Past year: ▼ 96%(1.00c – 38.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2018capital raising announcement▲ GoodMajor
Lilis agreed to buy Delaware Basin properties in Lea County, New Mexico from OneEnergy Partners for $70 million ($40 million cash, $30 million stock), funding the cash portion with a striking new $100 million Series C preferred stock sale to funds affiliated with Varde Partners - its second-lien lender graduating into a much larger, equity-like backer of the company's Permian growth.
27 Apr 2017capital raising announcement▲ GoodMajor
Lilis overhauled its capital structure: it drew a $15 million first-lien bridge loan against its Permian Basin assets, then used a brand-new $125 million second-lien facility - $80 million drawn immediately, led by institutional lender Varde Partners - to pay off its entire 2016 term loan in full. Landing a lender of Varde's scale, after two years of penny-stock bridge notes, was a real marker of the company's turnaround.
2 Mar 2017capital raising announcement▲ GoodMajor
Lilis raised about $20 million in a private placement priced at $3.85/unit - far healthier terms than the sub-$1 distress financing of 2016 - to fund a new push into Delaware Basin (Permian) development and leasing, marking the start of a strategic shift toward the Permian.
5 Aug 2016capital raising announcement● Neutral
Holders of the last $1.8 million of Lilis's 12% convertible notes agreed to extend maturity to January 2017 at a sharply improved $1.10 conversion price and a higher 15% coupon, a sign terms were less desperate than the sub-$0.25 pricing of the pre-merger bridge notes.
16 June 2016capital raising announcement▲ GoodMajor
Lilis lined up roughly $20 million in new Series B convertible preferred stock commitments - at a conversion price of just $0.11/share, reflecting how far the stock had fallen - to fund the Brushy merger closing, debt repayment and drilling. This rescue capital was what finally made completing the merger possible.
10 May 2016capital raising announcement▼ BadMajor
Heartland extended its forbearance again (to May 31, 2016) and dropped the cap on new subordinated debt after Lilis paid down overdue interest and fees, while the company kept layering on ever-cheaper bridge notes - the latest tranche came with warrants exercisable at just $0.01 - just to fund its Brushy merger deposit and stay afloat.
4 June 2014capital raising announcement▼ BadMajor
Lilis Energy raised $7.5 million in new convertible preferred stock, and used part of the proceeds to strike a settlement with senior lender Hexagon over the roughly $18.8 million owed on its founding-era term loans - paying $5 million immediately, owing another $5 million by June 30, and rolling the rest into a new $6 million unsecured note plus stock, with escalating penalties if either payment slipped. The restructuring effectively admitted the original Hexagon debt could not be repaid on its own terms.
6 Feb 2014capital raising announcement▼ BadMajor
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.
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.
12 Sept 2012capital raising announcement● Neutral
Recovery Energy paid for financial advisory services with a three-year warrant for 600,000 shares at $5.00, vesting over several months.
19 Dec 2011capital raising announcement▼ BadMajor
With its stock price well below the debentures' original $9.40 conversion price, Recovery Energy was forced to reprice its 8% convertible debentures down to $4.25/share and swap loan collateral to keep the debt in compliance. In the same filing it terminated its Chugwater joint venture with TRW Exploration - which had put in $9.1 million for a stake in two wells - buying out TRW's interest for 1.5 million shares just eight months after the partnership began.
6 Apr 2011capital raising announcement▲ Good
More warrant holders exercised, bringing in another $1.8 million, and the company waived a call provision on remaining warrants to keep that funding option open.
3 Feb 2011capital raising announcement● NeutralMajor
Recovery Energy raised $8 million through its first convertible debentures (8% interest, 3-year term, convertible at $2.35/share, steep redemption/make-whole penalties) to fund pending Wyoming/Colorado leasehold acquisitions, and struck a joint development deal with TRW Exploration, which paid $2 million plus a 40% carried interest to fund drilling on two horizontal Niobrara wells - the company's first outside partner sharing drilling risk rather than just providing capital.
4 Jan 2011capital raising announcement▼ BadMajor
Recovery Energy pushed out the maturity on all three Hexagon Investments loans (about $20.4 million outstanding) from December 2011 to September 2012 at no extra cost, but also had to issue Hexagon a previously-promised penalty warrant for 1 million shares because the debt hadn't been repaid by the January 1, 2011 deadline set the prior June.
8 Oct 2010capital raising announcement▲ Good
Warrant holders exercised 3.4 million warrants at $1.50, bringing Recovery Energy $5.1 million in cash, and received new $2.20 warrants as a sweetener to exercise.
18 June 2010capital raising announcement● Neutral
Recovery Energy hired investor-relations firm MDC Group and PR firm Globe Media, paying both partly in stock and warrants, formalized registration rights for Hexagon Investments' shares, and split the CEO and President roles in its bylaws.
4 May 2010capital raising announcement● Neutral
Recovery Energy hired C.K. Cooper & Company as a financial advisor for $125,000 cash plus about 31,000 shares of stock.
30 Apr 2010capital raising announcement▼ Bad
Recovery Energy raised $250,000 selling stock at just $0.75/share - a steep drop from the $2.25-$4.00 prices of its recent raises, signaling weakening investor demand for its shares.
20 Apr 2010capital raising announcement▼ BadMajor
Recovery Energy bought six more Wyoming wells and 1,240 acres for $15 million cash plus stock, again from Edward Mike Davis LLC (now a 23.5% shareholder), financed by a third Hexagon Investments loan at 15% interest also maturing December 1, 2010. Hexagon's stake, built entirely from financing-related share and warrant grants, reached 26.2% - stacking three high-rate secured loans onto the same December 2010 maturity wall while ownership concentrates in the lender and asset seller.
25 Mar 2010capital raising announcement● NeutralMajor
Recovery Energy bought four producing wells and 15,900 acres in the Nebraska/Wyoming DJ Basin for $6 million cash plus stock from Edward Mike Davis LLC, now a 14.9% shareholder, financing the cash portion with another Hexagon Investments loan at 15% interest maturing December 2010. Hexagon's stake grew to 13.1% of the company from shares issued alongside its loans.
12 Mar 2010capital raising announcement● Neutral
Recovery Energy raised another $100,000 in a small private stock placement at $2.25/share.
21 Jan 2010capital raising announcement● Neutral
Recovery Energy unwound its Rush Willadel field structure - buying back the 250,000 shares it had issued to the original seller for $750,000 cash, while chairman Roger Parker personally bought the company's remaining 50% interest in those wells for $750,000. The company also raised a further $200,000 selling stock and changed auditors again.
What it means for a shareholder
250,000 new shares at about $0.800 to raise about $200,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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17 Dec 2009capital raising announcement▲ Good
Recovery Energy issued Bel-Car Properties a warrant for 750,000 shares at $3.50 in exchange for a commitment to arrange up to $20 million in financing for future oil and gas purchases - a funding line to support the company's acquisition spree, not yet drawn.
2 Dec 2009capital raising announcement▲ Good
Recovery Energy raised $400,000 in a small private placement of stock at $4.00/share to fund its early oil and gas buildout.
