Past year: ▼ 67%(0.50c – 1.50c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
20 June 2011capital raising announcement● Neutral
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.
20 Apr 2011capital raising announcement● Neutral
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.
30 Nov 2010capital raising announcement▲ Good
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.
14 June 2010capital raising announcement▼ Bad
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.
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13 Jan 2010capital raising announcement● Neutral
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.
4 Jan 2010capital raising announcement● Neutral
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.
23 Dec 2009capital raising announcement▼ BadMajor
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.
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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.
6 May 2008capital raising announcement▲ GoodMajor
Starfield closed a $20 million private placement: 15,000,000 flow-through shares at $1.00 and 5,555,556 common shares at $0.90, led by GMP Securities. Proceeds go to exploration at Ferguson Lake and working capital, and the company now has 321,807,149 shares outstanding, so existing holders were diluted.
What it means for a shareholder
5.6m new shares at $0.900 to raise about $5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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