Past year: ▼ 57%(53.0c – 1.56 USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2010capital raising announcement● NeutralMajor
The note exchange closed: on January 12, 2010 NGAS issued $28.7 million of new 6% notes due May 1, 2012, extinguishing the old $37 million notes, and paid about $2.7 million cash. It also issued warrants for 1,285,038 shares and, on January 15, 3,037,151 new shares, bringing shares outstanding to 33,521,512. This resolves the exchange agreed on January 11.
12 Jan 2010capital raising announcement● NeutralMajor
On January 11, 2010, NGAS agreed to swap the $37 million 6% convertible notes (due December 2010) for $28.7 million of new 6% amortizing notes due May 1, 2012, plus 3,037,151 shares, warrants for 1,285,038 shares at $2.37, and about $2.7 million cash. The new notes convert at $2.18 per share and require 24 monthly payments from June 2010, which NGAS may pay in shares. KeyBank agreed a Fourth Amendment, taking the borrowing base from $55 million with monthly $1 million cuts from February 2010 and limiting cash passed up from the operating subsidiary. This extends the debt maturity but increases dilution risk; the filing says the share issuance above 19.99% needs shareholder approval at the next annual meeting.
14 Dec 2005capital raising announcement● NeutralMajor
NGAS agreed on December 13, 2005 and issued on December 14 $37 million of 6% convertible notes due December 15, 2010 to institutional investors, convertible at $14.34 per share, plus warrants for up to 945,809 shares at $13.04. Terms include price-adjustment protection for investors if shares are later sold cheaper, repayment at 125% on default and at least 110% on a change of control, and a promise to seek shareholder approval at the next annual meeting; this is much larger than the $6.1 million note of October 2004 and could dilute existing holders if converted.
5 Oct 2004capital raising announcement● Neutral
NGAS Resources completed a private placement of a $6.1 million 7% convertible note, with related stock purchase warrants, to one institutional investor on October 4, 2004. This adds debt that can convert into shares; the filing does not give the conversion price or warrant terms in its text.
