Each one in plain English, with the numbers worked through for a shareholder.
2 Aug 2012capital raising announcement▼ BadMajor
On August 1, 2012 Alamo swapped all of its July 2011 discount convertible debentures and the Series A, B and C warrants for 16,724,329 new common shares, extinguishing $1,076,612.52 of principal and accrued interest and warrants over 1,344,150 shares. A separate warrant exchange issued a further 335,410 shares for warrants. This ends that debenture financing and replaces the debt with new shares, so existing holders are diluted; the filing does not state the share count after issuance.
On July 26, 2011 Alamo agreed to sell about $1,310,621 of discount convertible debentures, plus three series of warrants over 2,621,241 shares, for about $1,114,000. The debentures are unsecured, due in two years, pay 5% and convert at $1.00, but the conversion price (and warrant prices) can reset downward to as low as $0.50 from the earlier of the registration's effectiveness or February 1, 2012, so dilution could be larger. The three KYTX subsidiaries guarantee repayment. Alamo must file a resale registration within 45 days, and Rodman & Renshaw, the placement agent, gets a 7% fee and warrants over 91,743 shares. This is a new debt source separate from the Eurasian facilities.
On June 21, 2011 Alamo borrowed another $400,000 from Eurasian under the $2,400,000 agreement of April 2011. The note is 8%, due April 12, 2014, convertible at $1.00 a share, with 400,000 warrants at $1.25 for five years. It continues the Eurasian borrowing and adds potential dilution if converted or exercised.
On May 24, 2011 Alamo borrowed $50,000 from Eurasian, the first draw reported under the new $2,400,000 agreement of April 2011. Its terms differ from the 2009 facility: 8%, due April 12, 2014, convertible at $1.00 a share, with 50,000 warrants at $1.25 for five years. The higher conversion and warrant prices mean less dilution per dollar borrowed than the earlier notes.
On April 19, 2011 Alamo signed a third advisory board agreement, with David Henderson, on the same terms as before: at least four meetings a year at $1,000 each and 100,000 shares subject to vesting. The filing also confirms that Alamo is obliged to issue 100,000 shares each to Terry Davis and Richard Edmonson. Together the three advisors add about 300,000 shares of potential dilution.
On March 1, 2011 Alamo borrowed another $160,000 from Eurasian under the original $2,000,000 agreement, on the same terms: 8%, due November 18, 2012, convertible at $0.50, with 160,000 warrants at $1.00 for five years. It is the largest single draw since the facility's first instalment in November 2009, and adds to possible dilution.
On February 8, 2011 Alamo borrowed another $100,000 from Eurasian under the original $2,000,000 agreement from November 2009. The note is 8%, due November 18, 2012, and convertible at $0.50 a share, with 100,000 warrants at $1.00 for five years. This continues the drip-feed of borrowing from Eurasian, and conversion or exercise could dilute shareholders.
16 Dec 2010capital raising announcement● NeutralMajor
On December 15, 2010 Alamo borrowed another $75,000 from Eurasian under the original $2,000,000 agreement (8% note due November 18, 2012, convertible at $0.50, with 75,000 warrants at $1.00 for five years). That brings the total to roughly $1.6 million by my sum of the filings' figures (an inference), leaving about $400,000 undrawn. The same day it exercised its option under the Allied participation agreement to join the recompletion of the WVIC D-12 well on the Eco Forrest Lease (about 493 acres, Ritchie County, West Virginia). The filing gives no cost or interest for that well; the press release calls it the third Allied re-entry well.
On September 24, 2010 Alamo borrowed another $40,000 from Eurasian under the original $2,000,000 agreement (8% note due November 18, 2012, convertible at $0.50, with 40,000 warrants at $1.00 for five years). Summing the notes in these filings gives roughly $1.52 million drawn, an inference from the filings' own figures. Conversion could dilute shareholders.
On August 18, 2010 Alamo issued Eurasian a $150,000 note (8%, due November 18, 2012, convertible at $0.50) with 150,000 warrants at $1.00 for five years. It is another draw on the Eurasian financing (inference; the filing does not name the facility). Conversion or warrant exercise could dilute existing shareholders.
On August 12, 2010 Alamo issued Eurasian a further $25,000 note (8%, due November 18, 2012, convertible at $0.50) with 25,000 warrants at $1.00 for five years. It is another small draw on the Eurasian financing (inference, as the filing does not name the facility). It could add to dilution if converted.
On July 22, 2010 Alamo issued Eurasian Capital Partners a $175,000 note (8%, due November 18, 2012, convertible at $0.50 per share) with 175,000 warrants at $1.00 for five years. The filing does not name the November 2009 facility, but the terms match it (inference). Conversion or warrant exercise could dilute existing shareholders.
On March 25, 2010, Alamo issued a further $100,000 Eurasian note (8%, due November 18, 2012, convertible at $0.50) with 100,000 warrants at $1.00. Separately, it dismissed Quintanilla on March 17, 2010 and hired Kelly & Company as auditor, with no disagreements reported and no audit reports issued by Quintanilla. This is the company's third auditor in about two months.
On February 5, 2010, Alamo borrowed $80,000 from Eurasian Capital Partners through an 8% senior secured convertible note due November 18, 2012, convertible at $0.50 per share, with warrants for 80,000 shares at $1.00 for five years. This appears to be a draw under the up-to-$2,000,000 financing arranged in November 2009 (an inference, as the filing does not name that facility). Conversion or warrant exercise could dilute existing shareholders.
