Province Resources Ltd

ASX removes Province from the Official List at close of trading on 21 March 2025, at its own request. Shares, suspended since April 2023, are expected to resume trading on the NSX from 24 March.

registration revoked

ASX has approved Province's request to delist, and it has applied to list on the NSX, expecting trading in the March quarter. Shares have been suspended since April 2023 and ASX would not accept HyEnergy for relisting. This reverses the August 2024 minerals-relisting plan.

listing compliance notice

Province says the State Government failed to offer acceptable tenure, so the initial HyEnergy opportunity is lost. HyEnergy will be kept in readiness, but the board will seek a relisting through a return to minerals exploration. A strategy change after the hydrogen focus.

other

June quarter: after three years of talks with the State on tenure, there is still no satisfactory outcome, so Province has limited HyEnergy work until there is a clear path forward. It is investigating ways to get shares trading again. Cash A$10.16m.

quarterly activities report

March quarter: Province puts its HyEnergy environmental referral on hold for six months, citing a A$900,000 EPA assessment fee (80% upfront) and no timeline for Section 88 tenure. Cash fell to A$10.88m (from A$11.83m). Gnama targeting continues.

quarterly activities report

Province refers HyEnergy, both the smaller Town Common phase and the large multi-station project, to WA's Environmental Protection Authority, starting formal environmental approval. It builds on nearly three years of surveys.

regulatory community update

Province gets a two-year access licence over 864 ha of seabed for the planned port 20km north of Carnarvon, plus another Section 91 licence. Licences now total more than 600,000 ha across six pastoral stations and the Town Common. Secure tenure is still being sought.

regulatory community update

Corporate lawyer Peter Wall will become Chairman after the 28 November 2023 AGM, replacing Pat Burke, who resigns as a director. Wall's experience is cited for the re-compliance listing; the AGM will vote on performance rights for him.

director officer appointment

Province's shares are suspended at its request. ASX requires the proposed acquisition to be approved by shareholders and Province to re-comply with Chapters 1 and 2 of the Listing Rules. Suspension continues until ASX is satisfied the required information is out.

listing compliance notice

Province and ASX agree HyEnergy is now its main undertaking, a change in the nature and scale of activities. Shares stay suspended while the PFS (both parts due about July 2023) is completed, after which Province will seek a re-compliance listing.

listing compliance notice

The Total Eren binding term sheet expired on 16 February 2023 without a development agreement, ending the 50:50 partnership agreed in August 2022. Province will advance HyEnergy alone and says it is fully funded for pre-feasibility and definitive feasibility studies.

material agreement termination

GHD is appointed to run the downstream pre-feasibility study for HyEnergy, chosen from four bids, due Q3 2023. This is the PFS tender flagged late last year, now awarded. The upstream tender is almost complete.

contract award

A further Section 91 licence over 2,217 sq km is issued, adding to 805 sq km already granted, so licences now exceed 3,000 sq km. Pastoral station agreements are also finalised. Talks continue with the WA Government on enduring tenure.

regulatory community update

Province and Total Eren sign a legally binding term sheet for HyEnergy, settling a 50:50 project ownership structure. Total Eren leads development and financing; Province leads land access and permits. A shareholders' agreement is targeted within 8 weeks. This resolves the long-running MoU extensions.

material agreement

Two native title groups, NTGAC and YAC, formally consent to Section 91 licences across 870 sq km around Carnarvon, a prerequisite for the State to issue them. It allows talks on an Indigenous Land Use Agreement. Pastoralist consultation and final tenure remain open.

regulatory community update

Metallurgical testwork found no viable process option for the Skåne vanadium mineralisation, as the vanadium sits in muscovite and flotation failed. The planned economic study is deferred. A Swedish court rejected appeals against the 10-hole Tomelilla drilling approval. The 116.9Mt resource is unchanged.

