A lot of terms used in the Equity Capital Marketscan be new and confusing. Check out the article for explanations on some of the key terms and links to further information on the topics.

Environmental, Social and Corporate Governance (ESG). A topic that is increasingly driving both investor and company investment decisions. ESG investing is sometimes referred to as sustainable investing, responsible investing, impact investing, or socially responsible investing.

The JMEI program was launched in 2018 by the Australian Government as an annual program to encourage and incentivise Greenfields investment in the mineral exploration space.  It is designed to enable participating companies to transfer tax losses into 'exploration credits' which in turn can be transformed into franking credits or refundable tax offsets for investors.

Fresh enables and prepares you to settle simply and efficiently through both traditional methods of settlement:  1. Manual/Electronic Funds Transfer (EFT) Settlement 2. Delivery versus Payment (DVP) Settlement

When a company doesn't have a live deal Fresh users are able to register their demand for future capital raises. Registering demand for companies you're interested in lets Fresh know which offers to target for access and ensures that you are the first to hear about any activity.

Find more information on the mine development terms such as Greenfield; Brownfield; Strip ratio; Open Pit Mine; Underground Mine; Underwater Mine; Scoping Study; Prefeasibility Study; Feasibility Study; and JORC in the article!

Find more information on common mining terms such as Assay; Dip; Extension; Magnetic survey; MT survey; Nearology; Strike; and Soil Sampling in the article!

Fresh covers all ASX capital raises that are open to external bids. Irrespective of size, broker, company or existing demand our aim is to provide full access to the market. These are displayed on our Raises Page. 1. Live Raises: Fresh gets access to over 60% of capital raises on the market and this is where you can find them! 2. Offers Pending Access: As soon as any company enters a trading halt and is confirmed to be raising capital, it will appear on the raises page as 'Pending Access'. 3. Recently Closed Offers: This is where you will find offers that have recently closed. These include offers that Fresh has had access and allocation in. 4. Bidding Unavailable: This includes offers that our corporate team has reached out to and been notified that bidding is unavailable.

Equity raising is the process of raising capital through issuing new shares in the company. This allows the investor to take partial ownership in the business and unlike with debt, the funds raised do not have to be repaid. This is the area that Fresh Equities currently works in. Fresh seeks access to placements, Entitlement Offers and Share Purchase Plans which are all examples of Equity capital raises.

A capital raise is when a company approaches existing and potential investors to ask for additional capital (money) in the form of either equity or debt.

Once you have completed your account set up you will be able to view term sheets and bid into any deal on Fresh! Step 1 : Personal Information Step 2: Investor Status Check Step 3: Identity Verification Step 4: Bidding Entity Set-up Step 5: Start Bidding!

Fresh Equities clients must qualify as sophisticated or professional investors: Sophisticated: · I have or control net assets of at least $2.5 million, either in my own name or through an entity; or · Earned a gross income of $250,000 or more per annum in each of the previous two years. Professional: · I have or control more than $10m in gross assets, either in my own name or through an entity; or · Hold an Australian Financial Service License or; · Control a company that employs more than 20 people (or if the business includes or is directly involved in the manufacturing of goods, 100 people) or; · Control a foreign entity that, if established or incorporated in Australia, would be covered by one of the preceding paragraphs.

A placement is a way for listed companies to raise equity capital via an offer of new shares to sophisticated, professional or experienced investors. 

Delivery Versus Payment (DvP) is a common settlement method that ensures shares are only delivered to an investor when payment has been secured. This form of settlement is effected by the ASX's CHESS system (Clearing House Electronic Sub-register System). It does this electronically by simultaneously transferring legal ownership of the shares with the transfer of funds. This is distinct from a 'manual' settlement where an investor will transfer funds to an issuer and receive shares direct from the registry.  DvP is designed to avoid settlement risk, where one party might fail to deliver on their side of the transaction.

Fresh Equities aggregates access to public capital raises in one place, lowering friction and making it easier for everyone.

Fresh follows the typical book build approach for bidding: 1. An indicative bid - investor confirms their eligibility and submits a bid. This is not yet a firm bid. 2. Confirmation - investor confirms the bid, it is now firm and irrevocable.  3. Allocation & settlement - the company determines the allocation amount and presents the investor with a placement letter and settlement details.  Fresh investors also have the ability to express interest in deals before they go live!

Frequent participants in capital raises will be aware that offers rarely close at the advertised “bids due” time. For investors, this can make it difficult to know exactly how long you have to research and prepare a bid and in some cases can result in a missed opportunity.  Clarity over the access, bidding, timing and allocation for an offer depends on how Fresh is participating in the capital raise. Below is a list of the ways that Fresh can participate in a capital raise from most clarity to least: 1. Participating directly with the company - Helping to arrange the offer 2. Participating directly with the company - Another broker or advisor arranging the offer 3. Through the lead manager of the offer 4. Through a joint lead manager of the offer 5. Through a syndicating broker

Fresh requests supporting information on offers where the company and/or broker has specifically asked for additional details on each bid in order to inform their allocation decision.

Fresh offers deal discovery, simple verification, bidding like an institutional investor, and bid management.

Convertible debt (also known as a convertible note) is when a company borrows money from a group of investors with the expectation that it will be converted into equity at a later date.

For investors, Fresh Equities is a 100% free service.

Fresh works with brokers and companies to secure access to capital raises. We have relationships with hundreds of listed companies and >60 brokerage relationships. In a typical capital raise brokers will be engaged to help fill the allocation. The sales desks within the firm will work with their client lists to generate bids.

An offer letter is a formal invitation to purchase securities in a capital raising.

Wall-crossing is used to collect early interest for capital raises. It is important that investors understand the obligations of this process before entering into an agreement.

A Quarterly Cashflow Report (officially known as Appendix 4C or 5B) is a quarterly reporting requirement for some ASX listed entities designed provide investors with additional information around whether these entities are meeting their operating objectives.

Rights issues, entitlement offers and share purchase plans may be underwritten. This means that an underwriter (usually a broker or bank) is guaranteeing that the amount sought by the company will be raised. A sub-underwriter may be appointed to take up some or all of the underwriter’s subscription obligation. A sub-underwriter assumes a portion of the risk and usually receives a cash fee for doing so. Sophisticated/professional investors can be invited to bid for sub-underwriting.

A HIN is like a bank account number, it is used to identify your account with a broker where your shares are held. When shares are not registered under a broker they are held with the company’s share registry and identified by an SRN (Securityholder Reference Number).

There are 4 key stages of a mining project - exploration, development, production, and care and maintenance.

We cover all ASX capital raises that are open to external bids.  Irrespective of size, broker, company or existing demand our aim is to provide full access to the market. 

Manual or EFT (Electronic Funds Transfer) is a common settlement method where an investor electronically transfers money directly to a company or its designated account. In return, the company will instruct their share registry to allocate the investors newly issued shares.