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Norwest Energy NL

ASX:NWE
A$0.056Latest close held · delayed

Past year: ▲ 60%(3.50c – 6.80c AUD)

Market cap
A$389m
Shares on issue
6.95bn
In-ground value
A$950m
Risked multiple
0.72×
Story beats
194 since 2006
Last event
12 May 2023

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

23 Mar 2009capital raising announcement▼ BadMajor

Norwest placed 25 million shares at 0.8c to sophisticated investors, raising A$200,000 for working capital. This is far below the failed 2.25c rights issue price and the amount needed for Investec.

What it means for a shareholder

25.0m new shares at A$0.008 to raise about A$200,000. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.0573% to 0.0514% of the company. To keep it you'd need 14,327 more shares - about A$115 at the issue price.

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4 Mar 2009capital raising announcement▼ BadMajor

The rights issue failed: the directors said it was not well supported given market conditions. No shares will be allotted and applications will be refunded in full. The Investec obligation remains unfunded and other ways to raise money are being reviewed.

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30 Jan 2009capital raising announcement● Neutral

Offer document for the rights issue was lodged with the wrong price (2.75c, up to A$6.0m, closing 27 February). It was superseded the same day by a corrected version (see replacement).

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29 Jan 2009capital raising announcement● NeutralMajor

Norwest announces a one-for-one non-renounceable rights issue at 2.25c per share to raise up to A$4.91m (up to 218.1m shares). Proceeds go to repaying the A$2.4m Investec loan, exploration in Australia and the UK, and working capital.

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2 July 2008capital raising announcement● NeutralMajor

Norwest will raise about A$4.6m: a placement of 13 million shares at 13 cents (A$1.69m) via Kirke Securities, plus a A$3m Investec secured facility to 30 June 2009, charged over assets including the Puffin royalty. Investec also gets options. Its first debt since earlier no-debt position.

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