21 Dec 2020admin correction● Neutral
Greenvale adds a line omitted from the 2020 annual report: 242 shareholders held less than a marketable parcel at 17 September 2020. Administrative correction only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Nov 2020investor presentation● Neutral
Notice of Neil Biddle's 11 November investor webinar, with slides on Alpha torbanite and Georgina IOCG. Shows 341M shares, A$17.4M market cap at $0.064 and A$4.78M cash and investments (4 Nov). Repeats known projects.
29 Sept 2020regulatory community update▲ GoodMajor
Seven Georgina IOCG exploration licences (3,180 sq km east of Tennant Creek) were granted, with two more still in negotiation with landowners. Two of the 12 National Drilling Initiative holes sit on or next to Greenvale ground; geophysics is underway and drilling is targeted for 2021.
28 Sept 2020annual report● Neutral
Appendix 4G governance checklist accompanying the annual report, pointing to the corporate governance statement on pages 15-27. Administrative only.
28 Sept 2020annual report● Neutral
2020 annual report for the year to 30 June. Chairman calls it a reset year: Gold Basin sold for $1M plus 2.5M FLO shares, Knox taken to 100%, and about $2.1M raised after year end. Further detail was truncated.
7 Sept 2020director officer appointment▲ GoodMajor
Tony Leibowitz becomes Chairman and Neil Biddle interim Executive Director ($15,000 a month); Leo Khouri steps down as chair, and Stephen Gemell resigns. The Gold Basin sale closed on 4 September. A full-time CEO is to be recruited.
1 Sept 2020asset acquisition disposition▲ Good
The Gold Basin sale became unconditional on the same terms (A$1M cash plus 2.5M FLO shares), with closing set for 4 September. Director Julian Gosse resigned from the board.
11 Aug 2020capital raising announcement▲ GoodMajor
Greenvale exercises its option to take Knox Resources to 100%. It placed 34.8M shares at 1.9c (about $661K), with about $1.29M more in applications, mostly conditional on shareholder approval, including $450K from Biddle Partners and Kalonda. Totals over $4M raised or to be raised.
What it means for a shareholder
34.8m new shares at A$0.019 to raise about A$661,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (52,632 at the issue price), your slice goes from 0.0225% to 0.0196% of the company. To keep it you'd need 7,838 more shares - about A$149 at the issue price.
Create a free account to see this worked out for your own holding.
10 Aug 2020asset acquisition disposition▲ GoodMajor
Greenvale agrees terms to sell its ~25% Gold Basin interest to Fiorentina Minerals for A$1M cash plus 2.5M FLO shares (four-month escrow). This ends the long ownership dispute and avoids litigation; completion still needs funds and documents.
10 Aug 2020other● Neutral
After shareholder approval at the 10 August general meeting, ASIC confirmed the name change from Greenvale Energy to Greenvale Mining Limited. ASX records are expected to update within a few days. This completes the rename flagged in June.
28 July 2020capital raising announcement● NeutralMajor
The entitlement offer closed fully allocated at $0.019 per share. Eligible shareholders took only 36.15% of the new shares plus 2.63% via shortfall; the underwriter took 61.22% (69.07M shares). Trading expected 31 July.
28 July 2020admin correction● Neutral
Greenvale clarifies that the $9,000 paid to related parties in the quarterly report was monthly fees to director Stephen Gemell. Fees for Khouri, Gosse and Fayad were accrued and not paid up to 30 June.
23 July 2020capital raising announcement● Neutral
The roughly $2.1M entitlement offer closed on 23 July; new shares trade on a deferred settlement basis from 24 July. It is fully underwritten by Blue Ocean Equities. Results are due 28 July.
9 July 2020capital raising announcement● Neutral
Notice to shareholders with addresses outside Australia and New Zealand that they cannot take part in the $0.019 entitlement offer. Administrative notice required by the listing rules; no new information.
9 July 2020capital raising announcement● Neutral
Letter to eligible shareholders opening the 1-for-1 entitlement offer at $0.019 to raise about $2.143M, underwritten by Blue Ocean Equities. Offer runs 9 to 23 July. Funds go to exploration at three projects, working capital and overdue directors' fees. Largely repeats the prospectus.
