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Prairie Downs looks for $600

ZINC explorer Prairie Downs Metals Ltd has taken the highly unusual step of issuing a prospectus to raise $600. Not $600 thousand, certainly not $600 million dollars, just little old $600. Or at least that is the stated purpose of the prospectus. In a strange quirk of the Corporations Law, which only people like Prairie Downs chairman and experienced corporate lawyer Jeremy Shervington would fully understand, the real reason for the 12-page prospectus lies elsewhere. Prairie Downs negotiated a $2 million share placement with US company Sempra Metals last month. Subject to due diligence, Sempra has also agreed to an off-take and marketing agreement for Prairie Downs’ planned zinc project in the Pilbara and may possibly invest a further $6 million by way of convertible notes. While Sempra plans to be a long-term shareholder, it wants the right to offer the placement shares for sale “without the need for disclosure under Part 6D.2 of the Corporations Act”. That can only happen if Prairie Downs lodges a prospectus, which is exactly what the company has done to satisfy its newest substantial shareholder.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/03/18

1 year TSR5 year TSR
166thAusquest62%-6%
171stPrairie Mining61%11%
350thPioneer Resources14%-4%
808thClassic Minerals-73%0%
716 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

31/12/17
$0 Other
25/08/17
$0 Issued
22/08/17
$2.6m Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

104th↓Prairie Mining$1.6m
129th↓Classic Minerals$762k
130th↑Pioneer Resources$745k
132nd↓Antares Energy$683k
133rd↑Ausquest$678k
508 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Prairie Mining

112thBen Stoikovich$730k
368thDylan Browne$166k
425thIan Middlemas$39k
Ranked by total remuneration from all listed WA companies

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