Past year: ▲ 261%(47.0c – 1.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2014capital raising announcement▼ BadMajor
Issued 4,545,454 shares at C$0.22 to Crown Capital as payment for waiving a covenant breach at 31 December 2013 under the April 2013 credit agreement and for modifying the covenants; the 5.75 million warrants from the original deal were cancelled as part of the same bargain. Read plainly: the company had broken a covenant on the expensive debt taken a year earlier and paid in stock to be let off.
8 Apr 2013capital raising announcement● NeutralMajor
Closed the $25 million five-year Crown Capital facility at 10%, with no principal due for twelve months then $300,000 a month and $10.9 million at maturity, and granted 5.75 million warrants at $0.70. With the expanded Canadian Western Bank lines that gave access to $50 million of debt at a blended cost of about 8% - deliberately chosen, management said, over a large equity raise.
4 May 2011capital raising announcement● NeutralMajor
Claude completed a bought-deal share sale of 23,000,000 common shares at $2.50 each, for gross proceeds of $57,500,000 (20,000,000 shares plus 3,000,000 under the underwriters' over-allotment option). This is the offering first announced on April 6, 2011. The money is meant for exploration and development of its projects and general corporate purposes. For existing shareholders it means about 23 million new shares, so their ownership is diluted. It is also a much higher price than the $1.15 paid for the December 2009 special warrants.
What it means for a shareholder
23.0m new shares at $2.50 to raise about $57.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Dec 2009capital raising announcement● NeutralMajor
Claude completed a private placement of 12,000,000 special warrants at $1.15 for C$13.8 million gross, led by RBC Dominion Securities. Each converts into one share plus half a warrant at $1.75 for 24 months, with a 5.5% commission. Proceeds are for continued exploration of Madsen and general purposes. This is a much larger raise than the C$5.3m Buchan placement in November and at a higher price than the 2009 raises, but it adds up to 12 million shares (13.2 million if no prospectus receipt is obtained by 1 February 2010), diluting existing holders.
17 Nov 2009capital raising announcement● NeutralMajor
Claude completed the Buchan placement announced 23 October: 5 million units at C$0.72 plus 2 million flow-through shares at C$0.85, C$5.3m gross, with warrants at C$0.90 for three years. Bob Buchan joined the board effective 16 November 2009. Buchan, a relative and the Buchan Family Foundation now hold 9,000,000 shares, about 7.5% of the outstanding (11.3% if their warrants are exercised). Flow-through expenses are to be renounced by 31 December 2009.
What it means for a shareholder
5.0m new shares at C$0.720 to raise about C$5.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Oct 2009capital raising announcement● Neutral
Claude announced that Bob Buchan, former Chairman and CEO of Kinross Gold, and/or a family trust will buy 5 million units at C$0.72 (C$3.6m) and 2 million flow-through shares at C$0.85 (C$1.7m), C$5.3m in total, and join the board when it closes. Each unit has a warrant at C$0.90 for three years. Unit proceeds are for general corporate purposes and flow-through money for Canadian exploration. Closing was expected around 1 November, subject to regulatory approval. This is a further small raise at a price below the April 2009 unit price of $0.75, so it dilutes existing holders.
What it means for a shareholder
5.0m new shares at C$0.720 to raise about C$3.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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9 Apr 2009capital raising announcement▼ BadMajor
Claude completed the private placement announced on March 23 (terms amended March 26, 2009): 8,599,100 units at $0.75 (gross $6,449,325), each with one share and a half warrant exercisable at $0.90 for 18 months, plus 5,333,000 flow-through shares at $0.80 (gross $4,266,400). Underwriters included National Bank Financial, Dundee Securities and Toll Cross, paid 5% commission plus 696,605 broker warrants at $0.83. Unit proceeds are to repay part of the company's outstanding debentures (subject to approvals) and for general corporate purposes; flow-through money is for Canadian exploration expenses. The shares were sold at well below the C$1.60-1.85 prices of 2007, so this dilutes existing holders (about 13.9 million new shares) at a much lower price.
What it means for a shareholder
8.6m new shares at $0.750 to raise about $6.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Nov 2007capital raising announcement● Neutral
Claude completed the flow-through placement announced on October 30, 2007: 3,783,784 shares at Cdn$1.85 for gross proceeds of Cdn$7,000,000. Net proceeds are to be spent mainly on the Madsen property in Red Lake, Ontario, as qualifying exploration expenses renounced effective no later than December 31, 2007. This resolves the open thread and adds new shares, so existing holders are diluted.
