Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2013listing compliance notice▼ BadMajor
The Toronto Stock Exchange has put Starfield under a remedial review of its listing and given it 60 days; if it cannot show it meets requirements by March 21, 2013, its shares will be delisted 30 days later. The company says it will defend the listing while also looking at the TSX Venture Exchange or NEX. PwC's search for buyers or investors continues, with the deadline for expressions of interest extended to February 8, 2013. The filing does not state which listing requirements are not met. The description of assets no longer mentions the Nevada gold property.
20 Dec 2012asset acquisition disposition▼ BadMajor
Starfield says it will miss its obligation to spend $3,789,000 on Canadian exploration by December 31, 2012, falling $2,888,000 short; this matches the $3,789,635 flow-through money raised in May 2011. It is notifying the Canada Revenue Agency of the reduced tax deductions previously passed to 2011 flow-through shareholders, who may face reassessment. The release says PwC is running a sale/interest process for the company's mineral assets, expected to finish in Q1 2013, and Philip Martin's contract as President and CEO is extended to May 31, 2013. This follows the earlier strategic review and the May 2012 claim sale.
7 May 2012asset acquisition disposition● NeutralMajor
Starfield sold 179 mining claims in the Stillwater district of Montana to Stillwater Mining Company in a private deal worth about US$2 million, for working capital and exploration in Canada and the US. It also gave up the Benbow Chromite mining leases, leaving about 600 claims in the district, and continues to seek exploration JV partners for Stillwater. Wayne Fraser was appointed Interim CFO, and the release lists Philip S. Martin as President and CEO, where earlier filings named Andre Douchane (the filing does not explain the change). This partly sells down the Stillwater holdings acquired with Nevoro in 2009.
Starfield reported its 2011 Ferguson Lake program: three holes totaling 1,866 m. FL11-430 hit three massive sulphide lenses in the West Zone (e.g. 7.5 m at 1.97% Cu, 0.66% Ni). FL11-432 extended the deep 119 Zone Extension mineralization 350 m southwest, with four significant intervals at about 1,096-1,126 m depth (e.g. 5.96 m at 1.33% Cu, 0.73% Ni). FL11-431 found only weak copper (up to 631 ppm over 3.91 m). Stillwater drilling assays are still awaited. The boilerplate now calls Moonlight the 'Superior Mine Project' and says one Nevada gold property is under option to another company, down from two.
Starfield began drilling the West Zone extension at Ferguson Lake, expected to run until early September 2011, but bad weather has so far prevented drilling at Stillwater in Montana, which is expected to start the following week. RPA's update of the 2008 scoping study has no completion date, and a 9,000 lb sample is being shipped to SGS for hydromet pilot plant testing. DRA Americas has begun updating the 43-101 study on the Montana chrome assets, due in the fall. This continues several open threads; the scoping study update was not previously known to be underway.
Starfield closed the unit offering with $1,363,650 raised at $0.05 per unit, each with one share and one warrant at $0.08 for 24 months. That is less than the $2.0M sought and at a lower price than the $0.055 announced. With the May flow-through closing, total raised is $5,153,285. Net proceeds are for Stillwater exploration and general operating expenses; the new shares and warrants dilute holders.
31 May 2011capital raising announcement● NeutralMajor
Starfield closed the April-announced placement at $3,789,635 of flow-through units at $0.075, ahead of the $3.0M first announced. Each unit carries one full warrant (not the half warrant first described) at $0.11 for 24 months; the money is for Ferguson Lake exploration, including the hydromet process. It also announced a new offering of up to $2.0M of units at $0.055, each with one warrant at $0.10 for 36 months, for Stillwater exploration and working capital. More dilution is likely if the second offering completes.
Lab tests by SGS Canada on Ferguson Lake massive sulphides recovered 97% of copper, 96% of nickel and 88% of cobalt into the leach solution, with PGEs left in the residue. The oxidation and hydrolysis steps ran continuously on real Ferguson Lake feed, and management calls the results far better than hoped. Starfield has contracted SGS to build and operate a mini-pilot plant, expected to be operating by early 2012 at an estimated $4.2-4.8 million. This advances the hydromet test work and pilot plant thread; the results are preliminary and lab-scale.
Starfield engaged M Partners as lead agent for a new offering of up to $3,000,000 of flow-through units at $0.075, each with one flow-through share and half a warrant at $0.11 for 24 months. Proceeds are for Canadian exploration expenses. The price is above the December 2010 placement ($0.065 flow-through, $0.05 shares); if completed it dilutes holders again.
