16 Jan 2020capital raising announcement▼ Bad
Armada and Fourth Man each issued Sylios another $18,425 convertible note on the same falling terms, with 32 million shares reserved for each -- the toxic-financing treadmill continued into 2020.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2019capital raising announcement▼ Bad
Armada issued yet another $16,500 convertible note on the same terms, with 13 million more shares reserved -- the fifth such note in six months.
4 Nov 2019capital raising announcement▼ Bad
Armada extended Sylios another $25,300 convertible note at the same falling $0.024 warrant strike, with 22 million more shares reserved for conversion -- the toxic-note balance kept climbing while the warrant price kept falling.
18 Oct 2019capital raising announcement▼ BadMajor
BHP Capital and Fourth Man extended another $27,500 in convertible notes to Sylios, this time with warrant strike prices cut to $0.024 (from $0.08 three months earlier) and 16 million shares reserved for conversion -- terms consistent with a falling stock price.
31 July 2019capital raising announcement▼ BadMajor
Three weeks later Sylios took on $46,200 more in identical convertible notes, this time from three lenders at once (Armada, BHP Capital NY and Fourth Man) -- the toxic-note roster was widening, not narrowing.
9 July 2019capital raising announcement▼ BadMajor
Years after suspending its reporting duty in 2012 and returning to the SEC in 2019 (by now renamed Sylios Corp), the company resumed the same toxic-financing pattern: two convertible notes totaling $33,000 to Armada Investment Fund at 8% with five-year warrants, and over 5 million shares already reserved for conversion.
21 Oct 2010capital raising announcement▼ BadMajor
The company took on its first toxic convertible note, borrowing $40,000 from Asher Enterprises convertible at 58% of the recent trading price -- a structure that profits the lender more as the stock falls.
14 July 2010capital raising announcement▼ Bad
US Natural Gas Corp paid a stock-promotion firm, Del Mar Corporate Consulting, $20,000 cash plus up to 2 million shares and warrants to generate "market awareness" for the stock -- a heavily dilutive investor-relations arrangement rather than an operating deal.
9 Oct 2009capital raising announcement▼ BadMajor
The company lined up an equity line of credit with Tangiers Investors for up to $3 million, selling shares at a discount to market (90% of the lowest recent price) and paying Tangiers $150,000 of stock just to sign -- a dilutive, market-price-linked financing structure.