Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2010capital raising announcement● NeutralMajor
On October 26, 2010 Crimson sold 4,250,000 new shares (about 9.9% after the deal) at $5.00 for $21.25M to America Capital Energy Corp (ACEC), a US arm of Shanghai Zhong Rong Property Group. ACEC also holds a 60-day option to buy 1,750,000 new Series I preferred shares for $8.75M, which would convert one-for-one into common (taking ACEC to about 13.4%) and let ACEC appoint a director. Proceeds are for general corporate purposes, including drilling; further dilution if the option is exercised.
22 Dec 2009capital raising announcement▲ GoodMajor
Crimson sold 20,000,000 new common shares at $5.00 in a public offering that closed December 22, 2009, for about $93.1M net (underwriters hold an option for 3,000,000 more). $83.1M of it repaid revolver debt, and the Series G and H preferred shares converted into about 12,100,736 common shares. This resolves the preferred-heavy structure for those two series and adds significant dilution, but cuts bank debt.
On January 18, 2008 a stockholder asked to convert 500 Series G preferred shares into 34,821 common shares (not yet issued at filing). The filing also reports that in December 2007 another holder converted 8,000 Series D preferred shares into 50,000 common shares, issued December 5, 2007. Small further dilution of common shareholders as preferreds convert.
Stockholder J. Virgil Waggoner converted 3,000 Series H and 9,000 Series E preferred shares into 719,819 new common shares, issued May 29, 2007, with no other consideration paid. This adds to the common share count, so other common holders are diluted modestly, and reduces the preferred outstanding.
