Past year: ▼ 100%(0.01c – 20.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2013material agreement termination▼ BadMajor
On Nov 29, 2013 Buccaneer ended the Cook Inlet participation agreement (the Aug 2013 deal, amended Oct 17, 2013) because it did not receive funds Eos could have provided. Eos says it did not pay because it decided the interests it could earn did not justify the amount required. This ends the Alaska plan announced in August 2013 and the US$150-200M spending expectation tied to it.
13 Nov 2013capital raising announcement● NeutralMajor
On Nov 6, 2013 Eos amended its LowCal loan again. The February 2013 $1,250,000 note (due Aug 13, 2013) is replaced by a $5,000,000 10% note bought for $4,980,000, with the first $2,500,000 already paid before Nov 6 and the rest due in instalments from Nov 7, 2013 to Jan 9, 2014. Principal and interest are now due by Dec 31, 2014, and LowCal can convert them into common stock at $4.00 per share. On repayment LowCal gets 50,000 shares plus a cash fee of 10% of principal, and it may buy up to 1,000,000 more common shares at par, which would dilute existing holders. The filing does not say whether the earlier $1,250,000 note was repaid or rolled in; that is an inference.
23 Oct 2013material agreement▼ Bad
On Oct 17, 2013 Eos and Buccaneer restated the Alaska agreement because they could not start Southern Cross drilling on the original schedule. Drilling at West Eagle is now due to start by Oct 18, 2013 and North Cook Inlet by Dec 31, 2014, with Southern Cross and Northwest Cook Inlet no longer tied to dates. This changes the Aug 2013 timetable, and it also corrects Eos's state of incorporation to Nevada.
27 Aug 2013material agreement● NeutralMajor
On Aug 21, 2013 Eos Petro (now under that name) signed an agreement with Buccaneer Alaska to earn a 50% working interest in four Cook Inlet, Alaska projects (Southern Cross, Northwest Cook Inlet, West Eagle, North Cook Inlet), by paying 100% of the cost of the first two wells on each. This is a new Alaska focus beyond the Illinois and Ghana assets. The press release says total spending is expected at US$150-200 million, which the filing does not say how the company will fund.
11 Mar 2013business combination● Neutral
This is a second amendment of the October 2012 merger closing report, answering further SEC staff comments from Feb 8, 2013. It repeats the merger terms (37,850,044 Series B issued to former Eos holders) and the Jan 2013 reverse-split procedure, with the split still depending on a shareholder meeting not yet scheduled. It says disclosures are as of Oct 15, 2012, so it adds no new events.
28 Feb 2013capital raising announcement▼ BadMajor
On Feb 8, 2013 Eos agreed to sell LowCal Industries a $1,250,000 note for $1,240,000, at 10% interest, due in one payment by Aug 13, 2013. It is secured by Eos oil and gas property rights, a Cellteck guaranty and a first call on the first draw from GEM's non-binding $400,000,000 commitment; LowCal also bought 500,000 Series B preferred shares for $10,000. Eos also agreed a $10,000 extra fee and 24% interest on a $200,000 RT Holdings loan, now due April 30, 2013, and the ticker changed from CLTK to EOPT on Feb 15, 2013. The company has not yet answered a Feb 8, 2013 SEC comment letter.
17 Jan 2013capital raising announcement● NeutralMajor
Cellteck/Eos amended the merger agreement on Jan 16, 2013 to set out how the planned 1-for-800 reverse split works: holders of under 2,000 common shares get a cash payment and their shares are cancelled, while holders of 2,000 or more get one share per 800 (minimum 100 shares). This replaces the earlier wording that rounded everyone up to 100 shares. It also issued warrants on Nov 21, 2012 for 8,372,000 common shares to GEM and 590 Partners (exercise prices $2.50, $3.00, $5.35; some only usable once Ghana's Parliament ratifies an oil block concession), tied to GEM's non-binding $400,000,000 Africa financing commitment. A Dec 26, 2012 services agreement with Clouding IP gave it a 1,000,000-share warrant at $3.00, and Eos leased Los Angeles office space (Suite 2520) through April 30, 2017.
17 Jan 2013material agreement● NeutralMajor
This amendment restates the October 2012 report of the Eos merger closing, revised to answer SEC staff comments. It says the merger closed October 12, 2012 with 37,850,044 Series B preferred shares issued to former Eos holders (none exercised appraisal rights), and former Eos holders own about 93% on a converted basis, versus the roughly 86% expected beforehand. Plethora Partners, owned by CEO Nikolas Konstant, holds 32,500,100 Series B shares, about 74% of voting securities. Eos holds five Illinois leases (Works Property) and pursues African properties through its subsidiaries.
15 Nov 2012auditor change● Neutral
Cellteck dismissed its auditor Madsen & Associates on November 14, 2012 and hired Weinberg & Company, which already audited Eos. The filing says there were no disagreements with Madsen, and both firms' past audit reports for the two companies included going-concern doubts. It also states the Eos merger closed October 12, 2012.
12 Sept 2012business combination● Neutral
Cellteck's required notice of an expected change in its board tied to the Eos merger: Eos is to designate five new directors (Konstant as chairman, Oring, Hogg, Mitola, Lanshe) alongside Gus Rahim, who stays on the board but is expected to resign as an officer. As of September 12, 2012 there were 61,633,890 common shares and 40,000,000 Series A preferred shares outstanding; no shareholder vote is required.
23 July 2012business combination● NeutralMajor
Cellteck signed a merger agreement (dated July 16, 2012) to acquire Eos Petro, Inc. Eos shareholders would receive Series B preferred stock convertible at 800 common shares each, and the filing anticipates they would hold over 86% of the common stock after conversion, with existing Cellteck holders diluted to the balance. Either party could terminate if the merger is not completed by September 30, 2012.
27 Aug 2008asset acquisition disposition● NeutralMajor
CellTeck reports the Safe Cell Tab spin-off from China Ivy is complete: China Ivy transferred its Safe Cell interest to CellTeck on July 31, 2008, and the pro rata share distribution to China Ivy stockholders was completed August 21, 2008. This finishes the spin-off announced earlier in August.
7 Aug 2008material agreement● NeutralMajor
CellTeck (the company later to become Eos Petro) signed agreements dated July 23, 2008 under which China Ivy School's Safe Cell Tab subsidiary would be spun off and merged into CellTeck. China Ivy shareholders of record on July 31, 2008 would get one CellTeck share per China Ivy share held.