resource reserve update

Scoping study for the HyEnergy green hydrogen project with Total Eren is completed, a two-phase 4GW plus 4GW concept with 2.6GW of electrolysers per phase, clearing the way for a pre-feasibility study. It resolves the open scoping thread, triggers Class A milestones, and starts joint development agreement talks. No cost estimates are given.

other

The WA Government awards HyEnergy lead agency status, with the jobs and innovation department to guide approvals. This resolves the open lead-agency application. Province says the scoping study with Total Eren is close to complete, and it has opened a Carnarvon office.

regulatory community update

Province agrees to sell its Pascalle gold project in the Paterson to Greatland Gold for a total of A$400,000: A$50,000 for one licence and an option for A$350,000 over the rest. This resolves the open question over Pascalle and lets the company focus on HyEnergy, Fraser Range and Sweden.

asset acquisition disposition

Province secures its first HyEnergy approval, a Section 91 licence over the 98.6 sq km Town Common site north of Carnarvon, allowing environmental and survey work to begin. The company calls it only a preliminary step; a long-term lease is still under discussion.

regulatory community update

Province raises A$18m at A$0.15 per share through a placement of 120m shares, led by Canaccord Genuity and Inyati Capital, bringing cash to over A$23m. Far larger than the earlier A$0.008 and A$0.015 raisings, it funds HyEnergy scoping and feasibility studies and mineral exploration.

capital raising announcement

Province completes its purchase of Ozexco, holder of seven Gascoyne licence applications, which the 17 February deal made conditional. The company reports cash at bank of A$7m and says it is now working with Total Eren on the HyEnergy hydrogen assessment.

asset acquisition disposition

Province signs a binding four-month MoU with France's Total Eren to study a potential green hydrogen project at Gascoyne of up to 8 GW, owned 50/50, with Total Eren leading the renewable development. Definitive agreements targeted within four months; each side bears own costs.

joint venture update

Province agrees conditionally to buy Ozexco, holder of seven licence applications (1,408km2) in WA's Gascoyne region, for salt, potash, mineral sands and a green hydrogen project. Alongside, a A$1.35m placement lifts cash to A$5.2m; Frances becomes Managing Director. A strategy shift from vanadium and gold.

asset acquisition disposition

Swedish metallurgical pre-study found pressure oxygen leaching recovered only about 30% of vanadium from Skåne shale, lower than expected, because the vanadium is locked in illite clay. Further testwork on other methods is needed, a setback for the Skåne vanadium case.

resource reserve update

Raising about A$2.1m at 0.8 cents a share: A$599,000 placement of 74.9m shares plus a 1-for-3 entitlement offer of up to A$1.5m, underwritten by Vert Capital for a 6% fee. Funds go to Pascalle, Gnama, new acquisitions and working capital.

capital raising announcement

Company renames to Province Resources (ticker to become PRL). Patrick Burke, a lawyer and corporate adviser, joins the board; directors cut fees to A$36,000 a year each, Frances reverts to non-executive chairman and David Minchin resigns. Name change implied by header (inference).

director officer appointment

David Frances, a veteran WA mining executive, becomes Executive Chairman at A$19,909 a month plus 25m performance rights subject to shareholder approval. Brandon Munro moves to non-executive director and David Minchin to half-time executive director. Leadership shifts to a WA gold focus.

director officer appointment

Shareholders approved all resolutions on 22 July and the Pascalle and Gnama acquisition completed, with acquisition securities issued. Tom Langley joins the board; Simon Robertson resigns as director and secretary, replaced by Ian Hobson. Maiden Pascalle drilling is expected in the second half of 2020.

director officer appointment

Binding deal to buy Vanatech, holding the Pascalle Gold (Paterson) and Gnama Nickel (Fraser Range) projects in WA, paid largely in shares with a performance component, plus a A$790,000 placement. A move beyond the Swedish vanadium assets; the trading pause on 1 June preceded it (inference).

