Past year: ▼ 100%(0.00c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2012capital raising announcement● NeutralMajor
On October 29, 2012, Maverick issued 3,039,057 shares at $0.10 to one non-U.S. investor on conversion of a $300,000, 8% debenture. This matches the Energold debenture from September 28 in size, rate and price, though the filing does not name the investor (inference). The debenture is gone and the share count rises by about 3 million, diluting existing holders including Donna Rose.
4 Oct 2012capital raising announcement● NeutralMajor
On September 28, 2012, Energold Minerals Inc., the partner on the Jarvis Island option, bought an 8% convertible debenture from Maverick for CDN$300,000, convertible into stock at a deemed US$0.10 per share and maturing December 31, 2012. If converted, it adds shares and dilutes other holders. The filing does not state what the money is for.
9 Aug 2012capital raising announcement▲ GoodMajor
On August 7, 2012, Maverick issued 650,000 shares to The Art Brokerage, Inc. to settle a defaulted secured loan of $2,633,799.40, and Art Brokerage also agreed to forgive two unsecured loans totalling $675,855.62 for no consideration. It issued 100,000 shares to Senergy Partners LLC to settle a defaulted $434,435.93 loan. Both lenders are owned by Donna Rose, who owns about 80.18% of Maverick (10,425,972 shares). This clears a large amount of debt owed to the controlling holder, including the Senergy loan from earlier years, in exchange for new shares; the share counts here are far smaller than the 89.5 million shares reported in 2010, which suggests a share consolidation not described in these filings (inference).
28 Dec 2010capital raising announcement▲ GoodMajor
Maverick sold part of the working interest in its initial test well in Fort Bend County, Texas (Lankford Trust No. 1), the drilling obligation from the December 2009 farm-out: 15% to John F. Kearney for $500,000 (effective December 6, 2010) and 3% to Arrowdog, LLP for $150,000 (December 7, 2010). Kearney's side also bought 500,000 shares at $0.50 for $250,000 in a Regulation S placement, and gets 25% of well proceeds until the $500,000 is repaid, then 15%. Arrowdog is carried at no cost through completion or plugging. Maverick stays operator. The filing implies the well was being drilled by December 2010, ahead of the December 14, 2010 deadline (inference); it does not say how the well's costs are funded overall.
What it means for a shareholder
500,000 new shares at $0.500 to raise about $250,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Sept 2010capital raising announcement● NeutralMajor
On September 7, 2010, Maverick issued 725,971 new shares at a deemed $1.05 per share to Art Brokerage, Inc. to settle $762,269 of debt it owed that company. This turns debt into shares, so the debt shrinks and the share count rises, diluting existing holders. The filing does not say who owns Art Brokerage; the share price and debt are as stated.
10 Dec 2009capital raising announcement● Neutral
On November 26, 2009, CEO Robert Kinloch received a $100,000 convertible debenture in settlement of $100,000 the company owed him. It is convertible at a deemed $0.03 per share, payable on demand, and carries 8% interest payable on conversion. Conversion would add shares and dilute other holders.
20 Feb 2009capital raising announcement▼ BadMajor
On February 13, 2009, Maverick took a revolving loan of up to US$1,000,000 from Senergy Partners LLC at 8%, due December 31, 2012, for general expenses, due diligence, professional fees and joint venture programs. It also issued Senergy 89,500,000 shares at a deemed US$0.005 to settle a US$447,500 debt that Senergy took over from Art Brokerage, giving Senergy 92.3% of the stock and a change in control. The filing also states the company is an exploration-stage company that no longer owns the S. Neill lease and is evaluating joint ventures in Texas and Saskatchewan.
