Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2010capital raising announcement● Neutral
Company confirms the rights issue prospectus and application forms were sent to eligible shareholders and attaches the prospectus. Offer terms (1-for-1 at 4 cents, Patersons underwritten, closing 13 September) are unchanged.
18 Aug 2010capital raising announcement● Neutral
Letter to holders sets out the 1-for-1 rights issue at 4 cents (record date 26 Aug, closing 13 Sept), raising $5,261,810 with free 4-cent options. Option holders must exercise by 24 August to participate. Repeats terms already announced.
17 Aug 2010capital raising announcement▲ GoodMajor
Oil Basins announces a fully underwritten 1-for-1 rights issue at 4 cents raising $5,261,810, with one free 4-cent option (expiry June 2014) per four shares. Underwritten by Patersons; funds Backreef-1 drilling to earn 90%, gas assessment and native title work. Closes 13 September.
17 Aug 2010capital raising announcement● Neutral
Prospectus lodged for the 1-for-1 rights issue at 4 cents to raise about $5,261,810, conditionally underwritten by Patersons, with free 4-cent options expiring 30 June 2014. Repeats the terms already announced; offer closes 13 September 2010.
27 July 2010capital raising announcement▲ GoodMajor
Oil Basins places 6.5 million shares at 4 cents to one exempt investor, raising $260,000. Funds are for working capital and further coal seam and shale gas work in the Canning Basin. The investor is not named here.
What it means for a shareholder
6.5m new shares at A$0.040 to raise about A$260,000. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.02% to 0.019% of the company. To keep it you'd need 1,302 more shares - about A$52 at the issue price.
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13 Apr 2010capital raising announcement▼ BadMajor
Oil Basins closes the Canning Basin Oil offer immediately; applicants totalling $72,500 chose conversion into 1,812,500 shares at 4 cents with free options instead of refunds. The offer raised far below its minimum, so Backreef-1 remains unfunded (inference).
23 Dec 2009capital raising announcement▲ GoodMajor
Placement of 20 million shares at 2 cents raises $400,000, with a free 1-for-2 option exercisable at 1.5 cents to June 2012. The company says it funds the work program and working capital; this addresses the thin cash flagged earlier.
What it means for a shareholder
20.0m new shares at A$0.020 to raise about A$400,000. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.0504% to 0.0419% of the company. To keep it you'd need 10,071 more shares - about A$201 at the issue price.
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8 Dec 2009capital raising announcement● Neutral
Canning Basin Oil offer extended to 31 March 2010 with minimum cut from $3.0m to $650,000 (5% net profit interest), $3.5m for 25%. Oil Basins may fund any Backreef-1 shortfall directly; earliest drilling late June quarter 2010. Third change to the offer.
20 Oct 2009capital raising announcement▼ Bad
The Canning Basin Oil offer is extended again to 1 December 2009 and the minimum application cut to $2,000 to attract more investors. This is the second extension, and the lower minimum suggests slow take-up (inference).
1 Oct 2009capital raising announcement● Neutral
The Canning Basin Oil investment offer is extended two weeks to 19 October 2009, citing public holidays and printing and distribution delays. It remains open only to sophisticated investors. The minimum raise has not yet been reached, as far as this notice says (inference).
17 Sept 2009capital raising announcement▲ GoodMajor
Subsidiary Canning Basin Oil offers sophisticated investors up to 5.95m redeemable 'OilCans' at $1.00 (minimum raise $3.0m) to fund Backreef-1 and Emika-1. If fully raised, Oil Basins is free-carried 65% on Backreef-1 and 28% on Emika-1, with a $400,000 backcost payment.
15 May 2009capital raising announcement● Neutral
The final shortfall allotment is made: 30,337,075 shares and 10,112,359 attaching options, plus 15,168,538 placement options. This completes the rights issue shortfall, which the later quarterly report says raised the full $595,757.