asset acquisition disposition

ASX paused trading in ScandiVanadium shares on 1 June 2020 pending a further announcement. The text gives no reason; the reason is not yet known.

listing compliance notice

Cost cuts citing COVID-19 uncertainty: cash A$2.31m at 31 March 2020, CEO salary cut 50% and general manager 80%, directors' fees suspended. Non-executive director Ian Burvill resigned, leaving the statutory minimum three directors. Review planned for July.

director officer appointment

Maiden JORC resource at Hörby: 116.9Mt @ 0.39% V2O5, of which 61.8Mt is Indicated and the rest Inferred, with 1,005 million pounds contained V2O5. This is the first resource at Skåne, and it appears to exceed the 50Mt @ 0.5% inferred-resource milestone in tonnes though at lower grade (inference).

resource reserve update

First Hörby assays: hole HDD001b shows two seams totalling 12.3m @ 0.40% V2O5 from 35.7m depth. That is well below the historic Fågeltofta-2 (9.7m @ 0.61%) about 40km away, though it confirms regional continuity. Remaining results due in coming weeks.

drilling result

Maiden Hörby campaign finished: 602m across six holes, 92% core recovery, Dictyonema Formation hit in five. The programme was expanded, and dip was found shallower (5-7°) with less fault throw than assumed. Assays are expected in coming weeks.

drilling result

The committee approved the 10-hole Tomelilla notification after the courts upheld the earlier appeal, resolving the June rejection. Further appeals are possible and the Mining Inspectorate must still approve access. Hörby drilling: 412m done, 70% of holes complete.

regulatory community update

Two of five Hörby holes done. Hole 1 hit the Dictyonema Formation shallow, confirming the historic Lyby-1 hole. Hole 2 did not, as the formation is deeper than the historic fault interpretation implied, so it was stopped. Progress slower than planned; no assays yet.

drilling progress report

Maiden drilling began at Hörby on the Skåne project, expected to take three weeks. Diamond holes up to 125m will test the thickness and grade of the Dictyonema Seam and supply core for metallurgical work. First drilling since the 2018 relisting.

drilling spud

DrillCon Group appointed for the five-hole Hörby diamond programme, starting in August and expected to take three weeks. Holes up to 125m will test the Dictyonema Seam's thickness and grade. This resolves the contractor selection that was open.

drilling scheduled

Per Swedish media, the Ystad-Österlen committee rejected the 10-hole Tomelilla notification on 17 June and sent it to the County Administrative Board. This blocks the southern holes for now; the company expects it to be overturned. Hörby drilling continues, with contractor proposals under assessment.

regulatory community update

The County Administrative Board rejected the request to ban drilling at Hörby while appeals are pending. The company says all approvals are in place for five holes, though the appeals themselves are unresolved. Drilling timing awaits contractor arrangements.

regulatory community update

Hörby Environmental Committee approved the notification for five of the 15 planned holes, with landowner agreements already in place. The company calls it a major milestone. Appeal is possible, and the two Ystad-Österlen notifications remain undecided.

regulatory community update

Shares will resume trading on 26 November 2018, after being suspended since April 2017. The A$3m raise issued 111.1m shares at 2.7c; 295.6m shares will be quoted. Restricted shares, options and performance shares are escrowed up to 24 months.

listing compliance notice

The acquisition of ScandiVanadium Australia, holder of the Skåne project (about 220km2), is complete. Brandon Munro, David Minchin and Ian Burvill joined the board; Davide Defendi and John Gilfillan resigned. Relisting with ASX is being pursued.

asset acquisition disposition

The final three Skåne permit applications were granted, so all 11 exploration permits are now held, covering about 220km2. This resolves the open thread on permit grants that the acquisition depended on.

regulatory community update

The public offer received applications and commitments above the A$3m maximum, confirming the Skåne raising is fully covered. The closing date was extended to 19 October 2018 to allow settlement.

