Past year: ▲ 6%(27.0c – 34.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2012capital raising announcement● Neutral
This amendment was filed only to attach the schedules to the July 19, 2012 York River Electric purchase agreement; the terms are unchanged ($8.5M cash, assumed debts, $3M in restricted shares within 30 days of closing, a working-capital price adjustment and a receivables make-up clause). It says it is not updated for later events, so it does not confirm whether the York River deal closed or how the cash was funded.
26 July 2012capital raising announcement● NeutralMajor
On July 19, 2012 Iron Eagle agreed to buy York River Electric Inc. from Cathy McQuade and Mark Bryan for $8.5M in cash, assumption of all its debts and liabilities, and $3M of Iron Eagle restricted shares issued within 30 days of closing (sellers limited to selling 25% a year for 4 years). The price drops if working capital is below $3.75M, and the sellers must make up uncollected receivables after nine months. The filing does not say how the cash will be funded, and shareholders face dilution from the share issue. This is a new acquisition after the loss of Delta in 2011.
28 Mar 2011capital raising announcement▼ BadMajor
In February-March 2011 Iron Eagle signed consulting and investor-relations deals paid largely in shares: IPX Capital (125,000 shares at $0.80, a $100,000 success fee on raising up to $40M, and 125,000 more shares on raising acquisition capital), Alliance Advisors (120,000 shares over 15 months, 40,000 issued at $1.01), Hayden IR (75,000 shares at $1.01), RJ Falkner (about $5,000 a month in shares plus an option on 85,000 shares at $1.01) and NewsUSA (96,154 shares at $1.30 against $500,000 of media credit). It also took short-term loans from insiders: $30,000 each from chairman Joseph LoCurto and EVP Jed Sabio, $7,500 from Alliance, and a $250,000 note to CEO Jason Shapiro that replaced expenses owed to him since November 2009, due December 31, 2011. It bought back 250,000 of its own shares from Galileo Partners for $100. Shareholders are diluted by the share issuances, and the small insider loans are tied to the company receiving further funding; Jason Shapiro is now CEO and Joseph LoCurto is chairman.
26 June 2009capital raising announcement● NeutralMajor
On June 23, 2009, Pinnacle issued 9,000,000 restricted shares to accredited investors in exchange for 180,000 restricted shares of The Saint James Company, valued at $180,000 (Saint James was quoted around $2.00 and Pinnacle around $0.02). Pinnacle's two notes from Saint James ($150,000 due Nov 2009 and $25,000 on demand) were amended on June 5, 2009 so Pinnacle can convert principal and interest into Saint James shares at $0.50. Shareholders are diluted by the 9,000,000 new shares, and the company is paid in another small company's stock.
