Each one in plain English, with the numbers worked through for a shareholder.
12 Jan 2023capital raising announcement● NeutralMajor
On 9 January 2023 the company settled its debts to three Black Diamond-affiliated parties (CCTC Acquisition Partners, Black Diamond Financial Group and Wyoming New Power), a total principal of $13,914,908 plus interest, penalties, warrants, fees and security interests, in exchange for 73,000,000 new shares (68,700,000 to CCTC, 2,800,000 to Wyoming New Power, 1,500,000 to Black Diamond). This resolves the debt thread that began with the 2015 CCTC notes (the Series A to D notes are named) and includes mutual releases. Existing shareholders are diluted by the new share issue.
The company sold up to $7.59 million face value of 12% secured convertible notes to a single buyer, CCTC Acquisition Partners, at 91 cents on the dollar - about $6.9 million of cash - in three series, with registration rights attached. Secured, convertible and issued at a discount to one counterparty: this is the financing of a company with no other options, and it put the lender ahead of shareholders on the assets.
8 June 2015capital raising announcement● NeutralMajor
On 5 June 2015 the company took the third and final $500,000 advance from CCTC Acquisition Partners LLC (Black Diamond affiliate), on the same terms as the earlier two (1.2% per month, up to six months), to keep building the Tulsa demonstration plant. This completes the three-advance series begun on 12 May. The company now says the funds from the three notes should be enough to finish the plant, replacing the earlier statement that about $500,000 more was needed. The lender now holds a first-priority security interest in the company's intellectual property as well as the equipment and plant, though the lender agrees to subordinate that IP claim up to $10.0 million if it decides not to go ahead with the larger financing. The note still converts into 12% notes (at 91% of par, each $1,000 convertible into one share plus a three-year $0.10 warrant) if the larger financing closes, which remains targeted for 15 June 2015 with no assurance.
The company took a second $500,000 note from CCTC Acquisition Partners LLC on 22 May 2015, the second of three advances under the 12 May note, on the same terms (1.2% per month, up to six months, secured on equipment and the Tulsa demonstration plant). The company now says it needs about $500,000 more to finish the plant, down from about $1,000,000. A final advance of up to $500,000 is still at the lender's discretion, and the larger financing remains targeted for 15 June 2015 with no assurance.
14 May 2015capital raising announcement● NeutralMajor
The company borrowed $500,000 on 12 May 2015 from CCTC Acquisition Partners LLC (managed by Black Diamond Financial Group) at 1.2% per month for up to six months, to restart building its Tulsa demonstration plant, secured on its equipment and that plant. Two more advances of up to $500,000 are at the lender's sole discretion, and the company says it needs about $1,000,000 more to finish the plant. The note would convert into 12% convertible notes tied to a larger financing targeted by 15 June 2015, with no assurance it will happen, and a break-up fee of $100,000 plus 1,000,000 shares applies if the company finances elsewhere.
The company signed three-year employment agreements with CEO Robin Eves ($395,000 salary) and COO Ignacio Ponce de Leon ($370,000), each with an 8,000,000-share signing bonus and two sets of 8,000,000 options ($0.20 and $0.35 strikes) under a new plan reserving 65,000,000 shares. It also issued 77,970,650 restricted shares (about 13% of those outstanding) to settle about $1,471,276 of notes and interest and to pay about $2,054,385 of services, which dilutes existing holders.
