Each one in plain English, with the numbers worked through for a shareholder.
24 Oct 2024capital raising announcement● Neutral
The company reported share issues made in September 2024: 15,260,000 shares at CDN $0.025 to 24 non-US investors (stated as CDN $281,500 raised), 500,000 shares at USD $0.02 and 100,000 shares at USD $0.025 to two US investors (USD $10,000 and USD $2,500), and about 8.39 million shares issued to settle debts with 25 individuals (8,090,000 + 200,000 + 100,000) at a deemed CDN $0.025 price. This continues the series of placements and debt-for-share issues that dilute existing holders, at the same CDN $0.025 price as in 2023. The filing does not say how the money will be used. Note the filing's own figures are slightly inconsistent: 15,260,000 shares at CDN $0.025 comes to about CDN $381,500, not the CDN $281,500 stated, and the filing is dated October 24, 2023 in its signature block although it reports 2024 events (likely a typo).
On September 6, 2023 the company sold 9,210,000 new shares at CDN $0.025 each (CDN $230,250 raised) to 21 non-US investors, and 600,000 shares at USD $0.02 (USD $12,000) to two US investors. It also issued 140,000 shares at CDN $0.025 to two individuals to settle debts. This continues the pattern of small share sales and debt-for-share issues that dilute existing holders; the CDN $0.025 price matches the January 2023 placements. The filing does not say how the money will be used.
On January 27, 2023 the company sold shares in private placements: 1,250,000 at CDN $0.05 (CDN $62,500), 7,200,000 at CDN $0.025 (CDN $180,000) and 420,000 at USD $0.02 (USD $8,400). It also issued 450,000 shares for debt at USD $0.002 and 5,240,000 shares to nine people for debt at CDN $0.025. The prices are much higher than in 2022 (CDN $0.0025), consistent with a share consolidation (inference); the filing mentions a flow-through subscription form, but does not describe a flow-through sale.
On March 14, 2022 the company sold 70,000,000 shares to ten non-US persons at CDN $0.0025 (CDN $175,000). It also issued 5,000,000 shares to five US persons and 188,660,000 shares to 57 non-US persons to settle debts at about USD $0.002 a share. This adds to the dilution just after the 570 million shares issued for the Frog Property.
On July 26, 2021 the company sold 3,000,000 shares to one US person at USD $0.001875 (USD $5,625) and 37,000,000 shares to fifteen non-US persons at CDN $0.0025 (CDN $92,500). The raise is small and continues the pattern of low-priced share sales.
On March 13, 2020 the company sold 53,888,889 shares to four US persons at USD $0.00225 (USD $121,250). It also issued 8,600,000 shares to three US persons and 68,166,666 shares to sixteen non-US persons to settle debts, at about USD $0.00225 a share. Issue prices keep falling, from $0.005 in 2018, and dilution continues.
The April 2015 deal to buy 25% of ENIGMAMobil Inc. from director Dr. David Chalk for 300,000,000 shares (deemed USD $3,000,000) was allowed to expire on December 31, 2017, so the company will no longer pursue Enigma. It says it will focus on its indirect interest in Decision-Zone Inc. obtained through the April 2016 agreement with Dr. Chalk. On February 14, 2018 it also sold 33,200,000 shares at CDN $0.005 (CDN $166,000) and 5,000,000 at USD $0.005 (USD $25,000), and issued 35,700,000 shares to settle debts at a deemed $0.005. The share price used is lower than before, so dilution continues.
On November 30, 2015 the company issued 1,800,000 shares to two non-US individuals to settle debts at a deemed USD $0.01. It also sold 7,500,000 shares at CDN $0.01 (CDN $75,000), 1,000,000 shares at USD $0.01 (USD $10,000) and 2,000,000 shares to one US person at USD $0.01 (USD $20,000). This continues the pattern of small raises and debt-for-share swaps under the new Wolverine Technologies name.
On July 13, 2015 the company issued 3,000,000 shares to two non-US individuals to settle debts at a deemed USD $0.01. It also sold 4,906,665 shares at CDN $0.0075 (CDN $36,800) and 3,000,000 shares at CDN $0.01 (CDN $30,000). This continues the steady dilution through small placements and debt settlements. The company's address is now in Richmond, BC rather than Quesnel.
