KNB
Koonenberry Gold Limited
ASX
Notice of Annual General Meeting/Proxy Form
Sentiment:
Notice of Annual General Meeting
28 October 2024 7:44 PM
Koonenberry Gold Limited will hold its Annual General Meeting on November 29, 2024, to consider resolutions including a 10% placement facility, share issuances related to acquisitions, and performance rights for directors.
Capital raise
A $4.5 million capital raising (before costs) is planned through a placement of shares.
Directors have committed to subscribing for up to $200,000 of the placement.
Summary
- Koonenberry Gold Limited's Annual General Meeting (AGM) will be held on November 29, 2024, at 2:00 pm (ACDT).
- The AGM will consider the Annual Report for the financial year ended June 30, 2024.
- Shareholders will vote on several resolutions, including the adoption of the Remuneration Report (advisory only), the re-election of Director George Rogers.
- A key resolution seeks approval for a 10% placement facility to issue equity securities up to 10% of issued capital.
- Other resolutions concern share issuances totaling up to 575,574,948 shares related to the acquisition of the Enmore and Lachlan Gold Projects.
- The resolutions also include the approval to issue performance rights to Non-Executive Directors (NEDs) and the Managing Director (MD), totaling 21,750,000 performance rights.
- The placement is expected to raise $4.5 million (before costs), with directors committing to subscribe for an additional $200,000.
- Voting exclusions apply to certain resolutions to prevent conflicts of interest.
- Shareholders are urged to vote by lodging the Proxy Form by November 27, 2024.
Sentiment
Score: 6
Explanation: The document presents a neutral to slightly positive sentiment. While there are risks associated with the proposed actions, the overall tone suggests confidence in the company's future prospects.
Positives
- The proposed placement facility could provide access to additional capital for growth and acquisitions.
- Acquisitions of Enmore and Lachlan Gold Projects could significantly expand the company's asset base.
- Performance rights incentivize directors to increase shareholder value.
- The placement is expected to raise $4.5 million (before costs).
Negatives
- Shareholder voting power may be diluted if the 10% placement facility is approved.
- Failure to pass resolutions could hinder acquisitions and limit future funding opportunities.
Risks
- Market price fluctuations could affect the funds raised through the placement.
- Regulatory approvals for acquisitions may be delayed or not obtained.
- The success of the performance rights program depends on achieving specific performance targets.
Future Outlook
The company's future outlook depends on the successful completion of the placement, acquisitions, and the achievement of performance targets for the performance rights. The success of these initiatives will determine the company's ability to continue investing in its current and new assets and maintain its operations.
Management Comments
- The Board recommends that Shareholders vote in favour of Resolution 3.
- The Board (other than Mr Rogers who has a personal interest in the outcome of this Resolution) supports the election of Mr Rogers
- The Board recommends that Shareholders vote in favour of Resolution 4.
- The Board recommend Shareholders vote in favour of Resolution 5.
- The Board recommends that Shareholders vote in favour of Resolution 6.
- The Board (other than the Participating Directors who have a personal interest in the outcome of the Resolutions) recommends that Shareholders vote in favour of Resolution 7(a) to (c) (inclusive).
Industry Context
This announcement reflects the ongoing activity in the Australian gold exploration sector, with Koonenberry Gold pursuing growth through acquisitions and capital raising. The company's actions are consistent with other junior miners seeking to expand their operations and attract investment.
Next Steps
- Hold the Annual General Meeting on November 29, 2024.
- Complete the share placement.
- Complete the acquisitions of the Enmore and Lachlan Gold Projects.
- Issue performance rights to directors.
