Past year: ▼ 82%(4.00c – 22.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2015capital raising announcement▼ BadMajor
Closed out the Grand Agriculture second tranche -- 4,625,000 more units at $0.40 raising $1.85 million from seven investors -- and issued Kin Wong's vehicle 6,000,000 bonus warrants at $0.55 for nothing. The filing also conceded that these sales had gone unreported until they passed 5% of the share count.
16 Apr 2014capital raising announcement● NeutralMajor
Million Cheer Investment took the first $2 million of the second tranche at $0.40 a unit under Kin Wong's memorandum, alongside an update on the environmental study the rest of the money was waiting on.
19 Dec 2013capital raising announcement● Neutral
Closed the first $2 million tranche, 5,714,286 units at $0.35, spread across twelve buyers rather than taken by Grand Agriculture alone.
What it means for a shareholder
5.7m new shares at $0.350 to raise about $2.0m. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held $1,000 of shares (2,857 at the issue price), your slice goes from 0.00419% to 0.00387% of the company. To keep it you'd need 240 more shares - about $84 at the issue price.
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15 Mar 2013capital raising announcement▼ BadMajor
Raised $3.01 million at $0.70 a unit from 28 South American investors placed by a Peruvian broker -- half the price of six months before, and only 4.3 million of the 14.3 million units the offering had been launched for.
11 Sept 2012capital raising announcement▼ Bad
Three weeks after losing the Korean deal, sold another $1.5 million of stock to one investor -- 1,200,000 shares at $1.25, a further 17% below the round closed six weeks earlier.
What it means for a shareholder
1.2m new shares at $1.25 to raise about $1.5m. That's 1.9% dilution: every existing holder's slice gets 1.9% smaller. If you held $1,000 of shares (800 at the issue price), your slice goes from 0.00129% to 0.00127% of the company. To keep it you'd need 15 more shares - about $19 at the issue price.
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3 Aug 2012capital raising announcement● Neutral
Sold 1,000,000 shares at $1.50 to a single investor for $1.5 million while waiting on the Korean money -- already 12% below May's price.
What it means for a shareholder
1.0m new shares at $1.50 to raise about $1.5m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held $1,000 of shares (667 at the issue price), your slice goes from 0.00109% to 0.00108% of the company. To keep it you'd need 11 more shares - about $17 at the issue price.
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10 May 2012capital raising announcement▲ GoodMajor
Raised $2.61 million from 48 investors at $1.70 a unit -- more than double the price of the December 2010 round and the highest price White Mountain ever sold stock at. Every subsequent raise was cheaper.
29 Mar 2011capital raising announcement▲ GoodMajor
Rubicon exercised its last 4,250,000 warrants at $0.50, paying $2.13 million and closing out the 2005 financing entirely -- the largest single cash receipt in White Mountain's history to that point.
20 Dec 2010capital raising announcement● Neutral
Raised $3.01 million of a targeted $3.5 million by selling 4,635,385 units at $0.65 to just two investors, each unit a share plus a quarter-warrant at $0.65.
What it means for a shareholder
4.6m new shares at $0.650 to raise about $3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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25 Aug 2010capital raising announcement● Neutral
Freeport-McMoRan, which had come onto the register as Phelps Dodge, converted its 625,000 preferred shares into 1,000,000 common -- retiring the last of the original preferred capital and leaving a straightforward 40.4 million-share structure.
13 Aug 2010capital raising announcement● Neutral
A three-year warrant tranche expired with under 40% taken up: holders bought 2,193,040 shares at $0.60 for $1.32 million and let 3,654,560 warrants lapse, leaving 39.4 million shares outstanding.
What it means for a shareholder
2.2m new shares at $0.600 to raise about $1.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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8 May 2009capital raising announcement▲ Good
Restruck Rubicon's 2005 warrants and got the fund to exercise 2,000,000 of them immediately at $0.50, bringing in $1 million -- a negotiated cash injection from the company's oldest investor rather than a new placement.
4 Oct 2007capital raising announcement● Neutral
Rubicon Master Fund converted the entire $5 million preferred stake it had bought in July 2005 into 6,250,000 common shares and sold them on to non-US investors, keeping its warrants over another 6,250,000 shares. White Mountain received nothing from the conversion.