On May 31, 2015 the company issued 33,600,000 shares to 24 people (22 non-US, 2 US) to settle debts at a deemed $0.01 a share. It also sold about 37 million shares in private placements: 35,500,995 at CDN $0.0075 (CDN $266,250), 1,000,000 at CDN $0.01 (CDN $10,000) and 500,000 at USD $0.01 (USD $5,000). The price is lower than the $0.01 used since 2012, and this is a much larger issue than earlier ones, continuing and increasing the dilution pattern. The CEO signing is now Richard Haderer rather than Lee Costerd.
The company reported two share issues and an auditor change. On September 8, 2014 it issued 5,000,000 shares to two non-US individuals to settle debts at a deemed $0.01 a share, and on September 29, 2014 it sold 1,500,000 shares at CDN $0.01 for CDN $15,000. Also on September 29, 2014, auditor Saturna Group resigned citing mandatory partner rotation, and MaloneBailey, LLP was engaged. Saturna's reports for the past two years carried going-concern doubt, and the filing reports no disagreements. The debt-for-shares and small-placement pattern continues; the going-concern doubt noted in earlier years persists. This filing was made in December 2014, months after the events.
On February 24, 2014 the company issued 10,000,000 shares to one non-US individual to settle a debt, at a deemed price of $0.01 a share (about $100,000 of debt by simple arithmetic). This turns debt into shares, adding to the share count; it continues the 2012-2013 pattern of settling debts with stock.
On September 18, 2013 the company sold 15,000,000 shares at $0.01 each to one non-US investor, raising $150,000. The filing does not say what the money is for. It adds to the share count after the 35 million shares issued for the Cariboo claims in June.
What it means for a shareholder
15.0m new shares at $0.010 to raise about $150,000. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held $1,000 of shares (100,000 at the issue price), your slice goes from 0.0536% to 0.0496% of the company. To keep it you'd need 8,040 more shares - about $80 at the issue price.
This amendment repeats the prior filing's list of 2011 private share sales. The visible change is that the three June 2011 entries now say $0.03 a share instead of $0.05, matching their dollar amounts. The share counts and proceeds are otherwise the same as in the original.
The company reported private share sales between January and November 2011, about 8.7 million shares raising about $262,000. Most were at $0.03 a share. The three June 2011 entries state a $0.05 price, but their dollar amounts work out to $0.03 (inference: likely a typo, and the 8-K/A two days later changes it). Some of the Cache River drilling money proposed in April 2011 may have come from these sales, but the filing does not say so.
What it means for a shareholder
8.7m new shares at about $0.0301 to raise about $262,000. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held $1,000 of shares (33,206 at the issue price), your slice goes from 0.0318% to 0.0294% of the company. To keep it you'd need 2,769 more shares - about $83 at the issue price.
In August and September 2011 the company hired Mighty Markets LLC for six months of marketing services. It also cancelled 200,000 options held by Bruce Costerd and granted 200,000 new options to a consultant at $0.05, expiring September 9, 2016. It also cut the exercise price of the May 2010 options from $0.14 to $0.05 (expiry still May 28, 2015). The price cut revises the 2010 option grants and makes them cheaper for their holders to exercise.
On April 18, 2011 the company announced a proposed private placement of up to 6,000,000 shares at US$0.05, for up to $300,000. The money is meant for a drill program on its Cache River property, due to start in early May, and for general working capital. This is only a proposal; the filing does not say whether any shares were sold.
What it means for a shareholder
6.0m new shares at US$0.050 to raise about US$300,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company reported private share sales between August 20 and October 4, 2010, all at $0.05 a share. In total about 5.7 million shares were sold, raising about $285,000. This continues the pattern of small private placements. The price is higher than the $0.03 charged in the 2009-10 placements.
What it means for a shareholder
5.7m new shares at about $0.050 to raise about $285,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On May 28, 2010 directors adopted a 2010 Stock Plan allowing up to 5,147,250 shares and 5,147,250 options. The same day the company granted options on 5,100,000 shares to an officer/director and five consultants. They are exercisable at $0.14 until May 28, 2015. If exercised, these options would add shares for existing holders.
The company reported a run of share sales between June 2009 and February 2010, all at $0.03 a share. About 5.9 million shares were sold for cash, raising about $177,000 in total. A further 2.2 million shares were issued to settle debts with individuals. This is a catch-up disclosure, filed in February 2010 for issues going back to June 2009. It means more shares outstanding for existing holders.
