Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2013capital raising announcement● Neutral
On October 16, 2013 the company agreed to sell 246,914 shares to Oel und Erdgazforshung AG for $200,000, plus warrants for 96,618 shares at $1.04 per share, exercisable immediately and expiring October 10, 2016. The sale was made without SEC registration. The investor's later 'third tranche' filing suggests this is the first of several tranches (inference).
What it means for a shareholder
96,618 new shares at $1.04 to raise about $200,000. That's 0.159% dilution: every existing holder's slice gets 0.159% smaller. If you held $1,000 of shares (962 at the issue price), your slice goes from 0.00159% to 0.00158% of the company. To keep it you'd need 2 more shares - about $2 at the issue price.
On August 14, 2013 the company agreed to sell 281,250 shares of common stock to Springhouse Investments Corp., a Canadian company, at US$0.80 per share. The filing does not state the total, which at that price would be about $225,000 (inference).
The company and Eide Bailly LLP mutually ended their auditor relationship on June 10, 2013, and the company engaged MaloneBailey LLP on July 25, 2013. Eide Bailly's reports had no disagreements but included a going-concern doubt. This is the second auditor change since January 2013.
North American Oil & Gas Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
North American Oil & Gas Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Lani and Avere Energy amended their farm-in agreement. The amendment corrects a drafting error so Avere provides $347,500, not $647,500, for delay rentals and new White Wolf acreage, and widens the permitted use of other Avere funds to include work on existing projects such as Tejon Main and Tejon Ranch Extension. This reduces one funding amount from the original deal terms.
The company dismissed its auditor John Kinross-Kennedy and hired Eide Bailly LLP on January 23, 2013. The filing says the earlier audit reports carried a going-concern doubt and that there were no disagreements. The board also adopted a 2012 Stock Option Plan reserving 2,000,000 shares, with no options granted yet.
30 Nov 2012asset acquisition disposition● NeutralMajor
The company (formerly Calendar Dragon, Inc., a calendar software shell) acquired Lani, LLC, a California oil and gas exploration company, by issuing 24,300,000 shares; this was treated as a reverse acquisition and the company dropped its software business. It also sold 5,000,000 shares to East West Petroleum Corp. at $0.10 each ($500,000). Afterwards, former Lani holders own about 40.41%, prior shareholders about 51.26% and East West about 8.33%. Lani is exploration stage with no developed reserves, production or revenue, targets the San Joaquin Basin in California, and began drilling its first exploratory well in the Tejon Main leases on November 27, 2012. Under a farm-in agreement dated November 3, 2012 (the amendment later calls it effective November 13), Avere Energy (an East West subsidiary) took working interests of 25% in Tejon Ranch Extension, 21.25% in Tejon Main and 50% in White Wolf, and must provide $2,500,000 for Lani's operations and pay drilling costs of up to $1,300,000 (Tejon Ranch Extension well) and $552,500 (Tejon Main well). The text is cut off before the rest of the farm-in terms.
