Imperial Resources, Inc. (IPRC): announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

11 July 2011capital raising announcement● Neutral

Under the December 2010 purchase agreement, Coventry Capital subscribed for 532,461 shares at $0.2817 per share for $150,000, payable within 14 days. Shares outstanding would rise to 42,894,561. The price is well below the $0.6784 of the first subscription, so this is cheaper dilution than the earlier one.

What it means for a shareholder

532,461 new shares at US$0.2817 to raise about US$150,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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4 Jan 2011capital raising announcement● NeutralMajor

Imperial signed a Securities Purchase Agreement with one U.S. accredited investor, who bought 737,041 shares at $0.6784 for $500,000 and has the option until December 31, 2011 to subscribe for a further $500,000 to $2,500,000 of shares at a 15% discount to the recent average price or $0.6784, whichever is greater. Shares outstanding rise to 42,362,100, and further dilution is possible if the investor uses the option.

What it means for a shareholder

737,041 new shares at US$0.6784 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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14 Dec 2010capital raising announcement● Neutral

Amendment of the December 13 filing on the Coach Capital note conversion, filed only to fix the signature: the filing agent had wrongly included the prior CEO's signature, and it is now signed by Robert Durbin as President/CEO. The conversion terms and figures are unchanged. The company's address is now shown as Austin, Texas.

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13 Dec 2010capital raising announcement● NeutralMajor

Coach Capital converted its $900,000 loan note (January 2010, owed by the Imperial Oil and Gas subsidiary), with $42,534.25 accrued interest, into 1,625,059 new shares at $0.58 per share. The note is cancelled, including Coach's claim on production from a producing well, and shares outstanding rise to 41,625,059, so existing holders are diluted but this debt is gone.

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