Each one in plain English, with the numbers worked through for a shareholder.
27 Feb 2015capital raising announcement● NeutralMajor
On February 25, 2015 the company agreed to sell 537,418,480 common shares at $0.0186 to Hybrid Kinetic (Lianyungang) New Energy Limited for $10,000,000: $6,000,000 in cash plus cancelling the $4,000,000 note payable to the investor. This looks like the same lender as the $4M loan restated in November 2014 (inference from the matching amount and similar name), so that debt is settled. The investor would hold about 52.51% on a fully diluted as-converted basis, which dilutes existing holders. The company also agreed to provide graphene production consulting to the investor for a quarterly royalty of 7% of the investor's net sales revenue. The company remains a shell.
9 Dec 2014capital raising announcement● NeutralMajor
On December 7, 2014 Yunfeng Lu bought 3,683 Series B preferred shares for $336,667 ($91.41 each). The filing says this is about 73.7% of the common equity on an as-converted basis and a change of control; the company stays a shell. Lu also signed a cooperation agreement to help develop nanographene and battery-materials technology and seek patents. This is the first stated business direction since the 2013 rename to Angstron Holdings. Existing common holders are diluted on an as-converted basis.
On July 25, 2012 the company closed a sale of up to $100,000 of 10% convertible notes due January 24, 2014, receiving $70,000. The notes convert automatically in the next private placement of at least $1,000,000, but only if that placement closes at the same time as a related merger or other acquisition. The money is for working capital and general corporate purposes.
On October 10, 2011 the company sold $52,500 of 10% convertible notes due April 9, 2013, receiving $52,500 gross. The notes convert automatically in the next private placement of at least $1,000,000. The filing now lists the company's address as c/o Gottbetter & Partners in New York and is signed by Adam Zive as President.
On March 8, 2011 the company closed the first part of a new offering of $90,000 in 10% convertible notes due March 31, 2012, receiving $29,935. The roughly $150,000 of November 2010 notes converted into these new notes by their terms. The new notes convert automatically in the next private placement of at least $1,000,000, and a second closing is expected by March 31, 2011.
On November 2, 2010 the company closed the first part of a private sale of up to $150,000 in 10% convertible notes due December 31, 2011, receiving $121,885.30. The notes convert automatically, with interest, into whatever securities the company offers in its next private placement, and the money is for working capital and general corporate purposes.
The company completed the final closing of its private share sale on September 17, 2008, selling 675,000 more shares at $1.00 for net proceeds of $668,000. This brings the total raised in the offering to $2,025,000 gross (1,350,000 plus 675,000 shares), to be used for general corporate purposes tied to its South America and Peru mining focus.
Now named Loreto Resources Corporation (formerly Loreto Corporation), the company closed the first part of a private share sale on September 9, 2008: 1,350,000 shares at $1.00 each, for net proceeds of $1,312,313. It says it will use the money for general corporate purposes under a new strategy focused on mining in South America, starting with Peru, and the filing is signed by Luis F. Saenz as President.
What it means for a shareholder
1.4m new shares at $1.00 to raise about $1.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
This amends the July 2007 filing about the 3,000,000 shares issued to Magdalena Cruz for her services. The only change stated is the correction of the par value of the common stock, from $0.001 to $0.0015 per share; the share count and recipient are unchanged.
The company, then named Loreto Corporation, issued 3,000,000 shares of common stock on July 2, 2007 to Magdalena Cruz, its President, CEO, CFO and director, in exchange for her services. The filing says she had served without monetary compensation since inception on June 28, 2006, so this adds shares to the count without any cash coming in.
