Each one in plain English, with the numbers worked through for a shareholder.
23 June 2021capital raising announcement▲ GoodMajor
On June 15, 2021 the company closed the subscription-receipt placement: 6,460,872 receipts at CAD$0.15 for CAD$969,131, held in escrow with Computershare. Combined with the May unit placement, the company says it raised CAD$1,546,581.2 in total. The money is released, and the receipts convert into shares plus warrants, only once the shares list on a recognized Canadian exchange; if that has not happened by Sept 30, 2021 (or a later agreed date), the money is returned and the receipts cancelled. Finders get 7% cash and 7% warrants at release. The Canadian listing is therefore now a condition for this funding to reach the company.
20 May 2021capital raising announcement▲ GoodMajor
On May 17, 2021 the company closed the unit part of its private placement: 3,849,668 units at CAD$0.15 for CAD$577,450.20, each with one share and a warrant at CAD$0.20 for two years. Director Michael Thompson bought 233,334 units. This adds about 3.85 million shares, with up to the same number more if warrants are exercised, so existing holders are diluted. The company also upsized the subscription-receipt offering to CAD$550,000, for up to CAD$1,150,000 in total. Proceeds are intended for the Carrizal property and working capital.
What it means for a shareholder
3.8m new shares at C$0.150 to raise about C$577,450. That's 8.5% dilution: every existing holder's slice gets 8.5% smaller. If you held C$1,000 of shares (6,667 at the issue price), your slice goes from 0.0162% to 0.0148% of the company. To keep it you'd need 623 more shares - about C$93 at the issue price.
18 Feb 2021capital raising announcement▲ GoodMajor
The Nevada-to-British Columbia move was completed effective Feb 10, 2021, after shareholders approved it at a Feb 9 meeting with 99.9% of votes cast. The same vote ratified the royalty agreements with insiders, elected five directors and approved the auditor. This resolves the S-4 thread. The company also announced a private placement of up to CAD$1,000,000 at CAD$0.15 (subscription receipts and/or units), with the subscription-receipt money held in escrow until a Canadian exchange listing and returned if that does not happen by Sept 30, 2021; there is no assurance it will complete.
On Jan 30, 2020 the company settled US$167,103.91 it owed CEO Caitlin Jeffs under convertible notes by issuing her 3,713,420 shares at a deemed US$0.045 per share. This cuts company debt owed to an insider and adds shares, so other shareholders are diluted slightly. It continues the pattern of Jeffs-family related-party dealings.
The company sold 267,335 units at $0.45 each to two investors (Amir Vahabzadeh and Jonathan Davidson), raising $120,301. Each unit has one share and a two-year warrant at $0.65 per share, which dilutes existing holders slightly.
What it means for a shareholder
267,335 new shares at US$0.450 to raise about US$120,301. That's 1.5% dilution: every existing holder's slice gets 1.5% smaller. If you held US$1,000 of shares (2,222 at the issue price), your slice goes from 0.0126% to 0.0124% of the company. To keep it you'd need 34 more shares - about US$15 at the issue price.
The company sold about 6,723,333 units at $0.30 each (gross $2,017,000, net about $1,862,462), each unit being one share plus a two-year warrant at $0.50. The press release says the money is for the next drilling phase at the Farellon copper-gold project, initial exploration at the Mateo project and working capital; senior management took part. The company must file a resale registration statement within 60 days, and the new shares and warrants dilute existing holders.
What it means for a shareholder
6.7m new shares at US$0.300 to raise about US$2.0m. That's 40% dilution: every existing holder's slice gets 40% smaller. If you held US$1,000 of shares (3,333 at the issue price), your slice goes from 0.0326% to 0.0197% of the company. To keep it you'd need 2,194 more shares - about US$658 at the issue price.
The company raised $1,000,000 by selling 4,000,000 units at $0.25 to four non-US investors; each unit is one share plus a warrant to buy another share at $0.35 until April 21, 2010. It said it would use the money for working capital and property payments, and on April 25, 2008 it paid $250,000 to Minera Farellón and $300,000 to the property owner to complete the Farellón option and acquire title, resolving the payments set out in the October 2007 deal. The new shares and warrants dilute existing holders.
