Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2016capital raising announcement▲ GoodMajor
Pilot raises A$3.6m from a group of four investors: A$800,000 at 0.2c now and A$2.8m at 0.3c subject to shareholder approval. The investors would hold 45.4%. Benson Wong joins as CFO and Wilson Xue as director; Todd and McGoldrick step down to advisers.
6 July 2015capital raising announcement● NeutralMajor
Rights issue closed 1 July with only $380,733 of acceptances and shortfall applications, leaving a $676,252 shortfall for underwriter Patersons. Directors will take $200,000 of the shortfall through sub-underwriting. Under-subscribed by shareholders but covered by the underwriting.
23 June 2015capital raising announcement● Neutral
Confirms the entitlement offer documents have been sent to shareholders. Administrative notice only.
19 June 2015capital raising announcement● Neutral
Supplementary prospectus amending wording on how entitlements of ineligible shareholders are sold. Ineligible holders may receive nothing if sale costs exceed proceeds. No change to the offer terms.
10 June 2015capital raising announcement● Neutral
Prospectus for the 2-for-1 rights issue at $0.001 a share, raising up to $1,056,985, fully underwritten by Patersons. Directors sub-underwrite up to $200,000. Offer closes 1 July 2015. Formal documentation of the 9 June announcement.
9 June 2015capital raising announcement● NeutralMajor
Announces an underwritten 2-for-1 renounceable rights issue at $0.001 per share, raising up to about $1.06m from up to 1.057bn new shares. Each of four directors underwrites $50,000. Funds go to studies and farm-outs on WA permits, new ventures and working capital.
What it means for a shareholder
1.06bn new shares at about A$0.001 to raise about A$1.1m. That's 67% dilution: every existing holder's slice gets 67% smaller. If you held A$1,000 of shares (997,170 at the issue price), your slice goes from 0.189% to 0.0629% of the company. To keep it you'd need 1,994,369 more shares - about A$2,000 at the issue price.
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7 Oct 2014capital raising announcement▼ BadMajor
Withdraws the second tranche of the July placement (30.5m shares, repriced to raise $500,000) a day before the EGM, saying it could not give an Alaska project update beforehand. Leaves only the first tranche (~54.5m shares) of the planned $3.0m raise.
1 Oct 2014capital raising announcement▼ Bad
The share purchase plan, closed 26 September, is withdrawn because applications were too few to meet its goal. Applicants will be refunded in full. The planned $1.51m raise at 1.2 cents does not happen.
25 Aug 2014capital raising announcement● Neutral
Chairman's letter and offer document for the share purchase plan at 1.2 cents, capped at $1,510,172 (about 125.8m shares), with parcels of $2,500 to $15,000. Funds are for Western Block exploration and working capital. Head office is moving to Perth; directors intend to apply.
20 Aug 2014capital raising announcement▼ BadMajor
After the drilling delay, proposes repricing the July placement: two bonus shares per first-tranche share (average about 1.2 cents) and second tranche at 1.2 cents for $500,000, subject to shareholder vote. Also offers a share purchase plan at 1.2 cents, capped at $1,510,172.
17 July 2014capital raising announcement● NeutralMajor
Raises about $3.0m by placing 85m shares at $0.035, a 5% discount, for working capital. The first 54.5m shares are issued now; 30.5m need shareholder approval. Priced below the Feb 2014 raise at $0.05.
What it means for a shareholder
85.0m new shares at A$0.035 to raise about A$3.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00783% to 0.00635% of the company. To keep it you'd need 6,654 more shares - about A$233 at the issue price.
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23 Apr 2014capital raising announcement● Neutral
Cleansing prospectus for one $0.05 share, so the 20m second-tranche placement shares ($1.0m) can be freely resold. This shows the second tranche has been issued. Administrative; about $3,000 of costs.
28 Feb 2014capital raising announcement● Neutral
Cleansing prospectus for one $0.05 share, so the 70m placement shares ($3.5m) can be freely resold. Administrative; no new money, about $3,000 of costs.
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.
