12 Dec 2019capital raising announcement▼ BadMajor
The working-capital lenders advanced $5 million more and left room for another $5 million, keeping the lights on inside a forbearance they could end at any point.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2019capital raising announcement● Neutral
Adviser Ducera was paid partly in stock - 242,795 shares - as final settlement for its work on the Geokinetics acquisition, the fee having exceeded what the company could pay in cash.
2 Oct 2018capital raising announcement▼ BadMajor
The company raised $60 million through 6% secured convertible notes due 2023, sold entirely to lenders and shareholders it already had. Fresh money from new investors was no longer available; the existing creditors were funding the Geokinetics integration and taking convertible paper for it.
11 Sept 2018capital raising announcement▼ Bad
Yet another class of warrants - Series E - was created and issued, continuing the pattern of paying for everything in instruments that convert into stock.
1 July 2016capital raising announcement● NeutralMajor
The $30 million multi-draw term loan was signed, open to any noteholder who joined the exchange offer that had opened five days earlier.
27 Aug 2015capital raising announcement▼ BadMajor
The first sign that the 2014 notes were too heavy: Fidelity funds swapped $10 million of them for 2,366,307 shares. Retiring debt with stock at a low share price is cheaper than paying cash but tells you the cash was not there.
13 Jan 2014capital raising announcement● Neutral
Rosenfeld and Sgro converted their $500,000 of working-capital loans into a million warrants at $12.00 - and said they would immediately swap them for shares at ten warrants to one in the company's warrant exchange. The blank-cheque founders were cashing out of the structure they had built.
7 June 2013capital raising announcement● Neutral
A final $100,000 loan from the Rosenfeld affiliate three weeks before the merger closed.
11 Mar 2013capital raising announcement● Neutral
Another $100,000 working-capital loan from a Rosenfeld affiliate while the SAExploration deal was being documented.
26 Nov 2012capital raising announcement● Neutral
Rosenfeld lent a further $100,000 on the same terms - the search for a target was taking longer than the cash allowed for.
28 Sept 2012capital raising announcement● Neutral
With the trust money untouchable until a deal closed, chairman Eric Rosenfeld funded day-to-day costs himself, lending $200,000 across April and September on interest-free notes convertible into warrants at $0.50.