6 July 2005material agreement● Neutral
On June 30, 2005 Triangle agreed with Ron Kinniburgh to take back the 2,000,000 shares he bought on June 2, 2005 and refund his $20,000. This reverses one of the two small share sales reported on June 8, 2005.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 June 2005capital raising announcement● NeutralMajor
On June 14, 2005 Triangle sold a single investor (Rowlings Financial Inc., per the exhibits) an 8% convertible debenture of $1,000,000 due June 10, 2007, convertible at $1.00 per share, plus a warrant for 1,000,000 shares at $1.00 until June 15, 2008. The investor has 60 days to buy up to $5,000,000 more debentures and 5,000,000 more warrants, and Triangle must register the resale shares or pay fees. This is the company's first debt financing since its switch to oil and gas, and conversion could dilute existing shareholders.
13 June 2005capital raising announcement● Neutral
On June 13, 2005 Triangle signed a one-year agreement with Netherlands-based Eclips Ventures International to provide investor relations services, including a research report and outreach to European investors. Payment is 300,000 restricted shares of common stock rather than cash.
8 June 2005capital raising announcement● Neutral
On June 2, 2005 Triangle sold 2,000,000 shares each to Ron W. Hietala and Ron Kinniburgh for $20,000 each, in a private placement under Regulation S. This adds a small amount of cash and new shares, matching the holdings listed in the earlier board-change filing.
6 June 2005business combination● NeutralMajor
Triangle told the SEC that its former president Sergei Stetsenko returned 34,300,000 shares on May 12, 2005 after a preliminary report found no mineralized material on its mining property, and that on May 16, 2005 the company switched from mining exploration to oil and gas, hiring Mark Gustafson as president. Gustafson, Ron Hietala and John Carlson are to replace Stetsenko and Maryna Bilynska on the board after the 10-day waiting period; 19,982,530 shares are outstanding. This explains the earlier Gustafson share purchase of 4,000,000 shares for $40,000.