Each one in plain English, with the numbers worked through for a shareholder.
31 July 2017quarterly activities report▼ Bad
June 2017 quarter: cash $10.6M; Victoria site team re-logging core, with fieldwork now pushed to the September quarter. New Tanzanian mining laws are likely to slow completion of the Victoria deal while a new Mining Commission forms, expected by November 2017.
26 May 2017director officer appointment● Neutral
Justin Lewis retired as a director at the 26 May 2017 AGM. Company secretary Susmit Shah, with the company since inception, becomes a non-executive director. The board may add further directors as Victoria completes.
28 Apr 2017quarterly activities report▲ Good
March 2017 quarter: final US$4.9M Kyrgyz instalment received; formal Victoria agreements signed after quarter end. Cash was $12.5M at 31 March 2017. Victoria field work now expected to start in early May.
26 Apr 2017admin correction● Neutral
Appendix 4G governance checklist, lodged with the annual report, pointing to pages 56-68 of the report. Administrative filing with no new information.
26 Apr 2017annual report● Neutral
Annual report for 2016 repeating the accounts and operations review. It confirms no Kyrgyz resources or reserves remain at 31 December 2016 following the sale, and carries the governance statement. No new developments.
13 Apr 2017material agreement▲ GoodMajor
Formal agreements signed for the Victoria Gold Project: US$1.8M cash (US$0.8M paid now) and US$2.0M of performance rights at A$0.002, the latter needing shareholder approval. About 38 licences over 250km2; cash around A$10M; exploration to start late April 2017.
3 Apr 2017annual report● Neutral
Full-year 2016 accounts, restating that the Kyrgyz sale completed on 23 December 2016, with the US$4.9M balance received 3 March 2017. Victoria acquisition remains subject to due diligence and approvals. Mark Calderwood is shown as non-executive chairman (since 1 July 2016).
3 Mar 2017asset acquisition disposition▲ Good
Final US$4.9M instalment of the US$10M Kyrgyz sale received on 3 March 2017, ahead of the early April deadline. This closes Manas's involvement in Kyrgyzstan and resolves the open payment risk on the sale.
31 Jan 2017material agreement● NeutralMajor
Revised binding terms for Victoria: cash falls to US$1.8M (US$0.8M on signing the formal agreement, US$1.0M on completion), with US$2.0M of performance rights at A$0.002 vesting on licence transfers. Licence area cut to about 280km2; Manas takes operational control, with a loan of up to US$0.5M.
27 Jan 2017quarterly activities report● Neutral
December 2016 quarter: Kyrgyz sale completed and cash was $7M at 31 December. The Victoria acquisition is delayed by the complex licence transfers, with an update promised in early February 2017. The deferred US$4.9M is described as interest bearing.
28 Dec 2016asset acquisition disposition▲ GoodMajor
Kyrgyz sale to GGMRD completed 23 December 2016, with US$4.6M received (plus the US$0.5M deposit earlier); US$4.9M is due by early April 2017, with share security held. Savoyardy sold to NewGeo for a nominal sum, plus 50% of any onsale proceeds. Focus turns to Victoria.
20 Dec 2016asset acquisition disposition● Neutral
Kyrgyz sale to GGMRD (US$10M) has all approvals except permission to remit foreign currency. Payment is split: US$4.6M by 30 December 2016, final US$4.9M by early April 2017, pending a binding deed of variation. Completion slips from the pre-Christmas target only in structure.
22 Nov 2016director officer appointment● Neutral
David Kelly, a geologist and general manager of corporate strategy at Resolute Mining, joins as non-executive director. Founding director Colin Carson resigns after nine years, citing work commitments.
11 Nov 2016material agreement● NeutralMajor
Definitive sale agreement for the Kyrgyz assets signed 10 November 2016, on terms consistent with the earlier term sheet. Completion has slipped to just before Christmas, with a shareholder meeting planned around 12 December.
31 Oct 2016quarterly activities report● Neutral
September 2016 quarter: the Kyrgyz sale to GGMRD for US$10M is on track with the US$500k deposit received. The Victoria acquisition is slower than hoped because of title restructuring and legal and tax issues. The share purchase plan raised $1.35M.
