Providence extended its Val Verde leases (now 13,341.3 acres) with I.W. Carson LLC to Feb 29, 2013 for $510,000 plus $834,130 due by June 20, 2010, with an obligation to drill two additional wells. Effective March 1, 2010, Elm Ridge assigned its 50% interest in the leases back to Providence, reversing the 2008 sale (the filing does not say why). Providence also swapped older notes held by Global Convertible Megatrend and FAGEB AG for new 8% five-year convertible notes ($665,334, $530,847 and $622,401) convertible at $0.04, and issued a new $510,000 note to Global with a 5.1% net revenue interest carry in the Carson 10-1 and 12-1 wells, also convertible at $0.04. Conversion at $0.04 is half the $0.08 price in the Aug 2007 notes, which is a comparison from the filings; if converted, shareholders would be diluted.
In August 2007 Providence Resources issued secured notes to non-U.S. investors: $2,500,000 on August 8 (four convertible notes), $500,000 on August 15 (two convertible notes), and a $200,000 non-convertible note to BlueMont Investment Ltd. on August 27, about $3.2 million in total. All bear 10% interest and mature in August 2010, and the convertible ones convert at $0.08 per share. They are secured by seismic data from the Carson/Cole Ranch leases in Val Verde County. The $0.08 conversion price is far below the $0.98 and $1.165 prices cited in the 2006 proxies; that is a comparison from the filings, and the filing gives no reason. Gilbert Burciaga is now listed as CEO, with an Austin, Texas office, replacing Nora Coccaro in the earlier filings.
Now named Providence Resources, Inc. (formerly Healthbridge), the company on October 4, 2006 authorized 3,500,000 restricted shares to Global Solutions L.P. in full satisfaction of $1,924,800 and accrued interest owed for the Val Verde leases. This is the convertible note from the March 2006 Val Verde purchase, now settled in shares, so it adds shares but clears that debt. The name change is confirmed by the filing.
31 July 2006capital raising announcement● NeutralMajor
Healthbridge closed a share-and-warrant financing on July 21, 2006 that began April 20, 2006 and aimed at up to $10,000,000, selling $6.00 units of 10 shares plus 5 warrants exercisable at $1.00 for 3 years. It authorized 6,656,950 shares to 117 U.S. investors for $3,973,170 and 6,864,640 shares to 41 non-U.S. investors for $4,139,784, about $8.1 million in total. Proceeds are meant for developing oil and gas leases tied to the Providence acquisition; brokers get about $425,000 in cash and about 327,000 warrants at $0.72. This adds many new shares, diluting existing holders (inference from the share counts).
6 Jan 2006capital raising announcement● NeutralMajor
Healthbridge reported raising money in November 2005 by selling shares at $0.30 each to non-U.S. investors, and by issuing senior convertible debentures due November 30, 2010, with 7% interest and convertible into shares at $0.35. Share sales shown in the visible text include 200,000 shares for $60,000, 340,000 for $102,000 (twice), 400,000 for $120,000, 1,700,000 for $510,000 and 1,300,000 for $390,000; debentures shown are $360,000 (twice), $400,000, $250,000, $100,000, $850,000 and $1,000,000. The filing is cut off, so further issuances may exist.
Another December 2004 8-K with the same items (3.02, 5.01, 9.01). The only content visible is the title 'MUELLER STOCK' and an Exhibit 10(i) label; this probably relates to stock for Markus Mueller (an inference), but no terms or amounts are available.
This December 2004 8-K (items 3.02, 5.01, 9.01: unregistered share sale, change in control) is listed in the record, but only the title 'HEALTHBRIDGE' is available, with no text. The filing's terms, amounts and counterparties cannot be stated.
