Past year: ▼ 73%(0.05c – 6.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2017capital raising announcement▲ GoodMajor
Closed the US$330 million 8.0% second lien notes due 2022, used to repay and terminate the project loan and clear the De Beers development-cost balance. Interim CEO David Whittle said this ended the loan's cash reserve and lender-approval restrictions. Related party Dermot Desmond bought US$60 million of the notes.
31 Mar 2015capital raising announcement▲ GoodMajor
The C$95 million rights offering was oversubscribed, with 23,761,783 shares issued and Desmond's standby commitment left unused. The money funds the US$75 million cost-overrun facility that is the condition for drawing the US$370 million term loan. Shares outstanding reached 158,966,333, roughly double the 80.7 million of late 2012.
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.
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.
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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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.
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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18 Nov 2010capital raising announcement▲ GoodMajor
On 18 November 2010 the company closed a private placement of 4.6 million shares at C$5 per share (about C$23M). Dermot Desmond, described as the largest shareholder, took 600,000 shares. The CEO says this plus cash on hand covers the 2011 operating budget and the next $10 million payment to De Beers (the milestone in the 2009 JV agreement). Shares outstanding are now 77,298,973, up from 72.6M, and the price is well above the C$2.10 paid in May 2010.
What it means for a shareholder
4.6m new shares at C$5.00 to raise about C$23.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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18 May 2010capital raising announcement▲ Good
On 18 May 2010 the company closed the placement, issuing 5,476,177 shares at $2.10 for about $11.5M; named subscribers include JP Morgan, Capital Group, Colonial First State and CQS/City Natural Resources. Some of the same buyers also bought an overhang block of about 3 million shares from the Lehman bankruptcy. Shares outstanding are now 72,107,923, and proceeds are for the feasibility study, permitting and general purposes.
What it means for a shareholder
5.5m new shares at C$2.10 to raise about C$11.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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28 Apr 2010capital raising announcement● Neutral
On 27 April 2010 the company announced a non-brokered placement of up to 5,476,191 shares at C$2.10 to raise up to C$11.5M, closing by 14 May 2010. Proceeds are for the feasibility study, Gahcho Kue permitting and general purposes. It is not offered in the United States.
What it means for a shareholder
5.5m new shares at C$2.10 to raise about C$11.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Aug 2009capital raising announcement● Neutral
On 4 August 2009 the company closed the placement: 3,000,000 units at C$1.50 for C$4.5M gross, each with half a warrant at C$2.00 for 18 months. Shares outstanding rose to 63,097,746, and the money is earmarked for the planned feasibility study and general purposes. This completes the July placement.
What it means for a shareholder
3.0m new shares at C$1.50 to raise about C$4.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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14 July 2009capital raising announcement● Neutral
On 14 July 2009 the company announced it was arranging a non-brokered placement of up to 3 million units at C$1.50, each unit one share plus half a warrant (C$2.00 strike, 18 months), to raise up to C$4.5M. Proceeds are for Gahcho Kue development and general purposes. This would add shares to the 60,097,746 outstanding.
What it means for a shareholder
3.0m new shares at C$1.50 to raise about C$4.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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