17 Oct 2024capital raising announcement▼ BadMajor
Royale eliminated all of its Series B Convertible Preferred Stock - originally issued to Matrix's former owners in the 2018 merger - by exchanging it for 22.2 million new common shares (a large dilution), $2.5 million of new senior notes, options on 25 million more shares at $0.10, and giving up half its Alaska oil and gas royalty interests plus its Kern County, CA real property to a holding company owned by the former preferred holders.