Each one in plain English, with the numbers worked through for a shareholder.
28 June 2012capital raising announcement● Neutral
Vista announced a new private placement to raise up to $15 million by selling up to 5 million units at $3.00 each.
What it means for a shareholder
5.0m new shares at US$3.00 to raise about US$15.0m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held US$1,000 of shares (333 at the issue price), your slice goes from 0.000465% to 0.000434% of the company. To keep it you'd need 23 more shares - about US$69 at the issue price.
Vista enlarged the planned Mt Todd plant to 40,000-45,000 tonnes per day to capture its growing resource, pushing the feasibility study back again to late 2012 or early 2013.
Vista switched auditors from PwC's Vancouver office to PwC Denver as it moved to US GAAP reporting and consolidated around its Colorado headquarters; no disputes were involved.
Shareholders elected all seven nominees to the board and ratified the appointment of the independent auditor for 2012. They also approved all unallocated options under the Stock Option Plan and all unallocated awards under the Long Term Incentive Plan.
Vista delayed the Mt. Todd feasibility study to around the middle of the second quarter of 2012 because final process facility capital and operating costs took longer than expected. It also reported more high-grade Guadalupe de los Reyes drill results and said the Mt. Todd resource update would come in the third quarter.
Vista sent shareholders notice of its annual general meeting on April 30, 2012 in Vancouver. Shareholders were asked to elect seven directors, appoint PricewaterhouseCoopers as auditor, and approve unallocated options and awards under its equity plans.
Encouraged by continued high-grade drill results at depth, Vista decided to study an even larger Mt Todd operation and began building a project team in Australia to develop it.
Drilling at the Guadalupe de los Reyes gold-silver project in Mexico returned high-grade hits, including 12.15 g/t gold and 738 g/t silver, and Vista hired Tetra Tech to run a preliminary economic assessment on the project.
Sun Valley Gold LLC, Palmedo Holdings LLLP, Peter F. Palmedo, Sun Valley Gold Master Fund, Ltd reported a VISTA GOLD CORP shareholding of 10,912,016 shares (14.81% of votes) in a periodic institutional filing.
Vista granted Mexico-based Invecture Group an earn-in right to a 60% interest in DZ Mexico, which holds the Concordia gold project, for a non-refundable US$2.0 million. Exercise requires Invecture to fund the project, obtain permits and pay a further US$20 million.
Sprott Inc., Exploration Capital Partners reported a VISTA GOLD CORP shareholding of 9,900,914 shares (13.00% of votes) in a periodic institutional filing.
