Group, and was partly used to repay funds borrowed by the Group to acquire the Barbrook Project.
In preparation for its IPO and ASX Listing, the Group undertook a restructure in late 2009 which resulted in Vantage becoming the ultimate parent of the Group. The previous parent of the Group was removed from the Group through this corporate restructure and was delisted from the OTC Bulletin Board in the United States on 12 October 2009, where it had been listed under the name “Eastern Goldfields Inc.” (“EGI”) from 11 July 2008. Prior to that, EGI was quoted on the Pink Sheets (a US based electronic quotation system that displays quotes from broker-dealers for many over-the-counter securities).
Vantage acquired all issued shares in EGSA on 12 November 2009 in consideration for the acquisition Vantage issued 63,746,545 shares to EGI and assumed a $2,846,000 loan owing to Kestrel SA and issued a number of options to the holders of warrants to subscribe for shares in EGI. In addition, EGI assigned the Share Services Agreement to Vantage.
On 30 November 2009, AIMS & Related Entities converted its US$20 million loan into 54,302,610 Shares equivalent to 46.0% of the total share capital outstanding. In December 2009, Vantage raised further funds through a capital raising, which resulted in AIMS subscribing for a further 5.0 million shares at $0.40 per share. AIMS’ ownership interest in the Company after completion of the listing was 30%.
Vantage also raised $10.0 million in a March 2010 capital raising. Vantage issued 25.0 million shares to Platinum Asset Management, at a price of $0.40 per share. Each share issued carried one option at an exercise price of $0.40 and expiry date of 31 December 2013. Platinum Asset Management subscribed for a further 25.0 million shares at a price of $0.40 per share (for a total amount of $10.0 million) under the Offer. Platinum Asset Management’s ownership interest in the Company was raised to a total of 25% after the listing.
In April 2011, Vantage raised $5 million by way of a Private Placement and, in May 2011, a further $0.56 million was raised through a Share Purchase Plan. Both capital raisings were in exchange for a total of 27,832,500 shares at $0.20 each. These funds were mainly allocated to underground development at the Taylors Mine. A portion of the funds was used for exploration and feasibility studies at the Crown Project and for investigations into Stage 2 mining at Barbrook.
The Company successfully completed a $2.0 million placement in May 2013, being the issue of 20,000,000 fully paid ordinary shares at $0.10 per share to International Aviation Logistics Limited. Later, in August 2013, a $0.5 million convertible loan at a conversion price of $0.10 per share was made by Finance Worldwide Limited. These funds were used primarily for on-going development of the Lily and Taylors Mines and for general working capital.
As at November 2013, the Company had 247.3 million shares on issue.