capital raising announcement

Shareholders approved the Skåne acquisition and relisting at the 12 September meeting. An Exploration Target (not a resource) of 610-1,200Mt at 0.5-0.8% V2O5 was set for the whole project, and 350-440Mt within granted permits, based on limited historic data.

resource reserve update

Following strong indicative interest, the company will accept up to A$500k oversubscriptions, lifting the maximum raising for the Skåne deal to A$3m (minimum A$2.5m) at 2.7c per share. A shareholder meeting on 12 September 2018 will vote on the acquisition.

capital raising announcement

After a shell period since the platform closed in December 2017, AssembleBay agreed to buy ScandiVanadium, holder of the Skåne Vanadium Project in Sweden (permits mostly still under application). Payment is 56.25m shares plus 112.5m performance shares, with a A$2.5m raising at 2.7c, after a 3-for-4 consolidation. Needs shareholder and ASX approval.

asset acquisition disposition

AssembleBay ceased its assembly marketplace and shut the platform and website immediately. About A$48,000 of marketing failed to build a viable marketplace. It will seek a new acquisition needing shareholder approval and ASX re-admission, with shares suspended meanwhile; if shareholders reject, it proposes to wind up and return assets.

material agreement termination

Placeholder

other

After reviewing the business, AssembleBay will keep a limited SEO and AdWords program at A$5,000-15,000 a month. ASX says shares stay suspended until it is satisfied operations are appropriate. The company will also keep evaluating acquisitions.

regulatory community update

The proposed SaaS acquisition has ended: the parties withdrew and the A$445,242 loan has been repaid. This resolves the April 2017 suspension's pending acquisition, though shares stay suspended and the company is left with its small marketplace business.

material agreement termination

Shares suspended at the company's request on 12 April 2017 pending an announcement of a material acquisition, expected before trading on 18 April. Details of the target are not given, and it follows the October 2016 admission that competition was raising costs.

listing compliance notice

Market update: over 1,750 clients and workers have signed up, with job quotes exceeding A$150,000, but cost per signup remains high. Management says rising competition has lifted marketing costs, a shift from earlier upbeat marketing updates.

regulatory community update

Company confirms the A$3.25m offer closed and the AssembleBay acquisition completed, with 12.75m shares issued to vendors. The A$200k loans were repaid by issuing 20m shares, and 10m shares plus 21m options went to advisers. Completes the open deal.

asset acquisition disposition

ASX will reinstate AssembleBay shares to quotation from 10 March 2016 (code ASY), after re-complying with Chapters 1 and 2. Ends the suspension that began 30 November 2012 and beats the 14 March delisting deadline.

listing compliance notice

ASX extended the automatic delisting deadline from 1 January to 14 March 2016. The company, suspended since November 2012, must be reinstated by then or be removed. Shareholders approved the AssembleBay acquisition on 21 December 2015.

listing compliance notice

Prospectus offers 162.5m shares at A$0.02 to raise A$3.25m, conditional on re-complying with ASX Chapters 1 and 2 for the AssembleBay acquisition. This replaces the failed 2013 raise; the company would be renamed AssembleBay Limited.

capital raising announcement

Converting loans of A$200,000 were signed to fund working capital and AssembleBay deal costs. They carry 12% interest, expire 31 March 2016, and convert at A$0.01 into 20m shares on completion of the deal. Shareholder approval is sought on 21 December.

debt financing

Sirocco agreed an exclusive deal to buy 100% of Assemble Holdings (AssembleBay), an online platform matching customers with furniture assembly workers, planned for launch in early 2016. A move away from energy; this is the first transaction identified since the shell was left suspended.

business combination

The whole board was replaced. Simon Robertson (also company secretary), John Gilfillan and Dougal Ferguson, who is Elixir Petroleum's managing director and a former Sirocco director, were appointed. Billing, Schmidt and Afflick resigned.

director officer appointment

The 1-for-5 consolidation took effect, leaving 7.5m shares. A 24m-share placement at A$0.005 raised A$120k, with 1.22m shares issued to clear A$270k of debts, bringing shares on issue to 32.7m. Completes the approved 6 July recapitalisation.

