Past year: ▼ 99%(0.01c – 0.88c USD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Mar 2020capital raising announcement▼ Bad
On March 16, 2020 the company issued 8,333,333 restricted shares to Cicero Transact Group, Inc., valued at $250,000 and equal to 7% of shares outstanding. The filing does not say what was received in return. Existing holders are diluted.
18 Sept 2019capital raising announcement▼ BadMajor
On September 18, 2019 the company borrowed $250,000 from FirstFire Global Opportunities Fund with a 10% original issue discount, 12% interest, maturing March 9, 2020, convertible at a 50% discount to market. It issued 1,875,000 commitment-fee shares, with 1,562,500 cancelled if repaid by maturity. This is the third loan of this type in about a month (after Labrys and Morningview), for working capital.
12 Sept 2019capital raising announcement▼ BadMajor
On September 11, 2019 the company borrowed $250,000 from Morningview Financial with a 10% original issue discount, 12% interest, maturing March 2, 2020, convertible at a 50% discount to market. It issued 1,875,000 commitment-fee shares, with 1,562,500 cancelled if repaid by maturity. This is the second loan of the same type after Labrys, adding to short-term debt and potential dilution.
27 Aug 2019capital raising announcement▼ BadMajor
On August 20, 2019 the company borrowed $400,000 from Labrys Fund with a 10% original issue discount, 12% interest, maturing February 20, 2020, and convertible into common stock at a 50% discount to market price. It also issued 3,000,000 shares as a commitment fee, of which 2,500,000 are returned and cancelled if the loan is repaid by maturity. Proceeds are for working capital. Terms of this kind could dilute shareholders if the loan is converted.
27 Aug 2019capital raising announcement● Neutral
On August 23, 2019 the company closed the Wilson 49-2 Wolfcamp recompletion offering, raising $537,500 from five accredited investors, who get a working interest plus four shares per dollar (2,150,000 shares in total). Between January 1 and February 28, 2020 investors can put their working interests back to the company for 4 more shares per dollar invested, which could mean further share issuance. Four board members took part.
18 June 2019capital raising announcement● NeutralMajor
On June 17, 2019 the company closed a working interest offering for the Moe-35 horizontal well, raising $1,640,000 from 17 accredited investors, each also getting four common shares per dollar invested. The company will issue 6,560,000 shares, a much heavier share issue than the January offering (one share per $2); four board members took part on the same terms.
What it means for a shareholder
6.6m new shares at about $0.250 to raise about $1.6m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held $1,000 of shares (4,000 at the issue price), your slice goes from 0.00425% to 0.00397% of the company. To keep it you'd need 279 more shares - about $70 at the issue price.
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14 Jan 2019capital raising announcement▲ Good
On January 10, 2019 the company closed a working interest offering raising $1,260,000 from 13 accredited investors, who get a share in the WWJD#31 horizontal well program plus one common share per $2 invested. The filing states 630,000 shares will be issued; six board members took part on the same terms as others. A press release attached says the WWJD #31H well, the first horizontal San Andres well, reached total depth.
What it means for a shareholder
630,000 new shares at about $2.00 to raise about $1.3m. That's 0.735% dilution: every existing holder's slice gets 0.735% smaller. If you held $1,000 of shares (500 at the issue price), your slice goes from 0.000588% to 0.000583% of the company. To keep it you'd need 4 more shares - about $8 at the issue price.
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18 July 2018capital raising announcement▲ GoodMajor
On July 18, 2018 the company closed a private placement of 13,620,000 common shares at $0.25 each, raising $3,405,000 from 36 accredited investors, with no warrants attached. This is new cash for the company and more shares outstanding, so existing holders are diluted. It follows the smaller $0.26 placement of March 2017.
What it means for a shareholder
13.6m new shares at $0.250 to raise about $3.4m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held $1,000 of shares (4,000 at the issue price), your slice goes from 0.00521% to 0.00442% of the company. To keep it you'd need 710 more shares - about $178 at the issue price.
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6 Apr 2017capital raising announcement● NeutralMajor
The company completed a private placement on March 31, 2017, selling 6,868,484 restricted common shares at $0.26 each to 38 accredited investors and raising $1,785,805.84. This is new cash, with new shares issued to buyers (dilution for existing holders).
8 July 2015capital raising announcement● NeutralMajor
On July 1, 2015 the company completed an exchange of 21,215,038 restricted common shares for 9,207,303 Amazing Energy, Inc. shares, making AEI a wholly owned subsidiary. This continues the October 2014 AEI deal by bringing in more AEI holders, and issues more shares.
11 Sept 2008capital raising announcement▼ BadMajor
On September 9, 2008 Cougar Gold told Gold Crest it would not enter an agreement on the Idaho properties. The company must now issue Cougar 500,000 extra shares at no additional cost. This resolves the Idaho joint venture proposed in June: it did not go ahead. The same filing does not discuss the remaining $500,000 share purchase, which was tied to that deal.
28 Aug 2008capital raising announcement● Neutral
Cougar's due diligence on the Idaho properties ran past the original period. The company says it needs cash for items including claim maintenance fees. Cougar bought 500,000 shares for $50,000 at $0.10, and exclusivity was extended to October 15, 2008. If no Idaho deal is reached by then, the company issues another 500,000 shares at no cost. The $50,000 is credited against Cougar's required payments under the Golden Lynx joint venture. The remaining $500,000 from the June subscription is not mentioned as received.
What it means for a shareholder
500,000 new shares at $0.100 to raise about $50,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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18 June 2008capital raising announcement▲ GoodMajor
Cougar Gold agreed to buy 8,000,000 shares at $0.10 ($800,000). The first $300,000 closed June 16, 2008; the other $500,000 depends on a proposed deal and is expected by August 13, 2008. That deal is a letter of intent for Cougar to earn 60% of the Idaho properties by spending $4,500,000 over four years, with the option to reach 85%. It is subject to due diligence and a definitive agreement, and this raises Cougar's stake in the company after its April share purchase.
What it means for a shareholder
8.0m new shares at $0.100 to raise about $800,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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