9 Dec 2010capital raising announcement● NeutralMajor
Starfield closed the oversubscribed M Partners placement for gross proceeds of $5,122,020.08, above the up-to-$4.0M first announced: $2,532,020.08 of flow-through units at $0.065 and $2,590,000 of share units at $0.05, each with half a warrant at $0.10 for 24 months. The flow-through money is for Ferguson Lake (including the hydromet process); the share-unit money is for Stillwater and Moonlight exploration and working capital. The flow-through price is below the $0.07 first announced, and the new shares dilute holders. M Partners and Gryphon Partners are still reviewing strategic alternatives, with no outcome stated.
Starfield says the M Partners-led financing announced October 28, 2010 is oversubscribed and expects it to close within a week. To support it, an institutional investor is buying 10,000,000 existing shares at $0.05 from a non-insider shareholder, who will use the proceeds to buy 10,000,000 share units in the offering; the buyer gets 1/4 warrant per share at $0.10 for 24 months. This continues the October financing thread; no final size is given yet.
28 Oct 2010capital raising announcement● NeutralMajor
Starfield engaged M Partners as lead agent for an offering of up to $4.0 million: up to $2.0 million of flow-through units at $0.07 and $2.0 million of share units at $0.05, each with half a warrant at $0.10 for 24 months, and the offering may be increased by up to 25%. Prices are below the June 2010 placement at $0.085, so it would dilute holders further. It also hired M Partners and Gryphon Partners to review strategic alternatives with the aim of maximizing shareholder value; no transaction is announced.
Starfield detailed a 2010 exploration program in the Y Lake area, 20 to 25 km south of the Ferguson Lake deposit: five planned holes totaling about 1,800 metres, with drill crews expected to mobilize within a couple of weeks and results expected in the fall. This follows up the earlier call for more Y Lake drilling. The company's description of its Nevada assets now reads two gold properties leased or joint ventured, down from eight in earlier releases (the filing does not explain the change).
Starfield reported a second round of Engels drilling at Moonlight (four holes, 1,497 ft) plus an airborne geophysical survey. Hole ME10-05 returned 91 ft of 5.09% copper and 68.5 g/t silver, including 55 ft of 7.99% copper, and ME10-04 had 84 ft of 2.04% copper. This builds on the strong 2009 Engels results. Management says it will do a more intensive drilling program 'as soon as funds are available', so the next step depends on funding.
Starfield closed a placement of 28,054,704 units at $0.085 for gross proceeds of $2,384,650. Each unit has one flow-through share and half a warrant exercisable at $0.15 for 12 months. The money is for exploration, including advancing its hydromet test work. The price is lower than the $0.095 and $0.105 paid in the earlier placements, and the new shares dilute existing holders.
What it means for a shareholder
28.1m new shares at $0.085 to raise about $2.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Starfield closed a placement of 13,700,000 common shares at $0.095 for gross proceeds of $1,301,500, larger than the roughly $300,000 flagged in December. The money is to explore properties in Montana and California obtained through the Nevoro acquisition. The new shares dilute existing holders.
Starfield completed a further sale on December 31, 2009 of 4,761,904 flow-through shares at $0.105 for $500,000, on top of the $2.4 million placement closed December 22, 2009. This finishes the 2009 flow-through financing and adds further dilution.
Starfield closed a flow-through share placement of 22,615,732 shares at $0.105 for gross proceeds of $2.4 million, led by Thomas Weisel Partners Canada. This price is far below the $0.25 paid in the February 2009 flow-through placement, and the new shares dilute existing holders. It also said it expects to raise about $300,000 more from common shares at $0.095, by about January 8, 2010, subject to regulatory approval.
What it means for a shareholder
22.6m new shares at $0.105 to raise about $2.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Starfield released silver assays from the same two Engels holes at Moonlight, with intervals up to 87.5 g/t silver (hole ME09-02) and minor gold intercepts of 1.5 to 3.6 g/t, which it calls an additional metal credit alongside the copper. Assays for the third hole are still pending, and follow-up drilling is still planned for next spring.
Starfield reported first assays from its three-hole Engels Mine program at the Moonlight copper project in California (acquired with Nevoro), the drilling announced on October 29. Hole ME09-02 averaged 3.26% copper over the first 74.3 ft, with a 9.7 ft interval at 11.25%; ME09-01 averaged 1.88% over the first 140 ft. Results for the third hole are not reported, the company says it does not yet know the size of the mineralization, and further drilling is planned for next spring after a winter geology review.