capital raising announcement

Late annual report for year to 30 June 2013. The Block 14 raise failed and the A$780k remaining Statesman loan was fully written off (US$20k repaid). Executives resigned in May 2013. Loss was A$1.79m.

annual report

Board restructured again: Nerida Schmidt and Michelle Afflick join, and Greg Channon, Ray Ridge and company secretary James Church leave. The company has under A$10,000 cash and over A$250,000 of creditors. Plans a 1-for-5 consolidation, debt-for-shares settlements and a 24m-share placement raising up to A$120,000. Shares stay suspended.

director officer appointment

Board restructured: Michael Billing joins as Chairman and Chris Whiteman as non-executive director. Ferguson and Burke retire, Channon stays non-executive, and James Church becomes company secretary. A 1-for-2 rights issue at 1c, underwritten by Taylor Collison, is planned to fund reviewing investments in resources and non-resources sectors.

director officer appointment

Placement of 4,896,861 shares to sophisticated investors at A$0.01, together with a treasury stock sale, raised A$66,360 for working capital. A very small raise compared with the A$4m–7m prospectus that failed.

capital raising announcement

The prospectus offer closed undersubscribed and will not proceed, with all applications refunded. The company is assessing how to fund its 49.9% Statesman Africa acquisition. Block 14 entry is left unfunded and relisting is in doubt.

capital raising announcement

December 2012 quarter: operating outflow A$354k, and cash fell to A$19k from A$487k. Financing outflow was A$114k. Cash is almost exhausted while the prospectus remains unfunded.

quarterly activities report

Re-compliance prospectus offers 20m shares at A$0.20 to raise A$4m, with up to A$3m more in oversubscriptions. It is not underwritten and is conditional on re-admission requirements. The 1:23 consolidation was approved on 30 Nov 2012.

capital raising announcement

ASX suspended the company's shares immediately, pending AGM votes on a change in the nature and scale of activities. If approved, the suspension continues until the company complies with Listing Rules Chapters 1 and 2 for re-admission.

listing compliance notice

Share consolidation set at 1 for 23, based on a 0.88c average price. If shareholders approve at the 30 Nov AGM, the company plans a prospectus to raise up to A$7m for Block 14 and other oil and gas opportunities.

capital raising announcement

Senergy's independent report puts Block 14 at 1.5 billion barrels gross unrisked prospective resource (560 million net to the company at 37.4%), from 30 traps of 50 million barrels each. Chance of success is only 4.5%. This delivers the report due in late October.

resource reserve update

Agri will take a 49.9% stake in Statesman Africa Ltd for nominal consideration. Statesman Africa holds a 75% interest in the 100,000 km2 Block 14 in Sudan (600mmbbl lead). Agri funds 49.9% of costs, including a US$12m minimum program, and has advanced US$800k. This is the new oil and gas entry it sought after the Syria exposure ended.

asset acquisition disposition

Gregory Channon (Managing Director, ex-Brightoil Petroleum) and Dougal Ferguson (Finance Director, ex-Neon Energy) join the board from 1 December 2011. Company is reviewing acquisitions and farm-ins in Africa, the Middle East and Asia; none decided.

director officer appointment

Itheria-1 operations on Block 9 suspended. Agri says its very small interest means no impact on it. Search for new oil and gas projects continues.

drilling progress report

Agri declined to join Triton's A$1.25m raising, cutting its Triton stake to about 1.7%, preferring to put funds into new African and Middle East oil and gas opportunities. No investment decided. Repeats ethanol biofuel findings.

other

Itheria-1 spudded on Block 9, planned depth 3,256m, about 80 days, 394mmboe mean prospective resource. Agri now holds only 5% of Triton, so exposure is indirect. Also reports second-generation biofuel study favours cellulosic ethanol or biomass-to-liquids, with more investigation needed.

