Each one in plain English, with the numbers worked through for a shareholder.
26 Feb 2010resource reserve update● Neutral
The company furnished to the SEC an amended and restated technical report on South Doughstick, dated February 25, 2010 and filed in Canada on February 26, 2010. It covers properties held by the Arkose Mining Venture (the company 81%) and was prepared by Douglass Graves of TREC, Inc. The filing text gives no resource figures and does not say what was changed; it follows the October 2009 amendment over the Section 29 title issue (inference: this may be a further revision of that report).
The company furnished to the SEC a technical report on its Doughstick Project in Campbell County, Wyoming, dated January 26, 2010, prepared by Douglass Graves of TREC, Inc. and filed in Canada on January 28, 2010. The filing text gives no resource figures; they are in the exhibit. Doughstick was one of the company's existing Powder River properties.
On December 2, 2009 the company signed a supplemental warrant indenture because the Toronto Stock Exchange requires it as a condition of listing the October 2009 warrants. It must now use its right to accelerate warrant expiry within five business days of becoming entitled to do so. The warrant agent concluded this does not prejudice warrantholders. This continues the October warrant terms; it adds a listing step and no new funding.
On October 27, 2009 the company signed a warrant indenture with Corporation Stock Transfer, Inc. covering the warrants in its US$2.00 unit offering (US$3.00 exercise price, 30 months), and issued a press release on the closing of the offering. The company may accelerate warrant expiry to 30 days after notice if the shares close above US$3.50 for 20 consecutive trading days. The filing text does not give the final number of units sold or the amount raised. This completes the October 22 offering agreement.
On October 22, 2009 the company signed a placement agency agreement with Haywood Securities, Dahlman Rose, GMP Securities, Dundee Securities and Versant Partners to sell up to 10,000,000 units at US$2.00 in a public offering in the US and Canada (except Quebec). Each unit has one share and half a warrant exercisable at US$3.00 for 30 months, and the agents have an option for up to 1,500,000 more units. Directors and officers signed lock-up agreements. This is a new equity raise at a price below the US$2.40 paid in April 2008, and will add shares and warrants.
The company filed an amended and restated South Doughstick technical report (amended October 12, 2009) after finding that the Arkose Mining Venture owns only 50% of the minerals on the west half of Section 29, not 100% as reported. This cuts the resources for that section by 50%, about 18% of the total project resources reported in the August 11, 2009 report. This corrects and reduces the figures in that August report.
The company furnished to the SEC a technical report on the South Doughstick property, held by the Arkose Mining Venture (the company 81%, United Nuclear 19%; the filing writes 'Uranium Nuclear LLC'). The report is dated August 11, 2009, was prepared by TREC, Inc., and was filed in Canada on August 14, 2009. The filing text gives no resource figures. South Doughstick was a drilling target in the Arkose venture in September 2008.
The company furnished a press release dated July 9, 2009 giving the status of its 2009 drilling program on its Powder River Basin projects in Wyoming. The filing text itself gives no hole counts, footage or results; those are only in the press release. This continues the drilling updates from 2008.
The company furnished to the SEC an updated technical report on its Nichols Ranch property in Johnson and Campbell Counties, Wyoming, dated June 5, 2009 and filed in Canada on June 8, 2009. It was prepared in-house by the Senior Vice-President of Exploration, Kurtis J. Brown. The filing text gives no resource figures; they are in the exhibit. It follows the 2007 reports and the July 2008 Preliminary Assessment on the same property.
The company furnished to the SEC a technical report on the West North Butte Satellite Properties in Campbell County, Wyoming, dated December 9, 2008 and filed in Canada on December 18, 2008, prepared by TREC, Inc. and Woody Enterprises. The filing text gives no resource figures; they are in the exhibit. West North Butte was already among the company's Powder River properties.