29 June 2020capital raising announcement▲ GoodMajor
Greenvale lodged the prospectus for its 1-for-1 entitlement offer at $0.019 per share to raise about $2.143M, fully underwritten by Blue Ocean Equities. The offer runs 9 to 23 July 2020. This is the rights issue planned since late 2019.
22 June 2020asset acquisition disposition▲ GoodMajor
Greenvale buys 80% of Knox Resources, holder of 4,475 sq km of Georgina Basin copper-gold exploration licences, for 9,473,684 shares, with the right to buy the rest for 2,368,421 shares. It also plans a 1-for-1 entitlement offer of up to $2.1M and a rename to Greenvale Mining. This is the diversification plan flagged earlier.
22 June 2020admin correction● Neutral
Greenvale corrects its 19 June update at the request of Aurum's new owner: the offer came from the owner rather than Aurum, and the buyer is listed on the Canadian Securities Exchange, not the TSXV. The joint venture has not been formed.
19 June 2020joint venture update● NeutralMajor
Greenvale received an offer from Aurum to buy its 25% economic interest in Gold Basin for cash and shares in a Canadian-listing entity. The board finds it reasonable but highly conditional and not in the company's best interests. It will keep negotiating, with capital raising as the fallback.
11 June 2020joint venture update▼ BadMajor
Gold Basin structure is now formally in dispute. A Canadian private company has acquired all of Aurum, and NEM issued a breach notice calling Greenvale's side a defaulting shareholder, which Greenvale calls frivolous. Greenvale's share of a roughly US$4M budget would be about US$1M.
10 June 2020regulatory community update▲ Good
Greenvale sets out a preliminary Alpha bulk-sampling plan at one location, costing up to $300,000. The mines department accepted the SRK program and confirmed the licence is in good order. This resolves the earlier commitment question; funding is still being arranged.
7 May 2020other▲ GoodMajor
After an SRK review, Greenvale shifts Alpha toward a mix of petroleum, bitumen and active carbon products, with bulk sampling from trenches instead of only core drilling. Preliminary feedback from the mines department is that the program can proceed. A local asphalt producer has shown interest in about 20,000 tonnes a year of bitumen.
24 Apr 2020admin correction● Neutral
Greenvale reissues the March quarter Appendix 5B because the earlier one used an old template. It says no amounts changed. Administrative only.
3 Apr 2020joint venture update▼ Bad
Greenvale says the Canadian-bound buyer's deals for Aurum and NEM are not complete; 'binding' meant agreed terms only, contradicting its 28 January announcement. Ownership stays Aurum 49.99%, NEM and Greenvale about 25% each. Aurum rejected the proposed structure.
16 Mar 2020admin correction● Neutral
Greenvale withdraws its 13 March market update and reissues it with corrections. The reissue says Gold Basin structure is still being finalised and Alpha plan is due to Queensland's mines department by 31 March 2020.
13 Mar 2020joint venture update▼ BadMajor
Aurum's representative rejected Greenvale's proposed Gold Basin structure and has not replied. Greenvale believes NEM may be a defaulting shareholder, which could let it buy NEM's 49.99% at 80% of fair value. Alpha's spending is below the minimum; plan due to the mines department by 31 March 2020.
13 Mar 2020half year report● Neutral
Half-year to 31 December 2019: loss $203,974 (prior year $215,152); net assets $2.13M. After balance date, 14.2M shares were issued raising $200,000. Alpha spending fell short of the minimum commitment and Gold Basin ownership is unresolved.
9 Mar 2020director officer appointment● NeutralMajor
Julian Gosse, director of 6.78% shareholder Font SF, joins the board as a non-executive director. Justin Dibb and Phillip Shamieh resigned, so the board is reshaped around a major shareholder's representative (inference).
28 Jan 2020joint venture update● NeutralMajor
An unlisted Canadian company says it has agreed to buy the NEM and Aurum shareholdings, giving it about 75% economic ownership of Gold Basin. Greenvale's stake stays 50.01% of GGB, about 25% economic interest, with 2 of 3 directors.
17 Jan 2020listing compliance notice▼ Bad
Greenvale answered an ASX query over a late director share-trade notice for Leo Khouri's 27 December 2019 change. It blamed staff leave over Christmas and says its procedures are adequate. Compliance matter only.