Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2007half year report● Neutral
Half-year to 30 June 2007: net loss $266,371 (versus $17,937), with cash of $2.46 million. Notes the Zeus acquisition signed 25 June and terminated 2 July, and director Douglas Wood's resignation on 10 April 2007. Text is truncated.
2 July 2007material agreement termination▼ BadMajor
XState and the Zeus vendors mutually agreed to drop the proposed Zeus acquisition announced on 25 June 2007. The Western Australian tenement deal will not proceed; no reason is given.
29 June 2007joint venture update● Neutral
Liberty Star started geochemical sampling of its uranium pipe targets, giving the XState JV area first priority. All pipes in the XState area have been sampled, with detailed sampling underway on Elle and Hermina. No results yet.
28 June 2007admin correction● Neutral
Company adds source references for data in the 25 June Zeus announcement, citing a Geoscience Australia uranium report and the Uranium Information Centre website. Administrative only.
25 June 2007asset acquisition disposition● NeutralMajor
XState signed a heads of agreement to buy 100% of Zeus Resources, holding 1 granted and 6 applied-for Western Australian tenements covering 3,654 km2, prospective for uranium and gold. This would add Australian ground beyond the Arizona JV; no price is given in the text provided.
13 June 2007regulatory community update● Neutral
A soil geochemical sampling program over three circular features in the Elle JV is planned to start in June 2007, with samples every 50 metres. This follows the failed drilling; success would be followed by detailed drilling, per the company.
27 Apr 2007annual report● Neutral
Company confirms the 2006 annual report and AGM notice were sent to shareholders. Administrative only; the report repeats earlier results.
16 Apr 2007drilling result▼ BadMajor
The first two Elle JV holes (Elle and Hada targets) found no breccia pipe material, and downhole surveys and an airborne survey found no conductors. The Hermina hole was postponed. First-phase result is negative; partners will try other techniques.
29 Mar 2007director officer appointment● Neutral
Rhod Grivas joined as a non-executive director, bringing over 19 years of exploration experience. Adds geological expertise to a board of Kestel, McArthur and Wood as the Elle drilling proceeds.
22 Mar 2007annual report● Neutral
Full-year 2006 annual report lodged. It describes the 50% Elle JV with Liberty Star, funded by XState's US$2.9 million, and its Arizona Strip pipe targets. Repeats previously announced facts; the text provided is truncated.
23 Feb 2007drilling progress report● Neutral
Liberty Star reports the first Elle hole (RDH Elle 01), collared 15 February 2007, was at 1,185 feet. It hit pyrite-bearing rock at 335 feet and the Hermit shale at 1,000 feet, with up to 17 ppm uranium in analysed shale. No breccia pipe result yet.
9 Feb 2007drilling scheduled● Neutral
Drilling at the Elle JV in Arizona will begin mid-February 2007: 4,500 feet of rotary and 32,160 feet of diamond drilling across three breccia pipes. Liberty Star runs the program, which sets up the first test of the uranium targets.
4 Jan 2007admin correction● Neutral
Company confirms no shares will be issued under the 20 December 2006 technical prospectus. Administrative only, with no effect on funds raised.
20 Dec 2006capital raising announcement● Neutral
Small technical prospectus for up to 30,000 shares at 20 cents (up to $6,000), prepared only to remove trading restrictions on recently issued shares. Not a real fundraising.
What it means for a shareholder
30,000 new shares at A$0.200 to raise about A$6,000. That's 0.0563% dilution: every existing holder's slice gets 0.0563% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00938% to 0.00938% of the company. To keep it you'd need 3 more shares - about A$1 at the issue price.
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20 Dec 2006joint venture update▲ GoodMajor
Liberty Star says the Elle JV started 15 December 2006 after XState transferred US$2.9 million, earning 50% of three breccia pipes. Planned work is 4,500 feet of rotary drilling and 32,160 feet of diamond drilling.
4 Dec 2006capital raising announcement▲ GoodMajor
The prospectus raising closed oversubscribed on 30 November 2006 and the board accepted the $6.0 million maximum at 20 cents a share. The money funds the Arizona uranium JV, where XState sole funds US$2.9 million for 50%.
2 Nov 2006capital raising announcement▲ GoodMajor
Prospectus lodged to raise up to $6 million via 30,000,000 shares at 20 cents, minimum $5 million. Funds will support the Arizona uranium joint venture with Liberty Star, where XState earns 50% by spending US$2.9 million.
What it means for a shareholder
30.0m new shares at A$0.200 to raise about A$6.0m. That's 58% dilution: every existing holder's slice gets 58% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.023% to 0.00966% of the company. To keep it you'd need 6,887 more shares - about A$1,377 at the issue price.
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20 Sept 2006director officer appointment● Neutral
Douglas Wood was appointed director, while Anthony Crimmins, Michael Taverner and David Roche resigned. This completes the turnover of the old shell board, leaving Kestel, McArthur and Wood in the prospectus's director list.
4 Aug 2006half year report● Neutral
Half-year to 30 June 2006: the company stayed dormant with a $17,937 loss and net liabilities of $131,384. $400,000 of convertible notes converted into 5,000,000 shares, and the Arizona deal is flagged as the recapitalisation.
17 July 2006farm in farm out agreement▲ GoodMajor
Company signed a Liberty Star joint venture over Arizona uranium leases: a US$100,000 deposit paid, and it can earn 50% by committing US$2.9 million. This changes it from shell to uranium explorer, requiring a re-compliance prospectus raising at least 20 cents a share and a name change.
26 June 2006capital raising announcement● NeutralMajor
The dormant shell resolved to place 6,000,000 shares at 4 cents to raise $240,000 working capital, with a free option per share exercisable at 20 cents by 30 June 2007. Shareholder approval is needed because it exceeds 15% of capital.
11 Apr 2006director officer appointment● Neutral
Director Gregory Bender resigned and David Roche joined the board, both effective 7 April 2006. A board change at the dormant shell, with no other detail given.
31 Mar 2006annual report● Neutral
Full 2005 annual report for the then-dormant Oriental Crystal. Directors say they sought recapitalisation but found no proposal attractive to existing shareholders. Confirms the $57,000 loss already reported in the preliminary results.
16 Mar 2006annual report▼ Bad
Preliminary results for Oriental Crystal (International) Ltd, the company that later became Xstate, for year to 31 Dec 2005: no revenue, loss of $57,000, cash $64,000 and net liabilities of $513,000 including a $550,000 convertible note. No dividend.