The company reported that from July 1 to October 31, 2008 it drilled 498 holes (about 344,525 feet) using five rigs: 165 holes on its 100%-held properties (east North Butte, Willow Creek, Hank, North Rolling Pin, Doughstick) and 333 on the Arkose venture (Little Butte, then South Doughstick in September and Cedar Canyon in October). For 2008 so far it has drilled 764 holes, 531,450 feet in total. This continues the July update (186,925 feet to June 30) and compares with the roughly 800,000-foot 2008 target; the filing does not say whether that target will be met. Best-hole results are only in the press release.
The company furnished to the SEC a Preliminary Assessment of its Nichols Ranch uranium project in Wyoming's Powder River Basin, dated July 25, 2008 (the exhibit list says July 28) and filed in Canada on August 8, 2008, prepared by TREC, Inc. engineers. The filing text gives no resource figures or economics; those are in the exhibits. Nichols Ranch is one of the Powder River properties the company already held, and this builds on the earlier 2007 technical reports.
The company reported that from March 6 to June 30, 2008 it drilled 266 exploration and delineation holes (about 186,925 feet) on the Arkose property in four target areas: East Buck, South Collins Draw, Sand Rock and Little Butte. Drilling started slowly because of unusually wet weather in May and June, so the company now expects about 800,000 feet for 2008 instead of the roughly 900,000 feet announced earlier. The specific results are in the press release, not the filing text. This is the first drilling update on the Arkose venture and a reduction from the earlier target.
The company furnished to the SEC an independent technical report on its Hank Unit property in Campbell County, Wyoming, dated May 1, 2008, filed in Canada under Toronto Stock Exchange rules. The filing text gives no resource figures; they are in the exhibit. Hank is one of the Powder River Basin properties the company already held.
The company closed both private placements on April 15, 2008: US$9,600,000 for 4,000,000 units through agents Haywood and Cormark, and US$14,076,000 for 5,865,000 units, including 5,465,000 to Denison, who now holds about 9.9%. That is US$23,676,000 in total at US$2.40 per unit, with warrants at US$3.50 to April 15, 2010. Costs include a US$576,000 agents' commission, 120,000 agent warrants at US$2.60, and a US$524,640 advisory fee on the Denison money. The company must file a resale registration statement within 45 days or issue penalty units equal to 10% of the units bought in the brokered placement. This completes the March proposal and the Denison agreement.
The company signed a subscription agreement with Denison Mines Corp. for 5,465,000 units at US$2.40, a strategic investment that would give Denison about 9.9% of the shares. Closing was expected around April 9, 2008, subject to approval by the American and Toronto stock exchanges, and a 4.0% cash advisory fee is payable to a financial advisor. Each unit has one share and a half warrant at US$3.50 for 24 months. This formalises the Denison part of the placement announced in March.
31 Mar 2008capital raising announcement▲ GoodMajor
The company announced plans to raise about US$23,676,000 in private placements at US$2.40 per unit, covering 4,000,000 units sold through agents and 5,865,000 units sold directly, of which 5,465,000 would go to Denison Mines Corp. Each unit carries one share and a half warrant exercisable at US$3.50 for 24 months, and Denison would hold about 9.9% after closing. This is new funding that will add shares and warrants.
The company furnished to the SEC an independent technical report on the Arkose Mining Venture project, Campbell and Johnson Counties, Wyoming, dated February 27, 2008, filed in Canada under Toronto Stock Exchange rules. The filing text says the report estimates potential mineral resources as targets for further exploration and states that the company has no reserves as defined by SEC rules; it gives no figures. This is the first technical report on the NAMMCO-based venture closed in January.
22 Jan 2008asset acquisition disposition▲ GoodMajor
The company closed the NAMMCO purchase on January 15, 2008, paying US$5,000,000 in cash and issuing 5,750,000 shares for an 81% interest in properties of over 75,000 acres. The other 19% is held by United Nuclear, LLC, owned by the sellers, and the joint venture will operate as the Arkose Mining Venture with Uranerz as manager. The company says it now controls about 108,982 acres in the Powder River Basin (the September 2007 agreement had projected about 113,982). The sellers get resale registration rights, to be filed within 120 days, and have given the company the right to vote 50% of their shares for three years. This completes the September 2007 agreement.
