Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2012capital raising announcement▲ GoodMajor
The institutional offer raised A$3.8m and, on strong demand, a A$2.5m placement was added, both at A$0.10. Wilson HTM underwrites the first A$1.8m of the retail offer, so at least A$8.1m is now assured, up from the A$7.7m target.
7 Aug 2012capital raising announcement● Neutral
ASX circular repeating the 7 August entitlement offer: 1-for-4 at A$0.10 to raise about A$7.7m (A$4.2m institutional, A$3.5m retail), not underwritten. Record date 10 August; retail closes 29 August. Timetable notice, no new terms.
7 Aug 2012capital raising announcement● NeutralMajor
Comet Ridge launched a 1-for-4 accelerated non-renounceable entitlement offer at A$0.10 per share to raise up to A$7.7m, a 20% discount to the last price of A$0.125. It funds 2012/13 exploration and working capital; about 77.1m new shares, roughly 25% dilution for those not taking up.
What it means for a shareholder
77.1m new shares at about A$0.0999 to raise about A$7.7m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (10,013 at the issue price), your slice goes from 0.00325% to 0.0026% of the company. To keep it you'd need 2,505 more shares - about A$250 at the issue price.
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22 June 2009capital raising announcement▲ GoodMajor
The entitlement offer closed with about 70% take-up (about A$9.55 million); 15.87 million shortfall shares go to underwriter Wilson HTM, so the full A$13.8 million is still raised. With the A$7.5 million placement, this funds 12-18 months of work.
29 May 2009capital raising announcement● Neutral
Confirms the offer booklet and entitlement forms for the 1-for-5 offer at A$0.27 have been posted to eligible holders. Administrative only, no new terms.
22 May 2009capital raising announcement● Neutral
Administrative notice that 22 million placement shares at A$0.34 were issued on 22 May 2009, completing the A$7.5 million placement announced 18 May. No new information.
18 May 2009capital raising announcement▲ GoodMajor
Comet Ridge raises A$7.5 million from a placement of 22 million shares at A$0.34, plus an underwritten 1-for-5 entitlement offer at A$0.27 to raise about A$13.8 million. Total about A$28 million cash, to fund Galilee, Mahalo and New Zealand for 12-18 months. Resolves the funding problem.
What it means for a shareholder
22.0m new shares at A$0.340 to raise about A$7.5m. That's 7.9% dilution: every existing holder's slice gets 7.9% smaller. If you held A$1,000 of shares (2,941 at the issue price), your slice goes from 0.00115% to 0.00106% of the company. To keep it you'd need 253 more shares - about A$86 at the issue price.
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18 May 2009capital raising announcement● Neutral
Offer booklet for the 1-for-5 entitlement offer at A$0.27 per share, to raise about A$13.8 million, underwritten by Wilson HTM. Closes 18 June 2009. It repeats the terms already announced.
3 Sept 2008capital raising announcement● NeutralMajor
Pine Brook invested a further US$9.65m in Comet Ridge Resources on 26 August, lifting its stake to 72.42%. COI's interest fell from 43.75% to 27.18%. Funds drilling, seismic, leases and costs. COI paid nothing; this is dilution in CRR.
1 Feb 2008capital raising announcement● NeutralMajor
Comet Ridge withdrew the 1-for-4 entitlement issue at A$0.165 (up to A$4.3m) announced on 18 January, citing positive US business developments. Directors will review capital spending and reconsider any future raising. No money was raised.
18 Jan 2008capital raising announcement● NeutralMajor
Comet Ridge launched a non-underwritten 1-for-4 entitlement issue of up to 26.2m shares at A$0.165 to raise up to A$4.3m, a 16% discount to the 10-day VWAP. Funds go to Florence drilling and Grays Harbor seismic. There is no minimum; a shortfall may mean fewer wells.
What it means for a shareholder
26.2m new shares at A$0.165 to raise about A$4.3m. That's 48% dilution: every existing holder's slice gets 48% smaller. If you held A$1,000 of shares (6,061 at the issue price), your slice goes from 0.0214% to 0.0111% of the company. To keep it you'd need 5,597 more shares - about A$924 at the issue price.
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20 Dec 2006capital raising announcement▲ GoodMajor
The shortfall of 11.48m shares was fully placed, so the entitlement issue raised the full $7.66m before costs at 27 cents. About 28.4m shares and 14.2m free 40c options are issued, taking capital to 99.8m shares. Directors put in over $540,000.
13 Dec 2006capital raising announcement▲ GoodMajor
The entitlement issue closed with acceptances and shortfall applications raising $4.56m before costs at 27 cents, short of the $7.6m maximum. Tolhurst Noall is mandated to place the remaining 11.48m shares, worth $3.10m, resolving the open entitlement thread.
What it means for a shareholder
11.5m new shares at about A$0.3972 to raise about A$4.6m. That's 29% dilution: every existing holder's slice gets 29% smaller. If you held A$1,000 of shares (2,518 at the issue price), your slice goes from 0.00887% to 0.00632% of the company. To keep it you'd need 1,019 more shares - about A$405 at the issue price.
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10 Nov 2006capital raising announcement● NeutralMajor
Comet Ridge announced a 2-for-5 non-renounceable entitlement issue at 27 cents, raising about $7.6m if fully subscribed (28.29m shares). Each two shares issued carry one free 40-cent option expiring 29 June 2007, and funds go to Tow Creek, Bear River, Florence, Washington, Grays Harbor and Mahalo work.
What it means for a shareholder
28.3m new shares at about A$0.2686 to raise about A$7.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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2 May 2006capital raising announcement▲ GoodMajor
Allotted 9.17 million shares at 28 cents to Tolhurst Noall, raising $2.567 million, completing the placement announced 21 April. This is new equity, adding to the 61.4 million shares on issue and extending the cash runway.
What it means for a shareholder
9.2m new shares at A$0.280 to raise about A$2.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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