RE: Share Cap
On April 22nd, 2009 they had 109,100,241 shares outstanding.
They roll it back 3 for 1, that day, to 36,366,747 shares out.
They announce a financing that same day for 33,333,333 shares at .03. No progress on Brazil.
Later they sell 3,603,000 million shares for .15. No progress on Brazil.
On October 13, 2009, they announce a financing of 13,333,333 shares, with no news on Brazil.
On November 17, 2009, they announce that the October 13, 2009 would not proceed, and instead they will be selling 30,000,000 at .10.
So what does this all mean? When this financing is complete, they will have 103,303,080 shares outstanding. ALL OF THIS WITHOUT ANY NEWS ON BRAZIL. They will have TRIPLED the number of shares outstanding, and will have $3M in the bank. That is 2.9 cents per share.
In that period, they have sent minimal amounts of money to Brazil, although they keep saying that the "proceeds from the offering will be used for general corporate working capital and to finance the development of the company's100-per-cent interest in the Jatoba diamond project located in Brazil.The Jatoba diamond project consists of approximately 215,000 hectares of mineral concessions located in the Paranatinga kimberlite district of Brazil. The project is subject to a 2-per-cent net smelter return royalty."
The last time this company had news about Brazil, it was December 12, 2008, and it had nothing to do with Jatoba project. It was a JV with Metalex Ventures. Why isn't the PP money going there?
To summarize. In 7 months, Iciena has TRIPLED the number of shares outstanding (assuming this PP closes - the last two incarnations of it have failed). During that period, they have not had any material changes on the properties they control (as is evident from zero news releases).
Where is all this cash going?
All information was drawn from Iciena press releases and financial statements.