Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2004debt financing● Neutral
On December 21, 2004 CanArgo and Cornell Capital Partners amended the $1,500,000 promissory note dated May 19, 2004 so that accrued interest is paid in cash only. The filing does not say what the previous interest terms were.
After CanArgo raised US$37.5 million gross in a global public offering on September 22, 2004, repayment of its short-term loans was triggered. It repaid the £170,000 CA Fiduciary loan on September 28 and Mr Ozturk's original US$1 million loan on September 30; his additional $1 million convertible loan and the warrant agreements remain in place.
6 Oct 2004capital raising announcement● NeutralMajor
On September 30, 2004 CanArgo issued 6 million restricted shares (valued at US$4,320,000 at that day's closing price) to NPET Oil Limited in exchange for NPET's 25% interest in CanArgo Norio Limited. This raises CanArgo's stake in that subsidiary (previously 64.2%, per the July 2003 release) at the cost of issuing new shares.
CANARGO ENERGY CORP director Jeffrey Frederick Russell Hammond received 255,000 shares as an equity award and bought 100,000 shares on the open market.
31 Aug 2004capital raising announcement● NeutralMajor
On August 27, 2004 CanArgo borrowed a further $1,000,000 from Salahi Ozturk, repayable in two years and one day and convertible into shares at $0.69 each (not before one year), and extended his April 2004 loan to one year and one day. He gets a new warrant for 2,000,000 shares at $0.63 replacing his earlier 1,000,000-share warrant at $1.05; conversion and the warrant could add shares for existing holders to absorb.