Each one in plain English, with the numbers worked through for a shareholder.
2 June 2014capital raising announcement▲ GoodMajor
Share Purchase Plan closed with applications for 9.91m shares, raising $495,500 at $0.05. Combined with the $584,500 placement, total raised is $1.08m, for Eastern Eyre drilling. Completes the raising launched in April.
What it means for a shareholder
9.9m new shares at A$0.050 to raise about A$495,500. That's 7.5% dilution: every existing holder's slice gets 7.5% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0165% to 0.0152% of the company. To keep it you'd need 1,632 more shares - about A$82 at the issue price.
Rig mobilised for the planned 1,500 m reverse circulation program at 1050 East, due to start early next week, first testing the shallow eastern IP zone. Finishes early June, assays three to four weeks later. Starts the drilling flagged in April.
Magnetic and gravity targets identified at Ozone and Laura, north of 1050 East, on newly granted licences EL 5400 and EL 5401 under the Currie option. Drilling is expected after the 1050 East program. The licence grant moves the Currie option thread forward.
Placement shares issued: 6,640,000 at $0.05 raising $332,000, lifting shares on issue from 114.8m to 121.44m (5.47% dilution). Fees about $40,000. Remaining placement shares, including the directors' portion, await approval.
Share Purchase Plan booklet sent to shareholders: up to $15,000 each at $0.05, opening 6 May and closing 27 May 2014, with allotment on 30 May. Combined raising with the placement is up to $1.435m. Implements the 22 April raising.
Drill contract signed for about 1,500 m of reverse circulation drilling at 1050 East, starting next month, first testing the shallow eastern IP zone. Additional copper anomalies were identified along strike. Follows the March IP result; no new assays.
Capital raising presentation repeating the 1050 East discovery (13 m at 1.45% Cu) and the 1,400 m x 400 m shallow target. Shows cash about $1.0m at 31 March, share price $0.073 and market cap $8.4m. No new results.
Placement of 11.69m shares at $0.05 to raise about $0.6m, plus a Share Purchase Plan capped at $861,000 at the same price. Funds are for accelerated Eastern Eyre drilling from May 2014 and working capital. Confirms the raising flagged by falling cash (earlier inference); directors take $0.17m, subject to shareholder approval.
What it means for a shareholder
11.7m new shares at A$0.050 to raise about A$600,000. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0174% to 0.0158% of the company. To keep it you'd need 2,037 more shares - about A$102 at the issue price.
Notice that broker PAC Partners has published an initiation-of-coverage research report on Renascor, available on the company website. No new company information in the announcement itself.
Half-year to 31 December 2013: loss of $763,374 (prior year $194,295). Recaps the 1050 East copper-cobalt-silver discovery, the Currie option over two licences (314 sq km) and tenement surrenders in SA and NT. No new exploration results.
Company re-lodged its 6 March IP announcement after ASX asked for more detail in the JORC Table 1. Only 'not applicable' entries were reworded to say no drilling or samples were taken in the IP survey. No new results.
A detailed IP survey shows a shallow sulphide zone east of the 1050 East copper hits, about 1,400 m by 400 m, under 40 m deep and 40-70 m thick. Drilling of near-surface copper targets is planned this month, aiming at a possible open-pit resource.
Assays confirm high-grade copper at 1050 East: 13 m at 1.45% Cu, 66 ppm Ag and 0.17% Co in EEDD012, including 8 m at 2.2% Cu. All five holes on the main section hit, open in all directions. Next-stage drilling is being planned.
Diamond hole EEDD012 hit 8 m of massive sulphide with chalcopyrite (assays pending); EEDD008 assayed 14 m at 0.61% Cu. Sulphide is now shown over at least 150 m east-west, open north and south. Full assays are expected mid-January.
8,100,000 unlisted options at $0.24 expired unexercised on 15 December 2013. Remaining unlisted options: 4.0m, 700,000 and 750,000 at $0.24 plus 750,000 at $0.054, about 6.2m in total.
Shareholders approved the change, and the company is now Renascor Resources Limited, keeping ASX code RNU. This completes the name change flagged on 14 November. New website is renascor.com.au.
AGM chairman's address: says progress is not reflected in the share price, calls the Eastern Eyre copper-cobalt-silver discovery a highlight, and cites $2.2m cash at 30 September. Repeats known facts; no new information.
AGM presentation by the Managing Director repeating the Eastern Eyre story. Share price $0.050 (market cap $5.7m on 28 November); cash $2.2m at 30 September. Seeks approval for the name change to Renascor Resources. No new results.
Second conference presentation repeating the Eastern Eyre story and corporate profile (114.8m shares, $2.2m cash at 30 September, $0.047 share price). Adds a point on shallow cover to basement. No new results.
Diamond drilling at 1050 East hit sulphide in all three holes completed so far (376 m of the program). EEDD009 suggests the zone continues south at least 700 m. Assays are expected within two weeks; copper grades are not yet reported.
Conference presentation repeating known Eastern Eyre copper-cobalt-silver story and corporate details: 114.8m shares, cash $2.2m at 30 September, share price $0.047 (market cap $5.4m). Diamond drilling is in progress. No new results.
Renaissance Uranium plans to rename itself Renascor Resources at its 29 November AGM, to reflect a multi-commodity focus led by the Eastern Eyre copper-cobalt-silver discovery. New name effective about 9 December if shareholders approve.
A 1,000 m diamond drilling program started at 1050 East on 13 November to test depth and strike extensions of the copper-cobalt-silver zone, including below EERC003, which stopped at 216 m in mineralisation due to groundwater. Completion is expected in about four weeks, with assays three to four weeks later.
An induced polarisation survey found a broad sulphide zone extending east of the 1050 East copper-cobalt-silver hits, and a strong anomaly on the Angle Dam Fault 600 m south. Diamond drilling is planned this quarter. Geophysical indication only; the company says it cannot link total sulphides to copper.
Presentation repeating the 1050 East copper-cobalt-silver result. Corporate details: 114.8m shares, cash $2.7m at 30 June, share price $0.043 on 16 October (market cap $4.9m). Lists EL 5236 as a third 100% licence. No new results.
Assays confirm a copper-cobalt-silver zone at 1050 East: 44 m at 0.61% Cu, 311 ppm Co and 24 ppm Ag to end of hole in EERC003 (including 2 m at 3.5% Cu). Two other holes also hit. Grade and width rise with depth; diamond drilling is planned. Resolves the earlier wait for assays.
8 Oct 2013asset acquisition disposition▲ GoodMajor
Renaissance took a two-year option over two licence applications held by Currie Resources, covering 314 sq km north and east of Eastern Eyre and the northern Roopena Fault extension. It pays $25,000 and issues 500,000 shares; exercise is worth $175,000 in cash or shares, less the initial shares' value.
First Eastern Eyre program finished: seven RC holes, 1,150 m. Four holes at 1050 East hit a sulphide zone about 300 m by 30-50 m, up to 50% pyrite with some chalcopyrite. Copper grades await assays; Malachite was not conclusively tested due to groundwater.
Annual report to 30 June 2013. The chairman notes a difficult year for explorers and a share price not reflecting progress, and says initial Eastern Eyre assays are awaited. Financial detail is not in the extract; no new events.
All approvals are now in hand and a rig is contracted to start next week on a 1,400 m initial Eastern Eyre program, led by 1050 East. This ends the wait for state work program approval flagged since June.
