Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2010material agreement● NeutralMajor
On August 31, 2010 Manas contracted DQE International, a CNPC Daqing Petroleum subsidiary, to acquire 300 km of 2D seismic on Mongolia blocks 13 and 14 at $3,500/km, $1,050,000 in total, with a bank guarantee required. The filing now says Manas owns 84% of the rights (10% held in trust for a Mongolian oil and gas company, subject to approval) and two investor groups hold 16%, a different split from the 74%/26% in the April 2009 contracts. This is the first sign of exploration work being funded in Mongolia.
On June 2, 2010 Manas granted a consultant options on 150,000 shares at $0.80, expiring June 2, 2013 and vesting in 12 quarterly instalments. This is a small option grant.
What it means for a shareholder
150,000 new shares at US$0.800 to raise about US$120,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
28 May 2010asset acquisition disposition▲ GoodMajor
On May 25, 2010 the Petromanas share purchase agreement was amended so that 100,000,000 additional Petromanas shares, originally due on first well completion or by June 24, 2011, were issued on May 26, 2010. DWM Petroleum now holds 200,000,000 Petromanas shares (32.36%), with the right to a further 50,000,000. Petromanas also closed a $75,000,000 private placement of 187,500,000 units at $0.40, which Soros-managed Quantum Partners and Columbia Wanger funds largely subscribed. This speeds up part of the Albania sale payment, while Manas's percentage stake rose only slightly (from 30.47% to 32.36%) because of the new Petromanas shares issued.
On April 26 and 30, 2010, Manas issued 1,334,746 and 50,000 shares at $0.59 each on exercise of earlier warrants, both to non-U.S. persons. This continues the run of warrant exercises and adds a small amount of dilution.
What it means for a shareholder
50,000 new shares at US$0.590 to raise about US$29,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Between March 31 and April 10, 2010, Manas issued 2,447,387 new shares (150,000 + 677,966 + 291,763 + 342,627 + 985,031) at $0.59 each when existing warrant holders exercised, all to non-U.S. persons. This brings in cash and slightly dilutes existing holders.
