Past year: ▼ 90%(0.00c – 0.10c USD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Apr 2007capital raising announcement▼ BadMajor
Surge failed to register Gemini's shares for resale as promised, and restructured its way out: Gemini handed back the stock and put in another $250,000 in exchange for a $1.15 million zero-interest note convertible at $0.37, waiving the penalties it was owed. A financing turned into a debt because the company could not meet a paperwork obligation.
4 Dec 2006capital raising announcement● NeutralMajor
Surge raised $1.35 million at $0.45 from hedge fund Gemini Master Fund and existing holder Mark Fritz - a third of the March price - and simultaneously agreed to buy Peace Oil Corp through a new Canadian subsidiary, Cold Flow Energy. Having been diluted out of Sawn Lake, Surge was buying its way back into Alberta oil sands with money raised on much worse terms.
28 Dec 2005capital raising announcement● NeutralMajor
Surge stopped funding Sawn Lake itself and let its subsidiary Signet Energy raise C$5.7 million directly from Canadian investors in flow-through shares and 7% convertible debentures. Money for the project, but raised at the subsidiary - the first step in Surge's stake being diluted away.
25 Aug 2005capital raising announcement▲ GoodMajor
Surge raised just $300,000 at $1.00 a share, and every buyer was an existing investor or a director - Fritz, Idziszek, Vandergrift, Gersh and Plaksin. More significantly, holders of $1.71 million of convertible notes agreed to convert on the same terms, clearing the debt taken on to fund Sawn Lake.
24 Mar 2005capital raising announcement● NeutralMajor
Surge borrowed $1.575 million from investor Mark Fritz on a convertible note with warrants to fund the Sawn Lake drilling commitment - debt rather than equity, because the well had to be drilled on a deadline.
3 Mar 2005capital raising announcement▲ GoodMajor
Surge got its first real operating asset: a farm-out with Deep Well Oil & Gas and Northern Alberta Oil at Sawn Lake in Alberta, where drilling a test well within 150 days at its own cost would earn it half their working interest, building towards 40% of 63 sections. Ambitious for a company with almost no cash - and the drilling deadline is the risk.
