Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2012capital raising announcement● NeutralMajor
On March 30, 2012 the company closed a private placement of 10,417,776 shares at $2.05 each, raising $21,356,441 with no warrants. This is up from the 8,917,776 shares and $18.2 million announced on March 28. The money is for exploration and development plans and general working capital, including the San Miguel drill program and Preliminary Economic Assessments for San Miguel and Sleeper that management expects this year. Shares outstanding rise from 136,944,512 to 147,362,288, so existing holders are diluted by about 7%. The company agreed to try to register the new shares for resale and to pay a finder's fee on some of the subscriptions.
What it means for a shareholder
10.4m new shares at $2.05 to raise about $21.4m. That's 7.1% dilution: every existing holder's slice gets 7.1% smaller. If you held $1,000 of shares (488 at the issue price), your slice goes from 0.000356% to 0.000331% of the company. To keep it you'd need 37 more shares - about $76 at the issue price.
This amendment restates the June 25 report on the X-Cal deal to fix typographical and clerical errors. It adds details: X-Cal options will be terminated and replaced with company options, and the US$1.1 million loan to X-Cal is interest-free unless the deal ends, after which it bears 8% interest and must be repaid on set dates (by Dec 31, 2010 at the latest in the 'other reasons' case). X-Cal's CEO Shawn Kennedy would join the board after the deal. The deal terms are otherwise unchanged.
25 June 2010capital raising announcement● NeutralMajor
On June 22, 2010 the company agreed to buy all shares of X-Cal Resources Ltd., whose main asset is the Sleeper Gold Mine in Nevada, in a deal valued at US$31 million. X-Cal holders would get 1 company share for every 8 X-Cal shares. The press release says existing holders would keep about 86% of the combined company (about 135.7 million shares) so they would be diluted by about 14%. The company also agreed to lend X-Cal up to US$1.1 million, unsecured, to cover costs until closing. A US$1 million reciprocal break fee applies. It needs 66 2/3% of X-Cal holders and court and regulatory approval, but not a vote of the company's own shareholders. The deal adds a Nevada asset alongside San Miguel in Mexico.
22 July 2009capital raising announcement● NeutralMajor
On July 20, 2009 the company signed a binding letter agreement with Klondex Mines Ltd. to combine through a court-approved plan of arrangement. Each Klondex share would become 1.45 company shares (about 42 million new shares, valued at roughly Cdn$80 million / US$71.6 million), and Klondex would become a wholly owned subsidiary. It needs court, regulatory and shareholder approvals (a majority of the company's shares plus one, and 66 2/3% of Klondex's), a Klondex director (Robert Sibthorpe) would join the board, and a US$2.85 million reciprocal break fee applies in certain cases. A definitive agreement has still to be negotiated.
The company closed a private placement on December 31, 2008 of 3,636,363 units at C$0.55 (C$2,000,000, about US$1,633,200) to the MineralFields Group. Each unit has a share and a warrant exercisable for two years at C$1.00 in year one and C$1.25 in year two. First Canadian Securities, as agent, received a 5% commission and warrants.
What it means for a shareholder
3.6m new shares at C$0.550 to raise about C$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company closed a private placement of 10,398,496 units at $2.10 each, for $21,836,841. Each unit has one share plus a half warrant (exercisable at $2.90 for 24 months). Agents were paid $1,310,210.46 in commissions and fees and received 623,909 broker warrants. Shares outstanding rose to 46,422,478 and proceeds are to fund exploration of its mining properties and working capital. This adds new shares (dilution) but brings in cash.
What it means for a shareholder
10.4m new shares at $2.10 to raise about $21.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
