Each one in plain English, with the numbers worked through for a shareholder.
28 July 2017auditor change● Neutral
Weaver & Tidwell told the board on July 27, 2017 that it declined to stand for re-appointment for the year ending June 30, 2017, and the company engaged KCCW as its new auditor. The filing reports no disagreements and no adverse or qualified opinions on the 2016 and 2015 reports.
On March 29, 2017 the company issued notes of $169,500 (SBI) and $395,500 (L2 Capital) and received $300,000 in the first two tranches, with $200,000 more expected after shareholders approve raising authorised shares to 750,000,000 at a May 1, 2017 meeting. It also signed an equity line of up to $5,000,000 over four years at 80% of market price (minimum $0.12), paying $210,000 in fee notes at 8%. Warrants were issued to the lenders. The discount pricing and the need for more authorised shares point to heavier dilution (an inference).
10 Nov 2016capital raising announcement▲ GoodMajor
On November 8, 2016 the company signed a $9.75 million purchase agreement with Lincoln Park Capital Fund. Once a registration statement is effective, the company may choose to sell Lincoln Park shares over 36 months at market price, with no sales when the price is below $0.12. Lincoln Park received 1,750,000 shares as a commitment fee. Nothing is drawn yet, and any use dilutes existing holders.
9 Nov 2016capital raising announcement● NeutralMajor
The private offering of 8% unsecured convertible notes with five-year warrants, begun in March 2016 and now sized at up to $3,000,000, had raised $1,965,000 by November 7, 2016, including a 200-unit sale to one investor that day. The notes are due in two years and convert at $0.12 per share, and the warrants (exercisable at $0.15) cover 8,186,190 shares in total. This continues the March 2016 placement, now at 8% interest rather than the 6% first announced. It adds debt and potential dilution.
Two Carson funds (Carson Diversified and Carson Haysco) agreed on October 10, 2016 to extend the maturity of their $250,000 each January 2015 convertible debentures to January 15, 2018. They also exercised their 2015 warrants for cash at $0.06, paying $187,500 each ($375,000 total) for 3,125,000 shares each, and settled their 2014 warrants by taking 1,250,000 shares each in exchange for cancelling the other half. The result is $375,000 of cash in and about 9.4 million new shares, diluting existing holders, while the $500,000 of debentures stays outstanding for another year.
Solterra amended its licence agreement with The University of Arizona, solely to adjust the schedule of due dates for the minimum annual royalty. This is a new licensor not previously in the context, and the company had flagged the amendment in its March 2016 quarterly report.