Nationwide Utilities Corp. (NWUC): announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

29 June 2007capital raising announcement● Neutral

The company, now named Pluris Energy Group Inc., closed a private placement on June 27, 2007 of 1,506,000 units at $0.25 each for gross proceeds of $376,500. Each unit has one share and one warrant to buy another share at $0.50 for two years, so existing holders face some dilution.

What it means for a shareholder

1.5m new shares at US$0.250 to raise about US$376,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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10 Mar 2006capital raising announcement▼ BadMajor

The board adopted a 2006 performance stock plan and put 30,000,000 restricted shares into escrow for seven insiders, lifting shares outstanding from 36,976,807 to 66,976,807. Insiders can buy them at $0.50 to $2.00 a share; 3.5M are available after one year, the rest only if asset, share price and profit targets are met. Sacha Spindler gets 15,000,000, and officers and directors as a group would hold 46.167%; the filing itself calls this a change in control. Existing shareholders are diluted if the shares are earned and bought.

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30 Sept 2005capital raising announcement● Neutral

Investors in the September 2004 placement could surrender their warrants: 27 investors cancelled 7,464,000 $1.00 piggyback warrants and agreed to re-price 3,732,000 warrants from $0.50 to $0.45, with the expiry extended to March 31, 2006. Warrants of investors who did not agree end on September 30, 2005. The company says this is to prevent dilution and help attract future investors. It also amended its annual report to correct the warrant disclosure.

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4 Oct 2004capital raising announcement▲ GoodMajor

Now named Petrogen Corp. and based in Houston, the company closed a private placement of 7,284,000 units for $1,821,000 on September 20, 2004. Each unit has one share, a half warrant at $0.50 and a piggyback warrant at $1.00. The company says about $1.2 million of advances payable were converted into equity, and that debt has gone from about $2.4 million at March 31, 2004 to none. It also says cash is over $1.5 million and a 12-well drilling program started in late August. New shares and warrants mean dilution for existing holders.

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