Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2017capital raising announcement▼ BadMajor
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.
31 Mar 2016capital raising announcement● NeutralMajor
The company is running a private placement of up to 2,000 units, each a $1,000 unsecured 6% convertible note due in two years plus a five-year warrant for 4,166 shares at $0.15. The notes convert at $0.12 per share. If fully sold this is up to $2,000,000 of new debt, with potential dilution from conversion and warrants.
4 Nov 2014capital raising announcement● NeutralMajor
On October 31, 2014 holders of $350,000 of debentures converted into 2,333,333 restricted shares plus two-year warrants for 2,333,333 shares at $.30. On November 3, 2014 a secured lender that loaned $500,000 in November 2008 converted at $.06 per share into 8,373,816 shares including interest. In total $850,000 of debt was removed from the balance sheet, at the cost of about 10.7 million new shares (plus warrants), diluting existing holders.
8 July 2014capital raising announcement● NeutralMajor
On June 30, 2014 two secured debenture holders converted $1,000,000 of debentures into 16,666,667 shares and some unsecured lenders converted $200,000 into 3,666,667 shares, all at $.06 per share. Officers, directors and a consultant also swapped about $525,000 of unpaid bills for 6,575,000 shares at $.08. This cuts debt but issues about 26.9 million new shares, diluting existing holders. Attached press releases cover a 20-gram quantum dot shipment to an Asia-based company from a new automated production system and a Virginia Tech anti-counterfeiting 3D-printing technology.