Key Dates
- June 30, 2024: End of financial year for the Annual Report
- October 17, 2024: Announcement of acquisitions and capital raising
- October 25, 2024: Date of share price used for calculations
- October 29, 2024: Date of the Notice of Annual General Meeting
- November 22, 2024: Deadline for submitting questions to the Company Secretary
- November 27, 2024: Record date for shareholders eligible to vote; Deadline for lodging proxy forms
- November 29, 2024: Date of the Annual General Meeting
Keywords
Koonenberry Gold Limited, Annual General Meeting, Placement, Acquisition, Share Issuance, Performance Rights, Gold Exploration, Capital Raising
KNB
Koonenberry Gold Limited
ASX
Sector: Materials
Filings with Classifications
Better than expected
21 May 2025 9:08 PM
Investment Announcement
- Koonenberry's drilling results at Enmore exceeded expectations, leading to Lion's increased investment.
Delay expected
19 May 2025 6:24 PM
Exploration Update
- The Phase I drilling campaign is now finished due to extremely wet conditions on site with 10 holes for 3,232.6m completed of a planned 3,000m.
Better than expected
28 April 2025 7:18 PM
Exploration Update
- The drill results indicate a potentially wide structural corridor with significant gold intercepts, exceeding initial expectations for the area away from the granite-sediment contact.
Better than expected
15 April 2025 7:34 PM
Quarterly Report
- The drill results at Enmore Gold Project are better than expected, demonstrating potential for both bulk tonnage and high-grade gold mineralization.
Better than expected
13 April 2025 6:49 PM
Exploration Update
- The second drillhole returned a higher gram metre interval (357.9) than the first drillhole (297.5), indicating improved potential.
Better than expected
6 April 2025 6:22 PM
Investor Presentation
- The intercept of 170m @ 1.75g/t gold incl. 18.3m at 9.95g/t gold from first drillhole at Enmore Gold Project, NSW is better than expected.
Better than expected
3 April 2025 12:51 AM
Investor Presentation Announcement
- The assay results of 170m @ 1.75g/t gold from 77m, including 18.3m at 9.95g/t gold from 172.9m are considered better than expected.
Better than expected
1 April 2025 6:57 PM
Exploration Update
- The assay results from the first drillhole exceeded expectations due to the high-grade intercept and broad zone of gold mineralisation.
- The results validate historical drill results, indicating potential for broad and high-grade gold zones.
Delay expected
16 March 2025 6:42 PM
Exploration Update
- The drilling program has been paused for up to one week due to heavy rains associated with ex-Tropical Cyclone Alfred.
Worse than expected
12 March 2025 1:35 AM
Half Year Financial Report
- The company reported a loss of $925,922 for the half-year ended December 31, 2024, indicating worse than expected financial performance.
Capital raise
12 March 2025 1:35 AM
Half Year Financial Report
- The company's ability to continue as a going concern is dependent on raising additional funding either through debt or equity to meet its planned exploration programme.
- The company will be required to raise funds for working capital from debt or equity sources if the above matters are not achieved.
Better than expected
2 February 2025 4:27 PM
Investor Presentation
- The document highlights significant exploration results, including broad, high-grade gold intercepts at Sunnyside, suggesting better than expected potential.
- The commencement of drilling at multiple projects and the joint venture with Newmont indicate a positive outlook and better than expected progress.
Better than expected
23 January 2025 6:03 PM
Quarterly Report
- The company has made transformational acquisitions that have significantly increased the size and potential of its portfolio.
- The company has reported high grade drilling results at the Enmore project.
- The company has completed a capital raise and is well funded.
Better than expected
19 January 2025 4:19 PM
Exploration Update
- The identification of a 4km gold trend and high-grade sampling results are better than expected for an early-stage exploration project.
Better than expected
6 January 2025 5:28 PM
Exploration Update
- The rock chip results are better than expected, with high grades of gold and copper, confirming the potential for significant mineralization.
Capital raise
29 November 2024 12:31 AM
Securities Quotation Application
- An additional 450,000,000 shares are to be issued on December 5, 2024.
Capital raise
28 November 2024 11:47 PM
Annual General Meeting Results
- Approval was granted for a 10% placement capacity.
- Approvals were given to issue shares related to Enmore, Lachlan, and director placements.
Delay expected
28 November 2024 6:42 PM
Investor Presentation
- Planned discovery activity is subject to changes due to various factors including regulatory approvals and inclement weather.
