Each one in plain English, with the numbers worked through for a shareholder.
25 June 2009capital raising announcement● Neutral
Completed the public offering, registering for resale 56.6 million shares sold through underwriters and 41.8 million shares sold directly to Dalea (the chairman's company) - a large slice of the raise went straight to the insider lender rather than public investors.
Filed a preliminary prospectus in Canada for a public share offering to fund its 2009 capital program and repay debt, expected to close around June 22, 2009.
Extended the deadline on its Dalea Partners credit line to June 30, 2009, by which point it had drawn $61.8 million from the chairman's company to fund the Incremental Petroleum takeover plus $2.8 million for general use.
Amended its credit line from Dalea Partners - a company wholly owned by Chairman N. Malone Mitchell, 3rd and his wife - trimming the loan funding its Incremental Petroleum takeover from $69 million to $62 million and adding a new $14 million working-capital tranche. Insider financing from the chairman would remain a recurring feature of this company's capital structure.