Past year: ▼ 73%(0.05c – 6.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2014capital raising announcement▲ GoodMajor
Raised C$100 million at C$5.00 a share in two parts: a C$75 million bought deal of 15,000,000 shares underwritten by BMO, RBC, Scotia and Haywood on a 5% commission, and a C$25 million non-brokered placement. Shares outstanding reached 135,204,550, up from 106,039,522 in March.
25 Sept 2014joint venture update▲ GoodMajor
On 25 September 2014 the Northwest Territories environment minister approved the Type A water licence for Gahcho Kué. This completed the regulatory approvals the joint venture needed to build the mine.
12 Aug 2014joint venture update▲ GoodMajor
The land and water board issued the Type A land use permit for Gahcho Kué and referred the Type A water licence to the territorial minister for final sign-off, leaving the water licence as the last major permit after eight years of process.
28 July 2014debt financing▲ GoodMajor
Mandated Deutsche Bank, Natixis and Nedbank to underwrite and arrange a senior secured term loan of up to US$370 million to fund its 49% share of building the mine - the first debt in a build funded entirely with equity until now. Nothing was committed yet: the mandate was subject to due diligence, bank credit approvals and documentation expected by the end of 2014.
30 June 2014drilling result▲ GoodMajor
Follow-up drilling confirmed the Tuzo pipe continues past 740 metres below surface, with hole MPV14-411C cutting kimberlite from 601 to 743 metres and MPV14-406C from 85 to 655 metres, and showed the pipe plunging north-east at depth. Two holes had to be wedged and one abandoned in kimberlite at 457 metres because of unstable ice.
27 June 2014capital raising announcement▲ Good
Closed the placement at C$45.5 million, issuing 9,105,028 shares at C$5.00 with a C$755,250 finder's fee and taking the count to 115,144,550. Bottin took two million shares, funding them by selling the same number to a third party, so its stake did not grow. The company's six directors were also re-elected with 97.7% or better support.
What it means for a shareholder
9.1m new shares at C$5.00 to raise about C$45.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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13 June 2014capital raising announcement▲ Good
Lifted the placement from C$35 million to about C$45 million at C$5.00 a share on strong demand, and confirmed the project was on plan: first production in the second half of 2016, final permits expected in the second half of 2014 and loan agreements by the fourth quarter.
28 May 2014capital raising announcement● Neutral
Launched another non-brokered placement, about C$35 million at C$5.00 a share, for its share of Gahcho Kué construction. The release also carried a larger reserve than earlier in the year: 35.4 million tonnes at 1.57 carats per tonne for 55.5 million carats, against 31.3 million tonnes and 49 million carats.
14 May 2014resource reserve update▲ GoodMajor
Filed the 2014 feasibility study report itself, unchanged in its headline numbers from the 2 April announcement, and disclosed that a financial adviser had been hired to arrange project debt - the first step towards funding the C$858.5 million build with something other than equity.
2 Apr 2014resource reserve update▲ GoodMajor
The revised feasibility study put Gahcho Kué at a 32.6% return and a C$1.005 billion net present value at a 10% discount, for C$858.5 million of remaining capital. It plans a 12-year mine treating 3 million tonnes a year for 53.4 million carats in total, averaging 4.45 million carats a year and 5.6 million in the first three full years, at a modelled diamond price of US$118.38 a carat in 2014 money rising to a life-of-mine average of US$149.66.
28 Mar 2014capital raising announcement▲ Good
Closed both March placements for C$28.24 million together: C$17.85 million of the BMO-led bought deal at C$5.10 (5% cash commission) and C$10.39 million non-brokered at the same price. Shares outstanding reached 106,039,522.
14 Mar 2014capital raising announcement▲ Good
Increased a BMO-led bought deal to 3,500,000 shares at C$5.10 for C$17.85 million, with a concurrent non-brokered placement at no less than C$5.10 open to Bottin and others, for continued Gahcho Kué construction.
What it means for a shareholder
3.5m new shares at C$5.10 to raise about C$17.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 Dec 2013regulatory community update▲ GoodMajor
On 3 December 2013 the Mackenzie Valley Land and Water Board approved a pioneer land use permit for Gahcho Kué, which lets land-based site works start ahead of deliveries planned for the 2014 winter road season. This follows the 22 October federal approval, but full construction still waits on the full land use permit and water licence, which De Beers expects in 2014. The release repeats that the joint venture is updating the 2010 feasibility study, with Optimization Study results expected early in the new year.
27 Nov 2013capital raising announcement▲ Good
Closed the placement at C$29.4 million: 5,889,200 shares at C$5.00, with a C$567,330 finder's fee. Shares outstanding rose to 100,501,351 from 94,522,151.
What it means for a shareholder
5.9m new shares at C$5.00 to raise about C$29.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Nov 2013capital raising announcement▲ Good
Demand let the placement be lifted from C$25 million to C$29.1 million at the same C$5.00 a share.