The company furnished to the SEC an updated Nichols Ranch resource report (dated October 26, 2007), filed in Canada under Toronto Stock Exchange rules, along with a press release giving a drilling and permitting update on its Wyoming properties. The filing text gives no resource numbers or drilling results; those are in the exhibits. This updates the report dated April 3, 2007 that was furnished in September.
The company signed a Purchase and Sale Agreement with NAMMCO and associated individuals to buy an 81% interest in their Powder River Basin mineral properties (about 80,000 acres in the Pumpkin Buttes district) for US$5,000,000 in cash plus 5,750,000 company shares, and to run the properties as operator of a joint venture. The company has until December 31, 2007 to complete due diligence, and says the deal would take its Powder River holdings from about 33,982 to about 113,982 acres. This is a much larger addition than the earlier Shook purchase, and it means new shares will be issued to the sellers.
The company furnished to the SEC an independent resource report (dated April 3, 2007) on its Nichols Ranch uranium project in Campbell and Johnson Counties, Wyoming, which it had filed in Canada because its shares are listed on the Toronto Stock Exchange. The filing gives no resource figures in its text; the report itself is an exhibit. It carries warnings that the resource categories are Canadian terms, that inferred resources are highly uncertain, and that the company has not shown any SEC-defined reserves. Nichols Ranch is one of the Powder River Basin properties the company already held.
Partner Bluerock told the company it has started drilling on three Mongolian licences (Khavtsal, Tolgod, Khudgiin Us) in the Ulaan Nuur area, increasing planned drilling from 3,000 to 4,000 metres. After Khudgiin Us, the rigs will move to the Central Gobi projects. No results are given. The filing restates that Bluerock can earn 70% and Uranerz can buy back 21% within 120 days of a feasibility study. This is the partner-funded work the 2006 Bluerock deals set up.
The company hired O & M Partners of New York for one year from February 1, 2007 to provide investor relations, at US$5,000 a month plus expenses (telephone $50 a month). O & M will also receive 50,000 warrants exercisable for one year at $3.69, the American Stock Exchange closing price on February 1, 2007. This is an ongoing cost and a small potential share issue; the AMEX quote shows the shares were by then trading well above the $1.00 March 2006 placement price.
The company finished due diligence on the Shook acquisition and closed it on February 1, 2007 for $3,120,000, buying the West Flank, North Rolling Pin and C-line projects in the Powder River Basin. This resolves the December 2006 letter of intent.
The company signed a binding letter of intent with Robert C. Shook of Casper, Wyoming to buy three Powder River Basin uranium projects (West Flank, North Rolling Pin, C-line) for $3,120,000. They are adjacent to or near its existing West North Butte, Nichols Ranch, Hank and Doughstick properties, and a 35-day due diligence period lets the company cancel if unsatisfied.
The company agreed to use geological reports held by George Hartman, its Vice-President, Mining and a director/officer, to stake and acquire uranium areas. It will pay him $0.40 per measured and indicated pound of uranium staked plus $750 per claim registered with the BLM, payable in company shares, with registration rights for the resale. This is another related-party arrangement with an insider, and the total cost depends on how much is staked.
The company amended its February 2006 Bluerock agreement on the Khavtsal property in Mongolia. Remaining cash payments to Uranerz fall from US$150,000 to US$75,000 and work commitments from US$3,000,000 to US$1,500,000, while Bluerock's total earned interest rises from 55% to 70%. After a feasibility study Uranerz can buy back 21% of the 70% by paying for defined measured and inferred resources. This gives up more of the Mongolian assets for lower commitments than the original deal.
The company agreed with Black Range Minerals of Perth, Australia to form a joint venture on two Red Desert (southwest Wyoming) exploration projects after a 42-day review. Black Range can earn 50% by funding the first US$750,000 of exploration within three years (at least US$100,000 a year), at no cost to Uranerz. Later stages let either side build up to 70% and then 100%, with a 6% royalty to the party that is diluted out. The Red Desert claims were staked in 2005, so this brings in a partner to fund their exploration.