drilling spud

Triton merger agreement terminated: Agri could not raise the roughly A$5m needed to re-comply with ASX rules, which the company attributes to regional unrest. Agri keeps a 5% Triton stake from its A$500k payment and Naemi resigns. Ethanol continues and new projects will be sought.

material agreement termination

Agri exercised its call options to acquire Triton (20% of Syria Block 9). This is a change of activities needing shareholder approval and a prospectus raise to re-comply with ASX rules; indicative reinstatement 30 June 2011. Trading suspended briefly.

material agreement

Offers eligible shareholders a share purchase plan at 1.3 cents per share, up to A$14,950 each, to raise up to about A$1.025m; the price is a 19.75% discount to the 5-day average price. Closes 19 May 2011. Proceeds fund Syria Block 9 work if the Triton deal completes.

capital raising announcement

New 3D seismic interpretation lifts Syria Block 9 prospective resource for the two 2011 prospects to a mean 505mmboe (RPS Energy, 100% basis), from an earlier operator estimate of 220mmboe. Itheria geological chance of success is 19%. First well expected to spud late in the June quarter 2011, subject to rig availability. These are prospective, undrilled volumes.

resource reserve update

Gets binding put and call options to buy 100% of Singapore-based Triton Petroleum, which holds 20% of Syria Block 9, with two wells targeting 100+mmboe planned for 2011. Agri pays A$500k working capital; Triton chairman Joseph Naemi joins the board. A shift from ethanol to oil and gas.

asset acquisition disposition

FY2010 results: profit A$8.77m, driven by A$9.07m gain from discontinued operations on the debt release, versus a A$59.25m loss in FY2009. Continuing operations lost A$304k. Capital raising of A$1.804m completed 18 Dec 2009 (400m shares, 100m options); shares relisted 1 Feb 2010.

annual report

Prospectus seeks at least A$1.6m and up to A$2.2m via 320–440m shares at 0.5 cents, plus smaller offers and options. Company has only the Australian Ethanol Business left after administration, with creditor claims released. Aims to lift suspension and pursue energy and resources projects.

capital raising announcement

The Deed of Company Arrangement (executed 19 Dec 2008) is wholly effectuated and AAE leaves external administration on 1 Oct 2009. Recapitalisation approved by shareholders that day now proceeds. Ends the administration that began 12 Sept 2008.

bankruptcy or receivership

Beatrice filed Chapter 7 on 11 Sept 2008 and directors appointed Ken Stout as voluntary administrator of AAE. Convertible noteholder Yorkville issued a default notice on 5 Sept, blocking US$200,000 of interim finance. The US$30m injection did not complete. Reverses the 1 Sept hopes.

bankruptcy or receivership

Agrees a US$30m investor capital injection, with two initial payments received, and needs shareholder approval. Beatrice Biodiesel LLC filed Chapter 11 on 21 August 2008 for breathing room. Unaudited FY08 loss A$24.3m.

capital raising announcement

Beatrice Biodiesel LLC receives a formal notice of default from the senior bank syndicate. The company is taking legal advice and still seeking funds to remedy the default. Follows the forbearance that expired 30 June.

debt default or forbearance

May update: Beatrice Stage 1 works finished within US$2.73m. Agstar says it will foreclose if no sale or funding by 30 June. Hungarian subsidiary Central EU Biofuels sold to local consortium, which assumes its liabilities and pays a small sum (€200,000 per the text).

material agreement

March quarter: cash only A$1.8m, spend A$2.65m, staff cut to seven. The BBAC sale was terminated, keeping its US$1.0m non-refundable deposit. Beatrice is on care and maintenance under the forbearance. Company says more corporate funding is critical to continue operating.

quarterly activities report

Beatrice construction suspended in early 2008 and sale and funding deals all failed to close. Senior lenders Agstar and Home Federal signed a forbearance on 14 March, standing still on loan payments to 30 June, with a requirement to sell the project. Half-year accounts delayed.

