Post by
74volfram on Jan 24, 2015 4:47pm
about shares
Woulfe has 360M shares out now. Dundee controls the board but does not own the majority of Woulfe shares.
At best of my knowledge, these are the current large shareholders of Woulfe:
Dundee: 59 M (16.4%)
Korea Zinc: 35M (10%) Korea Zinc has anti-dilution rights
US Global: 6 M (1.7%)
Colonial First: 17 M (4.7%) This fund sold 50% from 6 months ago.
First State (UK): 11 M (3%)
First State (HK): 2 M (0.5%)
1832 Asset 56 M: (16%) This fund is a new holder
Resinco 19M: (5.3%)
Total large shareholders: 57.6%
Total insiders: 26.4%
Total outsiders: 31.2%
What could happen to the share count going forward (these are my numbers and should be checked):
Using round numbers, Dundee owns 60M shares and 50M warrants at various exercise prices. Dundee also owns 30M convertible notes. If and when all these are exercised and converted, Dundee will own 140M shares (31% of the new share count - 440M). At that point Korea ZInc shares (35M now) may use its non-diliution rights and acquire 10M more shares (new total 450 M). This is when IMC would come in with its $25M for 25% share of the mine (110M, with new total 560M). BTW 560M is the number of shares used in the latest financials for the operating mine. I have assumed no further dilution before financing. If dilutive PP occurs at this stage it would likely add 10% to the share count.
At the end of all this financial engineering, Dundee will own 25% of Woulfe having spent $25M altogether (18c per share average). IMC will own 25% for $35M (31c per share). Korea Zinc will own 10% for $15M (33c per share). Given that Dundee was an early investor and got Woulfe out of insolvency in 2013, this would not be entirely unfair.
BTW Dundee could have taken majority control of the company in November through a $4M PP at 5c, but they did not do it. A Dundee takeover on the cheap is less likely now after final feasibility. It would be very interesting to know what actually happened then.
Comment by
sage4hus on Jan 24, 2015 5:20pm
Hello everyone, I finally registered in to join this board on this good news. Thank you everyone for sharing info and thoughts, especially 74volfram, appreciated your deep insights. Where are the all regulars here on such a good day? : )
Comment by
alta777 on Jan 24, 2015 8:22pm
IMC acquiring a 25% interest in Sangdong Mining Corporation (Woulfe's 100-owned subsidiary) Read more at https://www.stockhouse.com/news/press-releases/2014/12/15/woulfe-mining-extends-imc-loan#HUh39FkwB4UGm60G.99 IMC deal should not change share structure of Woufle Mining by 110m shares
Comment by
GaiusGermanicus on Jan 24, 2015 8:43pm
There I am hanging out on the right side of the decimal place (but the ENTIRE right side) with my 720,000 shares . . . More if Apple breaks big on Monday and this news stays quiet long enough.