Past year: ▼ 40%(2.50c – 5.00c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2019capital raising announcement● NeutralMajor
The C$8 million royalty sale to RCF closed and the proceeds went straight back out to repay RCF's US$6 million interim loan with 8% interest. Prairie Creek now carries two net smelter royalties, Sandstorm's 1.2% from 2013 and RCF's new 1%, and RCF holds about 41% of the shares.
11 July 2018capital raising announcement● NeutralMajor
The $20 million closed on 10 July, and the proceeds repay RCF's own US$10 million bridge loan from December 2017. The investor agreement was amended at the same time to let RCF nominate additional directors and take project oversight rights, and RCF VI L.P. transferred its shares into RCF VI CAD LLC. RCF ends up holding about 41% of a company that has never produced, having also been its lender.
5 July 2018capital raising announcement● NeutralMajor
Shareholders approved the RCF placement and a corporate reorganisation at the annual meeting, and Don MacDonald was confirmed as chief executive. On closing, RCF and its associates will hold about 41% of the shares, or 48% if the warrants are exercised.
25 May 2018capital raising announcement● Neutral
The formal material change report for the 15 May RCF financing. It describes the deal as 100 million units, each one share plus half a warrant, where the news release called it 100 million shares with 50 million warrants attached; the economics are identical.
15 May 2018capital raising announcement● NeutralMajor
Resource Capital Fund VI, already the largest shareholder, agrees to put in $20 million for 100 million shares at $0.20 plus 50 million warrants at $0.25 expiring 31 December 2018. The price is a 61% premium to the ten-day average, but part of the money simply repays a US$10 million bridge loan RCF itself advanced in December 2017. Don MacDonald is appointed president and is to become chief executive, ending John Kearney's run in that role.
6 Dec 2016capital raising announcement▼ Bad
A C$2 million non-brokered flow-through placement at $0.30 a share, five months after the $10.2 million offering at $0.25, with a 6% finder's fee to Secutor, Canaccord Genuity and Paradigm. Flow-through proceeds can only be spent on eligible Canadian exploration, not on general corporate purposes or the feasibility study.
7 July 2016capital raising announcement▼ BadMajor
A $10.2 million offering closed with the over-allotment taken in full: 34,135,000 common shares and 6,665,000 flow-through shares, all priced at $0.25. That is well below the $0.35 unit price of the July 2014 raise, and the proceeds are for feasibility and development work at Prairie Creek and exploration in Newfoundland.
31 July 2014capital raising announcement● NeutralMajor
The bought deal closed at $15.75 million gross, $10.0 million of units at $0.35 and $5.75 million of flow-through shares at $0.38 after the underwriters took part of the over-allotment. The unit money is for starting underground development at Prairie Creek, opening the winter access road, finishing the optimisation study and posting reclamation security.
10 July 2014capital raising announcement● NeutralMajor
A $15 million bought deal is agreed with Dundee, Canaccord Genuity and Paradigm: 13,160,000 flow-through shares at $0.38 for $5.0 million and 28,572,000 units at $0.35 for $10.0 million, each unit carrying half a warrant exercisable at $0.50 for three years.
What it means for a shareholder
28.6m new shares at $0.350 to raise about $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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30 Jan 2012capital raising announcement● NeutralMajor
Four press releases in one filing track a single financing campaign that grew from the C$6 million announced on 13 December 2011 to about C$17.5 million: $2.5 million of flow-through shares and a $6.03 million first private-placement tranche closed on 30 December, and a $5.1 million bought-deal public offering underwritten by Canaccord Genuity, Northern Securities and Octagon Capital closed on 6 January 2012.
27 June 2011capital raising announcement▲ GoodMajor
A $5 million unit placement at $0.90, each unit carrying half a warrant at $1.15 for 18 months, agented by Northern Securities with a $1 million over-allotment, to advance Prairie Creek towards production. The price has more than doubled from the $0.40 flow-through of June 2010 in eleven months, and $0.90 is the highest the company raises at anywhere in this record.
1 Feb 2011capital raising announcement▲ Good
A second flow-through placement closed, upsized from $2.0 million to $2.5 million at $0.70 a share, with insiders taking 200,000 shares. That is 75% above the $0.40 of the June placement six months earlier. The proceeds continue the deep-hole program north of the resource, where 2,700 m had been drilled in three holes.
19 July 2010capital raising announcement● Neutral
A $2.5 million flow-through placement closed at $0.40 a share through Northern Securities and Haywood, with a 7% cash commission and broker warrants over 10% of the shares. The money is earmarked for a deep-hole program 1.5 km north of PC-95-125, the northernmost hole defining the resource, which returned 6.3 m at 18.7% zinc, 8.5% lead and 239 g/t silver at 750 m down hole - the target that would occupy the company's drills for the next three seasons.