debt default or forbearance

Board explains the 13 Feb suspension: buyer BBAC failed to arrange the US$5m bridge loan, so AAE reserved its rights on 11 Feb and reopened talks with other financiers. It is also weighing toll processing of soy oil at Beatrice.

listing compliance notice

Letter of intent to sell 100% of USCB, owner of Beatrice Biodiesel and Ethanol, for US$42.5m: US$22.5m cash at close plus a US$20m earn-out (minimum US$15m). Needs shareholder approval. Reactor liner defects delay start-up to end January; project cost forecast rises to US$61.5m.

asset acquisition disposition

Terminates the US$15m GWEC sale of 20% of USCB after a US$48m Oppenheimer refinancing term sheet (conditional, close January 2008). Also sells Swan Hill assets for A$1m with a 12-month buy-back, closes the Green Bay office and names Bud Cummins US CEO. Reverses 5 November deal.

asset acquisition disposition

Agrees to sell 20% of US subsidiary USCB to Green World Energy for US$15m, valuing the US business at US$103m, subject to due diligence. GWEC and adviser get 30m options at A$0.20. Funds Beatrice working capital; this answers the withdrawn share plan's funding gap.

asset acquisition disposition

September quarter report sets a restructure: focus on completing Beatrice Biodiesel, defer Beatrice Ethanol and crusher, bring outside investors into Central Europe, suspend Australian projects. Says Beatrice would make US$3-5m EBITDA at current prices; working capital need rises from US$5m to about US$10m.

quarterly activities report

Puts Australian biofuels development on hold, including Swan Hill, and cuts Australian operations to a core administrative group, moving the principal hub to the US. It cites high feedstock prices and uncertain support. It reverses the earlier Australian ethanol growth plans.

other

Withdraws the share purchase plan, saying the share price fell below the 24c offer price and the Beatrice delay was news not known when the plan launched. Funds will be returned. The company is working with the underwriter to secure replacement funding.

capital raising announcement

Beatrice Biodiesel start-up of the Axens section slips about eight weeks to late October, due to reactor vessel certification and transport permit delays. Production is now forecast for November. Unbudgeted costs of about US$1.2m stay within the US$60m facility, funded from the US$1.7m TIF.

production update

Announces a share purchase plan offering eligible holders up to A$4,999.92 of shares at 24 cents, a 10.3% discount to the recent five-day average price. Transocean underwrites any shortfall up to A$3m. Offer runs 12 September to 3 October.

capital raising announcement

Completes purchase of the rest of Carbon Cycle Management, making the Ennsdorf, Austria biodiesel project wholly owned (previously 14.6%). It issued 3.51m shares at A$0.30; another 3.51m are due at financial close. This is earlier than originally anticipated.

asset acquisition disposition

Sells all shares in Tasmania Magnesite NL, with its magnesite tenements and magnesium project, to Dhunn-Carr Industries for A$600,000. The chairman says this ends the company's minerals activity. It resolves the pending magnesite sale thread.

asset acquisition disposition

First drawdown on the US$28m Agstar senior loan for Beatrice Biodiesel, now over 70% built, after US$32m of equity spent. It triggers share issues: 1m plus A$150,000 of shares to the Monte Cristo vendor, 200,000 to a banking consultant and about US$1.25m to Alberici, at 36c. Start-up remains August 2007.

debt financing

Agrees a US$5m unsecured Cornell convertible note at 9%, repayable over 18 months from September 2007, convertible at about A$0.45. Fees are 5m options at 45c (subject to approval) plus 1.62m shares issued for the equity line activation fee and first advance. Shares on issue now 206.7m.

debt financing

Heads of agreement to buy the rest of Carbon Cycle Management, owner of the planned Ennsdorf, Austria biodiesel plant (95,000 t/yr, about €40m); AAE already holds 14.6%. It will issue 3.51m shares at settlement and 3.51m at financial close. Also, federal A$9.1m road funding removes Swan Hill off-site obligations.

