Which financings the insiders put their own money into, and how much of each round they took — from the SEDI filings directors, officers and 10% holders must make when they buy into a placement.
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When a junior announces a private placement, the press release says how much is being raised and at what price. It rarely says who is writing the cheques. The insiders find out first, and whether they participate — and how heavily — is one of the few honest signals a financing gives off.
Canadian insiders must file every placement purchase on SEDI within five days. This tool matches those filings to the round they belong to and shows, for every financing in the window, the dollars insiders took, the share of the round that represents, and how many of them bought.
Insiders took is the Canadian-dollar value of the placement filings matched to the round. Share is that value against the round's announced size; it is capped at 100% because upsizes and tranches can make the two disagree.
Insiders is the number of distinct people or holders who filed. Three directors each taking a modest slice says something different from one 10% holder taking the whole round: the first is management conviction, the second is a strategic investor, and the profile 's Insiders tab shows which it was.
Open rounds usually show nothing yet. Insiders file after the closing, so take-up appears when the round closes and its filings land, typically a week or two later.
Management taking a meaningful slice of a round at the same price and terms as outside investors is the pattern to look for. It means the people who see the drill core before you do chose to add, with cash, at a price the market set. Repeated across several rounds it is a stronger statement still.
Zero insider take-up in a round is not damning on its own — officers of a small explorer may simply lack the cash — but a company whose insiders never participate while regularly raising is one to read more carefully. Pair it with the open-market record on the insider board.
A filing is matched to a round when it is by that company's insider, is dated from a week before the announcement to 45 days after the closing (capped at about six months), and, where both prices are known, its unit price is within 15% of the round's. It is an inference, and it is labelled as one.
Usually. Insiders see the results before the market does, and choosing to add at the round's price with their own cash is a clear statement. The exceptions are rounds priced well below market, where participating is close to free money, and rounds a single strategic holder takes wholesale, which is a corporate decision rather than personal conviction.
Insiders file within five days of acquiring the shares, and the shares are issued at closing. A round announced this week has nothing to file yet. Take-up appears once the round closes and the filings land.
By company, by date (a week before the announcement to 45 days after the closing) and, when both are known, by price within 15% of the round's. Two rounds at the same price close together can share filings; the filing list on the company's Insiders tab shows the individual entries.
Yes, under Canadian insider reporting rules a holder of 10% or more must file, so a strategic investor topping up in a placement appears here. The insiders count and the names on the profile's Insiders tab tell you whether the take-up was management or a strategic.