Past year: ▲ 0%(0.00c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2014capital raising announcement▼ Bad
On March 6, 2014 the company authorized 7,758,621 restricted shares at $0.0145 each: 4,310,345 to CEO S. Jeffrey Johnson for a $50,000 bonus (including a 25% tax gross-up), 3,103,448 to Jayme Wollison for $135,500 of accrued salary being settled for $45,000, and 344,828 to an employee for a $5,000 bonus. This continues the practice of paying people in shares seen in June 2013, and dilutes existing holders; the filing does not give a reason.
4 Mar 2014capital raising announcement● NeutralMajor
On February 28, 2014 the company settled with Mediapark and Soloman, holders of the 10% convertible notes due February 8, 2013 (originally $1,375,000 each), who had sued in October 2013 to force payment. The company paid $500,000 to each and issued new $1,155,000 notes at 12% due December 31, 2014, guaranteed by JHE and secured on oil and gas properties; 70% of proceeds from any further JHE asset or NPI sales must go to the noteholders. It also agreed to issue 2,500,000 shares to each holder (the CEO votes them for six months and the company can buy them back at $0.15) plus two-year warrants for 2,500,000 shares each at $0.05, exercisable from February 1, 2015. The lawsuit is to be dismissed once the deeds of trust are filed, and the old notes cancelled. This resolves the overdue 2012 notes thread but adds dilution and a new debt deadline.
27 June 2013capital raising announcement▼ Bad
The company authorized 4,201,007 restricted shares, mostly in place of accrued salary and employment-agreement share installments: 1,591,675 to CEO S. Jeffrey Johnson for $63,667 of accrued salary and 1,568,750 to Jayme Wollison for $62,750 (each including a 25% tax gross-up), 757,249 to Johnson for his June 1, 2013 restricted share installment and gross-ups, and 283,333 to two employees. The Johnson and Wollison shares were valued at $0.05 versus a $0.0353 closing price. Paying salary in shares dilutes holders; the filing does not give the reason for doing so.
11 Oct 2012capital raising announcement● NeutralMajor
Holders of the February 2012 10% convertible notes agreed to extend maturity from Feb 8, 2013 to Sept 30, 2014, but only if the company closes a $5,000,000 financing within 90 days (extendable in 30-day steps at the holders' discretion); otherwise the original terms stand. The company issued 250,000 shares now and owes another 250,000 shares on closing of the financing. Interest since May 1, 2012 is paid at closing, then monthly. The extension depends on a financing that has not happened yet.
30 Aug 2012capital raising announcement● Neutral
A holder of a $500,000 convertible note (due March 14, 2013, originally convertible at $1.50) agreed to convert it, with the company cutting the conversion price to $0.4677, in exchange for 1,100,000 shares covering the principal and $14,516.13 of interest. This removes that debt but issues 1,100,000 new shares at a much lower price than the original terms, diluting existing holders.
13 July 2012capital raising announcement● NeutralMajor
The company amended an April 17, 2012 agreement with BlueRidge Petroleum and other sellers for Kansas leases. It now pays $50,000 (already paid) and issues 2,611,000 shares for the Sheridan County interests, and gets an option, exercisable by Sept 28, 2012, to buy interests in 80,871 acres (including Rawlins and Graham Counties) for $10,108,875 in cash plus shares worth $1,000,000. This replaces the original $5,308,375 plus 560,000 shares deal and brings a large share issuance for Sheridan. The option is not an obligation, and the filing does not say how the cash would be funded.
16 May 2012capital raising announcement▲ Good
The company raised $750,000 by selling 500,000 units at $1.50 to one accredited investor, each unit being one share plus a half warrant exercisable at $2.75 for three years. It says proceeds are aimed at debt payments, acquisition capital and/or general purposes. More new shares and warrants mean some dilution.
3 May 2012capital raising announcement▲ GoodMajor
All 4,800,000 warrants from the June 2011 unit placement were exercised at $0.50, bringing in $2,400,000 and issuing 4,800,000 new shares. The company says it intends to use the money for debt repayment, acquisitions and/or general purposes. This adds cash but dilutes existing holders by the new shares.
10 Feb 2012capital raising announcement▼ BadMajor
The company issued $2,750,000 of 10% convertible notes (due Feb 8, 2013, convertible at $1.50 per share) and used the proceeds to make the $2,000,000 December 2011 payment to the Edsels on the JHE note, which had been missed and extended twice (a $100,000 payment bought the first extension). The Edsels also pushed the March 2012 payment to April 30, 2012. In return the noteholders get a pledge over JHE and a 3.5% overriding royalty in certain properties the company may acquire, and the company dropped the clauses that would release JHE oil and gas properties from the Edsels' pledge as the note is paid down. The company says it is current on the note after the Feb 8 payment.
19 Sept 2011capital raising announcement● NeutralMajor
Now named Circle Star Energy Corp., the company issued $1,500,000 of 6% convertible notes due September 14, 2014, convertible at $1.50 per share, sold to non-U.S. investors. The filing says the proceeds went toward the $1,500,000 September 1, 2011 installment on the JHE promissory note, which addresses the funding gap flagged in June. The filing says only that the proceeds paid 'a portion' of that installment.
