TMT 4.55% 21.0¢ technology metals australia limited

TMT - its a numbers game.

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    Just a small portion of collated info.... worth a look.

    10/11/16 - Initial offer to raise $4m by issuing 20m shares at 20c. PAC partners were the lead manager. Michael Fry NE-Chairman, Ian Prentice Executive director, and Sonu Cheema was a NED and the secretary.

    As part of the initial disclosure a private company Kop pty was purchased. Kop Ventures pty owned multiple tenements and exploration licenses in Gabanintha. As part of this deal TCMC received 1.85m FPOs (7.37% of SOI), 7.4 =11m Class A performance shares, and 7.4m = 11, = 22,4 class B performance shares; Station nominees received 625k = 13,4 FPOs, 2.5m class A performance shares, and 2.5m class B performance shares; Ian Prentice received 25k FPOs, 100k class A performance shares, and 100k class B performance shares.
    4.7m options were issued to Cicero advisory, 2.5m to the lead manager, and 6.5m to directors. The options have a strike price of 25c and expire on 31/12/19.
    The class A performance shares convert into 1 FPO and 1 Class B performance share upon the definition of an inferred resource of 30,000,000 tonnes of vanadium oxide ore at greater than 0.8% at the Gabanintha Project on or before 31 December 2019. Class B performance shares convert into 1 FPO upon the definition by the Company (or an entity controlled by the Company) of an indicated resource of 20,000,000 tonnes of vanadium oxide ore at greater than 0.8% at the Gabanintha Project on or before 31 December 2019.
    In the initial top 20 TCMC were number 1 with 7.37%, and Station nominees were 2nd with 2.49%.

    9/3/17 - Price starts rising following announcement “Massive Magnetite zone intersected on every traverse”. Spikes further on the 15/3/17 with the release of the HY report. Over these days the price rises from 19c to 29c. Rose further after more high grade zone intersections were announced on 4/4/17 but then came back down to 19c after the 19/4/17 announcement entitled “Exceptional widths and grades from maiden drilling program”. Despite the grades being positive this left TMT very close to triggering the Class A performance shares and causing dilution.

    13/6/17 - Announcement “Maiden Inferred resource - High grade of 29.5Mt at 1.1% V2O5”. Over 60Mt were at over 0.8% satisfying the terms of performance shares A. Although having 29.5Mt in the title when the performance shares were hit at 30Mt could be seen as slightly misleading. On the 6/7/17 the performance share conversion was confirmed and TCMC now owned 26.35% of TMT. This was 2 days after Station nominees had been confirmed as a substantial holder, owning 8.9%.

    31/7/17 - Quarterly activities report contained notice of PAC Partners receiving options: “Subject to shareholder approval, under the mandate the Company will issue 3.0 million options exercisable at $0.35 expiring on 31 4July 2020 to internal and external advisers associated with PAC Partners. In addition, PAC Partners will be issued 1.0 million options exercisable at $0.35 expiring on 31 July 2020 for achieving a 30 day VWAP above $0.40 on or prior to December 31 2017.”

    31/8/17 - First of 3 pump announcements over the course of 15 days. “Infill drilling confirms continuity of high grade vanadium”, this was followed on 8/9/17 “Excellent preliminary metallurgical testwork at Gabanintha”, and on the 14/9/17 “Outstanding results at Gabanintha southern tenement”. Although during this time the price dropped on low volume.
    The price wouldn’t start moving again until 10/11/17 when it hit 35c and the ASX issued a price and volume query to find out why.

    4/12/17 - By the end of November the sp had come down to around 22c and on the 1st of December TMT entered a trading halt for a Capital raising, only to announce on the 4th that they had decided not to proceed with the raising, stating that they were funded beyond the completion of the PFS - expected for June 2018.

    7/12/17 - “Exceptional results from diamond drilling at Gabanintha” released 3 days after the capital raise was cancelled. This was followed up 11 days later with“Southern tenement inferred resource of 21.5Mt at 0.9% V2O5”.

    From the start of February through to the end of March the price ran from 23.5c to 50c. The run started on low volume without any news. On 22/2/18 = 6 they announced outstanding Vanadium recoveries.

    7/3/18 = 9 - They announced an increase to their inferred resource. This triggered the Class B performance shares being converted.

    8/3/18 - Appendix B confirming Performance shares conversion. This was followed on the 21/3, 6 by change in substantial holding announcements for Station nominees and TCMC.

    9/3/18 - Trading Halt ahead of Capital raise.

