Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2014substantial holder notice● Neutral
Wallington Investment Holdings, Ltd, Silvercreek Investment Limited Inc, Mr. Pierre Caland reported a LILIS ENERGY, INC. shareholding of 2,024,261 shares (10.30% of votes) in a periodic institutional filing.
Lilis Energy signed a binding letter of intent to merge with Alberta-based Shoreline Energy Corp in a share-for-share plan of arrangement, with Shoreline shareholders to receive 6.67 million Lilis shares and Shoreline becoming a wholly owned subsidiary - contingent on a definitive agreement, court and Nasdaq approval, and each side completing its own refinancing.
Lilis Energy converted $9 million of its roughly $15.6 million in convertible debentures into stock at just $2.00/share - a steep cut from the $4.25 conversion price set in 2011 - with the remaining $6.6 million convertible pending shareholder approval, trading balance-sheet relief for heavy dilution.
28 Jan 2014capital raising announcement▲ GoodMajor
Newly renamed Lilis Energy, Inc. (formerly Recovery Energy) closed a $7.5 million private placement of stock and warrants, with insiders committing $1.4 million of it, and said the raise resolved the stockholders'-equity shortfall Nasdaq had flagged the previous August - though Nasdaq would keep monitoring compliance going forward.
Nasdaq warned Recovery Energy that its stockholders' equity had fallen to $8.27 million, below the $10 million minimum for its Global Market listing, giving it 45 days to propose a fix or fall back to the junior Nasdaq Capital Market.
21 June 2013capital raising announcement▼ BadMajor
Recovery Energy sold $2.2 million more of its 8% convertible debentures on the same $4.25 conversion terms as its existing $13.4 million, to fund Wattenberg and Laramie County drilling - with the company's own officers and directors among the buyers, a sign outside capital was getting harder to attract.