Better than expected
28 November 2024 5:22 PM
Annual General Meeting Report
- The successful acquisition of the Enmore and Lachlan projects significantly expands Koonenberry Gold's exploration portfolio and increases its potential for major discoveries.
Delay expected
26 November 2024 8:41 PM
Securities Issue Update
- The issue date of the Placement Shares was delayed by one day, from December 4th to December 5th, 2024.
Delay expected
17 November 2024 6:17 PM
Exploration Update
- The first phase of air core drilling at Atlantis was terminated early due to limitations in the rig configuration and air pressure, preventing the testing of three identified EM conductors and limiting the extent of the surveyed area.
Worse than expected
17 November 2024 6:17 PM
Exploration Update
- The second phase of drilling at the Atlantis prospect did not yield significant copper or gold intersections, despite the presence of trace amounts of sulphides, indicating that the targeted mineralisation may be located further from the drillholes or at greater depth than initially anticipated.
Capital raise
28 October 2024 7:44 PM
Notice of Annual General Meeting
- A $4.5 million capital raising (before costs) is planned through a placement of shares.
- Directors have committed to subscribing for up to $200,000 of the placement.
Capital raise
16 October 2024 7:55 PM
Investment Announcement
- Koonenberry Gold is undertaking a \$4.5 million capital raising.
Capital raise
16 October 2024 7:20 PM
Investor Presentation
- A capital raising of at least A$2,000,000 is planned, with commitments already secured for A$4,500,000.
- The capital raising will fund the acquisition of the Enmore Gold Project and Lachlan Projects.
Capital raise
16 October 2024 6:54 PM
Acquisition Announcement
- A $4.5 million capital raise via a placement of 450 million new ordinary shares at $0.010 per share.
- The placement was supported by major shareholder Lion Selection Group and new investor Lowell Resources Fund.
- Funds will be used for exploration, capital raising costs, and working capital.
Capital raise
14 October 2024 6:49 PM
Trading Halt Announcement
- A capital raising is planned in association with a material acquisition.
Capital raise
12 September 2024 4:15 AM
Annual Report
- A share placement and fully underwritten entitlement offer raised $2,352,537 before costs in April 2024.
Delay expected
12 September 2024 4:15 AM
Annual Report
- Drilling at the Atlantis Prospect was unable to penetrate to planned depths due to hard and silicified ground, resulting in an early termination of the program.
Worse than expected
3 September 2024 7:59 PM
Exploration Update
- The drilling program was significantly shorter than planned due to unforeseen weather conditions, resulting in fewer drill holes and less data than anticipated.
Delay expected
3 September 2024 7:59 PM
Exploration Update
- A significant rain event forced an early termination of the drill program at Atlantis, resulting in a compromised program with only 6 holes completed instead of the planned 16.
Delay expected
30 July 2024 7:16 PM
Exploration Update
- The drill program in June was terminated early due to a significant rain event.
Delay expected
23 July 2024 8:01 PM
Quarterly Report
- A significant rain event occurred after the reporting period, resulting in demobilisation of equipment and crew, delaying further exploration.
Better than expected
12 June 2024 7:55 PM
Exploration Update
- The gold zone has been extended to the east and 200m to the south, expanding the gold footprint to over 500m x 400m.
Delay expected
27 May 2024 7:18 PM
Exploration Update
- The initial drilling program was terminated early due to rig limitations, preventing the testing of the three EM conductors.
Delay expected
21 April 2024 7:02 PM
Project Update
- Drilling at Atlantis was delayed due to unexpected difficult drilling conditions (hard ground).
Worse than expected
21 April 2024 7:02 PM
Project Update
- The drilling at Atlantis did not reach the target depth due to difficult ground conditions, which is worse than expected.
Delay expected
19 April 2024 4:14 AM
Rights Issue Results and Revised Timetable
- The issue and settlement of Rights Issue shares has been revised from the timetable previously announced to the ASX on 8 March 2024.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.