5 Apr 2018capital raising announcement● NeutralMajor
On 31 March 2018 Samson agreed with DynEvolve Capital to sell 800,000,000 shares for $1,000,000 (to be swapped for 4,000,000 ADSs, not yet completed). DynEvolve also agreed to lend $1,000,000 on 15 April 2018 at 4% and, subject to shareholder approval and no later than 10 May 2018, to buy a second-lien note for $5,577,919 convertible into 2,479,075,200 shares. DynEvolve gets a board seat, and a second seat after the note purchase, plus consent rights over certain board decisions. Existing shareholders face dilution if the note converts.