26 Nov 2025capital raising announcement● NeutralMajor
Barnwell agreed on Nov 24, 2025 to sell 2,221,141 new shares at $1.10 each (about $2.44M gross) in a private placement led by investor Bradley Radoff, with some directors also buying; this explains the directors' $1.10 open-market-priced purchases reported the same day. Most non-director buyers also get warrants to buy 1,029,104 more shares at $1.65, exercisable from 180 days after closing for three years, so existing holders face dilution if issued. Radoff gets the right to appoint a director (Joshua Schechter expected to join after the Nov 28 closing). The company says proceeds are for general corporate purposes. The press release also describes the exit from water well drilling, the planned closing of the Hawaii headquarters, and the retirement of its two longest-serving executives.
What it means for a shareholder
2.2m new shares at US$1.10 to raise about US$2.4m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held US$1,000 of shares (909 at the issue price), your slice goes from 0.00902% to 0.00739% of the company. To keep it you'd need 200 more shares - about US$220 at the issue price.
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