Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2014capital raising announcement● NeutralMajor
On August 13, 2014 the company priced $175M of 11% senior secured notes due Sept 1, 2019, sold at 99.059% of face value in a private placement and expected to close Aug 27, 2014. The press release says the proceeds will refinance the existing Morgan Stanley credit facility, cover general corporate purposes and pay fees; it also intends to set up a senior secured revolving facility of up to about $60M. This replaces the Morgan Stanley facility, which was recently amended and waived in July.
8 Jan 2013capital raising announcement● NeutralMajor
On January 4, 2013 the company and its Spyglass partner bought more working interests from SM Energy in four Divide County, ND spacing units for $9.1M; the company took 55% (paying $5,005,000 from the Macquarie advance) and the partner 45%. This is the second of the two Divide County acquisitions pending in the prior context, so that thread is now closed. The company also sold 4,000,000 restricted shares at $1.00 ($4.0M cash) to Power Energy Holdings, and granted its affiliate Power Energy Partners an option on 10% of the company's share of the interests (notice by Mar 22, 2013, payment by Mar 29, 2013), which is the same 10% option as in the earlier thread but now with the holder named. It also agreed to sell all crude from its operated Divide County wells to Power Energy Partners from Feb 1, 2013 to Jan 31, 2014, and issued 225,564 shares to a broker-dealer and four executives for the Macquarie financing.
On October 14, 2009 the company issued 6,500,000 restricted shares to its three directors and two senior managers in exchange for them giving up their outstanding stock options. The shares are booked at $117,000 ($0.018 per share), cannot be sold for two years, and are forfeited if officers leave within one year (or directors fail to serve one year). The company will also lend the officers about $30,000 for tax withholding. This adds shares and replaces the earlier option awards (including Colby's 1,443,800-share option, inference).
1 June 2006capital raising announcement▲ GoodMajor
The private placement's fourth and final closing, on May 31, 2006, sold 440,000 units for $220,000. In total 13,124,000 units were sold for $6,562,000 at $0.50 each, each with a two-year warrant at $1.00. The press release says proceeds will fund exploration in the North Sea and Nevada and general corporate purposes. This ends the financing thread and leaves the company funded for now, with more shares and warrants outstanding.
What it means for a shareholder
13.1m new shares at US$0.500 to raise about US$6.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
A third closing of the private placement, on May 8, 2006, sold 808,000 units at $0.50 for $404,000, on the same terms as before (share plus two-year $1.00 warrant). Together with the earlier closings, 12,684,000 units had been sold, adding modestly to the dilution already disclosed. The press release calls this the 'second closing' in one sentence, which looks like a typo, since the filing itself says third.
What it means for a shareholder
808,000 new shares at US$0.500 to raise about US$404,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
29 Mar 2006capital raising announcement● NeutralMajor
The company completed a second closing of its private placement on March 29, 2006, selling 8,666,000 units at $0.50 for $4,333,000, bringing the total to about $5,938,000 per the press release. Terms are the same: each unit is one share plus a two-year warrant at $1.00, with the same registration deadlines and penalty. More shares and warrants are now outstanding, which dilutes existing holders.
What it means for a shareholder
8.7m new shares at US$0.500 to raise about US$4.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
8 Mar 2006capital raising announcement● NeutralMajor
The company closed the first part of a private placement on March 2, 2006, selling 3,210,000 units at $0.50 each for $1,605,000. Each unit is one share plus a two-year warrant to buy another share at $1.00. It must file a resale registration statement within 120 days and get it effective within 180 days or pay investors 1.0% per 30 days, and it owes finders 8% of proceeds. More closings were expected through March 17, 2006. This is the first outside money raised since the $1,126,000 placement at the time of the November 2005 Nevada deal, and it adds shares and warrants, so it dilutes existing holders.
What it means for a shareholder
3.2m new shares at US$0.500 to raise about US$1.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
3 Feb 2006capital raising announcement● NeutralMajor
On January 30, 2006 the company took an option, via a letter agreement with International Frontier Resources, to join drilling of a test well in North Sea Quads 41 and 42, for a ten percent working interest. It paid $75,000 up front, will pay 15% of test well, testing and completion costs, and must provide a $1,500,000 letter of credit for Palace Exploration. It also pushed the Quad 14 letter-of-credit deadline from February 5 to March 3, 2006 with no other changes, and agreed to issue 350,000 shares to finder Taverham Company Ltd. only when the Quad 14 and Quad 41/42 acquisitions close. This adds a second North Sea project beyond the Quad 14 deal from November 2005; the press release says drilling is tentatively set for the third or fourth quarter of 2006, subject to rig availability.
