Each one in plain English, with the numbers worked through for a shareholder.
9 June 2009resource reserve update● Neutral
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.