Past year: ▼ 14%(5.89c – 7.60c USD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2009capital raising announcement● NeutralMajor
Effective June 30, 2009 the company and Sulane Holdings, holder of the $13.5 million debentures, amended the deal: $974,360 of accrued interest converted into 974,360 shares at $1.00, and interest for the September and December 2009 quarters will also be paid in shares at $1.00. Sulane may elect share payment for later interest, and waived any default. This conserves cash but increases the share count.
26 Dec 2007capital raising announcement● NeutralMajor
On December 21, 2007 the company agreed to a $13,500,000 7% senior secured convertible debenture with one investor, paid out on a schedule tied to 2008 construction needs for the Summit project. It is secured by the Summit real and personal property, converts at $1.00, and carries warrants at $1.00 for every $2.00 of principal (exercisable July 1, 2010 to December 31, 2014); there is a $270,000 management fee. This is far larger than earlier financings and brings both Summit funding and dilution risk.
1 Nov 2007capital raising announcement● Neutral
Now named Santa Fe Gold Corporation, the company placed $450,000 of 10% senior subordinated convertible notes with three investors ($150,000 each), due in 60 months. The notes convert at $1.25 per share, with one $1.25 five-year warrant per $2.50 of principal. This adds a new debt layer and potential dilution; the company will register the shares on request only if the stock tops $1.50 for ten days.
26 Feb 2007capital raising announcement▼ BadMajor
On February 26, 2007 Azco amended the 2006 convertible note deal with its five investors. The deadline to file a resale registration statement moved from November 5, 2006 to April 30, 2007 and the effectiveness deadline from February 4, 2007 to July 31, 2007, and the investors gave up all liquidated damages for the missed deadlines. Azco issued 1,750,000 new warrants at $1.25 for five years and will ask shareholders to raise authorized shares from 100 million to 200 million. Notes total $3,781,662, convertible at $1.00. This continues the registration thread and adds dilution.
15 Sept 2006capital raising announcement● Neutral
A second short amendment to the September 2006 note filing, again only attaching a revised Schedule A to the note amendment; the filing does not say what changed.
12 Sept 2006capital raising announcement● Neutral
A short amendment to the September 2006 note filing that only replaces Schedule A to the amendment of the convertible notes, warrants and related agreements; the filing does not describe what changed in the schedule.
8 Sept 2006capital raising announcement▼ BadMajor
In September 2006 Azco renegotiated the March convertible notes held by five investors: maturity moved from August 31, 2007 to January 1, 2008, the first installment moved to February 1, 2007, and the conversion and warrant prices fell from $1.58 to $1.00. The investors also bought another $1,000,000 of notes, bringing total outstanding principal, interest and damages to $3,754,357, with 500,000 new warrants at $1.00. The lower prices mean more potential dilution for existing shareholders.
23 Mar 2006capital raising announcement● NeutralMajor
Azco raised $2,500,000 (about $2,270,000 net) in March 2006 from four institutional investors through 7% senior secured convertible notes, with warrants and rights to buy more notes. The notes convert at $1.58 per share, the warrants cover 791,139 shares at $1.58, and Azco can repay in cash or shares. Azco must register the shares for resale and pay 1% a month in damages if it is late, so existing shareholders face possible dilution.
