Each one in plain English, with the numbers worked through for a shareholder.
2 Apr 2015capital raising announcement● Neutral
On 31 March 2015 the company issued 5,600,000 units at $0.05 each, for $170,000 in cash and to settle $110,000 of debt. Each unit has one share and one warrant to buy another share at $0.10 for two years. This continues the company's pattern of small $0.05 unit placements and dilutes existing holders. (The filing's own breakdown of the foreign placement cites $170,000 of debt settled, which does not match the $110,000 total in its opening paragraph.)
On 10 July 2014 the company signed a non-binding letter of intent with Lafarge North America to form a joint venture to commercialise its process for recovering precious metals from coal ash. Lafarge will provide a technician (up to 50 hours a month until 31 December 2014) and lab facilities at its own cost, and in return gets an exclusive right, subject to royalties, to use the technology at 28 coal-fired power stations under contract with it, up to 7 more to be identified, and at sites where it stores coal by-products. The venture still needs due diligence and a definitive agreement, the letter ends 31 December 2015, and the company must give Lafarge a business plan by 31 January 2015. This is a new potential partner for the coal ash technology, but no money or binding venture is in place yet.
On 16 April 2014 the company signed a convertible loan with Bruce Matheson for up to $250,000 (of which $100,000 was advanced), at 6% interest, maturing 1 April 2015 and convertible into units at $0.05. If the full $250,000 is advanced and not converted, he may forgive the loan in exchange for an option to form a 50/50 joint venture for a plant using the company's coal ash metal recovery process, with him advancing $250,000 to the venture. The filing does not say whether Bruce Matheson is related to CEO Kenneth Ian Matheson.
On 16 April 2014 the company took a $150,000 loan, already advanced, from GJS Capital Corp. at 6% interest, maturing 31 August 2014 and convertible into units at $0.05. If converted, GJS gets a net profits interest of 1% per $10,000 converted (ending at 8 times the converted amount) and may nominate a director. GJS also agreed to form a 50/50 joint venture company to build and operate a processing plant using the company's technology, with GJS advancing $250,000 plus up to 15% for contingencies.
ROYAL MINES & MINERALS CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
22 Nov 2013capital raising announcement● NeutralMajor
On 18-19 November 2013 the company issued 27,220,000 units at $0.05 for $345,000 cash plus settlement of $1,016,000 of debt, each with a share and a warrant to buy another share at $0.10 for two years. Most of the debt settlement went through the 18,100,000-unit placement to directors, officers and their associates ($855,000 of debt). The company also agreed to give cash subscribers a net profits interest of 1% for each $10,000 of cash paid in future profits from its leaching technology, subject to definitive agreements. This dilutes existing holders and puts a profit claim on the technology.
2 Oct 2013material agreement termination▼ BadMajor
On 27 September 2013 the company released Golden Anvil from $983,055 of secured debt, which includes the $600,000 loan from August 2010. In exchange it received 2,000,000 shares of Gainey Capital Corp., issued as part of Golden Anvil's asset purchase deal with Gainey. This ends the Golden Anvil relationship: the 2009 letter of intent, toll processing agreement, the 2010 loan and the memorandum of understanding are all terminated. The Gainey shares are released from escrow in stages through October 2016 and cannot be traded before 2 October 2014. The joint venture the 2010 loan was meant to lead to did not materialise as described in the filing.
