21 Dec 2023capital raising announcement▼ BadMajor
Closed both: US$15 million of notes to Kopernik and 8,555,000 units in the private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2023capital raising announcement▼ BadMajor
Agreed a US$15 million convertible note with Kopernik Global Investors plus a placement of up to C$3.4 million. The notes run ten years at 2% interest and convert at US$0.3557, a 10% premium to the five-day average price, and if the company later raises equity the holder can demand redemption at 150% of principal. Kopernik's principal and chief financial officer, Isabel Satra, joined the board eight months earlier.
15 July 2020capital raising announcement▲ GoodMajor
Closed at US$35.3 million, 24,150,000 shares at US$1.46 with the over-allotment exercised in full, nine days before the final environmental impact statement was published.
What it means for a shareholder
24.1m new shares at US$1.46 to raise about US$35.3m. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held US$1,000 of shares (685 at the issue price), your slice goes from 0.000162% to 0.000153% of the company. To keep it you'd need 39 more shares - about US$57 at the issue price.
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10 July 2020capital raising announcement▲ Good
Upsized the bought deal the next day to 21,000,000 shares for US$30.7 million at the same US$1.46 price.
9 July 2020capital raising announcement▲ Good
Agreed a US$25 million bought deal at US$1.46 a share, 17,125,000 shares, with a concurrent private placement of up to US$7.5 million - more than triple the US$0.41 the company raised at in June 2019.
14 May 2020capital raising announcement▼ Bad
Added a C$7.25 million placement of 10,357,143 shares at C$0.70, the same price as the public offering, taking the two together to C$17.35 million.
What it means for a shareholder
10.4m new shares at C$0.700 to raise about C$7.3m. That's 2.4% dilution: every existing holder's slice gets 2.4% smaller. If you held C$1,000 of shares (1,429 at the issue price), your slice goes from 0.000338% to 0.00033% of the company. To keep it you'd need 35 more shares - about C$25 at the issue price.
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29 Apr 2020capital raising announcement▼ Bad
Priced that offering at 12,500,000 shares at C$0.70 for C$8.75 million, with an over-allotment option on top.
What it means for a shareholder
12.5m new shares at C$0.700 to raise about C$8.8m. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held C$1,000 of shares (1,429 at the issue price), your slice goes from 0.000338% to 0.000328% of the company. To keep it you'd need 42 more shares - about C$29 at the issue price.
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28 Apr 2020capital raising announcement▼ Bad
Launched an overnight marketed share offering for at least C$6.0 million, with the size and price to be set during marketing.
21 Jan 2020capital raising announcement▼ Bad
Completed a C$5.6 million (US$4.2 million) placement of 11,346,783 shares priced to match an underwritten offering closed on 18 December 2019 that has no separate filing in this record.
19 Aug 2019capital raising announcement▲ Good
Closed a US$11.5 million bought deal at US$0.75 a share, 15,333,334 shares with the over-allotment taken in full, at nearly double the US$0.41 price of the June raise two months before the EPA withdrawal.
2 July 2019capital raising announcement▼ Bad
Closed a US$5.0 million bought deal, 12,200,000 shares at US$0.41, about a third below the US$0.64 raised in the March 2019 bought deal three months earlier.
What it means for a shareholder
12.2m new shares at US$0.410 to raise about US$5.0m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held US$1,000 of shares (2,439 at the issue price), your slice goes from 0.000778% to 0.000749% of the company. To keep it you'd need 95 more shares - about US$39 at the issue price.
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29 Mar 2019capital raising announcement▼ Bad
Two weeks later added a non-brokered placement of 3,769,476 shares at C$0.86 (US$0.64) for C$3.2 million, at the same US-dollar price as the bought deal.
What it means for a shareholder
3.8m new shares at C$0.860 to raise about C$3.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Mar 2019capital raising announcement▼ Bad
Agreed a US$10.0 million bought deal with Cantor Fitzgerald as lead: 15,625,000 shares at US$0.64, with an over-allotment of up to 2,343,750 more.
What it means for a shareholder
15.6m new shares at US$0.640 to raise about US$10.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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2 Jan 2019capital raising announcement▼ Bad
Closed the first tranche: 8,908,322 special warrants at C$0.83 for C$7.4 million (US$5.6 million), with a second tranche of 2,382,000 said to be imminent and expected to take the total to about C$9.4 million.
2 Jan 2019capital raising announcement▼ Bad
The second tranche came in at 1,242,000 special warrants for C$1.03 million, roughly half the 2,382,000 flagged a week earlier, leaving the total raised at about C$8.4 million rather than the C$9.4 million expected.
13 Dec 2018capital raising announcement▼ Bad
Announced a placement of up to about 11.3 million special warrants at C$0.83 (US$0.62) to raise roughly C$8.4 million, the proceeds going largely to a success fee owed to the company's lawyers for the 2017 EPA settlement and due by year end. Money raised to pay for a legal win rather than to advance the deposit.