Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2014capital raising announcement● NeutralMajor
Raises about $4.5m through a placement of 90m shares at $0.05, a 7% discount to the last close. 70m shares ($3.5m) come first; 20m ($1.0m) need shareholder approval at an EGM. Funds go to the seismic share and working capital, including possible acreage purchases. Follows the Nov 2013 raise at $0.065.
What it means for a shareholder
90.0m new shares at A$0.050 to raise about A$4.5m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00737% to 0.00554% of the company. To keep it you'd need 6,636 more shares - about A$332 at the issue price.
Rampart's shares and options were suspended at the company's request pending an announcement of a material capital raising, referred to on 18 February. The suspension was to last until the announcement or at most Monday 24 February.
The Big Bend 3D seismic survey is set to start recording this week, with the crew mobilised and about four weeks planned. Completion would lift Rampart's Western Block interest to 35% (corrected to 30% on 7 March). First spend under the ACES facility.
Petroleum geophysicist Iain Smith joins the board as an independent non-executive director. The chairman links this to the upcoming farm-out process, aimed at attracting a qualified E&P company to help drill the North Slope acreage, following the US$50m facility.
February investor presentation restating the North Slope story: up to 42,350 net acres, up to 7bn barrels OOIP net (August 2013 estimate), a 120 sq mile seismic survey starting February and the US$50m facility. Cash about $1.2m at 31 December, no debt. Nothing new.
Closed binding documents for a US$50m senior secured facility with Melody Business Finance, backed by Alaska exploration tax credits, to fund seismic and drilling. Rampart says it leaves no net debt after repayment from credits. Resolves the December term sheet; terms undisclosed.
Preparations for the 'Big Bend' seismic survey are on track for February: ice pad and water permits and community meetings are complete. Ice pad construction and ice checking come next. Cold weather is hoped to thicken the ice. No data yet.
SAE Exploration was awarded the contract for a 120-square-mile 3D seismic survey over the Western Block, starting February 2014 and taking about 30 days. Resolves the long-delayed contractor selection; the survey underpins earning a further 20% interest.
Rampart signed a term sheet with an international lending group for a facility backed by Alaska's exploration tax credits, covering most upfront seismic and drilling costs. Size and terms undisclosed; documentation still to be finalised. Follows the 20 November update.
Annual report for the year to 30 September 2013. The chairman describes a year of strategy change to Alaska oil, the Royale farm-in, the Copahue exit and the share consolidation, and expects a credit facility for the seismic by year's end.
10 Dec 2013asset acquisition disposition▲ GoodMajor
Rampart paid the final US$1.976m instalment and now holds a direct working interest in the North Slope properties. Seismic contractor decision is expected within a week; completing the survey would lift its interest by 20% to 30% in total.
Cleansing prospectus for one $0.065 share, lodged so the 60.6m placement shares issued just before (raising $3.86m) can be freely resold. Administrative; no new money, about $3,000 of costs.
26 Nov 2013capital raising announcement▲ GoodMajor
Raises $4.45m: a $3.5m placement at $0.065 (about 45m shares settling 2 Dec, about 10m more subject to shareholder approval) plus $0.93m from exercise of 15.5m $0.06 options. Placement shares carry one $0.10 January 2015 option per two shares. Funds go to the North Slope seismic and credit facility.
Rampart's shares are suspended at its own request pending an announcement on finalising funding. The company cites acceptance documents awaited from international institutions for a material capital raising.
Seismic pricing talks are nearly done with multiple contractors. Rampart says it is well advanced on a facility secured against Alaska's exploration credits (up to 85% of spend), with an announcement due before Christmas. It aims to cut upfront equity funding. Terms not yet agreed.
October presentation shows 200.7m shares, a 5.5c price, $11.0m market cap, about $1m cash at 30 September and no debt. It repeats the NSAI figures and expects a seismic announcement in November, starting January 2014. No new results.
Seismic contract award is now expected within four weeks, after earlier targets of August then October slipped. The MD calls the delays small and still expects the survey to start in winter 2014. Funding for the seismic is being pursued with several groups; no agreement yet.
The 1-for-15 consolidation is complete, leaving 200,753,770 shares and 88,164,528 quoted options (strike $0.105, expiring 31 Jan 2016). Holders keep the same proportional stake. Normal trading returns 21 October.
All ASX trades in RTDDC and RTDDD on 4 October are cancelled. Trading resumes on a post-consolidation, deferred settlement basis at 11:00am that day. Administrative.
Temporary ASX codes RTDDC (shares) and RTDDD (options) apply until the consolidation completes on 14 October. The 11 October record date is repeated. Administrative.
Shareholders approved a 1-for-15 consolidation of securities at the 26 September EGM. The notice sets out the timetable, with post-consolidation registration from 14 October. It does not change the value of holdings.
September presentation restates the 42,350 net acres and NSAI resource figures. Seismic agreement is now expected in October, a slip from earlier timing. Rampart says it is in talks with potential partners and has completed a first US roadshow.
