On April 19, 2010 the company closed the fourth and final round of its private placement, selling 5,905,121 units at $1.75 for $10.33 million (Macquarie Bank Limited led with $3.0 million). This brings the whole placement, begun in December 2009, to 8,762,264 units and $15.33 million, up from the roughly $5 million tallied so far, and each unit includes a share plus a warrant for half a share at $3.00 until April 18, 2013. Cash stood at $15,968,125 after the closing (vs $2,376,585 at Dec 31, 2009); management says it does not expect to need more capital before May 2011 but will after that, and investors can demand registration if no registration filing or exchange listing is completed by October 16, 2010. The 10-Q-style cash figure is dated 'April 22, 2009' in the text, which appears to be a typo for 2010 (inference).
What it means for a shareholder
5.9m new shares at US$1.75 to raise about US$10.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
4 Jan 2010capital raising announcement● NeutralMajor
On December 29, 2009 the company closed another private placement of 1,428,571 units at $1.75 each for $2.5 million, each unit with a share and a warrant for half a share at $3.00 over three years. The money is for appraising the Mirto field, the Putumayo-4 block and other Colombian opportunities, and it adds more shares (dilution). The filing also says the letter of intent to buy Avante Colombia, for company stock, was extended to January 15, 2010 so both sides can finish due diligence; that deal is not yet signed.
What it means for a shareholder
1.4m new shares at US$1.75 to raise about US$2.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company closed the last part of its 2009 private placement on July 31, 2009, selling 205,200 more units for $256,500 and bringing the total to 5,065,000 units and $6,331,250 gross at $1.25 per unit (each with a share and a $2.00 five-year warrant). Separately, the Mirto-1 well in the Maranta block reached its planned depth of 11,578 feet with oil and gas recorded, the company chose to take part in completing it and paid $1.2285 million (its 65% share of an estimated $1.8 million completion cost) on July 27, 2009. The company says it now believes it has enough money for all Phase 2 obligations, which resolves the funding worry raised in February 2009; the 20% interest still needs ANH approval after the final evaluation results.
What it means for a shareholder
5.1m new shares at US$1.25 to raise about US$6.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
22 June 2009capital raising announcement▲ GoodMajor
The company completed an initial closing of a new private placement, selling 4,860,000 units at $1.25 for $6,075,000 gross, with a 4.8 million unit minimum and 12 million maximum, closing by June 30, 2009. Each unit includes a share and a full warrant at $2.00 for five years with anti-dilution protection, and finders received 10% commissions ($565,625) plus warrants at $1.25. The funds are meant for the Maranta block, the expected Putumayo 4 interest, and other Colombia and Peru opportunities; this is the financing the February 2009 filing said was needed, and it adds dilution.
What it means for a shareholder
4.9m new shares at US$1.25 to raise about US$6.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company closed a second private placement of 4,784,800 units at $1.25 each, raising $5,981,000 gross and about $5.85 million net. Each unit has one share plus a warrant for half a share at $2.25 for five years; Gottbetter Capital Markets was paid a 1% commission ($59,810). The money is meant for first oil and gas investments in South America, and the press release names Colombia, Peru and/or Brazil. This follows the $2.4 million raised in March 2008 and adds to the share count.
What it means for a shareholder
4.8m new shares at US$1.25 to raise about US$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
20 Mar 2008capital raising announcement▲ GoodMajor
The company, now named La Cortez Energy (formerly La Cortez Enterprises, the successor to the DevMar Equities filer name used in the 2006 registration), closed a private placement of 2,400,000 shares at $1.00 per share for $2,400,000 with no commissions. It says the money will go toward a new focus on the energy sector in South America.
What it means for a shareholder
2.4m new shares at US$1.00 to raise about US$2.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
