Each one in plain English, with the numbers worked through for a shareholder.
16 Dec 2003asset acquisition disposition● NeutralMajor
This amends the IGH deal: a revised exchange agreement dated December 12, 2003, with share transfer expected by December 20, 2003 and the effective date backdated to December 1, 2003 once required shareholder steps are done. The company will issue 17,051,156 restricted shares for IGH; existing holders would own about 18,687,812 shares (52.29%) and IGH holders 17,051,156 (47.71%), so the split moved slightly in existing holders' favour versus the first filing. Financial statements are still to come.
Effective December 1, 2003 the company agreed to acquire 100% of International Group Holdings Inc. (IGH) and its subsidiary International Yacht Sales Group, Ltd. (England and Wales) for one restricted company share per IGH share, subject to stockholder approval. Existing shareholders would hold about 17,357,352 shares (49.69%) and IGH holders 17,576,071 shares (50.31%) of the combined company, though the filing says IGH holders are expected to end up the minority. This is a move into yacht sales, separate from the oil-property deals previously discussed.
On August 20, 2003 the company hired LSC Associates, LLC to help raise $1 million through a private placement (targeted for end of September), then roughly $5 million or more by debt placement (targeted for October/November 2003). It also signed a July 30, 2003 letter of intent to buy Montage Industries, Inc. (extended on August 25 for at least 30 days), and got the Comanche Point option extended to September 15, 2003. These continue the earlier Comanche Point deal and funding plan; none is completed.
17 July 2003capital raising announcement● NeutralMajor
Energy Producers, Inc. (the company's name at the time) extended its letter of intent and first right of refusal to buy Comanche Point Production Company, a Kern County, California oil producer, through August 15, 2003. It expects to pay US$350,000 plus 20,000 restricted shares for a 100% working interest (87.5% net revenue interest) in 17 wells (16 producing) and two leases of about 425 acres; the deal still needs due diligence, financing and a definitive agreement. The company also said it planned a private placement to be completed in about 30 days, and that it was in talks with two firms about further funding of $5-10 million.
