions for another 2,192,222 units at US$0.45 (US$986,500 gross), bringing the total raised in this placement to US$12,402,745 from 27,561,656 units. Each unit is one share plus a half warrant at US$0.75 for 24 months; finders got US$608,940 in cash fees and 1,353,199 compensation warrants. This adds new shares and warrants for existing holders to absorb.
19 Mar 2010capital raising announcement▲ GoodMajor
Now named Energizer Resources Inc. (formerly Uranium Star), the company closed a US$6,500,000 private placement on March 15, 2010: 21,666,667 units at US$0.30, each with a share and a warrant at US$0.50. Dundee Corporation and Consolidated Thompson Iron Mines took part and each gets pre-emptive rights and a board nominee right. Extra 'listing' and 'filing' rights could add up to 17,333,333 shares if the TSX Venture listing or resale registration is not completed by set dates. Proceeds are for the 2010 program at the Green Giant vanadium project in Madagascar, a project not mentioned in the prior context (an inference is that it relates to the Madagascar holdings).
What it means for a shareholder
21.7m new shares at US$0.300 to raise about US$6.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On April 21, 2009 the board cut the exercise price to $0.15 on several insider warrant and option grants: 3,650,000 warrants (previously cut to $0.50 in April 2008), 515,000 options, 1,025,000 options, 2,570,000 options and 3,520,000 options. On April 24, 2009 the company also issued 1,600,000 shares to directors, officers and consultants as bonus compensation. Together these dilute existing shareholders, and the filing shows Richard Schler signing as President and CEO.
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.
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.
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.
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.
