Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2022debt financing▼ BadMajor
Amid a dispute involving the company's then-CEO, Creek Road Miners settled with investor Alpha Capital Anstalt by exchanging previously exercised warrants for a $900,000 convertible note carrying a punitive 22% default interest rate -- a note structured to convert at a discount once the pending Prairie Operating merger closes.
Creek Road Miners signed a non-binding memorandum of understanding with Highwire Energy Partners to acquire natural gas and fixed-price electricity assets in the Dakotas and Wyoming, intending to power Bitcoin mining operations at the sites.
Bristol Investment Fund, Ltd, Bristol Capital, LLC, Paul Kessler, Bristol Capital Advisors Profit Sharing Plan reported a Prairie Operating Co. shareholding of 2,589,986 shares (31.62% of votes) in a periodic institutional filing.
Locked in $250,000-a-year contracts for Paul Kessler and Scott Kaufman and $200,000 each for two more executives, and paid Kessler's Bristol Capital and Kaufman a one-off $250,000 'non-accountable expense reimbursement' apiece. Greg Suess left the board after ten years and was replaced by Richard Boyce, a petroleum geophysicist -- the first oil and gas man on the board of what was still a bitcoin miner, ten months before the Prairie merger was announced.
Restated the December 2021 Series C round upward to its final size -- 23 investors, 7,880 preferred shares and $7.88 million, against the $6.2 million from 20 investors first reported -- the largest single raise of the crypto-mining era.
Restated the August 2021 crypto-pivot placement at its final size: 15 investors rather than 14, 2,433,340 shares and $3.65 million rather than $3.5 million.