Each one in plain English, with the numbers worked through for a shareholder.
24 June 2024capital raising announcement▼ Bad
Closed a small $0.6 million private placement (315,000 units at US$1.91) -- a much lower price than the US$3-4 range of late 2023, showing the stock had weakened again.
What it means for a shareholder
315,000 new shares at US$1.91 to raise about US$600,000. That's 0.856% dilution: every existing holder's slice gets 0.856% smaller. If you held US$1,000 of shares (524 at the issue price), your slice goes from 0.00144% to 0.00142% of the company. To keep it you'd need 5 more shares - about US$10 at the issue price.
Raised $8 million via unsecured notes ($6.96 million net) from Yorkville and Lind Global Fund II LP jointly -- the first time the company's two major financing partners co-invested in the same instrument -- with monthly $1.4 million-plus-8%-premium repayments starting June 2024 and a $2.75 fixed conversion price.
20 Dec 2023capital raising announcement▲ GoodMajor
Closed the placement at about US$1.29 million (413,432 units) -- notably, the company's own officers and directors personally bought over a third of the units (138,845, at a slight premium to the outside-investor price), a real vote of insider confidence.
What it means for a shareholder
413,432 new shares at about US$3.12 to raise about US$1.3m. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held US$1,000 of shares (320 at the issue price), your slice goes from 0.000974% to 0.000962% of the company. To keep it you'd need 4 more shares - about US$12 at the issue price.
Closed a small $1 million private placement (250,000 units at US$4.00) -- its first raise priced in US dollars, reflecting the new Nasdaq listing from the March 2023 GXII merger, and its highest per-unit price since the company's early years.
What it means for a shareholder
250,000 new shares at US$4.00 to raise about US$1.0m. That's 0.795% dilution: every existing holder's slice gets 0.795% smaller. If you held US$1,000 of shares (250 at the issue price), your slice goes from 0.000801% to 0.000795% of the company. To keep it you'd need 2 more shares - about US$8 at the issue price.
Signed its largest and most consequential financing yet: up to $16 million of unsecured convertible debentures with Yorkville Advisors Global (an initial $10 million closing, $6 million more available later), 5% interest (15% in default) and forced monthly redemptions of $1.125 million plus a 7% premium once triggered -- capital that helped fund the pending GX Acquisition Corp. II merger already on record.
30 June 2022capital raising announcement● NeutralMajor
Closed the placement at C$4.78 million (4,981,035 units at C$0.96) and extended CEO Mark Smith's personal $3.5 million credit facility -- first entered in January 2017 and amended repeatedly since -- for another year, to June 2023.
12 May 2021capital raising announcement▲ GoodMajor
Closed the placement at C$6.2 million (4,334,157 units at C$1.43) -- a share price roughly 3x higher than its typical 2018-2019 raises, reflecting a real recovery in investor sentiment.
What it means for a shareholder
4.3m new shares at C$1.43 to raise about C$6.2m. That's 1.7% dilution: every existing holder's slice gets 1.7% smaller. If you held C$1,000 of shares (699 at the issue price), your slice goes from 0.000278% to 0.000273% of the company. To keep it you'd need 12 more shares - about C$17 at the issue price.
17 Feb 2021capital raising announcement● NeutralMajor
Signed by far its largest Lind Partners facility yet: a $10 million advance for an $11.7 million face convertible security (8.5% implied interest) plus 8.56 million warrants at C$0.97 -- roughly 5-10x the size of any prior Lind tranche, a major step-up in available capital as the Elk Creek project advanced toward feasibility.
Brought in a new lender by necessity: engineering contractor Nordmin Engineering Ltd agreed to convert past-due service fees into a $1.87 million convertible note plus warrants rather than being paid in cash, and immediately converted $450,000 of it into shares the same day -- a vendor-financing arrangement that signals continued cash tightness.
Closed the first tranche of a new private placement, C$1.0 million (1,666,664 units at C$0.60).
What it means for a shareholder
1.7m new shares at C$0.600 to raise about C$1.0m. That's 0.73% dilution: every existing holder's slice gets 0.73% smaller. If you held C$1,000 of shares (1,667 at the issue price), your slice goes from 0.000735% to 0.00073% of the company. To keep it you'd need 12 more shares - about C$7 at the issue price.
Converted $1.05 million more Lind principal across three monthly tranches at prices between C$0.45 and C$0.51, and separately collected C$86,250 from warrant holders exercising at C$0.75.
Closed the final tranche of the placement (C$1.3 million more, total C$3.14 million raised) and converted $350,000 more Lind principal at C$0.458/share.
Closed the first tranche of the upsized placement, C$1.84 million (2,917,587 units at C$0.63).
What it means for a shareholder
2.9m new shares at C$0.630 to raise about C$1.8m. That's 1.3% dilution: every existing holder's slice gets 1.3% smaller. If you held C$1,000 of shares (1,587 at the issue price), your slice goes from 0.000738% to 0.000729% of the company. To keep it you'd need 22 more shares - about C$14 at the issue price.
Funded the new Lind agreement, issuing just over 1 million warrants at C$0.77 -- a modestly higher strike than recent Lind warrants, suggesting some share-price stabilization.
Signed a brand-new convertible security funding agreement with Lind Partners (superseding the fully-drawn December 2015 facility): a $1.0 million advance for an $1.2 million face convertible security at 10% implied interest -- a second-generation version of the same financing relationship.
Drew $1.5 million of a new $2.5 million 'Second Tranche Increase' on the Lind facility, issuing 1.5 million more warrants -- a fresh expansion of the note just as the original facility was nearly exhausted.
Converted roughly $1.15 million more Lind note principal across four separate conversions in six weeks, at the lowest prices yet (down to C$0.36-0.44/share) -- a clear sign of share-price weakness heading into 2018.
