Past year: ▼ 53%(15.5c – 77.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Mar 2013capital raising announcement● NeutralMajor
The NGP share sale announced on March 4 closed on March 8, 2013: Triangle issued 8,118,407 shares to NGP Natural Resources X and 1,181,593 to its Parallel Fund for $55.8 million total. The investment agreement and registration rights were amended as previously described, with two demand registrations per year and five in total. The rest of the filing is a corporate presentation posted to the website.
4 Mar 2013capital raising announcement● NeutralMajor
On March 2, 2013 Triangle agreed to sell 9,300,000 new shares at $6.00 each ($55.8 million) to NGP Triangle Holdings, which already holds the $120 million convertible note it bought in July 2012. The press release says the shares have a six-month trading restriction, add no extra board seats, and raise the share count by 19.9%; it also says the sale lifts the fiscal 2014 capex budget from $190 million to $245 million, and it announces the RockPile $20 million Wells Fargo credit facility. The deal is subject to closing conditions and also expands NGP's registration rights.
4 Jan 2013capital raising announcement● NeutralMajor
Triangle bought out the remaining minority owners of its pressure pumping subsidiary RockPile Energy Services, which it already held 83.33% of. It paid DCF Partners 1,900,000 new shares plus $609,000 cash for 3,500,000 units, and paid SourceRock 285,715 shares for 500,000 units. Triangle is now the sole holder of RockPile's Series A units. The filing also shows Triangle is now a Delaware company (previously Nevada); the filing does not explain the change.
12 Aug 2010capital raising announcement● Neutral
On August 9, 2010 Triangle closed the 2,044,187-share placement at $0.43, raising about $880,000 gross and $836,000 net. A same-day operations update says it controls about 10,000 net acres in North Dakota and holds about 26% in two Kodiak-operated wells (Grizzly 13-H and 1-27H), alongside the XTO-operated Roedeske Federal well, with results expected late September or early October. In Nova Scotia it is still seeking an industry partner. Dr. Peter Hill is named CEO.
3 Aug 2010capital raising announcement● NeutralMajor
On July 30, 2010 Triangle priced a second, much smaller private placement of 2,044,187 shares at $0.43 each, with expected net proceeds of about $836,000. The attached investor memorandum says the company now focuses on shale oil, with a 30% working interest under a January 2010 agreement with Slawson Exploration on about 4,000 net acres in North Dakota's Bakken play. It also reports an 87% working interest in the 474,625-acre Windsor Block in Nova Scotia, still seeking a drilling partner. It describes a November 2009 memorandum of understanding with largest shareholder Palo Alto Investors that restructured the board and management. The company's address is now Denver, Colorado, replacing Calgary.
What it means for a shareholder
2.0m new shares at $0.430 to raise about $836,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Mar 2010capital raising announcement● NeutralMajor
On March 16, 2010 Triangle completed the private placement announced days earlier: 27,993,939 shares at $0.33, giving about $9,238,000 gross and about $8,300,000 net. This closes the March 11 offering and adds those new shares to the total outstanding.
What it means for a shareholder
28.0m new shares at $0.330 to raise about $9.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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12 Mar 2010capital raising announcement● NeutralMajor
On March 11, 2010 Triangle priced a private placement of 27,993,939 new shares at $0.33 each, with expected net proceeds of about $8.3 million, well below the $1.40 paid in the June 2008 raise. Investors get rights to include their shares in certain future registration statements within 6 months of closing. The filing also records that authorized shares were raised to 150,000,000 effective July 10, 2009. The visible text shows the investor materials describe a newer Bakken Shale entry in North Dakota alongside the Nova Scotia interests (the rest of the filing is truncated).
What it means for a shareholder
28.0m new shares at $0.330 to raise about $8.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 June 2008capital raising announcement▲ GoodMajor
On June 3, 2008 Triangle sold 18,257,500 units at $1.40 (each one share plus half a warrant at $2.25 for two years) to 31 investors, raising $25,560,500 ($23.6 million net per the press release). The release says proceeds will repay $4 million of secured convertible debentures, fund part of the Maritimes Basin drilling program and add working capital. The company must have the resale registration effective within 150 days and list on the Toronto Stock Exchange by December 31, 2008, or pay penalty fees. The business is now described as focused on shale gas in Nova Scotia and New Brunswick (584,000 gross acres), where earlier filings had Arkansas and Barnett; the filing does not explain the change. Shares are priced well below the $2.00 paid in February 2007.
27 Feb 2007capital raising announcement▲ GoodMajor
On February 26, 2007 Triangle sold 10,412,000 common shares at $2.00 each to 24 investors, raising $20,824,000 (about $19.3 million net per the press release), with no warrants attached. The money is to fund the 2007 spending program, mostly Fayetteville drilling in Conway County, Arkansas, continuing the Kerogen project from September 2006. Existing shareholders are diluted by the new shares. Triangle must file a resale registration within 30 days and have it effective within 120 days, or pay 1% of the amount invested per 30 days of delay, up to 10%; placement agents received a 6.5% cash fee.
What it means for a shareholder
10.4m new shares at $2.00 to raise about $20.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Dec 2005capital raising announcement● NeutralMajor
On December 28, 2005 Triangle agreed to sell two investors (Bank Sal. Oppenheim Jr. & Cie. (Schweiz) AG and Centrum Bank) $10,000,000 of 7.5% convertible debentures maturing in three years, with $5,000,000 advanced now and $5,000,000 on filing a registration statement, plus warrants for 1,250,000 shares at $5.00 until December 28, 2006. The filing gives the conversion price as $5.00 in one place and $4.00 in another, so the true price is unclear; the registration statement is due by February 26, 2006, with 1% monthly damages if missed. Together with the Cornell deal, the company has announced $25 million of new funding, which the press release says covers land acquisitions and drilling in Alberta, Texas, Colorado, Wyoming and Montana. The release calls the debentures unsecured.
12 Dec 2005capital raising announcement● NeutralMajor
On December 8, 2005 Triangle agreed to sell Cornell Capital Partners $15,000,000 of 5% secured convertible debentures maturing in three years, with $5,000,000 advanced immediately and $5,000,000 each tied to the registration filing and its effectiveness. Conversion is at the lesser of $5.00 or 90% of the average of the three lowest daily volume weighted prices in the prior 10 trading days, so a lower share price would mean more shares issued. The debentures are secured by a first-priority interest in company assets, including its subsidiaries' assets, and Triangle must file a registration statement by January 22, 2006 and have it effective by June 30, 2006 or pay 2% monthly liquidated damages. The press release says proceeds fund exploration in Alberta, Colorado and Texas.
19 July 2005capital raising announcement● NeutralMajor
On July 14, 2005 the investor exercised its option and put in the additional $5,000,000, taking an 8% convertible debenture of $5,000,000 and a warrant for 5,000,000 shares, on the same terms as June (due June 10, 2007, convertible at $1.00, warrants at $1.00 until June 15, 2008). With the June tranche, the company has now raised $6,000,000 of these debentures, and the filing deadline for the resale registration statement is August 18, 2005.
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.
