Each one in plain English, with the numbers worked through for a shareholder.
1 May 2009capital raising announcement● NeutralMajor
The plan took effect Feb 2, 2009 and the company became Black Raven Energy. An April 2009 agreement releases West Coast Opportunity Fund from guaranteeing $7.5M of new equity; instead it bought 166,667 shares for $500,000 ($3.00 each) and must buy a further $3M of securities at $2.00 per share of common stock before Sept 10, 2010. Its loans now bear 2.5% interest until over $7.5M gross proceeds are raised, then 10%, mature Dec 31, 2011, and carry no prepayment penalty.
The company said the court approved its reorganization plan, with a confirmation hearing set for Jan 16, 2009. If confirmed, all existing common stock will be cancelled, West Coast Opportunity Fund will get 90% of new stock and certain unsecured creditors 10%, and WCOF intends to lend $1.5M in exit financing.
Shareholders approved changing the name to PRB Energy, Inc. (ticker PRB unchanged) and elected Gus J. Blass III to the board, replacing Thomas J. Jacobsen, who did not stand for re-election. The company also said it filed a registration statement covering shares underlying the February 2006 convertible notes, not yet declared effective.
19 May 2006capital raising announcement● NeutralMajor
First quarter 2006 showed a net loss of $1.494 million on revenue of $827 thousand; the company reported cash of $22.6 million, mostly from the February note offering. It agreed to buy about 70 miles of gathering pipeline in the Recluse area (price not disclosed, closing subject to review). Management still expects 2006 revenue of $14-16 million and net income of $3.5-4 million, which is a forecast, and plans a name change to PRB Energy, Inc. for shareholder vote on June 14.
7 Feb 2006capital raising announcement● NeutralMajor
The company closed about $19 million of an approximately $22 million private placement of 10% senior subordinated convertible notes, with about $3 million more expected within days. The notes run 30 months and convert into a maximum of about 3.1 million shares at $7.00 each, which would dilute existing shareholders if converted. Management says this funds a $30 million 2006 capital plan ($21 million exploration and production, $9 million gas gathering).
