Prospectus for a 1-for-2 entitlement offer at A$0.018 to raise A$2.73m, fully underwritten by CPS. CPS also gets 25m shares and 20m options, and the company is to be renamed Ansila Energy. Two new directors join on completion.
What it means for a shareholder
25.0m new shares at about A$0.1092 to raise about A$2.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Letter telling partly paid shareholders how they take part in the A$2.73m offer, pro rata to the $0.01 paid, or by paying up in full ($0.19) before 16 September. Routine shareholder letter.
Letter telling shareholders with addresses outside Australia and New Zealand that they cannot take part in the A$2.73m entitlement offer. Routine notice.
Due diligence on the two Polish subsidiaries is finished, with Gemini itself nearly done. Some conditions are met, the rest are expected by the 16 September deadline, and the prospectus is due imminently.
Due diligence on the Gemini deal is not finished, so the parties extend the deadline for conditions precedent to 16 September 2019. The rights offer prospectus stays on hold until diligence is satisfactory.
Pura Vida finishes its technical review and judges the independent resource estimates for the Polish projects a fair assessment. Legal and financial due diligence is still running, and the rights offer prospectus waits on it.
Planning is under way to re-enter the Siciny-2 gas well in Poland (1.6 Tcf contingent target), with fracking and flow testing from October and results expected mid-November. Deal completion is still expected by 23 August.
Updated timetable: the placement is done, the shareholder meeting is set for 2 September, and the Polish deal is due to complete 23 August, with due diligence still underway. Timetable notice only.
16 July 2019capital raising announcement● NeutralMajor
Pura Vida completes a A$1m placement of 55,555,556 shares at A$0.018, the first part of funding the Polish earn-in. CPS Capital leads, with up to a 6% fee. Ambilobe farm-out continues, with a meeting with Madagascar's OMNIS planned for September.
What it means for a shareholder
55.6m new shares at A$0.018 to raise about A$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
ASX lifts the trading suspension from the start of trading on 4 July 2019, after Pura Vida released its material investment announcement (the Polish earn-in). Administrative notice only.
Presentation on the Polish earn-in: 35% of Gora and Nowa Sol for A$6.15m, with 1.6 Tcf gas (Siciny-2) and 36 MMbbl oil (Jany-C1) contingent resources, plus 210 Bcf prospective. Raising A$3.7m; two executive directors to be added. Largely repeats the same-day deal announcement.
Pura Vida signs a binding deal with private UK firm Gemini Resources to earn 35% of the Gora and Nowa Sol onshore Polish projects by spending A$6.15m. It will fund this via a A$3.7m placement and an underwritten rights offer, and two UK directors will join. A shift from African offshore.
At the company's request, ASX suspends Pura Vida shares from 28 June 2019 pending an announcement of a material investment, following a trading halt on 25 June. Suspension is requested to last until 3 July at most.
Responding to an ASX financial condition query, Pura Vida says its accounts carry a qualified audit opinion tied to Nkembe, including about US$2.91m payable to Gabon's regulator that it disputes. It says the company can keep listing, with $7.58m cash.
Half-year to 31 December 2018: net loss $1.31m (prior $2.25m), cash $7.58m, net assets $3.32m. Repeats the Gabon force majeure position and Ambilobe relinquishment talks with Madagascar, still without agreement on the PSC extension.
The Takeovers Panel declined to conduct proceedings on Pura Vida's Factor Therapeutics application, finding no reasonable prospect of a declaration of unacceptable circumstances. Ends that challenge.
Takeovers Panel received an application from Pura Vida about a share placement by Factor Therapeutics, after Pura Vida and another shareholder requested a meeting to remove directors. Shows Pura Vida holds a stake in an unrelated biotech company.
Gabon's regulator wrote that Pura Vida is fully released of its Nkembe interest yet still owes outstanding commitments, with termination decree only after those are met. Pura Vida rejects this, maintains force majeure, reserves rights to recover the US$9m bonus and damages, and will spend no more.
Company Secretary Kevin Hart resigned effective 30 November 2018. John Kay, a corporate lawyer with over 12 years' experience, takes over from 1 December.
15 Oct 2018regulatory community update● NeutralMajor
After September meetings, Pura Vida says Gabon's regulator acknowledged the Nkembe contract remains in good standing, but the start-date dispute and a regulator-sought payment to merge work phases were not resolved. Force majeure is maintained, no further spending, and Ambilobe retention of 11,480 km2 is proposed. Shares are to be requoted.
Corporate governance statement for FY2018 and Appendix 4G, describing board practices against ASX principles. Notes the chairman covered day-to-day operations from July 2017 to May 2018, now handled by Executive Director Nathan Lude. No new commercial information.
FY2018 annual report: administrative expenses $1.24m (down from $1.72m), cash about $9m. Still suspended over the Nkembe dispute, with discretionary spending there stopped. Board reviewing oil and gas and minerals investments.
16 Aug 2018asset acquisition disposition● NeutralMajor
Pura Vida holds 112,944,364 shares (14.7%) of Jacka Resources, making it the largest shareholder, and Chairman Tarratt joined Jacka's board. A Gabon regulator meeting is set for September. This is a move toward new opportunities using the cash.
Pura Vida told Gabon's regulator it has no basis to terminate the Nkembe contract, maintains force majeure and reserves its rights, including recovering the US$9m signing bonus paid in 2013. It disputes Havoc's claimed interest. Suspension extended to 31 August.
25 May 2018director officer appointment● NeutralMajor
Chairman Simon Eley resigned to pursue other opportunities. Bevan Tarratt becomes Non-Executive Chairman and Bruce Lane a Non-Executive Director, both with corporate restructuring and acquisition experience. This follows the board's search for new projects.
