Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2006capital raising announcement● Neutral
The company issued 750,000 restricted shares to a consultant. Half (375,000) are released when the company's shares list on the American Stock Exchange, and the rest vest over the contract term. This shows the company was pursuing an AMEX listing.
12 Jan 2006capital raising announcement▼ Bad
The company reports issuing the first $1,250,000 secured convertible debenture and 9,000,000 warrants at $0.2708 to the investor from the November 2005 financing, plus warrants over 3,646,380 shares at the same price to two broker dealers. This completes the first tranche of that financing and adds more potential new shares.
28 Nov 2005capital raising announcement▼ BadMajor
The $5 million Chunuk credit line was replaced by a $2,050,000 promissory note at 6%, due in two years, which was the amount outstanding. The company also agreed a $2,500,000 convertible debenture deal with an institutional investor (Yorkville is named as fee recipient): $1,250,000 issued now, another $1,250,000 when a registration statement is filed, plus warrants over 9,000,000 shares at $0.2708. Conversion is at the lower of $0.2708 or 80% of recent average trading price, so more shares could be issued if the price falls, which dilutes existing holders (inference).