Starfield gave an exploration update on the Stillwater project in Montana (45 patented and 763 unpatented claims) acquired through Nevoro, saying an airborne survey shows its VEZ platinum-group target is about 12 km long, mostly on its claims. Previous sampling on one segment reportedly averaged 4.45 g/t platinum and 10.96 g/t palladium over 7.6 m. Management says it will spend the winter reviewing data before planning next year's work, so no drilling is announced.
Starfield plans two drill holes in November at the Engels Mine target on the Moonlight copper project in California, acquired with Nevoro, to follow up 2007 drilling that hit several intervals above 4% copper. The release cites an existing NI 43-101 open-pit copper resource at Moonlight, but this filing gives no new resource figures.
The Thanda-funded diamond drilling has started at Ferguson Lake: seven holes are planned over four weeks at seven high-priority targets, beginning at anomaly M4, with Starfield operating the program. The release also lists the three assets acquired from Nevoro (Stillwater in Montana, Moonlight in California, eight Nevada gold properties, where Golden Predator can earn 51% by spending US$1.5 million within 30 months of a definitive agreement) and says the company is still determining next steps for them.
Starfield closed its acquisition of Nevoro Inc., issuing 148,149,072 Starfield shares at 0.87 per Nevoro share for all 170,287,773 Nevoro shares, plus 43,773,298 replacement options and warrants. Starfield now has 480,834,971 shares outstanding (up from 321,807,149 in the context, which also includes the 9,210,000 shares from the February placement and any other issuances since), so existing holders are diluted. Nevoro's Stillwater, Moonlight and Nevada assets now belong to Starfield. This completes the acquisition flagged on October 5.
Starfield signed a joint venture with Thanda Resources under which Thanda can earn an initial 50% of the diamond potential at Ferguson Lake by spending $6.5 million over three years. After a prefeasibility study, Starfield could keep 30% by paying its share of costs or convert to a 3% gross revenue royalty. It also said Nevoro shareholders and the court had approved Starfield's acquisition of Nevoro, with closing expected by the end of that week.
Starfield released the final 2008 core assays: hole FL08-414 returned 9.27 g/t platinum, which management says extends the high-grade low-sulphide platinum-group mineralization further west. Gold up to 0.76 g/t at Y Lake and a diamond in a till sample were also reported, and the company says additional drilling is warranted at Y Lake and Grizzly. Management says a resource study now underway should upgrade more inferred resource to indicated, and the new data will help it begin building a resource model for the low-sulphide zone, which continues an earlier open question; no resource figure is given.
27 Feb 2009capital raising announcement● NeutralMajor
Starfield raised $2,302,500 through a private placement of 9,210,000 flow-through shares at $0.25 each, with Dundee Securities as lead agent alongside GMP Securities. The money is for exploration, mainly advancing the Y Lake massive sulphides and the diamond and gold potential at Y Lake and Grizzly Trend. The price is well below the $0.90-$1.00 paid in the May 2008 placement, and the new shares dilute existing holders.
Starfield ended its 2008 drilling on November 3 with 45 holes and 19,092 m, and released assays for 13 more holes. West Zone Extension hole FL08-407 hit 25.5 m of massive sulphide at 0.63% nickel and 1.18% copper, while the other extension hole, FL08-410, had no significant results and may indicate faulting; more drilling there is planned. The deeper platinum-palladium zone is still not in the resource model, so whether it can become a resource is undecided.
For the quarter to August 31, 2008, Starfield spent $11.1 million on exploration and equipment ($18.5 million for six months) and held about $17.0 million of cash. The CFO said this is enough to sustain operations most of the way through 2009 without raising more capital. Drilling totals 39 holes and 16,525 m, with one rig on the Y Lake Trend and the other moving to a new target, the Grizzly Trend, about 4 km south of the West Zone.
Starfield released assays from nine more 2008 holes; the company described results in the deeper platinum-palladium zone as 'mixed', with some very high-grade intercepts and some mediocre ones, while the West Zone massive sulphide infill holes were described as going well (e.g. FL08-393 had 13.46 m at 1.36% copper and 0.92% nickel). Phase 1 is near completion with 14,412 m drilled in 39 holes, and the goal of adding about 15 million indicated tonnes is now dated to December 31, 2009.