11 Oct 2016asset acquisition disposition▲ Good
GGMRD says its due diligence on the US$10M Kyrgyz purchase is complete and satisfactory. It now seeks Chinese regulatory approvals. Settlement is still targeted around the end of November 2016.
26 Sept 2016asset acquisition disposition● Neutral
GGMRD's due diligence period for the US$10M Kyrgyz purchase extended to 10 October 2016 because of a Chinese holiday. Settlement is still expected around the end of November.
13 Sept 2016half year report▼ Bad
Half-year loss was $19.5M, mainly an $18.54M write-down of the Kyrgyz assets to the agreed sale price. The share purchase plan raised $1.35M. Sale of the Kyrgyz assets and the Victoria acquisition are both pending.
31 Aug 2016asset acquisition disposition▲ GoodMajor
Agreements signed to sell all Kyrgyz assets for US$10.5M: US$10.0M to Chinese state-owned GGMRD (US$500k deposit) and US$0.5M for Savoyardy. This resolves the funding-or-sale search for Shambesai in favour of sale; needs shareholder approval. Victoria becomes the sole focus.
12 Aug 2016director officer appointment● Neutral
Philip Reese confirmed as CEO from 1 July 2016 on permanent terms: $250,000 fixed pay and 30M options at $0.005 expiring 2020. Six months' termination benefit applies on a change of control. Replaces his interim part-time terms.
29 July 2016quarterly activities report● Neutral
June 2016 quarter: restates the Victoria Gold Project deal (US$4.0M, US$200k deposit paid) and the $657,370 placement. Reports the share purchase plan completed after quarter end with strong support. Four due diligence visits made for Shambesai funding or sale talks.
15 July 2016capital raising announcement● Neutral
Somers and Partners will underwrite up to 74M shares ($203,500) of any shortfall in the share purchase plan. This gives partial certainty of funds for the plan, which closes 22 July 2016.
12 July 2016joint venture update▲ Good
The $657,000 placement closed oversubscribed and the US$200k Victoria deposit was paid. Technical and legal due diligence has begun, with CSA Global and others engaged. Talks with parties interested in Shambesai are said to be progressing.
7 July 2016capital raising announcement● Neutral
Offer booklet for the share purchase plan: up to 200M shares at $0.00275, capped at $0.55M, opening 8 July and closing 22 July 2016. Scale-back is possible if oversubscribed. No new terms beyond the 30 June announcement.
What it means for a shareholder
200m new shares at $0.0027 to raise about $550,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
30 June 2016capital raising announcement● NeutralMajor
Share purchase plan to raise up to $0.55M, offering existing Australian and NZ holders up to $15,000 each at $0.00275, a 14% discount, for 200M shares. Lets holders join in after the placement; funds go to the Victoria deposit, due diligence and working capital.
What it means for a shareholder
200m new shares at about $0.0027 to raise about $550,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
27 June 2016asset acquisition disposition● NeutralMajor
Binding agreement to buy the Victoria Gold Project, about 350km2 in Tanzania's Lake Victoria goldfield, for US$4.0M: US$200k deposit, US$1.8M cash, US$2.0M in shares at A$0.002. Funded by a $657,000 placement at $0.0018; subject to due diligence and approvals.
29 Apr 2016quarterly activities report● Neutral
March 2016 quarter: repeats the February Shambesai update (pre-production capital US$27M, NPV US$83M at US$1,100 gold) and the $821,000 raising at $0.001. Talks continue with several parties on funding or sale of Shambesai. Philip Reese confirmed as CEO.
28 Apr 2016admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new information.
28 Apr 2016annual report● Neutral
Annual report to 31 December 2015 repeats the resource and reserve statement: Shambesai 697koz resource and 279koz reserve, Obdilla 485koz, none changed during the year. No new results.
11 Apr 2016director officer appointment● NeutralMajor
Philip Reese, chief operating officer since July 2011, is appointed part-time CEO at $15,000 a month. He gets a $75,000 bonus for a binding funding or sale deal for Shambesai. Terms are interim, filling the vacant MD role.
