Past year: ▼ 98%(2.50c – 1.42 USD)
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2022capital raising announcement▼ Bad
The board authorised a further $6.5 million of at-the-market share sales; about $5.1 million of the $5.9 million added in December 2021 had been sold during 2021 and 2022. Proceeds may now also be used to redeem the 2026 convertible notes at the company's option, as well as for rig reactivations, debt repayment and capital spending. This continues the pattern of share sales that dilute existing holders.
16 Dec 2021capital raising announcement▼ Bad
The board authorised selling a further $5.9 million of shares through the existing at-the-market programme with Piper Sandler and Johnson Rice (about $7.5 million already sold in 2021). Proceeds could fund rig reactivations, the $4.6 million final Sidewinder merger payments due June 30, 2022 (including interest), debt repayment and capital spending. The company also ended the Tumim $5.0 million equity line effective December 14, 2021, after selling 1,144,000 shares to Tumim for about $4.2 million; this closes that thread, and the company says the termination is not material. Selling more shares dilutes existing holders.
12 Nov 2020capital raising announcement● NeutralMajor
On November 11, 2020 the company signed a deal letting it sell up to $5.0 million of stock to Tumim Stone Capital over 24 months once a resale registration is effective, at its option and capped at 1,234,546 shares (19.99% of shares outstanding) unless shareholders approve more or pricing conditions are met. Fees paid were $180,000 to B. Riley and $100,000 to Tumim; proceeds may go to general purposes including prepaying the $3.1 million owed to an affiliate (the mechanical rig proceeds). An investor presentation said six rigs were drilling at September 30, 2020, two more were reactivated in October, and one more contract was signed for the Permian in November.
