3 May 2006securities registration● Neutral
Ignis Petroleum Group, Inc. registered a small-business securities offering with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2006capital raising announcement● NeutralMajor
On April 28, 2006 Cornell Capital advanced the last $1,000,000 of the 7% secured convertible debentures from the January 2006 deal, completing the $5,000,000. This tranche was originally due only after the registration statement took effect, so it was advanced early under an amended agreement. In exchange Ignis issued Cornell additional five-year warrants for 2,913,580 shares at $0.81 and 3,311,828 shares at $0.93, and must file a registration statement within five days of April 28 and use best efforts to have it effective within 130 days of filing. The extra warrants add to the dilution potential already created by the debentures (inference).
24 Apr 2006listing compliance notice▼ Bad
Ignis Petroleum Group, Inc. withdrew a registration statement, abandoning the offering it covered.
19 Apr 2006material agreement● Neutral
The company's deadline to start drilling the first North Wright Field Prospect well was extended from March 31, 2006 to December 31, 2006 by letter agreements with Newton Properties (March 29) and with Argyle Energy and Bayou City Exploration (April 13). In return for the Argyle and Bayou City extension, Ignis agreed to fund $165,262 in delay rentals on the prospect's leases.
14 Apr 2006securities registration● Neutral
Ignis Petroleum Group, Inc. amended a filing by which it registered a small-business securities offering with the SEC.
20 Mar 2006material agreement● NeutralMajor
On March 14, 2006 the Ignis subsidiary signed agreements with Dragon Energy, Bayou City Exploration, Argyle Energy and Newton Properties confirming its right to earn a 75% working interest (52.5% net revenue interest) in the Barnett Crossroads Prospect in Escambia County, Alabama. Ignis pays 100% of test-well costs to casing point, plus either 100% of plugging costs or 75% of completion costs, and pays Dragon $10,000 a month to operate the well. This firms up the prospect that the Cornell financing was meant to fund.
10 Feb 2006securities registration● Neutral
Ignis Petroleum Group, Inc. registered a small-business securities offering with the SEC.
10 Jan 2006capital raising announcement● NeutralMajor
On January 5, 2006 the company agreed to sell Cornell Capital Partners $5,000,000 of 7% secured convertible debentures, of which $2,500,000 was paid immediately, $1,500,000 is due before a registration statement is filed and $1,000,000 after it is declared effective. The debentures mature in three years, are convertible into shares at the lesser of $0.93 or 94% of a recent low average price, and come with warrants for 3,086,420 shares at $0.81 and 2,688,172 shares at $0.93. Cornell gets a first-priority security interest in the company's assets, and officers Buschmann and Piazza pledged 3,820,000 and 500,000 of their shares. Conversion at lower prices could dilute shareholders (inference); the press release says the money funds the Barnett Crossroads and Crimson Bayou prospects.
9 Jan 2006capital raising announcement● Neutral
Petrofinanz agreed on October 28, 2005 to buy 80,000 more units at $1.25 each, each with a 2-year warrant at $2.00. On December 22, 2005 Petrofinanz also lent the company $100,000 at 12% a year, with principal and interest due by June 20, 2006.
28 Dec 2005capital raising announcement● Neutral
The company restated the Petrofinanz deal: the July 3,000,000-unit purchase now carries a 2-year warrant at $2.00 per share (the July report said $1.50), a change from what was earlier disclosed. It also sold Petrofinanz a further 133,333 units at $1.50 each on October 18, 2005, each with a 2-year warrant at $2.00.
What it means for a shareholder
133,333 new shares at $1.50 to raise about $200,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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7 Oct 2005director interest notice● Neutral
Timothy S Hart became a Ignis Petroleum Group, Inc. Chief Financial Officer and company insider (initial ownership filing).
28 Sept 2005late filing notice▼ Bad
Ignis Petroleum Group, Inc. notified the SEC that its annual report would be filed late.
9 Sept 2005director interest notice● Neutral
Geoffrey Lowndes Evett became a Ignis Petroleum Group, Inc. director and company insider (initial ownership filing).
17 Aug 2005director interest notice● Neutral
Ignis Petroleum Group, Inc. President, CEO Michael Patrick Piazza received 150,000 shares as part of the equity award.
5 Aug 2005substantial holder notice● Neutral
Petrofinanz GmbH disclosed a new substantial Ignis Petroleum Group, Inc. shareholding (67.00% of votes).
4 Aug 2005director interest notice● Neutral
Gmbh Petrofinanz became a Ignis Petroleum Group, Inc. 10%+ owner and company insider (initial ownership filing).
29 July 2005capital raising announcement▲ GoodMajor
Now named Ignis Petroleum Group, the company sold 3,000,000 units at $0.50 each ($1,500,000) to Petrofinanz GmbH, with $1,200,000 received and $300,000 due by September 30, 2005. Each unit was one share plus a warrant at $1.50 per share; the company said the money funds an upcoming well expected to start drilling in August. New shares increase the share count for existing holders.
What it means for a shareholder
3.0m new shares at $0.500 to raise about $1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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24 June 2005director interest notice● Neutral
Philipp Buschmann became a Ignis Petroleum Group, Inc. COO and Secretary and company insider (initial ownership filing).
23 June 2005substantial holder notice● Neutral
Philipp Buschmann disclosed a new substantial Ignis Petroleum Group, Inc. shareholding (11.24% of votes).
20 June 2005director interest notice● Neutral
Michael Patrick Piazza became a Ignis Petroleum Group, Inc. President, CEO, CFO, and Tres and company insider (initial ownership filing).
20 June 2005capital raising announcement● Neutral
This amends the May 2005 report and adds detail: the six purchasers paid $0.10 per share, $194,000 in total, for the 1,940,000 shares bought from D.B. Management. Ignis Petroleum Corporation became a wholly owned subsidiary through the 1,600,000-share exchange. The agreements were attached as exhibits; no new transaction is reported.
31 May 2005director interest notice● Neutral
Ignis Petroleum Group, Inc. President Douglas Alan Berry sold 1,940,000 shares at $0.10.
31 May 2005business combination● NeutralMajor
The company gave notice of a board change following the May 2005 share sale and Ignis share exchange: Michael P. Piazza and Philipp Buschmann are to join Doug Berry on the board after a 10-day waiting period. Piazza is President and Buschmann is Chief Operating Officer; both also hold the same kinds of roles at Ignis, and there were 6,800,000 shares outstanding. Piazza is to get a $120,000 salary and Buschmann an intended $120,000 salary.
19 May 2005capital raising announcement● NeutralMajor
Sheer Ventures Inc. (the shell company that became Ignis Petroleum Group) agreed on May 16, 2005 to issue 1,600,000 restricted shares for all 1,600,000 shares of Ignis Petroleum Corporation, an oil and gas exploration company, so Ignis became its business. Separately, Doug Berry's company D.B. Management sold 1,940,000 shares to six purchasers, leaving Philipp Buschmann with 764,000 shares (11.24%).
17 Mar 2005director interest notice● Neutral
Douglas Alan Berry became a Ignis Petroleum Group, Inc. President and company insider (initial ownership filing).
26 July 2004securities registration● Neutral
Ignis Petroleum Group, Inc. registered a small-business securities offering with the SEC.