Each one in plain English, with the numbers worked through for a shareholder.
22 Sept 2008material agreement● NeutralMajor
On September 17, 2008 four stockholders agreed to return 9,000,000 shares to the company, which holds them as treasury stock to reissue only to attract and retain directors, executives and staff. The press release says outstanding shares fall from 143,416,171 to 134,416,171 and describes the move as avoiding further dilution; the fully diluted count stays at 153,294,505. It also says 13.6 million shares/options are available for incentives, and that the company is searching for a new CEO. This follows the 2007 option pool thread.
30 June 2008capital raising announcement▼ BadMajor
On June 27, 2008 the company settled a dispute with the three investors from the June 2007 financing by restating the deal: the price fell from $0.80 to $0.15 per share and 4,062,500 extra shares were issued, for 5,000,000 shares in total. The never-issued 937,500 warrants at $1.428 were cancelled, and gross proceeds stay at about $750,000. For shareholders this means more shares outstanding for the same money; the company also must file a Form SB-2 to register these shares for resale, which continues that open thread.
The March 2008 placement closed on June 17, 2008 at a much smaller size. One investor who had subscribed for 26,666,667 shares (about $4,000,000) had paid only $700,000 and could not pay the remaining $3,300,000 by June 13, so its subscription was cut to 4,666,667 shares. The offering fell from 60,686,732 to 38,686,732 shares, and gross proceeds from about $9.1 million to about $5.8 million. This resolves the March 2008 financing thread, and the company's address is now Singapore.
This third amendment pushes the expected closing of the March 2008 placement to June 15, 2008 and discloses that one original investor offered part of its subscription to an additional investor, making 25 investors. The share count and $0.15 price are unchanged.
This second amendment again only moves the expected closing date of the March 2008 placement, now to May 31, 2008. The terms are unchanged, so the repeated delays suggest the closing was not completing on schedule (inference).
This amendment only changes the expected end of the rolling closing for the March 2008 placement, moving it from March 31 to April 30, 2008. The size (60,686,732 shares at $0.15, about $9,103,010) is unchanged.
What it means for a shareholder
60.7m new shares at US$0.150 to raise about US$9.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
17 Mar 2008capital raising announcement● NeutralMajor
On March 12, 2008 the company agreed to sell 60,686,732 shares at $0.15 each to 24 investors for gross proceeds of about $9.1 million, closing on a rolling basis through March 31, 2008. The price is far below the $0.80 paid in the June 2007 placement, and the share count is large compared with the roughly 97.6 million shares outstanding after the Thatcher deal, so existing holders face significant dilution (inference). Martin Hurley now signs as CEO.
What it means for a shareholder
60.7m new shares at US$0.150 to raise about US$9.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Filed in October 2007 for an event dated June 10, 2007: the company sold 937,500 shares at $0.80 each to 3 investors for net proceeds of about $750,000. The investors also received warrants for 937,500 shares at $1.428. The company must register the shares for resale. This is new funding after the February 2007 private placement, and the filing came months after the event.
What it means for a shareholder
937,500 new shares at US$0.800 to raise about US$750,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
