The story so far
The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.
shares on issue market cap (log scale)
202411.8m shares · US$23.6m market cap
- 3 Sept
CoJax bought more Mississippi mineral and oil and gas interests from Liberty Operating, this time paying about 2.21 million shares.
capital raising announcement
11.8m shUS$23.6m - 6 June
CoJax struck a similar deal with a new counterparty, Liberty Operating, issuing about 1.32 million shares for Mississippi mineral and oil and gas interests assigned into Barrister.
capital raising announcement
10.5m shUS$20.9m
2022
- 9 Dec
A second deal with Taxodium Energy added more wells, facilities and property interests to Barrister, paid for with another 1.5 million shares.
capital raising announcement
- 14 Nov
CoJax issued 1.6 million shares (about $3.4 million worth) to Taxodium Energy, a new counterparty, in exchange for mineral and royalty interests in Mississippi and Alabama properties assigned into its Barrister subsidiary.
capital raising announcement
- 12 May
CoJax had to restate its 2020 and 2021 financials after concluding the Barrister acquisition - which had given Barrister's members voting control of the company - should have been accounted for as a common-control transaction rather than a normal business combination, cutting the reported value of its oil and gas properties from $10 million to $2.7 million (with an equal reduction to stockholders' equity, though no effect on net loss).
financial restatement
2021
- 22 Nov
CoJax eliminated the $2.7 million Barrister acquisition debt entirely, exchanging it for 1.35 million shares at $2.00/share with lender Central Operating, which became a major shareholder as a result.
capital raising announcement
2020
- 20 Nov
CoJax closed its acquisition of Barrister Energy, LLC, issuing 3.65 million shares to Barrister's members - who thereby took voting control of CoJax - and assuming Barrister's $2.7 million debt, bringing CoJax its first real assets: oil drilling and production leases in Alabama.
asset acquisition disposition
- 28 July
CoJax corrected its June 2020 filing on the planned deal to buy Barrister Energy, LLC: the shares to be issued to Barrister's members are 3,650,000, not the 7,500,000 first stated, and closing is now expected on or before August 7, 2020. The amendment also fixes a transposed ownership figure for Roger McLeod (shown at 2,920,000 shares, 80.00% after the exchange), restates the emerging-growth-company risk factor, and re-posts garbled deal terms (including CoJax's right to rescind and a $100,000 cap on indemnification). The deal has not yet closed; the 3.65M-share figure is the one that later closed in Nov 2020.
capital raising announcement