30 Sept 2020capital raising announcement▼ Bad
Paid its Q3 2020 Series A Preferred dividend in stock once more, at a share price down to $0.24 - about a tenth of its 2013 highs - as the going-private deal moved toward closing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Aug 2020capital raising announcement▼ Bad
Paid its Q2 2020 Series A Preferred dividend in stock again, even as the going-private buyout talks with its own preferred holders were underway.
2 Jan 2020capital raising announcement▼ Bad
Paid its Q4 2019 Series A Preferred dividend in stock again (4.5 million shares) rather than cash, continuing a pattern stretching back to late 2017.
2 Oct 2017capital raising announcement▼ Bad
Paid its Series A Preferred dividend in newly issued common shares rather than cash for the first time - another sign the cash cushion from the 2016 note-to-preferred exchange was already thinning.
4 Nov 2016capital raising announcement▼ BadMajor
Exchanged most of its 13% convertible notes for a new 12% Series A Convertible Redeemable Preferred Stock at $50/share, plus a small $5.3 million cash raise - swapping one expensive security for another rather than paying down debt with cash it didn't have.
5 July 2016capital raising announcement▼ Bad
Extended the ANBE Holdings note's deadlines and paid a chunk of its 2017 convertible-note and ANBE interest in shares rather than cash, at a steep discount to market - a sign cash was tight enough that even insider lenders were being paid in equity.
6 Jan 2016capital raising announcement▼ BadMajor
Borrowed against a new $5 million convertible note from ANBE Holdings - an entity owned by Chairman Mitchell's children - at 13% interest, deepening the company's reliance on the Mitchell family for financing as public capital markets stayed shut to it.
14 Aug 2015capital raising announcement▼ Bad
Issued a second round of warrants to Mitchell for extending the same Gundem resort pledge, at a lower exercise price reflecting the falling share price.
27 Apr 2015capital raising announcement▼ Bad
Issued warrants to Chairman Mitchell personally as compensation for pledging his stake in a Turkish resort (through Gundem Turizm) to secure an extension on one of the company's Turkish bank facilities - the company was now leaning on the chairman's personal real estate to keep its financing in place.
25 Feb 2015capital raising announcement▼ Bad
Completed the note offering at $55.0 million total and exchanged the notes for registered Exchange Notes under a formal indenture - closing out an expensive financing round taken right as the oil price crash was deepening.
10 Feb 2015capital raising announcement▼ Bad
Sold a further $1 million of the notes, bringing the total to $49.7 million, as the fundraising continued in smaller tranches.
14 Jan 2015capital raising announcement▼ Bad
Sold another $1.3 million of the 13% convertible notes, bringing the total raised to $48.7 million.
5 Jan 2015capital raising announcement▼ BadMajor
Raised $37.7 million (with another $9.7 million pending) through a private placement of 13% convertible notes maturing 2017 - expensive debt reflecting how much harder financing had gotten as oil prices collapsed through late 2014.
28 Apr 2011capital raising announcement▲ GoodMajor
Signed a direct purchase agreement with Mustafa Mehmet Corporation to buy all of Thrace Basin Natural Gas Turkiye itself, for 18.5 million shares plus royalty interests - choosing to acquire the asset outright rather than route it through the stalled Valeura negotiation.
24 Feb 2011capital raising announcement● Neutral
Issued 8.9 million shares to Direct Petroleum Exploration as part of a January 2011 asset purchase, with piggyback registration rights attached.
12 Nov 2010capital raising announcement● Neutral
Paid $10 million for an option to acquire Thrace Basin Natural Gas Turkiye and Pinnacle Turkey for $100 million cash plus 18.5 million shares - the opening move in what would become a year-long, repeatedly-extended negotiation.
24 Nov 2009capital raising announcement● Neutral
Closed the follow-on offering, registering 44.0 million shares sold through underwriters and 4.3 million shares sold directly to Dalea, again giving the chairman's company a direct allocation alongside public investors.
5 Nov 2009capital raising announcement● Neutral
Filed another preliminary Canadian prospectus for a follow-on share offering to fund its 2010 capital program, targeting a close around November 23, 2009.
7 Oct 2009capital raising announcement● NeutralMajor
Completed a court-approved continuance from Alberta, Canada to Bermuda, formally renaming itself TransAtlantic Petroleum Ltd. - the identity this company's SEC record carries for the rest of its life - with 253.6 million common shares outstanding.
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.
3 June 2009capital raising announcement● Neutral
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.