7 Apr 2014capital raising announcement▼ BadMajor
On April 3, 2014, Petron Energy II agreed to let an unnamed institutional investor swap $393,268 of company debt securities and options, which the investor bought from TCA, for common stock. The investor gets 30,303,030 shares for the first exchange and may exchange the rest when it chooses, so more dilution may follow. This turns part of the debt that originated with the TCA facility into shares; the filing does not say how that debt relates to the $5,000,000 credit agreement.
Discuss in chat
7 May 2013capital raising announcement▼ BadMajor
Petron Energy II signed a credit agreement dated March 31, 2013 (effective April 16, 2013) with TCA Global Credit Master Fund, LP, letting the company and its two Texas subsidiaries (Petron Energy II Pipeline and Petron Energy II Well Service) borrow up to $5,000,000 in revolving loans at 11% interest. The loans are secured by a first-priority lien on the borrowers' property, run for six months with an option to renew for six more, and come with fees plus 3,333,334 restricted common shares issued to TCA, which dilutes existing holders. This is the company's first debt facility in the filings seen, which previously showed none.
Discuss in chat
16 Aug 2011capital raising announcement● NeutralMajor
This filing is made under the name Restaurant Concepts of America Inc. (same file number 333-160517 as Petron Energy II, which later files under that name). On August 9-10, 2011 Petron Energy II, controlled by Floyd L. Smith, bought 10,000,000 restricted shares (98.9% of the company) from three selling shareholders for $232,750, and Smith became sole officer and director. A deal signed August 12 (amended August 15) has the company buy substantially all of Petron's oil and gas assets for 200,000 common shares and 1,000 preferred shares giving Smith 51% of the vote, with 9,400,000 of Petron's purchased shares to be cancelled so Petron would hold 87.9%. Closing was required by August 28, 2011 subject to conditions, and the company expected to drop restaurant operations for oil and gas. It also involves assigning a $8,000-a-month management agreement with ASL Energy Corp. and an agreement to acquire ONE Energy Capital and ONE Energy International assets for convertible preferred stock valued at $5,910,000. Smith would get a five-year, $200,000-a-year employment agreement.
Discuss in chat
