Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
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.
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.
December quarter: IDB US$134m mandate, $600,000 placement and $200,000 from option exercises, new auditor. Kenya licence still pending with no firm timeline; Djibouti talks continue. Bookbuild soft close expected next quarter.
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.
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.
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.
Restated 2010 annual report (covering 2008-2010) filed for the Canadian listing. The chairman's statement recounts the shift to 'New Energy' and the Copahue and Fiale projects. The extract shows no new results.
Annual report for the year to 30 September 2011, audited by Grant Thornton. The chairman lists the year's milestones: IDB mandate, offtake letters, resource upgrade above 150% and board reduction. Describes it as a year of consolidation.
IDB's US$86m syndication is in due diligence, with bookbuild expected early 2012 and close in first half 2012. A further roughly US$60m 'hybrid' facility is being marketed, and strategic placements at a premium are possible. Nothing is committed.
10,000,000 unquoted options issued under an employment agreement lapsed and were cancelled. Quoted CDIs are 576,218,676. Minor housekeeping that slightly reduces potential dilution.
Auditor KS Black & Co resigned and Grant Thornton was appointed from the 30 September 2011 audit, because the planned TSXV listing needs a CPAB-registered auditor. Shareholders will be asked to ratify at the February 2012 AGM.
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.
Notice of a Boardroom Radio broadcast with the managing director on the IDB mandate. The title says 'ADI' where the mandate is with IDB. No new information.
Mandated the Inter-American Development Bank to raise up to US$134m for the 30MWe Copahue project: IDB invests up to US$48m directly and arranges syndication of US$86m. It is conditional on a Bankable Feasibility Study, due diligence and IDB board approval; it builds on the October lender support letters.
Investor presentation repeating the Copahue and portfolio case. Shows 579m shares and a 2.8c share price, giving a $16m market cap, down from 5.1c and $28.8m in April. Copahue still described as a heads-of-agreement farm-in.
September quarter: shareholders approved at the 12 October EGM the Socius share and option issue (25,316,456 shares) and capacity for up to 136m placement shares. Concept study, two offtake letters and financing interest repeated; concession contract still to be signed, Djibouti outcome uncertain.
Letters of support and expressions of interest received for Copahue stage 1 and 2 funding. Groups individually are interested in providing up to 25% of costs directly; none is named and nothing is committed. An insurance product is also being developed.
Second letter of intent, with Electrometalurgica Andina, for 30MWe of power from an Argentine geothermal project. It is non-binding pending conditions and a binding power purchase agreement. It adds to the 10MW Loma Negra deal and mentions possible direct investment by Andina.
Managing director's presentation to the EGM, largely repeating known material: Copahue resource of 19MWe measured plus inferred 55MWe and 190MWe, 150% above historical. Notes Djibouti review in early 2012 and Kenya award hoped by end of 2011.