    13/3/18 - Oversubscribed share placement. $3m raised at 30c per share (Previous close 33.5c) with a 1 for 3 attaching options, exercisable at 40c 2 years from date of issue. Also, a further 6,666,667 options to be issued to the Company’s technical consultants, corporate advisers and key management personnel. The placement was co-managed by PAC partners and Patersons.
    The placement was well received and the sp closed at 42c, 6 for the day.

    11/4/18 - Notice of general meeting. Here they look for approval for options to be issued relating to the share placement. They also seek approval for an employee incentive scheme where options will be issued to key personnel - including 225k , 9 to Sonu Cheema.
    All resolutions would be passed.

    11/5/18 - Ian Prentice appointed MD. Paid $180k/year.

    28/5/18 - 3B issued confirming the issuing of options. Appears to be a typo in section 6e, twice writing 333,333,333 instead of 3,333,333.

    6/6/18.9 - Issuing of 6,666,666 options on the 6th of the 6th.

    21/6/18 - PFS released gapped up, opening at 50c, reaching a high of 52.5c before the news is sold into and it closes at 38.5c. After this day it would continue to rise, reaching a new high on 9/7/18.

    1/8/18 = 9 - TMT hits all time high of 85.5c, the day after the release of their quarterly report.

    28/8/18 , 27-9- $6m placement to sophs and instos at 50c (12% discount to the 15, 6 day VWMAP) - managed by Patersons. 50X12 =600
    On this same day they released their annual report - complete with a top 20 that will have been updated before the 12m shares from the placement.
    At this time there were 6,666,666 listed options on issue.
    The top 2 holders at this time were TCMC and Station nominees, holding a combined 22.275 =18,9m or 38.4%. 15=6

    15/10/18 - A further top 20 was issued, alongside 2 change in substantial holding announcements. These showed that TCMC and Station nominees (Les Robinson) as not having topped up in the placement and, as such, had their % reduced - their total shares held remained the same.
    Confirmed some of the people who topped up in the placement and how many shares they topped up by:
    BNP Paribas nominees +146,261
    Citicorp nominees +123,498
    CS Third nominees +345,920
    JP Morgan nominees +165,920
    Mr Chinn Huu Nguyen +240,000 (Also a top 20 holder in CLA)
    Mr David John Schenk +75,000
    Mr John Moss +11,500
    Mr Steven Vigolo +24,720
    Retzos Family exec +360,000
    Retzos Family pty +200,000

    On this same day they also issued an announcement of the Annual general meeting where they would vote to ratify shares and increase placement capacity by 10%.

    29/11/18 - Announce that the escrowed shares of TCMC and Station nominees will be released on 21/12/18, but that both holders were in discussions for extending the time-period of the escrow.
    On the same day they release another Top 20 showing that the major shareholders had not been selling. Seems like MW attempting to reassure somebody -- clearly somebody was (or was perceived to be) concerned at top holders selling during the recent price decline.
    An investor presentation followed this on 11/12/18 - possibly suggesting that they could be looking to send a message to future investors, possibly ones who had been courted for a prolonged period - This was likely confirmed on 18/2/19.

    27/12/18 - TCMC (15m,6) and Station nominees (5m) confirm that they are extending the escrow on a large proportion of their shares until 30/6/19.

    11/2/19 - Appointment of project director. David English appointed to oversee project. Formerly of Independence group and Sandfire resources.

    18/2/19 - A further placement was completed to instos, domestic & foreign investors to raise $4.55m at 26c (a 13.33% discount to the previous close). Shares came with 1 for 2 free attaching options at a strike price of 40c, expiring on 24/5/20. PAC and Patersons managed the placement.
    On the same day there were 2 substantial holder notices. One showing that TCMC had transferred 1.5m shares off market at 30c on 27/12/18, 24=6*, and sold $150.6k on market at 33, 6. The other showing that Station nominees had transferred 625, 13,4k shares off market at 32c on 27/12/18 - * the day the escrow was extended. Despite both announcements quoting the closing price on 27/12/18 there is a 2 cent discrepancy and

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Mkt cap ! $18.38M
Open High Low Value Volume
22.0¢ 22.5¢ 21.0¢ $60.80K 282.2K

Buyers (Bids)

No. Vol. Price($)
2 21984 21.0¢

Sellers (Offers)

Price($) Vol. No.
21.5¢ 20232 2
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Last update - 15.59pm 19/07/2019 (20 minute delay) ?
-0.010 ( 4.55 %)
Open High Low Volume
22.0¢ 22.5¢ 21.0¢ 63084
Last updated 15.59pm 19/07/2019 (live) ?
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