10 May 2024capital raising announcement● Neutral
Offer documents for the $0.04 entitlement offer were sent to eligible shareholders and the offer is now open, closing 5:00pm AEST on 29 May 2024 unless extended. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2024capital raising announcement● Neutral
Notice that shareholders outside Australia and New Zealand cannot take part in the $0.04 entitlement offer. A nominee will sell their entitlements and return any net proceeds. Administrative.
3 May 2024capital raising announcement● NeutralMajor
WEC launched a new 1-for-1 renounceable entitlement offer at $0.04 a share to raise up to $4.53M (up to 113.2M shares), not underwritten. Funds go to Specimen Hill, Robin Rise and Tindal exploration. The price is below November's $0.065 offer.
What it means for a shareholder
113m new shares at about A$0.040 to raise about A$4.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (24,989 at the issue price), your slice goes from 0.00323% to 0.00282% of the company. To keep it you'd need 3,652 more shares - about A$146 at the issue price.
Create a free account to see this worked out for your own holding.
3 May 2024capital raising announcement● Neutral
Offer booklet for the 1-for-1 entitlement offer at $0.04, closing 29 May 2024. It repeats the terms already announced; no new substance.
30 Apr 2024quarterly activities report● Neutral
March-quarter report: the Specimen Hill farm-in is the headline, and WEC says it is in advanced talks to agree a settlement from the $2M security bond to finalise the Bayan litigation. The War Effort tenement is expected to be granted next quarter. Routine update.
19 Apr 2024other● Neutral
Notice that 1,455,690 ordinary shares will be released from voluntary escrow on 31 May 2024. Administrative.
15 Mar 2024half year report● Neutral
Half-year report to 31 December 2023 (partly truncated). It restates the strategy: BCB coal briquetting with Proterra in South Africa, and copper-focused exploration at Tindal, Maranoa and Robin Rise. The South African pilot plant is due to be commissioned in March 2024. Routine.
7 Feb 2024farm in farm out agreement▲ GoodMajor
WEC can earn 51% of the Specimen Hill copper-gold project near Biloela, Queensland, from Tectonic Gold's subsidiary by spending $1M within 3 years, then 76% with a further $1M. An option for the last 24% costs $2M, leaving a 3% royalty. Sampling shows promising copper.
31 Jan 2024quarterly activities report● Neutral
December-quarter report: the entitlement offer raised $2.9M, ionic sampling finished at Tindal and Robin Rise, and final Tindal results arrived after quarter end, with analysis under way. Robin Rise results look encouraging for IOCG. Proterra's Johannesburg briquetting trial continues. Routine update.
19 Dec 2023capital raising announcement● NeutralMajor
The 1-for-1 entitlement offer at $0.065 raised $2.91M (44.83M shares), well short of the up to $4.45M sought. 23.58M shares went unsubscribed; directors may place them within 3 months. Proceeds fund the Bayan case and repay the remaining $0.5M Flannery-linked loan.
27 Nov 2023other● Neutral
WEC moved its principal place of business to Newstead, Brisbane, effective 27 November 2023. Phone, fax and the Sydney registered office are unchanged. Administrative notice only.
24 Nov 2023capital raising announcement● Neutral
Entitlement offer documents were sent to eligible shareholders and the offer is now open, closing 5:00pm AEDT on 15 December 2023 unless extended. Administrative.
24 Nov 2023other● Neutral
AGM addresses: Chairman calls the Bayan outcome disappointing and says the BCBC Singapore liquidator holds claims of S$157M (WEC) and S$4.1M (Bayan). The CSIRO briquetting patents expire in 2024. US$1.74M is still owed from the Mountainside sale, with foreclosure possible. WEC is renting a briquette machine to the South Africa trial.
17 Nov 2023capital raising announcement● NeutralMajor
WEC launched a 1-for-1 renounceable entitlement offer at $0.065 a share to raise up to $4.446M (up to 68.4M shares), not underwritten. Funds go to the Bayan proceedings and working capital, and may repay Flannery-linked loans. It follows July's $0.10 offer, and the price is below that offer's $0.10.
What it means for a shareholder
68.4m new shares at about A$0.065 to raise about A$4.4m. That's 8.1% dilution: every existing holder's slice gets 8.1% smaller. If you held A$1,000 of shares (15,385 at the issue price), your slice goes from 0.00199% to 0.00183% of the company. To keep it you'd need 1,359 more shares - about A$88 at the issue price.