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4 Dec 2013capital raising announcement● Neutral
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.
3 June 2013capital raising announcement▲ GoodMajor
Rampart raises A$1.8m through DJ Carmichael to fund the first Alaska payment: 232.3m shares at $0.0025 (about $580,750) plus a roughly $1.22m convertible loan, convertible at $0.0025 subject to shareholder approval. Funds the Royale farm-in due 3 June.
3 June 2013capital raising announcement● Neutral
Amended version of the 3 June release on the A$1.8m raising (232.3m shares at $0.0025 plus roughly $1.22m convertible loan). Wording on Repsol's discoveries and the acreage is toned down; the funding terms are unchanged.
16 Jan 2013capital raising announcement● NeutralMajor
Rights issue closed with 88.5% take-up (571.8m of 645.8m shares); the underwriter takes the 74.0m shortfall. A further 200m-share placement at the same 0.2c price raises $400,000, bringing the total raised to over $1.9m before costs.
What it means for a shareholder
646m new shares at about A$0.0029 to raise about A$1.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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13 Dec 2012capital raising announcement● Neutral
Full prospectus for the rights issue: up to about $1.29m at $0.002 per share, 645.8m new shares on top of 861m on issue. Closing date is 11 January 2013. Repeats the announced terms in detail.
13 Dec 2012capital raising announcement● NeutralMajor
Rights issue prospectus lodged: 3 new shares for every 4 held at 0.2c, with free options, fully underwritten by DJ Carmichael. The board says market interest in Australian geothermal is inadequate for a purely geothermal asset base, so it is broadening its energy mix.
3 Dec 2012capital raising announcement▼ BadMajor
Placement of 110m shares at 0.2c raises $220,000, plus a fully underwritten 3-for-4 rights issue at 0.2c raising $1.35m, underwritten by DJ Carmichael; total about $1.57m. This is a far lower price than the August 1c placement, and the company calls it a broadened direction.
What it means for a shareholder
110m new shares at A$0.002 to raise about A$220,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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7 Aug 2012capital raising announcement▼ BadMajor
Placement raised $670,000 at 1c per share, with one 4c three-year option for every two shares. Directors will underwrite up to $73,000, subject to shareholder approval. An underwritten rights issue is being considered. The US$30m preference raising is said to be proceeding.
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.
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.
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12 Dec 2011capital raising announcement● NeutralMajor
Placement of 20m shares at 3c to raise $600,000, with one free 6c option (12 months) for every two shares, mostly to Australian institutions. Funds overheads and projects. IDB senior debt syndication has begun with strong response reported.
14 Feb 2011capital raising announcement▲ GoodMajor
Socius CG II signed a $5m investment agreement, mainly to start Copahue feasibility work. The first $2m buys 25,316,456 shares at 7.9c plus 12,658,228 options at 7.9c. Two further tranches, $2m and $1m, can be called later at then-market prices.
What it means for a shareholder
25.3m new shares at A$0.079 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 Apr 2007capital raising announcement● NeutralMajor
Martin Place mandated to raise A$1.4m through 20,000,000 CDIs at A$0.07 with 20,000,000 options at A$0.10 over 24 months. The price is below January's A$0.10 placement. Funds are for a two-well US program, the first spudding May 2007, and cash flow.
What it means for a shareholder
20.0m new shares at A$0.070 to raise about A$1.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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22 Jan 2007capital raising announcement● NeutralMajor
The placement closed on 19 January, raising A$920,000 through 9,200,000 CDIs at A$0.10. Martin Place gets a 2% management fee and 5% placement fee. Funds are for a new drilling program and working capital.
What it means for a shareholder
9.2m new shares at A$0.100 to raise about A$920,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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8 Jan 2007capital raising announcement● NeutralMajor
Company mandated Martin Place Securities to place 9,200,000 CDIs at A$0.10 to raise A$920,000, with funds largely committed. The price is half the A$0.20 of the 2006 raising. Proceeds are for a new drilling program and cash flow.
What it means for a shareholder
9.2m new shares at A$0.100 to raise about A$920,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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