Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2012other▼ Bad
Shares suspended at the company's request pending a capital raising. The planned placement is up to 101m shares and options (15% of issued capital) at a significant discount to market, for working capital until the Copahue funding closes.
25 July 2012other● Neutral
Company says it is comfortable about closing the US$30m preference raising and that a separate material capital raising will be announced in coming days. Engineering and geoscience integration is nearly done, with peer review pending. It is in talks with several groups on joint project development; no outcome indicated.
23 July 2012other● NeutralMajor
Company has hired a boutique corporate finance group to assess options for unlocking value, citing a gap between project value and market capitalisation. It says no outcome or timeframe is anticipated. It still aims to close the US$30m preference share raising.
20 July 2012drilling scheduled▲ Good
Preliminary well design completed: three directional wells to about 1,500m vertical depth could supply a Stage 1 plant of roughly 15MWe, with an optional fourth well. This lets the company seek tenders for casing and wellheads. Subject to approvals; no drilling date given.
12 July 2012regulatory community update▲ Good
Results from the March/April SKM field program are in. They identify Stage 1 drilling targets and show lower non-condensable gas and high-temperature vapour outside the drilled area, which the company says raises confidence in the resource size. More geophysics is planned for late 2012.
2 July 2012capital raising announcement▲ GoodMajor
CIFI appointed to raise about US$30m of non-voting preference shares in the Copahue project company, convertible into Earth Heat shares at 10 for 1. Separately, a Heads of Agreement to buy joint venture partner Geothermal One for CAD$6m in cash or shares (10c face value), conditional on the raising closing.
13 June 2012half year report● Neutral
Half-year report to 31 March 2012 filed; extract shows only the director list, including Zillman's resignation and Lucas-Smith's appointment on 23 April. No financial figures are visible in the text provided.
5 June 2012contract award▲ Good
Alstom's preliminary costing and design proposal received, suggesting a direct cycle plant is technically feasible. Company and SKM will evaluate before a final investment decision around mid-year; no cost figures given.
24 May 2012debt financing▲ GoodMajor
IDB mandate enlarged for a 50MWe project: IDB to invest up to US$75m directly and arrange US$135m syndication, total US$210m (up from US$134m). Still conditional on due diligence, the Bankable Feasibility Study and IDB board approval.
22 May 2012material agreement▲ GoodMajor
Letter of Interest from Xstrata's Pachon subsidiary to buy about 50MWe of Copahue power. It is non-binding and any PPA depends on Xstrata advancing El Pachón after environmental approval; larger than the 30MWe initial project.
15 May 2012joint venture update● Neutral
Alstom's budgetary offer is expected around end of May. A very large unnamed company has indicated power demand that could change project size. Company is negotiating a fourth-well product, hybrid equity and farm-in partners, and has discussed selling a stake in, or all of, projects.
8 May 2012material agreement▲ GoodMajor
Exclusivity agreement with Alstom Power to develop a geothermal power plant proposal for Copahue, possibly leading to a full construction contract. The company will decide mid-2012; no outcome is guaranteed.
1 May 2012other● Neutral
Registered office and place of business moved to Suite 9, 75a Angas St, Adelaide. Administrative only; phone numbers unchanged.
23 Apr 2012director officer appointment● Neutral
Director Norman Zillman, a founding director, resigned for personal reasons. Company secretary Mal Lucas-Smith joins the board as non-executive director on an interim basis.
17 Apr 2012joint venture update● Neutral
First-phase Copahue field program is complete, with potential equity partners and technology partners attending. Debt funding still needs the PPA, construction contract, full environmental assessment and Bankable Feasibility Study; no partner decisions yet.
14 Mar 2012regulatory community update▲ Good
Second-stage environmental impact assessment field work starts at Copahue, covering well locations and transmission line easements. Stage 1 was completed earlier; all stages are needed for debt funding.
8 Mar 2012regulatory community update▲ Good
Technical adviser SKM sent to Copahue to begin the field program: geology, geochemistry, civil engineering and topography. It supports the Bankable Feasibility Study, with a final investment decision targeted mid-year.
7 Mar 2012other● Neutral
Trading resumes after the capital raising announcement was lodged. Administrative notice only.
7 Mar 2012capital raising announcement● NeutralMajor
Placement to domestic and international investors raised $2.16m through 72.07m new shares (about 3c each, inferred from the figures). This is below the $3m-$5m range flagged at suspension, and funds Copahue work towards the bankable feasibility study.
What it means for a shareholder
72.1m new shares at about A$0.030 to raise about A$2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
5 Mar 2012other● Neutral
Shares suspended at the company's request pending a placement of $3m to $5m, up to about 27.2% of issued capital. Announcement is expected by 7 March 2012.
23 Feb 2012debt financing▲ Good
Company says it has over 90% of required Copahue funds and a completed financing package, citing $174m of guaranteed and indicative finance over six months. It stresses the funding remains subject to due diligence and conditions precedent, so nothing is yet drawn.
23 Feb 2012other● Neutral
Notice of an audio broadcast in which the managing director discusses '$40m in project financing'. The notice itself gives no details; the headline figure is not explained in the text.
23 Feb 2012investor presentation● Neutral
AGM presentation positions the company as a utility, targeting first geothermal power on the ASX by end of 2013. Shows 599m shares, 3.3c price, about $20m market cap, cash $323,000 and nil debt; repeats the 150% resource upgrade.
22 Feb 2012debt financing▲ GoodMajor
CIFI mandated for a US$22.5m drilling loan (three of four Phase 1 wells), subject to due diligence. AGS Capital signed a A$17.5m contingency facility to buy shares at future prices, at company discretion. Total Phase 1 debt cited is US$86.5m.
14 Feb 2012debt financing▲ Good
Talks on junior debt of at least US$20m-$30m are progressing, which would cut the Phase 1 Copahue equity gap to A$10-15m. Still incomplete and subject to change; the remaining gap is to be closed by other products and a TSXV listing.
31 Jan 2012debt financing● Neutral
The company said it aimed to 'soft close' the senior debt, working with the Inter-American Development Bank, and the mezzanine debt by the end of Q1 2012. Farm-in and equity talks were described as promising but drawn out.
23 Jan 2012listing compliance notice● Neutral
ASX granted a waiver from Listing Rule 10.13.5 for AGM resolutions 8 to 12. The text does not say what those resolutions cover.
20 Jan 2012regulatory community update● Neutral
South Australia approved consolidating the company's geothermal licences into three expanded ones: GEL 337, 523 and 525. This completes the portfolio consolidation flagged earlier and streamlines its remaining Australian holdings.
16 Jan 2012other● Neutral
Points investors to a new research report on the website. The managing director argues the business should be valued like a power utility. No new company information.
12 Jan 2012security holder rights change● Neutral
Voluntary escrow on major shareholders' and board shares ends 22 January 2012, leaving no escrowed securities. Issued capital is 596,218,676 quoted shares and 24,658,228 unquoted options.