What it means for a shareholder
3.8m new shares at C$1.85 to raise about C$7.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Oct 2007capital raising announcement● Neutral
Claude announced a non-brokered flow-through private placement of up to 3,783,784 shares at $1.85, for a maximum of $7,000,000, expected to close around November 15, 2007. Proceeds are mainly for Madsen property expenditures in Red Lake, Ontario, with finders' fees of up to 5%. This is another small share issue (new shares, dilutive if completed), priced above the $1.65 flow-through raise of November 2006.
What it means for a shareholder
3.8m new shares at $1.85 to raise about $7.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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26 Apr 2007capital raising announcement● NeutralMajor
Claude completed a bought-deal share offering of 14,375,000 shares at C$1.60, including the full over-allotment, for gross proceeds of C$23,000,000 (C$20,000,000 base plus C$3,000,000). Proceeds are mainly for exploration at Madsen and the Seabee area and for general corporate purposes. This is a large issue of new shares: the company now reports 92.1 million shares outstanding (96.6 million fully diluted), up from 77.0 million cited in March, so existing holders are diluted. The offering was underwritten by a syndicate co-led by National Bank Financial and RBC Dominion Securities, and the release refers to it as announced on March 29, 2007.
What it means for a shareholder
14.4m new shares at C$1.60 to raise about C$23.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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15 Nov 2006capital raising announcement● Neutral
Claude completed the October placement: 3,333,028 flow-through shares at Cdn$1.65 for gross proceeds of Cdn$5,499,496.20. Proceeds are for qualifying exploration expenses, renounced effective no later than December 31, 2006.
23 Oct 2006capital raising announcement● Neutral
Claude announced a non-brokered flow-through placement of up to 3,333,333 shares at $1.65, for a maximum of $5,500,000, expected to close around November 8, 2006. A finders' fee of up to 5% applies. Proceeds are for qualifying Canadian exploration expenses. The price is above the $1.05 of the prior flow-through raise.
What it means for a shareholder
3.3m new shares at $1.65 to raise about $5.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 Jan 2006capital raising announcement● Neutral
Claude completed the December placement: 1,999,999 flow-through shares at Cdn$1.05 for gross proceeds of Cdn$2,099,998.95. Proceeds are for qualifying exploration expenses, renounced effective no later than December 31, 2005.
15 Dec 2005capital raising announcement● Neutral
Claude announced a non-brokered flow-through placement of up to 2,000,000 shares at $1.05 (maximum $2,100,000), expected to close around December 30, 2005, with finders' fees of up to 5%. The proceeds are for Canadian exploration expenses that qualify for flow-through tax treatment.
What it means for a shareholder
2.0m new shares at $1.05 to raise about $2.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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24 June 2005capital raising announcement● NeutralMajor
Claude completed the placement announced May 20: 4,023,100 units at Cdn$1.00 and 4,547,273 flow-through shares at Cdn$1.10, for gross proceeds of about Cdn$9,025,000. Proceeds are for bulk sampling and infrastructure at Porky Lake and Santoy Lake and general purposes; each unit carries a half-warrant exercisable at Cdn$1.20.
What it means for a shareholder
4.0m new shares at C$1.00 to raise about C$4.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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24 May 2005capital raising announcement● Neutral
Claude engaged Toll Cross Securities to place up to 5,000,000 units (4,000,000 at $1.00 plus a 1,000,000 over-allotment) and up to $5,000,000 of flow-through shares at $1.20. Units carry half a warrant at $1.20; proceeds are for bulk sampling at Porky Lake and Santoy Lake and general purposes, with closing targeted around June 17, 2005.
What it means for a shareholder
5.0m new shares at $1.00 to raise about $5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 Jan 2005capital raising announcement● Neutral
Claude completed the December placement: 1,150,033 units at Cdn$1.50 for gross proceeds of Cdn$1,725,049.50, each with a warrant at Cdn$2.00 (year one) or Cdn$3.00 (year two). Proceeds go to the 2005 exploration program. This closes the thread opened on December 22, adding shares and warrants.
What it means for a shareholder
1.2m new shares at C$1.50 to raise about C$1.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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22 Dec 2004capital raising announcement● Neutral
Claude announced a non-brokered private placement of up to 1,150,000 units at Cdn$1.50 (maximum Cdn$1,725,000). Each unit has one flow-through share and one warrant exercisable at Cdn$2.00 in year one and Cdn$3.00 in year two. Proceeds are for part of the 2005 exploration program.
What it means for a shareholder
1.1m new shares at C$1.50 to raise about C$1.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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1 Sept 2004capital raising announcement● Neutral
Claude hired Toll Cross Securities as agent to sell up to 1,000,000 flow-through shares at $1.50 each, raising a maximum of $1,500,000, expected to close around August 31, 2004. The money is to fund part of the 2004 and 2005 exploration program. This is a small raise that issues new shares, so existing holders are diluted if it completes.
