25 Nov 2015capital raising announcement▼ Bad
Drew a third $200,000 tranche from the Silver Star line.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2015capital raising announcement▼ Bad
Sold Silver Star a second $200,000 convertible note on October 23, 2015, effective October 21, under its $2.4 million credit line. The first $200,000 note had been sold on September 28.
1 Oct 2015capital raising announcement▼ BadMajor
Drew the first $200,000 under its new $2.4 million Silver Star Oil Company convertible-note credit line -- 6% interest (15% in default), convertible at $1.50/share -- opening a fresh drip-financing relationship after the Victory Energy deal fell through.
25 Sept 2015capital raising announcement● Neutral
Sold 45,546 treasury shares to Allied Petroleum (run by a Silver Star Oil Company principal) for $104,756 at a 17% discount to market -- a minor transaction tied to the new Silver Star credit line.
30 June 2015capital raising announcement● Neutral
Lucas settled with Victory and Earthstone, ending the planned merger and related agreements. Earthstone agreed to pay Lucas $54,020, and Lucas agreed to issue 1,101,729 restricted shares to Victory for the $600,000 owed, in lieu of pledged shares never issued. Lucas also sold 139.04 net Karnes County acres to Earthstone for $347,600.
15 Apr 2015capital raising announcement● NeutralMajor
The detail behind the abandoned Victory Energy reverse merger: alongside the pre-merger collaboration agreement with Victory, Aurora Energy Partners and Navitus Energy Group, Lucas took a draw-down loan from Victory secured on pledged Lucas shares and capped at 19.9% of the company. Lucas was being funded by the party proposing to take it over, before the deal lapsed the following month.
3 Mar 2015capital raising announcement▼ BadMajor
Lucas agreed with Victory to borrow up to $2 million, starting with a $250,000 Draw Note secured by pledged Lucas shares capped at 19.9% of outstanding stock. Victory also had to give senior lender Louise Rogers a $250,000 contingent note at 18% interest, in return for her releasing the well rights from her security.
2 May 2014capital raising announcement▼ BadMajor
Seven months after borrowing $7.5 million from private lender Louise Rogers, the company had to have the terms rewritten: monthly principal repayments, which had only just started, were deferred, and 75,000 shares went to the intermediary as the price of the accommodation. The Rogers loan would be renegotiated repeatedly over the following three years as cash got tighter.
1 May 2014capital raising announcement▼ BadMajor
Amended the terms of its senior secured loan from Louise Rogers (then $7.3 million outstanding, originally a $7.5 million loan from August 2013) to defer principal payments for six months at a temporarily higher 15% interest rate -- the Rogers loan's actual start predates the 2014 date currently on record for this lender relationship.
19 Oct 2011capital raising announcement▼ BadMajor
Lucas Energy signed a purchase agreement with Nordic Oil USA I for its Gonzales, Karnes and Wilson County leases for $22 million, payable by a 12-month, 6% senior secured note. It also agreed to buy an individual's related interests for 2,000 Series A convertible preferred shares, with closing subject to Nordic 1 shareholder approval.
27 May 2010capital raising announcement● Neutral
Issued 637,887 shares ($490,000) to El Tex Petroleum for Wilson County oil and gas lease acreage, plus a smaller stock award to consulting/IR providers -- a routine asset-for-stock purchase.
21 Aug 2007capital raising announcement▲ GoodMajor
Closed the remaining $4 million of the July financing, bringing the total to 10,434,784 shares and warrants issued for $10.92 million net proceeds -- Lucas Energy's first major capital raise as a public company.
24 July 2007capital raising announcement▲ GoodMajor
As Lucas Energy, closed the first tranche of a $12 million equity financing -- 6,956,522 shares plus matching warrants at $1.15/$2.00, sold to 25 accredited investors for $7.28 million net -- with $4 million still to come.