Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
Full-year 2015 statutory accounts. Resources unchanged at 1.18M oz of gold; Shambesai licence extended to 2025. Company says it has struggled to find a cornerstone investor but sees renewed interest with higher gold prices in early 2016.
Rights issue completed: 327.9M shares issued to applicants and 358.9M shortfall shares to underwriter GMP, raising $686,783 in total. Shares on issue now 1,716,958,308, so existing holders who did not participate are diluted.
Rights offer drew applications for 327.9M of 686.8M shares at $0.001, leaving a shortfall of 358.9M shares to be taken up by underwriter GMP. Take-up was about 48%.
What it means for a shareholder
687m new shares at $0.001 to raise about $686,800. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Shareholder letter with the rights issue timetable: record date 1 March, offer open 4 March, closes 16 March, new shares issued 23 March 2016. GMP fully underwrites for a 6% fee. No new information.
Prospectus for the rights issue of about 686.8M shares at $0.001, 2 for 3, raising up to about $687k, closing 16 March 2016 and underwritten by GMP. Details the earlier announced raising; shares described as highly speculative.
What it means for a shareholder
687m new shares at $0.001 to raise about $687,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Shambesai pre-production capital cut further to US$27M from US$41M; total capital US$38M (was US$48M). NPV rises to US$83M at US$1,100 gold (was US$68M). A smaller pit option cuts cash cost to US$314/oz from US$416.
Plans a $821,000 raising at $0.001 per share: $134k placement of 134.3M shares, then a 2-for-3 rights offer for about $687k, underwritten by GMP at a 6% fee. Funds go to overheads; dual finance-or-sale strategy continues.
ASX queried whether cash of $231k and $400k planned outflow leaves enough funds. Company says it expects continued negative cash flow until project finance, equity raising for working capital is advanced, and it complies with disclosure rules.
Company says the 4 October 2015 Kyrgyz elections were calm and the pro-business coalition, with the Prime Minister reappointed, should continue current mining policy. Management expects government support to bring Shambesai into production. This is management's view; no project change.
Pre-production capital cut to about US$30M from US$41M. A smaller pit at a US$1,100 gold price holds 246,400oz at 4.18g/t, down from 289,100oz. Underground pre-feasibility will start on 124,700oz at 5.9g/t. Financing talks have more momentum.
Final technical approvals received, completing all Mining Licence obligations for Shambesai. The project is described as ready for construction subject to funding. A capital cost update is due in the December quarter, with construction taking 10 months from funding.
23 Sept 2015regulatory community update▲ GoodMajor
Kyrgyz environmental regulator confirmed the Shambesai environmental approval (OVOS) conditions, including community consultation, are satisfied. This was the main environmental approval needed for production. Final design permits remain, and construction awaits funding.
Half-year to 30 June 2015 shows an $8.6M profit, which arises solely from reversing a $9.6M asset write-down made at end-2014 after the board dropped the sale-only approach. It is an accounting gain, not operating profit.
Rights offer drew applications for only 43.5M of 595.8M shares, leaving a 552.3M shortfall. The underwriter covers 256.5M shares ($1.8M); directors may place the other 295.8M within three months. Weak shareholder take-up.
Executive Chairman's presentation repeating the February 2015 study (NPV US$103M at US$1,300 gold, IRR 106%, US$41M pre-production capital, 4.5-year life) to support the rights issue of up to $4.2M. No new results in the excerpt.
Supplementary prospectus explains the Kyrgyz assets are no longer treated as 'held for sale' because a sale is no longer highly probable under the dual sale-or-finance strategy. The earlier write-down is reversed, cutting accumulated losses from $27.2M to $18.3M at 30 April 2015.
Letter to shareholders on the rights issue timetable: record date 21 July, offer opens 23 July, closes 5 August, shares issued 12 August. GMP underwrites up to $2.1M and gets a 6% fee. Restates known terms.
Prospectus for the 1-for-1 rights issue of about 595.8M shares at 0.7c to raise up to about $4.17M, closing 5 August 2015, partly underwritten by GMP. Formal document for the raising announced the same day; describes it as highly speculative.
What it means for a shareholder
596m new shares at $0.007 to raise about $4.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
10 July 2015capital raising announcement▼ BadMajor
$4.7M raising: 77M-share placement at 0.7c for about $0.54M, then a 1-for-1 rights issue of about 595.8M shares at 0.7c for $4.17M, partly underwritten ($2.1M) by GMP. Funds go to Shambesai pre-development; the price is under half the 1.5c rights issue in February.
What it means for a shareholder
596m new shares at $0.007 to raise about $4.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Managing Director and CEO Stephen Ross, in the role since 2008, resigns immediately, earlier than his end-July contract termination. Chairman Mark Calderwood becomes part-time executive chairman on an interim basis.
ASX queried the company's cash after a $775k quarterly outflow left $747k. Manas said it expects continued negative cash flow, relies on raising capital while the sale and financing efforts proceed, and says it complies with listing rules.
