Past year: ▼ 82%(0.20c – 1.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Dec 2011security holder rights change● Neutral
Terms of unlisted executive incentive options: $0.50 exercise price, five-year life, vesting only on a positive bankable feasibility decision within 36 months of the Kinney acquisition, or on a change of control. Ties management rewards to project delivery.
6 Dec 2011security holder rights change● Neutral
Full terms of the listed options: each gives the right to one share at $0.20, expiring 31 December 2014. The options are not transferable and will not be quoted. Terms document only; no new transaction.
6 Dec 2011other● Neutral
Use of funds for $13.8M available: $6.9M for the initial Kinney payment, $2.18M reclamation bond, $1.59M bankable feasibility study, $835,000 to repay the Delta Coal loan and $90,000 for the JORC report.
6 Dec 2011asset acquisition disposition▲ GoodMajor
Kinney acquisition completed: Delta Coal shareholders received 10M shares and 30M performance shares. Delta Coal paid Carbon Resources an initial US$6.5M (US$7M with the transferred option fee) for 100% of the Kinney project. This resolves the pending deal.
6 Dec 2011other● Neutral
Share registry letter confirming holding locks on escrowed securities, including 16.05M shares, performance shares and 10M incentive options at $0.50 expiring 2016. Escrow runs to October or November 2012, or two years from quotation. Administrative.
6 Dec 2011other● Neutral
Top 20 holder lists for 83 million shares and 73 million options. The largest holder, Lujeta Pty Ltd, has 8.25% of shares, and the top 20 hold 43.95%. Administrative disclosure only.
6 Dec 2011other● Neutral
Corporate governance statement noting departures from ASX recommendations: no independent board majority, and no audit, nomination, remuneration or risk committees, citing the company's size. Administrative.
6 Dec 2011other● Neutral
Pro forma balance sheet after the raising and Kinney deal: cash about $4.95M and total assets about $25.8M, including $20.8M of exploration assets. A deferred tax liability of $2.3M is also shown. Based on 30 June 2011 figures adjusted for the deal.
25 Nov 2011security holder rights change● Neutral
Terms of 30 million performance shares issued to Delta Coal vendors for Kinney: Class A on a 20Mt JORC resource within 12 months, Class B on a positive bankable study decision within 36 months, Class C on commercial production within 48 months.
22 Nov 2011capital raising announcement▲ GoodMajor
Offer closed with applications for 52.5 million shares at 22 cents with a free option, raising $11.55M, within the $11-16.5M range. Allotment is on 23 November. The Kinney asset purchase is still targeted to close by 1 December 2011.
What it means for a shareholder
52.5m new shares at A$0.220 to raise about A$11.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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17 Nov 2011capital raising announcement▲ Good
Applications of over $11M received for the raising. Completion of the Kinney acquisition still needs the Carbon Resources purchase to close and its US bankruptcy court to approve or dismiss the case. Closing is due by 1 December 2011.
3 Nov 2011capital raising announcement● NeutralMajor
Re-compliance prospectus offering up to 75 million shares at 22 cents with a free option at 20 cents, raising up to $16.5M. It is conditional on shareholders approving the Kinney acquisition at the 9 November 2011 meeting. Shares stay suspended until ASX approves re-listing.
31 Oct 2011quarterly activities report● Neutral
September 2011 quarter: the Kinney coal acquisition is pending, with a placement of at least $11M at 22 cents a share and a JORC resource targeted by end of Q1 2012. A Hora Bore magnetic survey was completed; the Mt Drysdale survey was deferred over ground access.
24 Oct 2011investor presentation● Neutral
Presentation on the Utah coal acquisition, saying the company will be renamed New Horizon Coal Ltd. The Kinney exploration target is now stated as 29-34 million tonnes, up from 20-25 million in the September announcement. Not a JORC resource.
26 Sept 2011asset acquisition disposition▲ GoodMajor
Agrees to buy Delta Coal Fund, which is acquiring the Kinney #2 thermal coal project in Utah (exploration target 20-25 million tonnes), paid in cash and shares. A placement of $10-15 million at a minimum of $0.20 a share is planned. This is a shift from NSW exploration.
12 Aug 2011annual report● Neutral
First annual report to 30 June 2011: loss of $85,672 since incorporation. Magnetic surveys are planned for July 2011 and due diligence on new opportunities is ongoing with no decision made.
11 July 2011quarterly activities report● Neutral
June 2011 quarter: ground magnetic surveys are planned for July 2011 at Hora Bore and at the Billagoe and Beanbah prospects at Mt Drysdale. Further new-project due diligence found nothing meeting its criteria.
9 June 2011capital raising announcement● Neutral
The option issue closed with 20,500,000 options issued, exercisable at $0.20 until 31 December 2014. Existing shareholders took up 80.7% and the shortfall was placed, completing the roughly $205,000 raising.
17 May 2011other● Neutral
Notice that the option entitlement prospectus was posted to shareholders on 16 May 2011. Administrative only.
5 May 2011capital raising announcement● Neutral
Letter to shareholders outlining the option entitlement issue: one option per share at $0.01, about 20.5 million options, raising about $205,000 for working capital, with a closing date of 30 May 2011.
3 May 2011capital raising announcement● Neutral
Prospectus for a non-renounceable offer of one option per share held at $0.01 each, raising about $205,000 for working capital. Not underwritten. A small raising relative to the 2010 IPO.
27 Apr 2011quarterly activities report● Neutral
March 2011 quarter: due diligence on several new projects found none meeting its criteria. Data review continues on the NSW projects, plus work on renewing EL6751. Cash at quarter end was about $2.19 million.
28 Jan 2011quarterly activities report● Neutral
December 2010 quarter: the company is reviewing existing data on its 20% interests in Mount Drysdale and Hora Bore and planning the next work stage, which needs ground access and approvals. It also intends to pursue new projects.
25 Jan 2011half year report● Neutral
First interim report to 31 December 2010: loss of $28,770 since incorporation in June 2010. The company listed on ASX in October 2010 and holds 20% of the Mount Drysdale and Hora Bore projects, with farm-in rights to 80%.
20 Dec 2010other● Neutral
Policy document setting when directors and executives may not trade company shares, such as before reports and during offers. Administrative; no new business information.
30 Sept 2010capital raising announcement● NeutralMajor
New Horizon Minerals offers 10,000,000 shares at $0.20 to raise $2,000,000 in an IPO prospectus. It holds a 20% interest in the Mount Drysdale and Hora Bore projects in NSW, with rights to earn 80% by spending $1,000,000 over three years.
What it means for a shareholder
10.0m new shares at A$0.200 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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