Each one in plain English, with the numbers worked through for a shareholder.
7 July 2014regulatory community update● Neutral
A transfer agent (Computershare) notice sets an Annual General and Special Meeting for September 9, 2014 in Vancouver, with a July 28, 2014 record date for notice and voting. The notice gives no agenda or proposals.
19 June 2014listing compliance notice▼ BadMajor
Veris has commenced proceedings under the Companies' Creditors Arrangement Act (CCAA), which contradicts the March statement that no insolvency proceedings existed. As a result the TSX will delist its shares and warrants at close of business July 18, 2014 (trading suspended since June 9). The company is discussing a listing on another exchange, plans to seek TSX relisting after exiting CCAA, and says the three Jerritt Canyon mines and plant are operating and generating free cash flow.
31 Mar 2014listing compliance notice▼ BadMajor
Because its audit of the 2013 financial statements was delayed, Veris got a Management Cease Trade Order from the British Columbia Securities Commission; it expects to file the statements on or before April 10, 2014. Public trading in the shares continues, but the CEO, CFO and other designated insiders cannot trade. The company states no insolvency proceedings exist as of this date.
27 Feb 2014production update▲ GoodMajor
Veris estimated it produced 139,500 ounces of gold at Jerritt Canyon in 2013, above its revised guidance of 138,000 ounces (cut from 145,000 after a December 19 electrical fire that affected operations for an estimated 21 days). It targets 180,000 ounces in 2014 and says it hopes to announce positive news on refinancing soon, but gives no refinancing terms.
4 Dec 2013drilling result▲ Good
Veris reported new drill results from the SSX-Steer underground mine at its Jerritt Canyon operation in Nevada, including one hole that cut 51.85 m averaging 7.68 g/t gold. The company says the results are consistent with earlier drilling and that the year-end 2013 resource and reserve update starts later in December, with completion expected in the second quarter of 2014.
18 Nov 2013capital raising announcement● NeutralMajor
Veris announced another marketed public offering, this one Canada-only: units at $0.475 and flow-through units at $0.525, each with a quarter warrant exercisable at $0.60 for 36 months, with closing expected by November 27, 2013. Proceeds are to cover payments under the forward gold purchase agreement, the Jerritt Canyon dry mill upgrade, Saval 4 development, Ketza River exploration, reclamation bonding and working capital. The release is signed by François Marland as President and CEO, replacing R. Llee Chapman, who signed the earlier releases. Further share issuance would dilute existing holders.
9 Sept 2013capital raising announcement● NeutralMajor
Veris reported August 2013 production of 16,699 ounces of gold from Jerritt Canyon (including 2,138 ounces from toll milling for Newmont) at 85% recovery, and a 145,000-ounce target for the year. It said Saval 4 is on hold until 2014 and that debt refinancing talks are ongoing, with results expected in the fourth quarter. It also proposed a private placement of up to 15,000,000 units at $0.52 (up to $7.8 million), each with one common share and a half warrant exercisable at $0.60 for 36 months; the text is cut off before the remaining agent terms. Saval 4 being on hold conflicts with the earlier August plan to use offering money for its development, and the later 2014 start date in the context shows it was pushed back.
9 Aug 2013capital raising announcement● Neutral
A repeat filing of the August 8, 2013 press release announcing the public offering of units and flow-through units, with the same terms and use of proceeds. It adds nothing new beyond the earlier filing.
8 Aug 2013resource reserve update● Neutral
Filed only to add consents from five technical report authors (Johnson, Odell, Swanson, White, Fox) for the July 11, 2013 Jerritt Canyon technical report to be referenced in the company's F-10 registration statement. It contains no new resource, reserve or operating figures; it supports the August 2013 offering paperwork.
8 Aug 2013capital raising announcement● NeutralMajor
Veris announced a marketed public offering of units (a common share plus half a warrant) and flow-through units, sold through agents led by Secutor Capital Management, with closing expected by August 15, 2013. Price and size were not set; the money is meant for the Jerritt Canyon mill upgrade, Saval 4 underground development, reclamation bonding and working capital, with flow-through money for Ketza River exploration. New shares would dilute existing holders.
