Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2008capital raising announcement▼ BadMajor
On November 6, 2008 the company closed a private placement of 2,000,000 units at $0.15 for $300,000 to one US person. Each unit has one share and 1.5 warrants (3,000,000 total) exercisable at $0.20 for twelve months. The $0.15 price is far below the 2006-07 raises, diluting existing holders.
What it means for a shareholder
2.0m new shares at US$0.150 to raise about US$300,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On July 9, 2008 the company issued 300,000 shares to two advisory board members under advisory agreements, which pay each 37,500 restricted shares per financial quarter of service. A small share issue for services, not cash.
On March 25, 2008 the company issued 813,953 units at a deemed $0.43 for a $350,000 E&P advance; warrants are exercisable for three years at $0.64. The $350,000 is below the $500,000 minimum multiples stated in the original agreement (the filing does not explain this). Deemed unit price continues to fall.
Another $500,000 E&P advance on October 22, 2007, with directors approving 757,576 units at a deemed $0.66. Continues the E&P funding arrangement; the E&P commitment of up to $5,000,000 is being drawn in steps.
A further $500,000 E&P advance (notice September 14, funds late September 2007): directors approved on October 10 issuing 961,538 units at a deemed $0.52. Continues the E&P funding and share issuance.
25 July 2007capital raising announcement▲ GoodMajor
On July 12, 2007 the company completed the purchase of a 10% interest in the Alligator Bayou Prospect from CTC Minerals for $800,000 (effective May 1, 2007), resolving the May letter of intent. It also took a $1,000,000 E&P advance, issuing 1,785,714 units at $0.56.
What it means for a shareholder
1.8m new shares at US$0.560 to raise about US$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Fourth E&P advance of $500,000 on July 2, 2007: 961,538 units at a deemed $0.52. The deemed price has fallen from $2.05 to $0.52 across the E&P tranches, so each tranche issues many more shares.
Third E&P advance of $500,000 on April 23, 2007: 495,050 units at a deemed $1.01 each. The deemed price is about half the previous tranche's $2.05, so each $500,000 now brings roughly twice as many new shares.
A second $500,000 E&P advance: 243,902 units issued at a deemed $2.05, with warrants at $3.075 running to January 25, 2010. Continues the E&P funding arrangement.
Under the E&P agreement, the company issued 248,756 units at $2.01 for a $500,000 advance. It also amended president James B. Hersch's employment deal (US$11,000 monthly fee) and issued him 5,000,000 restricted shares held in escrow, with 250,000 vesting every three months from October 1, 2006. The 5,000,000 shares are a large issue to management. (The filing is signed by Johannes Petersen as Secretary and Director and refers to Hersch as president.)
What it means for a shareholder
248,756 new shares at US$2.01 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company terminated the August 10, 2006 Falcon Natural Gas lease assignment (no reason given in the filing), reversing the DeWitt County deal. It also closed a placement on October 25, 2006 of 600,000 units for $750,000, each with a warrant at $1.75 for three years, for working capital.
14 June 2006capital raising announcement● NeutralMajor
The company (filing under the name Som Resources Inc., the same Nevada registrant and file number as Century Petroleum) closed a private placement of 658,571 units for $2,205,000 on June 13, 2006. Each unit is one share plus one warrant exercisable at $10.50 for 24 months; proceeds are for working capital. New shares for existing holders to account for, and the first cash raised in this story.
What it means for a shareholder
658,571 new shares at about US$3.35 to raise about US$2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
