Each one in plain English, with the numbers worked through for a shareholder.
29 Feb 2008capital raising announcement● NeutralMajor
On February 26, 2008 the company closed a private placement of 5,541,182 units at $0.50 each, raising about $2.77 million gross. Each unit has one share and a loyalty warrant for 0.50 share at $0.50, exercisable only from the second anniversary and only for shares the buyer still holds. ICP was again placement agent, paid a $276,840.13 commission and about $95,132 in legal fees; proceeds are for working capital and general corporate purposes. The new shares dilute existing holders, and the price of $0.50 per share compares with $1.00 per share in the 2006 units ($5,000 per 5,000 shares), a comparison derived from the filings.
What it means for a shareholder
5.5m new shares at US$0.500 to raise about US$2.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
11 Oct 2006capital raising announcement▲ GoodMajor
The company closed a second round of the private placement that began on August 29, 2006: 693.54 units on October 4 (US$3,467,700) plus 80 units on October 5, for US$3,867,700 in this round and US$10,965,598 gross across both rounds. Each unit is 5,000 shares at $5,000. ICP again acted as placement agent, with a $386,770 commission and about $5,000 of other fees; proceeds are for working capital and general corporate purposes. The press release says the company has entered a 12-14 well drilling program. This continues the September 2006 raise, which it increases from about $7.1 million to about $11.0 million; the new shares dilute existing holders.
On August 29, 2006 the company closed a private placement selling 1,419.58 units at $5,000 each (5,000 shares per unit) for gross proceeds of $7,097,898. Proceeds are for working capital and general corporate purposes, after a $700,000 commission to placement agent International Capital Partners SA plus about $60,000 of other fees; the company must file a resale registration statement within 60 days or pay liquidated damages.
An amendment repeating the previous filing's share and warrant figures (54,240,552 shares outstanding; 954,012 warrants at US$0.14 and 138,664 at US$0.07). It drops the earlier mention of 759,448 reserved shares and adds no new events.
The company restated the share position after the January 20, 2006 acquisition and placement: 54,240,552 common shares outstanding, with a further 759,448 reserved for issue. Former Index UK warrant holders now hold warrants over company shares: 954,012 at US$0.14 and 138,664 at US$0.07.
27 Jan 2006capital raising announcement▲ GoodMajor
On January 20, 2006 the company completed the purchase of Index Oil and Gas Ltd. by issuing 22,615,552 common shares, which completes the December 2005 letter of intent. It also sold 8,533,333 shares at $0.60 each in a private placement, raising $5,120,000.
What it means for a shareholder
8.5m new shares at US$0.600 to raise about US$5.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
