Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2018material agreement▲ GoodMajor
On September 26, 2018 Fortem agreed to buy a 100% working interest in three heavy oil leases covering 20,719 hectares (51,200 acres) in north central Alberta from a major Canadian oil and gas company for $3,000,000 plus GST. $200,000 was paid as a deposit and closing is set for November 15, 2018, extendable 60 days for a further $100,000 deposit. Drilling is hoped for in Q1 2019 after regulatory and First Nations consultation, which is a prerequisite to operations. This is a new Alberta asset alongside the Godin leases.
On September 21, 2018 Fortem dismissed its auditor Dale Matheson Carr-Hilton LaBonte and appointed Davidson & Company LLP. The prior auditor's reports for fiscal 2018 and 2017 had a going-concern warning and an adverse opinion on internal controls, citing four material weaknesses, including the misapplied business-combination accounting that led to the 2017 quarterly restatements. The filing says there were no disagreements with the former auditor.
On August 16, 2018 the Utah purchase agreements were amended once more (third for Black Dragon, fourth for Rolling Rock), pushing certain payments to October 1, 2019. If the shares are not listed on the TSX Venture Exchange by October 1, 2018, the deadline stays December 31, 2018. Fortem again ratified and guaranteed the obligations. This moves the listing condition from the May 2018 amendment's August 1, 2018 date, which was evidently not met in time.
On July 26, 2018 Fortem issued 1,000,000 shares to a warrant holder who exercised 1,000,000 warrants dated March 8, 2016, for gross proceeds of $400,000. This brings in cash and uses up the 1,000,000 warrants at US$0.40 that expired March 2019 in the company's structure (inference on the match).
What it means for a shareholder
1.0m new shares at about $0.400 to raise about $400,000. That's 0.832% dilution: every existing holder's slice gets 0.832% smaller. If you held $1,000 of shares (2,500 at the issue price), your slice goes from 0.0021% to 0.00208% of the company. To keep it you'd need 21 more shares - about $8 at the issue price.
18 July 2018capital raising announcement▲ GoodMajor
On July 18, 2018 Fortem sold 600,000 shares at US$2.00 for gross proceeds of US$1,200,000 to one non-U.S. investor, in connection with the financing condition required by the TSX Venture Exchange for listing its shares. This is the largest cash raise in the filings so far and moves the listing plan forward, though the filing does not say the listing is approved.
What it means for a shareholder
600,000 new shares at US$2.00 to raise about US$1.2m. That's 0.501% dilution: every existing holder's slice gets 0.501% smaller. If you held US$1,000 of shares (500 at the issue price), your slice goes from 0.00042% to 0.000417% of the company. To keep it you'd need 3 more shares - about US$6 at the issue price.
On May 28, 2018 Black Dragon (with WEM Dragon) and Rolling Rock (with Rockies Standard Oil) amended their Utah purchase agreements again, pushing certain Moenkopi and Mancos payments to August 1, 2019. However, if Fortem's shares are not listed on the TSX Venture Exchange by August 1, 2018, the deadline stays December 31, 2018. Fortem again ratified and guaranteed both subsidiaries' obligations. This extends the August 2017 deadlines, but only if the listing happens.
On March 26, 2018 Fortem sold 25,000 shares at US$2.00 for gross proceeds of US$50,000 to one non-U.S. investor. This is a small cash raise at the same US$2.00 price used in earlier deals.
What it means for a shareholder
25,000 new shares at US$2.00 to raise about US$50,000. That's 0.0212% dilution: every existing holder's slice gets 0.0212% smaller. If you held US$1,000 of shares (500 at the issue price), your slice goes from 0.000424% to 0.000424% of the company. To keep it you'd need 0 more shares - about US$0 at the issue price.
On January 17, 2018 Fortem determined that its unaudited financial statements for the quarters ended May 31 and August 31, 2017 should no longer be relied on. It had incorrectly accounted for the fair booked value of Colony Energy, Black Dragon, Rolling Rock and City of Gold, the four companies bought in 2017, and expects to file amended quarterly reports. This undermines the earlier reported figures, including the $30.3 million loss for the May quarter; the filing does not give corrected numbers.
Fortem Resources Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
On December 15, 2017 Fortem issued 800,000 shares to one U.S. person who exercised 800,000 warrants dated February 16, 2017. The filing gives no exercise price or proceeds, so the cash raised is not stated; this matches the 800,000 warrants at US$0.60 listed in the company's warrant structure (inference on the price link).
On December 19, 2017 Fortem issued 7,760 shares at a deemed US$2.00 to settle C$20,000 of cash obligations under a debt settlement agreement with LPD Ltd. This is a very small share-for-debt settlement.
On December 11, 2017 Fortem issued 400,000 shares to a finder as payment of a finder's fee under an agreement of the same date. The filing gives no dollar value and does not say what the fee relates to.
On November 2, 2017 Fortem issued 30,000 shares at a deemed US$2.00 to settle US$60,000 of cash obligations from the Godin Property acquisition in Alberta, under a debt settlement agreement with Grassy Butte Energy, Ltd. This pays part of what it owed from the April 2017 Colony deal in shares rather than cash.
Fortem Resources Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
On September 26, 2017 Fortem sold 250,000 shares at US$2.00 for US$500,000 to one non-U.S. investor. This is the first cash raise in the filings seen since the April 2017 share sales, and the US$2.00 price matches the deemed price used in the May 2017 City of Gold deal.
What it means for a shareholder
250,000 new shares at US$2.00 to raise about US$500,000. That's 0.215% dilution: every existing holder's slice gets 0.215% smaller. If you held US$1,000 of shares (500 at the issue price), your slice goes from 0.000431% to 0.000431% of the company. To keep it you'd need 1 more shares - about US$2 at the issue price.
24 Aug 2017asset acquisition disposition▲ GoodMajor
On August 24, 2017 Fortem, through Rolling Rock, acquired a 75% interest in Mancos formation leases covering 2,313.09 acres at a Utah state (SITLA) auction, with Rockies Standard Oil holding the other 25%. Black Dragon likewise acquired a 75% interest in Moenkopi leases covering 3,852.41 acres, and Rolling Rock and Rockies Standard Oil acquired a further 5,174 acres in a 50/50 partnership. This expands the Utah acreage beyond the April 2017 deals; the filing does not state the prices paid.
On August 17, 2017 Fortem's two US subsidiaries amended their April purchase agreements, pushing payments out to December 31, 2018 but raising the cash price. Rolling Rock's rises from US$2.4 million to US$3.6 million, plus a US$300,000 workover payment, and Black Dragon's from US$2.7 million to US$3.9 million. Each also adds 250,000 Fortem shares and US$25,000 every 60 days from September 1, 2017. Payments are tied to 25% of any financing raised, with the first US$1.5 million exempt before a stock exchange listing, and Fortem guaranteed both subsidiaries. This replaces the September 2017 payment dates set in the April deals and increases the total owed, though early payment can cut or waive the extras.