Create a free account to see this worked out for your own holding.
17 Nov 2023capital raising announcement● Neutral
Offer booklet for the 1-for-1 renounceable entitlement offer at $0.065, closing 15 December 2023. Repeats the terms already announced; no new substance beyond the offer documents.
17 Nov 2023capital raising announcement● Neutral
Notice to shareholders outside Australia and New Zealand that they cannot take part in the $0.065 entitlement offer. A nominee will sell their entitlements and return any net proceeds. Administrative.
10 Nov 2023drilling result▲ Good
Initial stream sediment sampling at Maranoa (252 samples) found multi-element anomalies suggesting possible larger mineral systems. The text says it cannot yet identify a mineralisation type or exact location, so follow-up work is needed. No drilling yet.
31 Oct 2023quarterly activities report● Neutral
September-quarter report: ionic soil sampling started at Tindal (now 11,629 km2 with two new applications) and Robin Rise, with encouraging early Robin Rise results. Maranoa results show potential for copper, gold and cobalt. WEC is helping Proterra with a Johannesburg briquetting trial. The Singapore appeal outcome is also noted.
25 Oct 2023listing compliance notice● Neutral
At WEC's request, ASX suspended trading pending an update on the 23 October Singapore Court of Appeal judgment. This explains the earlier trading pause; the announcement was expected before the market opened on 26 October.
25 Oct 2023listing compliance notice● Neutral
ASX advised that WEC's trading suspension will lift immediately once WEC releases its update on the 23 October court judgment. Administrative notice.
25 Oct 2023drilling result▼ BadMajor
Singapore Court of Appeal cut the Bayan costs order to about S$3.3M (70% discount, plus 10%), resolving the costs appeal. Directors of BCBC Singapore, which holds the failed Bayan claim, appointed KPMG as provisional liquidator; it has about S$1.7M assets against S$160.4M liabilities, S$157M of it owed to BCBC. WEC says it knows of no recourse claims.
24 Oct 2023annual report▼ Bad
2022/23 annual report: EBITDA loss $3.5M versus $3.3M, mainly higher Bayan litigation costs. About US$1.7M is still owed from the Mountainside sale, promised by December 2022. Exploration sampling is under way, aiming for drill targets by Q1 2024.
24 Oct 2023agm notice● Neutral
Letter to shareholders and proxy form for the hybrid AGM on 24 November 2023. Resolutions cover the remuneration report, director elections (Whitehouse, Chapman, O'Rourke, Flannery), a 7.1A placement capacity, incentive plan securities and ratifying a prior issue. Administrative.
23 Oct 2023listing compliance notice● Neutral
ASX temporarily paused trading in WEC shares pending a further announcement. The text gives no reason.
19 Oct 2023director officer appointment● NeutralMajor
Greg Sheahan, a geologist and barrister, is appointed CEO from 30 October 2023 on $300,000 a year plus super. Brian Flannery stays as non-executive Chairman, stepping back from the combined Chairman/CEO role he took in March 2023.
28 Sept 2023annual report● Neutral
Full-year accounts to 30 June 2023. Principal activities are BCB coal technology, exploration and the Bayan litigation. In June 2023 WEC and Proterra amended the River Energy JV so Proterra has first right to develop South African BCB projects, with WEC to receive additional royalties. Financial figures truncated.
28 Sept 2023other● Neutral
Cover note lodging the FY2023 Corporate Governance Statement and Appendix 4G. Administrative; no substantive content in the text shown.
5 Sept 2023admin correction● Neutral
At ASX's request, WEC clarified its June quarterly report: Tindal desktop analysis began, with soil sampling to start in the September quarter, and Fiddler's Creek was the only tenement change. Loans: $33.824M River Energy shareholder loans, plus Ilwella facility drawn $500k at 30 June, repaid 20 July.
5 Sept 2023investor presentation● Neutral
Amended 1 August investor presentation at ASX's request: slide 14 had information on other entities' resources removed and a legend added, plus formatting changes. No new company information.
5 Sept 2023agm notice● Neutral
The AGM is scheduled for 24 November 2023. Director nominations must be received by 22 September 2023. Administrative.