Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2007capital raising announcement● Neutral
On October 1, 2007 the company cancelled 6,363,333 older stock options held by current and former officers and employees (the filing does not give their prices) and granted 9,700,000 new five-year options at $0.22. The biggest grants went to Dan Brecher (4,500,000), Ivan Railyan (2,500,000), Dmitry Vilbaum (1,000,000) and Ken Oh (1,000,000). The rest went to two employees and consultant Victor Andreev. The new options outnumber the cancelled ones by about 3.3 million, which would add to dilution if exercised (inference).
On August 13, 2007 the company granted 7,000,000 five-year options at $0.16 per share, half vested immediately and half vesting August 13, 2008. Dmitry Vilbaum, now named President and CEO, got 5,000,000 and Ivan Railyan 1,000,000; three consultants who work for the Institute (owned and run by Railyan) got 1,000,000 between them. If exercised, these would dilute existing shareholders (inference).
On October 27, 2006 the company granted Eric M. Weiss, its Chief Financial Officer, five-year warrants for 250,000 shares at $0.22 each. This is a routine equity award and adds a small number of potential new shares.
What it means for a shareholder
250,000 new shares at US$0.220 to raise about US$55,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On September 20, 2006 the company and Enficon cut the conversion price of the $4 million of 6% debentures from $1.00 to $0.50 and of the $1 million 7% debenture held through KIG from a $1.00-$2.00 range to $0.50. Enficon then converted all $5 million into 10 million shares, so the company has no convertible debentures outstanding. This is double the 5,000,000 shares the April plan implied at $1, so existing holders are diluted, but the debt is gone. The company also issued 250,000 shares and one-year warrants for 250,000 more at $0.50 to Global Scan Technologies for at-cost satellite data and interpretation services.
On April 6, 2006 the company signed a Protocol Agreement with Kiev Investment Group (KIG), described as an affiliate of Enficon. KIG took over Enficon's obligation to buy the fourth and fifth $1 million convertible debentures, is to convert the $5 million of debentures into 5,000,000 shares at $1 by June 15, 2006, make capital contributions to Tierra Nevada, buy 5,000,000 shares at $1.05 by June 29, 2006, and get a stock option reaching 25% of shares, plus a board seat and financing rights on joint projects and the third and fourth Texas wells. On April 11, 2006 KIG bought the fourth $1 million 6% debenture due December 31, 2007, convertible at $1.00, with $500,000 for working capital and the rest going to Tierra Nevada for Nevada drilling. Some terms are still to be negotiated, and the conversions and options would add shares (dilution, an inference).
4 Jan 2006capital raising announcement● NeutralMajor
On December 28, 2005 the company signed a non-final Statement of Understanding with Esterna Limited (Cyprus) for the sale of 49,500,000 more shares for $49,500,000 by March 31, 2006, after Esterna bought 500,000 shares at $1 on December 29, 2005. The company says it has no assurance Esterna has the funds or that a closing will happen, and the deal would give Esterna three board seats and equal voting rights with the Railyan Group. The same filing records accelerated vesting of about 1,163,333 officer options, a new 2005 Stock Incentive Plan of 5 million shares, new option grants, 2005 bonuses of $25,000 to $75,000 per executive and higher 2006 salaries and change-in-control protections for the three founders. Its subsidiary Tierra Nevada Exploration Partners also had bids accepted totalling $33,417 for two Nevada federal oil and gas leases of about 1,240.44 acres, the first oil and gas land interests described.
What it means for a shareholder
500,000 new shares at US$1.00 to raise about US$500,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On December 12, 2005 the company sold 1,000,000 shares and two sets of warrants (150,000 and 2,000,000) to Belhasa International Co. LLC of the UAE for $1,000,000, used for working capital. The warrants, if exercised, would bring in more money and add shares, which would dilute existing holders (inference).