12 Nov 2013capital raising announcement● Neutral
Launched a non-brokered placement to raise about C$25 million at C$5.00 a share, with Bottin again subscribing, to cover Mountain Province's share of the first Gahcho Kué construction spending and the 2014 Tuzo deep drilling.
24 Oct 2013regulatory community update▲ GoodMajor
On 22 October 2013 the federal minister approved development of Gahcho Kué as the review board recommended, which lets the land and water board start processing the land use permit and water licence applications. The JV is reassessing the development schedule because the land use permit needs about 42 days and the winter ice road affects logistics, and is updating the 2010 feasibility study, with Optimization Study results expected early in the new year. This resolves the ministerial approval step but delays certainty on the build timing, and the feasibility figures may change.
20 Aug 2013resource reserve update● Neutral
A short notice that the updated Gahcho Kué technical report, whose results were announced on 2 July, had been filed on SEDAR and EDGAR. It carries no figures beyond those already released.
14 Aug 2013resource reserve update● Neutral
The full technical report behind the July resource increase: Mineral Services Canada's updated estimate for the Tuzo kimberlite, effective 2 July 2013.
22 July 2013regulatory community update▲ GoodMajor
On 22 July 2013 the review board recommended that the Gahcho Kué mine be allowed to proceed, subject to measures and follow-up programs, in a 19 July letter to the federal minister. This resolves the environmental review, though the minister's decision and further permits are still needed. The release cites 4.5 million carats a year over an 11-year life. Bruce Ramsden now signs as CFO.
11 July 2013joint venture update▲ Good
De Beers, as operator, signed the first impact benefit agreement for Gahcho Kué, with the North Slave Métis Alliance, covering employment, business opportunities, training and financial benefits over the life of the mine. Further agreements with other groups were still being negotiated.
2 July 2013resource reserve update▲ GoodMajor
The deep drilling paid off in the resource: indicated resources rose 12% to 56.6 million carats (33.8 million tonnes at 167 carats per hundred tonnes) and inferred rose 80% to 18.5 million carats (11.3 million tonnes at 164 carats per hundred tonnes). Almost all of the gain was Tuzo below 350 metres, where inferred carats went from 6.2 million in 2009 to 14.4 million plus 6.0 million now indicated.
28 June 2013joint venture update▲ Good
De Beers, as operator, signed a socio-economic agreement with the Northwest Territories government covering priority hiring, at least 30 training and apprenticeship places, and business opportunities for territory residents at the proposed Gahcho Kué mine.
8 Jan 2013regulatory community update● Neutral
On 8 January 2013 the company said the review board closed the public record for the Gahcho Kué environmental review on 3 January 2013. The panel chairman said the report is due by July 2013 and that it would try to finish earlier. The company is optimistic about a positive recommendation, but none has been given yet. Shares outstanding are now 94,168,151, up from 80.3M a year earlier.
30 Nov 2012capital raising announcement▲ GoodMajor
Raised $47 million in a rights offering to fund its 49% share of the 2013 Gahcho Kué budget. Holders took up 80.65% of the issue, 10,850,069 shares in all, and the shortfall was absorbed by largest shareholder Bottin (International) Investments, Dermot Desmond's vehicle, under a standby commitment.
What it means for a shareholder
10.9m new shares at about C$4.33 to raise about C$47.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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27 Aug 2012joint venture update● Neutral
The review board set the final steps of the Gahcho Kué environmental review, ending with a public hearing on 4-7 December 2012.
11 July 2012business combination● NeutralMajor
Completed the spin-out on 6 July: Kennady North and C$3 million of cash went to Kennady Diamonds for 16,143,111 of its shares, which were then handed to Mountain Province holders one for five. Mountain Province was left holding its 49% of Gahcho Kué as its asset, and Kennady began trading on the TSX Venture Exchange as KDI.
26 June 2012business combination● Neutral
Set 5 July as the record date and 6 July as the effective date for the Kennady Diamonds spin-out, with the new company due to begin trading on the TSX Venture Exchange on 10 July.
30 May 2012joint venture update▲ GoodMajor
The joint venture partners approved C$31.3 million of initial capital to move Gahcho Kué towards construction, covering permit applications, front-end engineering, the 2013 winter road and long-lead equipment. Final court approval for the Kennady North spin-out had come through on 30 April, and the partners reported Gahcho Kué diamond prices marginally higher.
12 Apr 2012drilling result▲ GoodMajor
Five deep holes totalling 3,725 metres confirmed substantial kimberlite at Tuzo well below the 350-metre base of the existing resource, with intercepts of 137 to 216 metres and the deepest cutting kimberlite from 604 to 819 metres. The pipe widens with depth, from about 125 metres across near surface to 225 metres at 300 metres, and the company noted the existing resource model shows grade rising with depth.
