Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
16 July 2009capital raising announcement● Neutral
Starting July 13, 2009, KAL privately placed 3.5 million shares at $0.02 each for gross proceeds of $70,000. This is another small raise that adds shares, though at double the $0.01 price of the February 2009 placements. The filing does not say how the money will be used; the attached subscription form mentions working capital and paying down debt.
2 Mar 2009capital raising announcement▼ BadMajor
Starting February 24, 2009, KAL privately placed a total of 24 million shares at $0.01 each, with chairman and CEO William Bloking taking $140,000 worth and another investor the rest, for $240,000 gross. On February 27 it also settled about $265,000 of debts owed to a group of individuals, including $156,000 to Bloking and $60,000 to Andrew Caminschi (described as CFO), by issuing about 22.1 million shares at $0.012. Together this issues roughly 46 million new shares at very low prices, which dilutes existing holders. It follows the $60,000 Bloking purchase in February; the subscription form says proceeds are for working capital and paying down debt.
3 Feb 2009capital raising announcement▼ Bad
On February 2, 2009 the company sold 6,000,000 shares at $0.01 each, for $60,000, to its chairman and CEO William Bloking in a private deal. The proceeds are for general working purposes. The price is far below the $0.15 of the 2008 placements, so the issue adds shares at a very low price (inference from the figures).
What it means for a shareholder
6.0m new shares at US$0.010 to raise about US$60,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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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.
30 May 2008capital raising announcement● Neutral
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.
30 Apr 2008capital raising announcement● Neutral
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).
31 Mar 2008capital raising announcement● Neutral
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.
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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.
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17 Oct 2007capital raising announcement● Neutral
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.
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