asset acquisition disposition

Buys 100% of Central EU Biofuels for 2.5m shares, plus up to 15.5m more shares on milestones. It brings a planned 500,000 tonne Hungarian oilseed crusher and a 14.7% stake in the Ennsdorf, Austria biodiesel project. This extends the group into Europe.

asset acquisition disposition

Signed the US$33m Beatrice senior debt (US$28m ten-year loan plus US$5m working capital) with Agstar and Home Federal. With the A$40m equity, this completes Beatrice funding after the Amaranth collapse. Plant is stated 15% built, production due September 2007.

debt financing

All eight resolutions passed at the 19 January 2007 meeting, including the A$40m placement of up to 114.29m shares at 35c, option issues to BlueCrest and Transocean, Cornell fee shares, and a company name change. This clears the funding hurdle open since December.

security holder rights change

Secures a A$40 million placement of 114.28 million shares at 35c, subject to a mid-January 2007 shareholder vote, replacing the failed Amaranth note. It includes a A$10 million bridging loan from BlueCrest, converting to shares, and a A$25 million Cornell equity line. The price is well below the earlier 52c.

capital raising announcement

The board withdrew the Swan Hill placement resolution (up to A$31.2 million at 52c) at the shareholder meeting, saying the share price and sector sentiment made terms unattractive. Beatrice has US$28 million senior debt, a US$5 million working capital facility and US$2 million tax increment finance; a replacement convertible note is conditional on due diligence.

capital raising announcement

Terminates the exclusive US$30 million convertible note deal with Amaranth after Amaranth announced substantial trading losses on 18 September, and starts renegotiating with another institution's term sheet. Senior debt has credit approval. This undermines the Beatrice funding package announced on 23 August.

debt financing

Groundbreaking held 28 August for the Beatrice biodiesel plant in Nebraska, described as a US$52.5 million, 50 million gallon facility. Civil work starts early September and operation is scheduled for Q3 2007, so the project moves from development to construction.

regulatory community update

Beatrice gets a US$60 million package: US$30 million senior debt plus US$5 million working capital, and a US$30 million convertible note. Swan Hill funding starts with up to 60 million shares at 52c (up to A$31.2 million), then a share purchase plan, a A$20 million standby facility and project debt.

capital raising announcement

Buys back Multiplex's rights to construct its Australian projects, paying 800,000 shares as full settlement. This frees the company to finalise construction contracts for Swan Hill; Multiplex was its former major shareholder.

material agreement

Beatrice signs a three-year deal with CHS Inc to buy all its crude soy oil, with a 12-month extension option. Together with the earlier biodiesel offtake, this resolves the open feedstock thread and supports project financing for the plant.

contract award

Beatrice Biodiesel signs a five-year take-or-pay deal to sell all of its 50 million gallons a year to CHS Inc's UBE unit, with an option for twelve more months. This offtake contract supports project financing for the plant, targeted for operation in late 2007.

contract award

Raises $12.45 million through a placement of 41.5 million shares at 30 cents, subject to shareholder approval. Funds $9.3 million to start building the Swan Hill ethanol plant in Victoria and $2 million for Beatrice biodiesel; more funding is still needed.

capital raising announcement

Acquires Beatrice Biodiesel LLC, owner of a planned 50 million gallon a year soya biodiesel plant in Nebraska, for A$600,000 plus five million shares, paid in four tranches. Board commits A$2 million; seller David Blythe becomes US chief operating officer. A move into biodiesel after the Denco sale.

asset acquisition disposition

Sale of US subsidiary Big Island Grains (the vehicle for the Denco ethanol plant purchase) to a Babcock & Brown unit has closed. The company receives A$8 million plus A$450,000 of repaid transaction costs, and the buyer covers outstanding Denco due diligence costs.

asset acquisition disposition