1 Dec 2021capital raising announcement▲ GoodMajor
Flying Nickel closed the full $8.6 million: 10,094,033 non-flow-through subscription receipts at $0.70 and 1,992,437 flow-through receipts at $0.77, held in escrow pending release conditions.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Nov 2021capital raising announcement▲ GoodMajor
Flying Nickel's raise was upsized from $7.0 million to $8.6 million on a $2.975 million lead order from Blackstone Minerals, an ASX-listed battery-metals processor. The subsidiary is raising more in one financing than its parent managed in three tranches over the same autumn.
15 Nov 2021capital raising announcement● Neutral
The parent's placement finished with a third tranche of 8,163,640 shares for $1,796,000, making $3,740,000 in total for 17,000,000 shares at $0.22 across ten weeks and three closings.
What it means for a shareholder
17.0m new shares at C$0.220 to raise about C$3.7m. That's 8.6% dilution: every existing holder's slice gets 8.6% smaller. If you held C$1,000 of shares (4,545 at the issue price), your slice goes from 0.00252% to 0.0023% of the company. To keep it you'd need 428 more shares - about C$94 at the issue price.
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26 Oct 2021capital raising announcement▲ GoodMajor
The Minago spinout begins raising its own money before it is even separated: Flying Nickel Mining Corp., with Red Cloud as lead agent and Canaccord Genuity alongside, seeks up to $7.0 million in subscription receipts at $0.70 for the non-flow-through units.
22 Oct 2021capital raising announcement● Neutral
A second tranche of 4,662,727 shares raised $1,025,800, and the offering was increased from 15 million to 17 million shares for a target of $3.74 million even though the first two tranches together had taken under $2 million.
23 Sept 2021capital raising announcement▼ Bad
Only 4,173,632 of the 15,000,000 shares were taken up in the first tranche, raising $918,199 of the $3.3 million sought, with finders paid $46,872 in cash and 213,054 warrants. The same filing carries a timetable update for the plan of arrangement.
What it means for a shareholder
15.0m new shares at about C$0.0612 to raise about C$918,199. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held C$1,000 of shares (16,336 at the issue price), your slice goes from 0.00905% to 0.00836% of the company. To keep it you'd need 1,357 more shares - about C$83 at the issue price.
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7 Sept 2021capital raising announcement▼ Bad
A placement of up to 15 million shares at $0.22 for up to $3.3 million, with Canaccord Genuity and Red Cloud as advisers. The price is 41% below February's $0.375 placement and nearly half the C$0.40 bought deal of last November.
What it means for a shareholder
15.0m new shares at C$0.220 to raise about C$3.3m. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held C$1,000 of shares (4,545 at the issue price), your slice goes from 0.00252% to 0.00232% of the company. To keep it you'd need 378 more shares - about C$83 at the issue price.
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5 Feb 2021capital raising announcement● Neutral
Closed within four days at the full $3,750,000 from 10,000,001 shares at $0.375, with $73,875 of cash finder's fees. There are now 192,895,079 shares outstanding. John Lee signs as executive chairman.
What it means for a shareholder
10.0m new shares at C$0.375 to raise about C$3.8m. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held C$1,000 of shares (2,667 at the issue price), your slice goes from 0.00148% to 0.0014% of the company. To keep it you'd need 148 more shares - about C$56 at the issue price.
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1 Feb 2021capital raising announcement● Neutral
A non-brokered placement of up to 10 million shares at $0.375 for up to $3.75 million, with proceeds stated as exploration, working capital and general corporate purposes "which may include project evaluations and acquisitions".
What it means for a shareholder
10.0m new shares at C$0.375 to raise about C$3.8m. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held C$1,000 of shares (2,667 at the issue price), your slice goes from 0.00148% to 0.0014% of the company. To keep it you'd need 148 more shares - about C$56 at the issue price.
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24 Nov 2020capital raising announcement▲ GoodMajor
The offering closed at C$9.2 million, 23,000,000 shares at C$0.40 with the over-allotment exercised in full - more than the C$5.52 million BMO deal of November 2018 and over four times the placement completed in May.
What it means for a shareholder
23.0m new shares at C$0.400 to raise about C$9.2m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held C$1,000 of shares (2,500 at the issue price), your slice goes from 0.00206% to 0.00173% of the company. To keep it you'd need 474 more shares - about C$190 at the issue price.
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21 Oct 2020capital raising announcement▲ GoodMajor
A C$6.0 million bought deal at C$0.40 a share with Mackie Research leading, alongside Canaccord Genuity and Sprott Capital Partners, announced eight days after the new resource estimate. The share price is triple the $0.13 units sold in May.
20 May 2020capital raising announcement● Neutral
The second and final tranche raised $645,060 from 4,962,000 units, taking the placement to $1,976,000 in total.
What it means for a shareholder
5.0m new shares at about C$0.130 to raise about C$645,060. That's 3.9% dilution: every existing holder's slice gets 3.9% smaller. If you held C$1,000 of shares (7,692 at the issue price), your slice goes from 0.00634% to 0.00609% of the company. To keep it you'd need 315 more shares - about C$41 at the issue price.
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1 May 2020capital raising announcement● Neutral
First tranche closed: 10,238,000 units at $0.13 for $1,330,940, with $3,250 in cash and 156,900 units paid as finder's fees.
What it means for a shareholder
10.2m new shares at C$0.130 to raise about C$1.3m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held C$1,000 of shares (7,692 at the issue price), your slice goes from 0.00634% to 0.00585% of the company. To keep it you'd need 649 more shares - about C$84 at the issue price.
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15 Apr 2020capital raising announcement▼ Bad
A non-brokered placement of up to 14 million units at $0.13, each unit carrying a full three-year warrant at $0.16, to raise up to $1.82 million. The unit price is roughly a quarter of the $0.46 BMO paid seventeen months earlier and a third of the $0.40 placement of October 2019.
What it means for a shareholder
14.0m new shares at C$0.130 to raise about C$1.8m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held C$1,000 of shares (7,692 at the issue price), your slice goes from 0.00634% to 0.00569% of the company. To keep it you'd need 888 more shares - about C$115 at the issue price.
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8 Oct 2019capital raising announcement● NeutralMajor
A non-brokered placement of 10 million shares at $0.40 for $4.0 million, announced the day after the Bolivian mining contract was signed, with management and directors taking 400,000 shares. John Lee signs as executive chairman.
What it means for a shareholder
10.0m new shares at C$0.400 to raise about C$4.0m. That's 9.5% dilution: every existing holder's slice gets 9.5% smaller. If you held C$1,000 of shares (2,500 at the issue price), your slice goes from 0.00262% to 0.00237% of the company. To keep it you'd need 262 more shares - about C$105 at the issue price.
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23 Nov 2018capital raising announcement● Neutral
The bought deal closed at C$5,520,000, all earmarked for Gibellini. Gerald Panneton signs as president and chief executive.
2 Nov 2018capital raising announcement● NeutralMajor
Prophecy agreed a C$5.5 million bought deal with BMO Capital Markets, 12,000,000 shares at $0.46, to fund exploration, development and permitting of the Gibellini vanadium project in Nevada - at this point the company's only stated focus. Gibellini's May 2018 assessment carried 22.95 million tons at 0.286% vanadium pentoxide in the measured and indicated categories.
What it means for a shareholder
12.0m new shares at C$0.460 to raise about C$5.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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