Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2015capital raising announcement▼ BadMajor
On October 27, 2015 Stratex received notices of default and acceleration on its Series A and B notes, declaring all obligations immediately due, demanding default-rate interest on late payments, and demanding that asset sales outside the ordinary course stop. It also received a default and acceleration notice on a separate $3,194,972 convertible promissory note. Separately, on October 23 it agreed to issue 5,390,000 unregistered shares at $0.01 to Eureka Petroleum for consulting on acquiring 300 barrels of oil per day. This continues the missed-interest thread: the lenders, who hold a first lien on substantially all assets, have now accelerated the debt, and the shares issued add dilution.
21 Aug 2014capital raising announcement● NeutralMajor
On August 20, 2014 Stratex sold a further $374,500 of Series B notes with warrants for 249,665 shares at $0.30, bringing Series B gross proceeds to $8,014,560. The placement agent has received $711,755 and warrants for 2,372,517 shares. Separately, to meet a Richfield merger condition, the board issued 7,000,000 common shares to Rotary Partners LLC, wholly owned by CEO Stephen Funk, in exchange for all 60 outstanding Series A Preferred shares (each carried 1,000,000 votes). This removes the super-voting preferred stock but adds 7,000,000 common shares.
3 July 2014capital raising announcement● NeutralMajor
On July 2, 2014 Stratex sold another $2,376,625 of Series B notes on the same terms (12%, due June 6, 2016, convertible at $0.30), with warrants for 1,584,417 shares. Series B gross proceeds reach $5,409,485 so far; the placement agent has been paid $478,448 and holds warrants for 1,594,827 shares. This extends the June raise and adds more debt and potential dilution.
12 June 2014capital raising announcement● NeutralMajor
On June 6, 2014 Stratex sold $3,032,860 of 12% Series B senior secured convertible notes due June 6, 2016, convertible at $0.30 per share, with warrants for 2,021,957 shares at $0.30. The placement agent got a $250,786 fee and warrants for 835,954 shares. The notes share an equal first lien with the Series A notes; this follows the February-March Series A raise and adds debt and potential dilution. The filing does not state the use of proceeds.
17 Mar 2014capital raising announcement● NeutralMajor
From February 11 to March 13, 2014 the company raised $6,842,650 selling 12% senior secured convertible notes due February 11, 2016, secured by a first lien on substantially all assets and convertible at $0.30 per share. Investors also got warrants for 4,561,728 shares at $0.30, and the placement agent received a $382,765 fee plus warrants for 1,275,900 shares. This is the company's first identified debt facility and adds both debt and potential dilution; the filing does not state the use of proceeds.
