On Sept 22, 2016 the company created a new class of 51 Series A Preferred shares and on Sept 26 issued all 51 to CEO Neal Allen for his service as CEO and director. Each converts into one common share, and the voting formula (0.019607 / 0.49 minus the numerator) gives the 51 shares a combined vote of about 2% of common votes... as a computed inference, the 51 shares together appear designed to carry roughly 51% of total votes, which would give Allen voting control. The filing states the formula but not that percentage.
Effective Dec 4, 2013 the company issued 2,250,000 shares at a deemed $0.001 each to two directors (2,000,000 to Dallas Gray, 250,000 to Darren Jacklin), plus 2,000,000 shares at about $0.001 to two consultants. This dilutes other shareholders and adds Darren Jacklin as a named director.
3 Dec 2013capital raising announcement● NeutralMajor
On Nov 28, 2013 the company bought the 41% (4,500,100 shares) of Pro Eco Energy Ltd. held by C.A.B Financial Services Ltd. and Chris Bunka, paying with 4,000,000 new company shares. Pro Eco Energy is a group of two private British Columbia firms (Summerland) that install energy-efficient heating and cooling systems for commercial buildings. This is a move into a non-oil-and-gas business and dilutes existing shareholders by the 4,000,000 shares, issued to two non-U.S. holders.
On November 9, 2012 the company closed a private placement of 33,269,857 shares to 18 investors at $0.00125 per share, raising $41,587.32. Of these, 15,000,000 shares went to Dallas Gray for $18,750, giving him 44.8% of the stock and a change in control; he is a new director. The filing says the company currently has no oil or gas projects or assets, and that it will look for opportunities in the sector. So the Montana and North Dakota interests described in 2007-2008 are no longer held, though this excerpt does not say how they ended. It lists a Kelowna, BC address and a wholly owned subsidiary, Western Standard Energy Limited. It also records the history: name change to Western Standard Energy Corp. on September 7, 2007, a 1.5-for-1 split that day, and a 1-for-1,000 reverse split on February 3, 2010.
What it means for a shareholder
33.3m new shares at $0.0013 to raise about $41,587. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
22 Feb 2010capital raising announcement● NeutralMajor
On February 16, 2010 the company issued 100,000 shares to Monaco Capital Inc., a Belize company, at $0.0015 per share. The filing states this gives Monaco 52% of the outstanding stock, reported as a change in control, and that the company intends to seek further financing from Monaco. The tiny share count and price are consistent with the 1-for-1,000 reverse split mentioned later in a 2012 filing, which dates it to February 3, 2010. The principal office is now in Belize City.
The company closed another private placement on November 5, 2007: 500,000 units at US$0.40, raising $200,000, to a non-U.S. investor. Each unit has one share and a warrant at US$0.60 until November 5, 2009, the same terms as the October 2007 placement.
Now named Western Standard Energy Corp., the company closed a private placement on October 10, 2007 of 1,100,000 units at US$0.40, raising $440,000. Each unit has one share and a warrant to buy a share at US$0.60 until October 10, 2009. On October 11, 2007 the $384,000 held in escrow was released to Coastal Petroleum under the Montana farmout, which the filing ties to the drilling permit being granted. The unit price is below the US$1.00 placements of 2006-07 and the $0.57 Global draw, so new shares come in at a lower price.
The company drew its first advance under the Global Healthcare Investments agreement: $200,000, for which it issued 352,113 units at a deemed $0.57 each. Each unit has one share and one warrant to buy a share at $0.85 until May 17, 2010. This is the first use of the $3,000,000 facility from April 30, 2007, and the $0.57 price is well below the US$1.00 units sold in earlier placements.
The company closed a private placement of 300,000 units at US$1.00 each, raising $300,000 from one non-U.S. investor. Each unit has one share and one warrant to buy another share at US$1.50, a lower warrant price than the US$2.00 in the September 2006 placement.
The company closed a private placement of 500,000 units at US$1.00 each, raising $500,000 from one non-U.S. investor. Each unit is one share plus one warrant to buy another share at US$2.00, so new shares were issued and more could follow if the warrants are exercised.
What it means for a shareholder
500,000 new shares at US$1.00 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.