What it means for a shareholder
30.3m new shares at about A$0.0196 to raise about A$595,757. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (50,922 at the issue price), your slice goes from 0.0513% to 0.0393% of the company. To keep it you'd need 15,558 more shares - about A$306 at the issue price.
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13 May 2009capital raising announcement● Neutral
Oil Basins allots 13.09 million underwritten shortfall shares and 14.46 million options from the rights issue. Applications for a further 30.34 million shares are being processed. The shortfall offer is now closed.
27 Apr 2009capital raising announcement▼ BadMajor
The rights issue raised only $126,535 from 12.65 million shares, against $595,757 sought, leaving a 45.97 million-share shortfall. With shortfall placements the total is $161,520. Patersons underwrites $250,000 and the shortfall offer stays open to 23 July 2009.
24 Mar 2009capital raising announcement● Neutral
Rights issue prospectus: 3 new shares per 2 held at $0.01, plus one free $0.015 option per three shares, to raise about $595,757. It closes 23 April 2009 and is underwritten by Patersons only to $250,000. The chairman cites weaker markets and lower oil prices.
24 Mar 2009capital raising announcement● Neutral
Cover letter to shareholders restating the rights issue terms (3 for 2 at $0.01, up to $595,757) and the timetable, with closing on 23 April 2009. Overseas shareholders outside Australia and New Zealand are excluded. No new information.
16 Mar 2009capital raising announcement▼ BadMajor
Oil Basins placed 5 million new shares with sophisticated investors and planned a 3-for-2 renounceable rights issue at $0.01, seeking up to $595,757 before costs. Each three new shares carry a free option at $0.015 expiring 30 June 2012, and proceeds fund working capital and Backreef farmout work.
12 Sept 2007capital raising announcement▼ BadMajor
The Backreef Resources IPO closing date is extended to 10 October 2007, with ASX quotation now expected 25 October. Oil Basins says the Selene-1 and Backreef-1 wells, planned for Q4 2007, now depend on that listing, as no suitable Canning Basin rig is available.
1 Aug 2007capital raising announcement● Neutral
Backreef Resources, the Canning Basin partner, lodges a prospectus to raise up to $8.0m at 20c a share (minimum $6.0m), with listing expected 27 September 2007. Oil Basins shareholders get priority on up to 5m shares. This is not an Oil Basins raising; Oil Basins does not endorse the prospectus.
22 Aug 2006capital raising announcement▲ GoodMajor
The rights issue raised $2,528,000, with the shortfall 54% underwritten by Patersons. Formal farm-ins are signed for 7.5% (Eagle Bay) and 5% (Moby, option exercised) of Vic/P41, giving rights to earn 12.5%. Shares relist 23 August.
27 June 2006capital raising announcement● Neutral
The rights issue closing date is pushed from 30 June to 20 July 2006 after the supplementary prospectus delayed mailing. Farm-in partners and the underwriter agreed to the extension, delaying the planned July relisting.
9 June 2006capital raising announcement● NeutralMajor
Corrected Appendix 3B: the 3-for-2 rights issue at $0.20 closes 29 June 2006, underwritten to $2.5m. The chairman's letter cites Vic/P41 (7.5%, up to 12.5%) and a 35% Canning Basin Backreef interest. Minimum subscription gives 33.7m shares.
9 June 2006capital raising announcement● Neutral
Prospectus for the 3-for-2 rights issue at $0.20 with a free $0.20 option for every two shares. It seeks up to $6.37m, underwritten to $2.5m by Patersons. Trading is expected to be reinstated around 17 July 2006.
20 Apr 2006capital raising announcement▲ GoodMajor
Saxon plans to become an oil and gas explorer (to be renamed Oil Basins). It will raise $300,000 via a placement at $0.10 and a 3-for-2 rights issue at $0.20 underwritten to $2.5m by Patersons. It has non-binding farm-in deals: 7.5% of Vic/P41 and 35% of part of EP129/L6.
