Past year: ▼ 11%(1.34c – 27.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2006auditor change● Neutral
Rancher's board replaced its auditor Williams & Webster P.S. with Hein & Associates, LLP, effective August 1, 2006, saying the aim was to consolidate accounting and auditing in Denver. The filing reports no disagreements with the old auditor, but its earlier reports carried a going-concern uncertainty paragraph.
31 July 2006capital raising announcement● Neutral
On July 20, 2006 Rancher sold 600,000 more units at $0.50 each, same terms as before. The filing says the buyer is a director of the company.
18 July 2006capital raising announcement● Neutral
On July 12, 2006 Rancher sold a further 400,000 units at $0.50 each to one non-U.S. investor, on the same terms as the July 5 sale (a share plus a warrant at $0.75, then $1.00). The unit offering continues.
What it means for a shareholder
400,000 new shares at $0.500 to raise about $200,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
10 July 2006capital raising announcement● NeutralMajor
On July 5, 2006 Rancher sold 1,600,000 units at $0.50 each to two non-U.S. institutional investors. Each unit is one share plus a warrant to buy another share at $0.75 in year one and $1.00 in year two. This adds new shares and potential future dilution.
What it means for a shareholder
1.6m new shares at $0.500 to raise about $800,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
21 June 2006debt financing▼ BadMajor
On June 9, 2006 Rancher Energy borrowed $500,000 from Venture Capital First LLC for working capital, repayable with 6% interest by December 9, 2006. The lender can convert the loan into company shares, which would dilute existing holders, and repayment can be accelerated on a change of control or an event of default. This follows the small $150,000 Enerex loan from days earlier.
13 June 2006material agreement● Neutral
The filings so far were under the T-REX OIL name, but this 8-K is filed as Rancher Energy Corp. (same CEO, John Works), so the company now appears under that name. It borrowed $150,000 from Enerex Capital Corp. on June 6, 2006 for working capital, to be repaid with 2% interest by June 30, 2006. It also hired NITEC LLC on June 8, 2006 to do reservoir engineering on its Wyoming prospects.
