Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2013capital raising announcement▼ Bad
On February 15, 2013, GeoPetro sold 3,650,000 units at $0.10 each for $365,000, each with one common share and a 3-year warrant for half a share at $0.50. This adds 3,650,000 shares and 1,825,000 warrants, diluting holders; the price is far below the $0.45 and $0.48 paid in the 2010-2011 placements (a comparison from the text's figures), and investors received piggyback registration rights.
What it means for a shareholder
3.6m new shares at $0.100 to raise about $365,000. That's 7.3% dilution: every existing holder's slice gets 7.3% smaller. If you held $1,000 of shares (10,000 at the issue price), your slice goes from 0.0215% to 0.0199% of the company. To keep it you'd need 784 more shares - about $78 at the issue price.
GeoPetro reported two more private placements at $0.45 per unit (one common share plus a 3-year warrant for half a share at $0.75): 1,111,199 units for $500,038 on December 30, 2010, and 2,050,328 units for $922,648 on March 1, 2011. This adds 3,161,527 new shares and 1,580,760 warrants, diluting existing holders, and follows the September 2010 placement at $0.48; investors received piggyback registration rights.
On September 30, 2010, GeoPetro sold 3,575,000 units at $0.48 each for $1,716,000 in a private placement. Each unit has one common share and a 3-year warrant for half a share at $0.75, so 3,575,000 new shares and 1,787,500 warrants were issued. This dilutes existing common holders, and investors received piggyback registration rights.
What it means for a shareholder
3.6m new shares at $0.480 to raise about $1.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
13 Oct 2009capital raising announcement● NeutralMajor
Between August 3 and October 9, 2009, GeoPetro sold a further 5,056,328 Series B preferred shares at $0.75 to 49 accredited investors, raising $3,792,250. It raised the authorized Series B count from 6,800,000 to 7,523,000. This continues the April 2009 preferred raise, adding to the senior stock and potential conversion dilution for common holders.
GeoPetro agreed on April 30, 2009 to sell 2,466,672 new Series B convertible preferred shares at $0.75 each, raising $1,850,000. The preferred stock pays a $0.06 per share annual cumulative dividend, ranks ahead of common shares in a liquidation, converts one-for-one into common stock, and can be redeemed by the company after two years. This adds a new class of senior stock ahead of existing common holders and potential dilution when it converts.
GeoPetro announced the private placement announced earlier in August has closed: 2,002,599 units at $3.85, for $7.71 million gross. Shares outstanding are now stated as 31,583,007, and the company has agreed to file a registration statement for the shares. This completes the financing described in the earlier filing.
What it means for a shareholder
2.0m new shares at $3.85 to raise about $7.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
16 Aug 2007capital raising announcement● NeutralMajor
GeoPetro sold 2,002,599 shares plus five-year warrants (600,779 shares at $4.50) to investors in a private placement for $7,710,006, paying a $385,500 cash fee and 60,078 warrants at $3.85 to placement agent Energy Capital Solutions. It must register the shares for resale, and owes up to 200,259 extra shares to investors if registration deadlines are missed. Existing shareholders are diluted; the press release says proceeds fund exploration and development and working capital, and shares outstanding rise to 31,549,674.
What it means for a shareholder
600,779 new shares at $4.50 to raise about $2.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
